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Compliance News

April 2012 | May 2012

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Dodd-Frank Act developments are tagged .

May News

• ABA Releases Free Compliance Toolbox on Fair Lending  (5/16/12)
  ABA today released a new, free resource — the ABA Toolbox on Fair Lending — to help member banks ensure continued compliance with fair lending laws and regulations. "[A] number of cases brought recently by the Justice Department have made some banks anxious to know if their fair lending compliance programs are keeping pace with the latest legal interpretations," ABA Chairman Kell Kelly says in an introduction to the toolbox. "The goal of this toolbox is to help ensure that your institution is in sync with examiner expectations so that you get the sort of compliance credit you deserve." The toolbox, which can be downloaded from aba.com, provides practical how-to's, templates, examples and insights for bankers to consider as they review their compliance programs. Topics covered include the board's role in fair lending compliance, fair lending risk assessments, comparative file reviews, second-look programs and managing fair lending exams. Additional resources will be added over time, including a board presentation, tailored guidance for particular loan products and other specialized tools. See ABA's Fair Lending Topics page.   
• ABA Supports Petition on Text-Message Opt-Out Issue (5/16/12)
  ABA and Consumer Bankers Association on May 15 sent the Federal Communications Commission (FCC) a letter to support SoundBite Communications Inc.'s petition asking the agency to declare that it's not a Telephone Consumer Protection Act (TCPA) violation for a bank to send a text message confirming a customer's request to stop sending informational messages. The trade groups explained that class-action lawsuits have been filed against several banks and SoundBite, a text-messaging firm, based on the assertion that the confirming opt-out messages — because they are sent after the consumer's opt-out request — lack the prior express consent required under the TCPA. The trade groups also asked the FCC to resolve the legal uncertainty related to using mobile services for non-advertising communications. "A declaration that technologies used to communicate with mobile devices, where those technologies lack the capacity to generate numbers randomly or in sequence, may be used for non-telemarketing purposes would serve the public interest and advance Congress' intent in passing the [TCPA]," they said. For more information, contact ABA's Virginia O'Neill.   
• FinCEN Releases SAR Activity Review – By the Numbers (5/15/12)
  The Financial Crimes Enforcement Network (FinCEN) released its annual SAR Activity Review – By the Numbers, a compilation of numerical data gathered from 2011 Suspicious Activity Reports (SARs) that financial institutions filed. The latest edition contains new interactive tables with county-level geographic summaries that enhance state graphical displays. By the Numbers serves as a companion publication to the SAR Activity Review – Trends, Tips & Issues that was released last week and provides information about SARs' preparation and use. Visit ABA's SAR Activity Review page for previous issues of the SAR Activity Review.
•  Regulators Issue Stress-Test Guidance (5/14/12)
  In a separate news release, the federal banking regulators issued a joint statement to clarify expectations for stress testing by community banks.    
• Rep. Maloney Introduces Bill to Limit Overdraft Fees (5/14/12) 
•  CFPB Considering Rules to Simplify Mortgage Points, Fees (5/11/12)
  For more information about the issues under consideration contact ABA's Rod Alba.  If you are a bank under $200 million in assets and want to provide input to the panel, please contact ABA's Alex Maroulis-Cronmiller.
• FinCEN Releases Materials from New SAR, CTR and DOEP Webinar (5/10/12) 
• SAR Activity Review Features Money Services Businesses (5/10/12) 
• ABA Testifies on Impact of Regulatory Compliance Costs on Community Banks (5/9/12) 
• FinCEN Reminder: E-Filing Starts July 1 (5/8/12) 
• FinCEN Extends Comment Period on Customer Due Diligence ANPRM to June 11 (5/4/12) 
•  Amicus Filed in TILA Case (5/4/12) 
• FinCEN Webinar on the New SAR, CTR and DOEP, May 8 (5/2/12) 
• FinCEN MOU with Louisiana Insurance Commissioner (5/1/12) 
•  Trade Groups: Parts of Key DFA Proposal Do More Harm Than Good (5/1/12) 
•  ABA Concerned About Proposal's Effect on Mid-Sized, Regional Banks (5/1/12)       

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April News

•  ABA: Qualified Mortgage Should Have Safe Harbor (4/30/12) 
• ABA White Paper on Bank Supervision and Examination (4/27/12)
•  ABA Banker Describes Draft Mortgage Proposals' Effects (4/27/12) 
•  ABA Suggests Improvements to SBREFA Review Process (4/27/12)
  • Read ABA's SBREFA summary. For more information, contact ABA's Virginia O'Neill.
• FDIC Model Safe Accounts Pilot: Final Report (4/26/12) 
•  CFPB Launches Arbitration Clause Inquiry (4/26/12) 
•  CFPB Extends Comment Deadline on Overdraft-Practices Inquiry (4/25/12)
  • The Consumer Financial Protection Bureau extended the comment deadline from April 30 to June 29 on its notice and request for information on how overdraft programs affect consumers. 
• FinCEN: Mortgage-Fraud SARs Increase 31 Percent in 2011 (4/24/12) 
• President Obama Signs E.O. Targeting Human Rights Abuses via Information Technology (4/23/12)  
• Fed Forms Council to Provide Stress-Test Model Advice (4/23/12) 
•  Regulators Clarify Volcker Rule Compliance Deadline (4/20/12)
  • Banks are expected to comply fully with the rule by July 21, 2014. 
•  CFPB to Pursue Discriminatory Lenders (4/18/12) 
• FDIC Guidance on CFPB's MLO Compensation Clarification (4/18/12) 
•  ABA Comments on CFPB Payday Lending Hearing (4/17/12) 
•  ABA Comments on KBYO Mortgage Loan Initiative (4/17/12) 
•   ABA Supports CFPB's Proposal on Privileged Bank Information (4/17/12) 
• CHARM Handbook Updated (4/16/12)
  The Federal Reserve recently updated the Consumer Handbook on Adjustable-Rate Mortgages.
•  CFPB Announces Expectations for Managing Service Providers (4/16/12)  
•  CFPB's first Consumer Response Annual Report to Congress (4/16/12) 
•   CFPB Proposes Revisions to Rule on Credit Card Upfront Fees (4/13/12)
  • Comments are due June 11. Contact ABA's Nessa Feddis for more information.
•  CFPB to Propose Mortgage-Servicing Rules This Summer (4/11/12) 
• Consumer Alert: Fraudulent Emails Claiming to be from the FDIC (4/11/12) 
•  ABA Requests for Comment Extension on CFPB Inquiry on Overdraft Practices (4/10/12) 
•  ABA Comment on Remittances (4/9/12)  
• CFPB's Date to Address ABA Regulatory Compliance Conference (4/9/12)    
• Fed Issues Final Rules on Reserve Requirements (4/6/12)
  • Both rules are effective on July 12.
• Fed Releases Statement on Renting Residential OREO Properties (4/6/12) 
• DOJ Files Legal Action against Mortgage Company for Lending Discrimination (4/4/12)
  • See also http://www.americanbanker.com for the full story entitled 'Mortgage Lender to Fight Back Against DOJ Fair Lending Suit' by 'Kate Davidson' published on April 3, 2012.
•  CFPB Raises FCRA Ceiling on Allowable Charges (4/3/12) 
• FTC Charges Payday Lender with Piling Inflated Fees on Borrowers (4/3/12) 
•  Fed Amends Proposal on Nonbank Firm Supervision (4/3/12)
  •  Comments are due May 25.  
•  CFPB Issues MLO Compensation Clarification (4/2/12) 
• FinCEN Guidance on Tax Refund Fraud and ID Theft (4/2/12) 
•  Agencies Clarify Effective Date of Swaps Pushout Provision (4/2/12)
  The federal financial regulatory agencies on March 30 issued a news release clarifying that the effective date of section 716, the Swaps Pushout provision of the Dodd-Frank Act is July 16, 2013. 

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Questions? For more information, contact Grace Marasigan.