Bank Notes

  • October 23, 2018
    On Tuesday, October 23, 2018, the FDIC issued a press release regarding the results of the 2017 biennial National Survey of Unbanked and Underbanked Households claiming that for the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households. "The good news is that...
  • October 23, 2018
    On Tuesday, October 23, 2018, the OCC issued a press release regarding an assessed $100 million civil money penalty against Capital One for deficiencies in the bank’s BSA/AML programs. The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent...
  • October 17, 2018
    Today, October 17, the Federal banking regulators released its latest (Fall) unified regulatory agenda . The highlights for the Bureau of Consumer Financial Protection include: Continuation of Existing Rulemaking The Bureau announced in January 2018 that it intends to engage in a rulemaking to reconsider a 2017 rule titled Payday, Vehicle Title, and Certain High-Cost Installment Loans which has a...
  • October 16, 2018
    On Wednesday, October 16, 2018, the Federal Reserve issued a press release regarding a Federal Reserve Payments Study report that the value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study's survey of depository institutions...
  • October 15, 2018
    On Monday, October 15, 2018, the FDIC issued a press release announcing the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. The curriculum also...
  • October 10, 2018
    On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the agencies) issued a bulletin regarding a final rule in the Federal Register to amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants,...
  • October 10, 2018
    On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the National Credit Union Administration, and the state regulators issued a press release to recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject...
  • October 10, 2018
    On Wednesday, October 10, 2018, CBA along with ABA and the U.S. Chamber of Commerce submitted a joint comment letter to the BCFP in response to its trial disclosure proposal. We are supportive of changes to the trial disclosure program as the current framework offers few incentives or protections for participating companies. In our letter, CBA asks the Bureau to provide greater protections for...
  • September 6, 2018
    On Friday, August 31, 2018, the Bureau of Consumer Financial Protection (Bureau) issued a press release regarding an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing...
  • September 6, 2018
    On Tuesday, September 4, 2018, five federal financial regulatory agencies issued a joint press release extending until October 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the “Volcker Rule.” The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity...

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