May 5

Recent Compliance Issues: 4/18/14 – 5/1/14

1. Staff members from the Consumer Financial Protection Bureau (CFPB) recently responded to question from American Bankers’ Association members regarding mortgage compliance. Some of the key points during this interchange include the following items: *Creditors may use lender and seller credits to reduce the amounts that are calculated into the points and fees test. A.

May 5

Recent Compliance Issues: 4/4/14 – 4/17/14

1. On Tuesday, April 9th, the Office of the Comptroller of the Currency (OCC) assessed a $25 million penalty against Bank of America, N.A., and its credit card subsidiary FIA Card Services, N.A., and ordered restitution totaling approximately $459.5 million to 1.9 million consumer accounts. The OCC is coordinating its action with the Consumer Financial.

April 21

Recent Compliance Issues: 3/21/14 – 4/3/14

1. CFPB is developing new disclosures that they are proposing to be used on the packaging of prepaid cards in place of disclosures that present different information, potentially making it difficult to do side-by-side comparisons and determine fee information. The bureau has created two model labels that it has been testing on participants. The bureau.

March 12

Recent Compliance Issues: 2/21/14 – 3/6/14

1. The Dodd-Frank Act amended the Fair Debt Collection Practices Act (FDCPA) to give the Consumer Financial Protection Bureau rulemaking authority. The CFPB announced its goal of modernizing rules under the FDCPA by issuing an advance notice of proposed rulemaking in November 2013 seeking information on debt collection. The notice included 162 questions that cover.

March 10

BOLI in the Crosshairs: The Consequences of Basel III on Banking Compliance and Liability

By Brian W. Smith, Managing Director, Smith Regulatory Strategies, and Chad Burhance, Partner, NewOak In comparison to Basel I and II rules, the recently implemented Basel III regulations (the Regulations) will alter the treatment of bank-owned life insurance (BOLI) separate accounts dramatically. In short, the Regulations require bank management to examine the portfolios of bank-owned.

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