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March 2019 - Compliance Alert



The Office of the Comptroller of the Currency (OCC)

Comptroller Supports Activities-Based Approach for Identifying Risk

Joseph Otting, Comptroller of the Currency announced his support for the proposed revision to the process in which the Financial Stability Oversight Council’s (FSOC) identifies potential market-wide risks and the way in which the FSOC designates individual companies as systematically important. Otting said “this approach would rely on the expertise of the primary regulators to address the identified risks” and that the proposal “ensures FSOC continues to serve its primary function in a transparent, efficient, and effective manner”.


Securities and Exchange Commission

SEC HIts Volkswagen with Fraud Regarding Emissions Claims 

The Securities and Exchange Commission charged Volkswagen, two of its subsidiaries, and its former CEO with violating federal securities laws by defrauding their investors and raising money with false claims about their “clean diesel” fleet and the impact this had on the environment. The SEC’s complaint alleges that Volkswagen Senior Executives knew that more than half-a-million vehicles did not meet legal emission’s limits and made false claims about vehicles to investors.


The Federal Reserve Board

FRB and FDIC Announce Public Meetings on BB&T and SunTrust Merger 

The Federal Reserve Board and Federal Deposit Insurance Corporation announced that the two agencies would hold two meetings to discuss the proposed merger of BB&T Corporation and SunTrust Banks and collect information on the necessity and convenience of such a merger on the communities that are served. The first meeting will be held on March 25 at 8:30 AM in Charlotte, NC and the other will be held on May 3 at 8:30 AM, in Atlanta GA. 


The Federal Deposit Insurance Corporation (FDIC)

FDIC and Other Agencies Adopt Rule to Ensure Transfer of Legacy Swamps

The Federal Deposit Insurance Corporation and four other federal agencies adopted a new rule that allows the transfer of qualified swamps from UK entities to affiliates in the EU and US without triggering new margin requirements. This new rule was made in response to the potential non-negotiated withdrawal of the UK from the EU. A 30-day comment period is open, despite the rule being made immediately effective.


The National Credit Union Administration (NCUA)

Senate Comfirms New NCUA Board Members

The US Senate confirmed two new members to the National Credit Union Administration Board, Rodney Hood and Todd Harper. Their terms will begin once they are both sworn into office, Hood’s continuing until 2023 and Harper’s until 2021. NCUA Board Chairman, J. Mark McWatters congratulated both on their confirmation and said he looked forward to “working with both of them in a collegial, bipartisan manner”.

February 2019 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Proposes Changes to Rule Regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans 

The Consumer Financial Protection Bureau proposed rescinding provisions in their “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule. The proposed change would remove certain parts of the rule requiring lenders to make certain underwriting determinations before the can issue payday, single-payment vehicle title, and longer-term balloon payment loans. It’s hoped that this change will make credit more easily available to consumers.


The Office of the Comptroller of the Currency (OCC)

OCC Releases 31 National Bank and Federal Savings Association CRA Evaluations

The Office of the Comptroller of the Currency and four other federal agencies issued a final rule that requires certain institutions to accept private flood insurance policies that meet certain specifications outlined in the Biggert-Waters Act. This rule takes effect on July 1, 2019.


Securities and Exchange Commission

SEC Names Deputy General Counsel

The Security and Exchange Counsel released an announcement naming Elizabeth McFadden Deputy General Counsel for General Law and Management of the SEC. In this role, McFadden oversees legal representation of the agency, its members, and its employees. She will also advise the agency in regard to its legal responsibilities, personnel management, and budget.

SEC Extends Public Comment Period for Proposal Amending Rules and Forms 

The SEC extended the period for public comment on the proposal to amend rules and forms regarding the “Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts”. This extends the comment period by one month.

The Federal Reserve Board

FRB Makes Chnages Increasing Stress Testing Transparency 

The Federal Reserve Board finalized changes increasing the transparency of their stress testing methods for large banks. These changes will make the process more understandable to the public while allowing the Board to test the resiliency of these banks independently. The first change will provide more information on the models that the board uses during their annual CCAR. The board also finalized a stress testing policy statement and changed the framework used to create its annual hypothetical economic scenarios.

January 2019 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB and Regulatory Bodies Encourage Institutions to Work with Consumers During Shutdown

The Consumer Financial Protection Bureau and several other regulatory bodies encouraged financial institutions to work with consumers who may not be able to make payments on loans and debts because of the US federal government shutdown. These regulatory bodies urge workers affected by the shutdown to contact their lenders if they’re dealing with strain on their finances.


CFPB asks for Authority to Review Compliance with the Military Lending Act

The Consumer Financial Protection Bureau proposed to congressional leaders that Congress grant the CFPB the “authority to conduct examinations specifically intended to review compliance with the MLA” according to Bureau Director Kathleen L. Kraninger. The hope is that this authority would help the CFPB with the current work being done to enforce the MLA.


The Office of the Comptroller of the Currency (OCC)

OCC Releases 31 National Bank and Federal Savings Association CRA Evaluations

The Office of the Comptroller of the Currency released Community Reinvestment Act evaluations for 31 national banks, federal savings associations, and insured federal branches of foreign banks. Of these institutions, 28 received evaluations of satisfactory and 3 received evaluations of outstanding.



Securities and Exchange Commission

SEC Charges Nine Defendants in EDGAR Hacking Case

The Securities and Exchange Commission announced that it was charging nine defendants in the hacking scheme that targeted the SEC’s EDGAR system to attempt to extract nonpublic information to use in insider trading. The charges were brought against a Ukrainian Hacker, two entities, and six traders in California, Ukraine, and Russia. The hacker and some of the traders were also involved with a hacking scheme that targeted newswire as well. In all, the traders generated $4.1 million in illegal profits.


National Credit Union Administration (NCUA)

NCUA Board Approves Performance Plan for 2019

The National Credit Union Administration Board approved two items during their first open meeting of 2019. The two items that were approved were a request from the Illinois Department of Financial and Professional Regulation to revise its member business lending rule, and the agency’s 2019 Annual Performance Plan. The performance plan outlines how the NCUA will improve performance and achieve the goals they set in the 2018-2022 Strategic Plan.

December 2018 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

BCFP Advisory Committess Discuss New Financial Services Technology

The Bureau of Consumer Financial Protection met in early December with its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. These expert committees advise the Bureau on important issues and trends in the financial industry. During this meeting, the Bureau and these committees discussed emerging trends and issues regarding artificial intelligence in consumer financial services and consumer access to financial records.


The Office of the Comptroller of the Currency (OCC)

OCC Proposes Change to Stress Testing Rules

The Office of the Comptroller of the Currency proposed a change to the stress testing rules for national banks and federal savings associations. These proposed changes would increase the threshold to perform stress tests from $10 billion to $250 billion, change the frequency with which some institutions are required to conduct stress tests, reducing three required stress testing scenarios to two, and add facilitating and conforming changes to stress testing requirements.

OCC and other Agencies Seek Comment on Proposed Change to Appraisal Exemption Threshold for Residential Real Estate Transactions

Three federal banking agencies are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. It’s believed that this change would give burden relief without jeopardizing the safety and soundness of financial institutions.


Securities and Exchange Commission

SEC Files Charges Against Insider Trading Ring that Spanned Three Countries

The Securities and Exchange Commission has filed insider trading charges against an IT contractor who stole confidential information from a financial institution in Singapore and used that information to tip off two other individuals. The contractor, his wife, and father collected $600,000 in profits from trading with the information that the contractor stole, according to the SEC’s complaint.


The Commodity Futures Trading Comission

CFTC Requests Feedback on Crypto-asset Mechanics and Markets

The Commodity Futures Trading Commission is seeking public comment and feedback on Ether and the Ethereum Network. The CFTC hopes these comments will help them better understand the technology, mechanics, and markets for virtual currencies and benefit the CFTC’s financial technology initiative, LabCFTC.

November 2018 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

BCFP and Federal Housing Finance Agency Release NSMO Data

The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) released a new dataset for public use. The data was collected through the National Survey of Mortgage Originations (NSMO). This data gives insights into the experience of borrowers trying to get a residential mortgage. The data is meant to help policymakers, mortgage issuers, and researchers better understand the experience and new mortgage and housing market trends.


Financial Crimes Enforcement Network (FinCEN)

FinCEN Revises Geographical Targeting Orders

The Financial Crimes Enforcement Network (FinCEN) issued revised Geographical Targeting Orders (GTOs). These Orders require US title insurance companies to identify individuals using shell companies to buy commercial real estate with cash. The new threshold is set at $300,000 across the board. The threshold used to vary by city. FinCEN is also requiring purchases that meet these standards but are made with virtual currencies be reported. These new GTOs are designed to help in identifying and tracking illicit funds and criminal activity.


The Office of the Comptroller of the Currency (OCC)

OCC Allows Financial Institutions Affected by California Fires to Close

The Office of the Comptroller of the Currency (OCC) issued a proclamation allowing some financial institutions that were potentially in danger or otherwise affected by the forest fires in California to close. These institutions included national banks, federal savings associations, and federal branches and agencies of foreign banks. The hope is that only banks directly affected by unsafe conditions will close and will make every possible effort to reopen quickly once it is again safe to meet the needs of their customers.


Securities and Exchange Commission

Enforcement Division of SEC issues FY 2018 Report

The Enforcement Division of the Securities Exchange Commission issued its annual report on efforts to protect investors and the integrity of the market. The report details specific actions of the SEC to bring relief to harmed investors and address problems with initial coin offerings and digital assets.

SEC Adopts New Rule Regarding Information Broker Provide to Investors on Order Handling

The SEC voted to adopt new rules that increase and enhance the amount of information that broker-dealers need to provide to investors regarding order handling. This increase in information sharing is designed to help investors better understand the way that broker-dealers handle their orders and provide information regarding the impact of routing decisions on order execution quality.



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