Financial Institutions Blog

Financial Institutions Blog

  • CFPB Issues Penalty for HMDA Violations

    The Consumer Financial Protection Bureau (CFPB) issued a $1.75 million civil money penalty against Nationstar Mortgage LLC (Nationstar) for Home Mortgage Disclosure Act (HMDA) violations.

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  • Two business people walking and discussing outside the office

    CFPB Proposes to Delay Prepaid Accounts Rule

    On March 9th the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to delay the effective date of the prepaid accounts rule.

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  • FinCEN SAR Proposal

    On February 2nd the Financial Crimes Enforcement Network (FinCEN) issued a notice regarding a proposed rule to change data fields on the Suspicious Activity Report (SAR) form.

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  • New BSA/AML Self-Assessment Tool

    The Conference of State Bank Supervisors (CSBS) issued a voluntary tool to help financial institutions manage Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk.

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  • Regulatory Agencies Issue FAQs on CECL

    An inter-agency statement was jointly issued by the FDIC, OCC, FRB, and NCUA answering many of the frequently asked questions surrounding the new credit loss model, commonly referred to as CECL.

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  • Two-Businesspeople-Standing-in-Front-of-Capitol-Building

    Fair Lending a CFPB Priority

    On December 16th, the Consumer Financial Protection Bureau (CFPB) released a blog posting announcing that fair lending will be a priority to the agency in 2017.

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  • CFPB Issues Bulletin on Sales and Production Incentives

    On November 28th the Consumer Financial Protection Bureau (CFPB) issued a bulletin warning financial companies, including banks and credit unions, of the pitfalls associated with employee and service provider incentives programs.

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  • Man at Computer Looking Puzzled

    FinCEN Issues BSA Cyber-Event Advisory

    On October 25th the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2016-A005 regarding cyber-events and cyber-related crimes. The 9 page advisory explains Bank Secrecy Act (BSA) responsibilities related to cyber-events and cyber-related crimes.

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  • Banks Can Now Submit Annual Reports Electronically

    On October 25th, the FDIC issued FIL-71-2016, granting depository institutions the ability to file annual reports and other reports and notices required under Part 363 electronically through the FDIC’s secure website, FDICconnect (FCX), rather than in paper form. This is applicable to all institutions with assets greater than $500 million in total assets.

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  • Business woman Presenting Letter Clients

    NCUA Examining for MLA Compliance

    On October 4th the National Credit Union Administration (NCUA) issued Letter to Credit Unions 16-CU-07 on its examination approach to the new Military Lending Act (MLA). NCUA states “examiners are instructed to accept a credit union’s reasonable and good faith efforts to comply with the new rule during the first examination following the implementation date. NCUA recognizes that some credit unions may need time to implement changes and work with their technology vendors to resolve problems that may arise from extensive testing and use, once their new MLA systems become fully operational”

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