Bankers Compliance Task Force Current News Archive - MarCH 2006
March 31, 2006 The FFIEC's Task Force on Consumer Compliance has adopted uniform exam procedures covering the Can-Spam Act. http://www.occ.treas.gov/
March 31, 2006 Comptroller of the Currency praises effort to improve financial disclosures. http://www.occ.treas.gov/
March 31, 2006 FinCEN has issued guidance (Frequently Asked Questions) related to businesses cashing their own checks. http://www.fincen.gov/
March 30, 2006 ABA's newest member-only resource – the ABA Toolbox on Financial Education – launched on March 30 with resources, lesson plans, communications tools and a strategy to help bankers meet a growing need for more and better financial education for Americans.
March 15, 2006 Bank and Thrift Agencies Issue Advisory on Influenza Pandemic Preparedness. The federal bank and thrift regulatory agencies today issued an interagency advisory to financial institutions and their technology service providers that is intended to raise awareness of the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services. The advisory discusses the National Strategy for Pandemic Influenza and the roles and responsibilities this strategy outlines for financial institutions and advises financial institutions and their service providers to consider this and similar threats in their event response and contingency strategies. The press release, which contains numerous links to other informative sites, can be found at: http://www.fdic.gov/.
March 14, 2006 The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000. The increase, the result of a new law boosting federal deposit insurance coverage for the first time in more than 25 years, will become effective on April 1. The basic insurance coverage for other deposit accounts, however, will remain at $100,000. For more information see the FDIC's press release at: http://www.fdic.gov/.
March 10, 2006 The FDIC, the Federal Reserve Board, and the Office of the Comptroller of the Currency (the agencies) have published informal staff guidance on community reinvestment in the form of questions and answers (Q&As). The agencies proposed the guidance for comment on November 10, 2005. After considering the comments, the agencies have adopted all of the proposed Q&As as they were proposed or with revisions in response to the comments. See the FDIC's FIL-23-2006 for further details. http://www.fdic.gov/
March 9, 2006 The FDIC is reminding institutions that the Equal Credit Opportunity Act (ECOA) and its implementing regulation prohibit discrimination in credit transactions against consumers who have, in good faith, exercised any right under the Consumer Credit Protection Act (CCPA). The CCPA, which comprises several consumer protection titles, includes the rights provided to consumers by the Fair Credit Reporting Act (FCRA) – Title VI of the CCPA. See the FDIC’s FIL-22-2006 at http://www.fdic.gov/.
March 8, 2006 FIL Issued Regarding FinCEN Guidance on Money Service Business RecertificationsL: The FDIC issued FIL-20-2006 on FinCEN Guidance regarding Registration and De-registration of Money SErvices Businesses. http://www.fdic.gov/.
March 8, 2006 314 (a) Fact Sheet Revised: FinCEN has revised the 314 (a) Fact Sheet to include data collected as of March 1, 2006. See: http://www.fincen.gov/.
March 8, 2006 Interpretations And Decisions Released: OCC has released two publications titled "Significant Legal, Licensing, and Community Development Precedents for National Banks: 2005"; and "Activities Permissible for a National Bank: 2005" that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. For the publication on precedents, see: http://www.occ.treas.gov/. For the publication on permissible activities, see: http://www.occ.treas.gov/.
March 8, 2006 Final CRA Guidance Issued: The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. See the following: a) for Guidance: http://www.federalreserve.gov/; b) for Press releases: http://www.occ.treas.gov/ and http://www.fdic.gov/
March 8, 2006 Advisory Letter Allows Subsidiary To Provide Real Estate Exchange Service: FRB General Counsel Alvarez has issued an advisory letter that states certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y. For details see: http://www.federalreserve.gov/.
