Bank Notes

  • October 17, 2017
    On Tuesday, October 17, 2017, the OCC issued a bulletin to inform national banks, federal savings associations, and insured federal branches and agencies of foreign banks about key fields examiners will typically use to validate the accuracy and reliability of home mortgage loan data collected beginning in 2018 pursuant to the Home Mortgage Disclosure Act (HMDA) rule issued October 15, 2015. The...
  • October 17, 2017
    On Tuesday, October 17, 2017, the OCC, the Board of Governors of the Federal Reserve, the FDIC, and the National Credit Union Administration issued a press release exempting real estate-related transactions from appraisal requirements in major disaster areas as declared by President Trump. The exemptions will be in effect for a three-year period from the date of declaration. Included are parts of...
  • October 13, 2017
    On Friday, October 13, 2017, the OCC released an updated list of permissible activities for national banks and federal savings associations. The publication entitled, "Activities Permissible for National Banks and Federal Savings Associations, Cumulative," updates the list of permissible activities to reflect applicable precedent for national banks, streamlines certain entries for readability,...
  • October 13, 2017
    On Friday, October 13, 2017, the OCC issued a press release to announce Bob Phelps will be its next Deputy Comptroller for Supervision Risk Management, effective October 30, 2017. In this role, Mr. Phelps will serve as chair of the OCC’s National Risk Committee, which is charged with identifying primary and emerging areas of risk to the federal banking system and ensuring that the risks are...
  • October 12, 2017
    On Thursday, October 12, 2017, the CFPB filed suit in federal court against the Federal Debt Assistance Association, LLC, and the Financial Document Assistance Administration, Inc., service providers from Baltimore, MD, for presenting themselves as affiliated in some way with the federal government. The CFPB also alleged the companies’ debt-validation programs violated the law by falsely...
  • October 12, 2017
    On Thursday, October 12, 2017, the Federal Reserve issued a press release regarding plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in October. These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The...
  • October 11, 2017
    On Wednesday, October 11, 2017, the OCC issued a press release that Amy Friend, Senior Deputy Comptroller and Chief Counsel, will retire from federal service and step down from her position on November 11, 2017. “Amy has made far-reaching contributions to the OCC and to the federal banking system,” said Acting Comptroller of the Currency Keith Noreika. “Her work at the agency and on Capitol Hill...
  • October 11, 2017
    On Wednesday, October 11, 2017, the FDIC announced that they will be sponsoring the 7th Annual Consumer Research Symposium on October 13, 2017. The conference will feature welcoming remarks by FDIC Chairman Martin J. Gruenberg, presentations of selected research papers, and a Keynote Address by Dr. Christopher Herbert, Managing Director of the Joint Center for Housing Studies of Harvard...
  • October 11, 2017
    On Wednesday, October 11, 2017, the Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on September 19-20, 2017. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.
  • October 6, 2017
    On Wednesday, October 4, 2017, the CFPB released an interim final rule amending the Mortgage Servicing Rule, which allows for more flexibility around the timing of early intervention notices sent to borrowers who have invoked their cease communication rights under the FDCPA. Under the 2016 Mortgage Servicing Final Rule, a servicer subject to the FDCPA with respect to a borrower’s loan must...

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