Bankers Compliance Task Force Current News Archive - APRIL 2006
April 28, 2006 OFAC has released comments received regarding proposed economic sanctions enforcement procedures for institutions regulated by FFIEC-member supervisory agencies.
http://www.treas.gov/
April 28, 2006 The OCC has released the Quarterly Journal, Vol. 25, No. 1 (March 2006). This issues includes OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. http://www.occ.treas.gov/
April 28, 2006 FinCen has issued guidance to financial institutions on the repatriation of currency smuggled into Mexico from the United States. http://www.fincen.gov/
April 28, 2006 The OCC, Federal Reserve and SEC have issued a paper on private sector implementation of sound practices to strengthen the resilience of the U. S. financial system.
http://www.occ.treas.gov/
April 28, 2006 The OCC has a new publication, Community Developments Newsletter, which provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. http://www.occ.treas.gov/
April 27, 2006 The Federal Reserve Board has published the April 2006 issue of the Beige Book.
http://www.federalreserve.gov/
April 27, 2006 The FDIC merged the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) to form the Deposit Insurance Fund (DIF), effective March 31, 2006. This action was pursuant to the provisions in the Federal Deposit Insurance Reform Act of 2005. The FDIC has amended its regulations to reflect the funds merger. http://www.fdic.gov/
April 26, 2006 FinCen and the OTS have announced the assessment of civil money penalties in the matter of BankAtlantic. http://www.fincen.gov/
April 26, 2006 The OCC has issued a revised consumer compliance booklet in the Comptroller's Handbook making note of several changes in Regulation B (12 CFR 202) and incorporating the "Interagency Fair Lending Procedures" issued in 2004. http://www.occ.treas.gov/
April 26, 2006 The U.S. Census and Department of Housing and Urban Development have issued data to be used to determine income levels of geographies in CRA performance evaluations. http://www.occ.treas.gov/
April 25, 2006 FinCEN has issued guidance (frequently asked questions) related to customer identification program responsibilities under the Agency Lending Disclosure Initiative. http://www.fincen.gov/
April 24, 2006 FinCEN has issued a final rule extending, in part, the applicability dates for implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act. http://www.fdic.gov/
April 21, 2006 Acting FDIC Division of Supervision and Consumer Protection Director Sandra L. Thompson today announced the appointment of Sylvia H. Plunkett as Regional Director of the Division of Supervision and Consumer Protection's Chicago Region. The appointment is effective May 14. http://www.fdic.gov/
April 21, 2006 The OCC has issued guidance for filing notice of proposed class action settlement under the Class Action Fairness Act of 2005. The act requires national banks and federal branches and agencies to notify the OCC of proposed class action settlements involving OCC-regulated matters. http://www.occ.treas.gov/
April 21, 2006 The FFIEC has announced that several additions have been made to the UBPR effective March 31, 2006. http://www.ffiec.gov/
April 21, 2006 The Sixth Circuit Court of Appeals ruled that a borrower can rescind a mortgage loan under the Truth in Lending Act even after it has been refinanced, and recover fees associated with the loan transaction, including prepayment penalties and finance charges. http://caselaw.lp.findlaw.com/
April 20, 2006 The FDIC has announced the revision of the compliance examination procedures that were issued in 2003. Changes include templates for standard examination documents, a new interview sheet, an entry letter, a Compliance Information and Document Request form, and the Report of Examination. http://www.fdic.gov/
April 20, 2006 Comptroller Dugan expressed concern about new types of mortgages that offer low initial monthly payments, but higher payments later. http://www.occ.treas.gov/
April 19, 2006 The OCC has published a brochure for Spanish-speaking customers of national banks.
http://www.occ.treas.gov/
April 18, 2006 The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For May, you will use the rates posted on April 13th since April 15th fell on the weekend and the markets were closed on April 14th. http://www.federalreserve.gov/
April 18, 2006 FinCEN has updated the data contained in the 314a Fact Sheet to include information as of April 17, 2006. http://www.fincen.gov/
April 17, 2006 The Federal Reserve Board Financial Services has announced that agents serving areas recently ravaged by severe storms in Tennessee and Missouri are authorized to redeem EE and I savings bonds less than one year old that are presented during the months of Posted April and May 2006. http://www.frbservices.org/
April 17, 2006 The Federal Reserve has announced additional changes that are effective April 24, 2006, in the routing numbers to be utilized with the FedReceipt forward collection product. http://www.frbservices.org/
April 14, 2006 A new OFAC list has been created that contains the names of individuals who are affiliated with terrorist organizations and have been elected to the Palestinian Authority. The individuals listed on the NS-PLC List are PLC members who were elected on the party slate of an FTO, SDT, or SDGT. Their names do not, however, appear on the SDN List. All transactions involving these individuals must be rejected. http://www.ustreas.gov/
April 13, 2006 Advance notice of proposed rulemaking has been published related related to FACT Act requirement that, among other things, persons who furnish information to consumer reporting agencies follow guidelines to ensure the accuracy of that information. http://www.occ.treas.gov/
April 12, 2006 The FFIEC has posted the 2006 HUD median family income figures. http://www.ffiec.gov/
April 10, 2006 ABA is offering an FDIC-approved brochure that explains the recent changes in the agency's retirement account insurance coverage. http://www.bankstuffers.com/
April 10, 2006 The Federal Communications Commission adopted final rules -- putting into effect the Junk Fax Prevention Act of 2005 -- that allow companies to send commercial faxes to customers with whom they have an "established business relationship." http://hraunfoss.fcc.gov/
April 7, 2006 Financial regulators updated examination procedures to reflect recent revisions to CRA regulations regarding Large, Small, Wholesale/Limited Purpose and Strategic Plan institutions. http://www.occ.treas.gov/
April 6, 2006 FDIC is updating its publications, videos and other deposit insurance coverage resources to reflect the recent regulatory changes that affect the insurance coverage of certain retirement accounts. These new rules became effective April 1, 2006. http://www.fdic.gov/
April 6, 2006 CRA Interagency Q & A has been published addressing topics such as the asset threshold for small banks and the new category of "intermediate small banks" in recently revised CRA regulations. http://www.occ.treas.gov/
April 6, 2006 Comptroller Dugan tells bankers commercial real estate concentrations raise concerns, but can be safe if effectively managed. http://www.occ.treas.gov/
April 6, 2006 FinCEN has issued an updated ZIP CODE validation list for the Currency Transaction Reports (FinCEN Form 104) and Designation of Exempt Person (FinCEN Form 110) Magnetic Media Specifications, which is effective immediately. http://www.fincen.gov/
April 5, 2006 FRB Financial Services has issued an information alert at the request of the court-appointed receiver regarding an alleged Ponzi scheme. http://www.frbservices.org/
April 3, 2006 Agencies announce updated answers to frequently asked questions about HMDA price data. http://www.occ.treas.gov/
