The CFPB has issued a call for credit card issuers to provide customers with the same credit reports they rely on in making credit decisions. Read the CFPB letter to credit card issuers, Director Cordray’s remarks, and the CFPB Credit Reporting Complaint Snapshot. The CFPB says 11% of consumer complaints handled by the CFPB have…

The OCC has issued OCC Bulletin 2014-4, which provides guidance on supervisory expectations for national banks and federal savings associations regarding secured consumer debt that is discharged in Chapter 7 bankruptcy proceedings. The Uniform Retail Credit Classification and Account Management Policy requires loans in bankruptcy to be charged down to collateral value within 60 days…

Breaking news! FinCEN and the Department of Justice have issued guidance — BSA Expectations Regarding Marijuana-Related Businesses (FIN-2014-G001). The news release issued with the guidance states that financial institutions may provide banking services to (legally approved) marijuana-related businesses, provided that the financial institution complies with the existing BSA/AML obligations, as detailed in the guidance. The FinCEN guidance…

The OCC has updated its Retirement Plan Products and Services Comptroller’s Handbook booklet, replacing the OCC’s 2007 version of the booklet and the OTS’s 2010 “Introduction to Individual Retirement Accounts” in its Trust and Asset Management Handbook. The new booklet’s Introduction includes new discussion of Department of Labor regulations and policies, BSA/AML regulations, and board…

The FDIC released a Financial Institution Letter reminding financial institutions about a recent SEC rule, which implements a Dodd-Frank requirement regarding notifications of lost securityholders. The SEC rule applies to “any issuer” of stock (including financial institutions) and other parties that pay stock dividends or interest on debt securities by check. If a payee fails…

The OCC has updated its Mortgage Banking Safety and Soundness booklet from the Comptroller’s Handbook, replacing the OTS and OCC’s previous “Mortgage Banking” booklets. Updates include new guidance and procedures on the recent mortgage rule changes and mortgage banking risk management. The OCC also rescinded Bulletin 2011-29, “Foreclosure Management: Supervisory Guidance” (June 30, 2011).

Illinois bankers have been madly preparing for the onslaught of new CFPB mortgage rules . . . and most of them go into effect January 10! The IBA also has been working hard to keep our members’ compliance professionals up-to-date on the thousands of pages of these rules . . . and today we are…

The IDFPR has issued a proclamation authorizing banks, trust companies and savings institutions which can not open due to the severe winter storm to close on January 6, 2014, until such time as normal business operations are no longer affected by the emergency.

The FRB, FDIC, NCUA, and OCC have released an interagency statement clarifying that financial institutions will not be criticized on safety and soundness or on Community Reinvestment Act compliance solely based on whether or not they offer Qualified Mortgages (QM) or non-QM loans.

The CFPB has issued a final rule, with a fact sheet on the rule, extending its supervisory authority to nonbank student loan servicers that are “larger participants” (defined as servicers with an account volume of over one million borrower accounts, which represent seventy percent of the student loan servicing market). The CFPB has already been…