Federal Reserve Board announces schedule for results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review (CCAR)

Federal Reserve Board announces schedule for results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review (CCAR)

Federal Reserve Board announces schedule for results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review (CCAR)

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20190531a.htm

OCC Hosts New York Workshop for Board Directors and Bank Management

The Office of the Comptroller of the Currency (OCC) will host a workshop in New York, New York, at the OCC Northeastern District Office, July 9-10, for directors, senior management team members, and other key executives of national community banks and …

The Office of the Comptroller of the Currency (OCC) will host a workshop in New York, New York, at the OCC Northeastern District Office, July 9-10, for directors, senior management team members, and other key executives of national community banks and federal savings associations supervised by the OCC.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-60.html

OCC Hosts New York Workshop for Board Directors and Bank Management

The Office of the Comptroller of the Currency (OCC) will host a workshop in New York, New York, at the OCC Northeastern District Office, July 9-10, for directors, senior management team members, and other key executives of national community banks and …

The Office of the Comptroller of the Currency (OCC) will host a workshop in New York, New York, at the OCC Northeastern District Office, July 9-10, for directors, senior management team members, and other key executives of national community banks and federal savings associations supervised by the OCC.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-60.html?utm_source=RSS_feed&utm_medium=RSS

CFPB settles with BSI Financial Services over violations

The Consumer Financial Protection Bureau (CFPB) settled with BSI Financial Services — a mortgage servicer that had been hit with several violations. © Shutterstock The Irving, Texas-based company violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, or the Truth in Lending Act by handling mortgage servicing transfers with incomplete […]

The post CFPB settles with BSI Financial Services over violations appeared first on Financial Regulation News.

The Consumer Financial Protection Bureau (CFPB) settled with BSI Financial Services — a mortgage servicer that had been hit with several violations.

© Shutterstock

The Irving, Texas-based company violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, or the Truth in Lending Act by handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. They also mishandled mortgage servicing transfers with incomplete or inaccurate escrow information resulting in untimely escrow disbursements.

Further, they did not adequately oversee service providers, resulting in untimely escrow disbursements to pay borrowers’ property taxes and homeowners’ insurance premiums. BSI also failed to promptly enter interest rate adjustment loan data for adjustable-rate mortgage loans into its servicing system. This resulted in BSI sending monthly statements to consumers that sought to collect inaccurate principal and interest payments.

Finally, they did not maintain an adequate document management system that prevented BSI’s personnel or consumers from readily obtaining accurate information about mortgage loans.

Under the terms of the settlement, BSI must pay a civil money penalty of $200,000 and pay restitution estimated to be at least $36,500. Additionally, it must establish a data integrity program to ensure the accuracy, integrity, and completeness of the data for loans that the company services. Also, BSI must implement an information technology plan to ensure its systems are appropriate given the nature, size, complexity, and scope of BSI’s operations.

The post CFPB settles with BSI Financial Services over violations appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/cfpb-settles-with-bsi-financial-services-over-violations/

Agencies Issue Final Rule Regarding the Treatment of Certain Municipal Obligations as High-Quality Liquid Assets

The federal bank regulatory agencies issued a final rule that will adopt without change the agencies’ interim final rule issued in August 2018, amending their liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-…

The federal bank regulatory agencies issued a final rule that will adopt without change the agencies' interim final rule issued in August 2018, amending their liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-quality liquid assets (HQLA).

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-59.html?utm_source=RSS_feed&utm_medium=RSS

Agencies Issue Final Rule Regarding the Treatment of Certain Municipal Obligations as High-Quality Liquid Assets

The federal bank regulatory agencies issued a final rule that will adopt without change the agencies’ interim final rule issued in August 2018, amending their liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-…

The federal bank regulatory agencies issued a final rule that will adopt without change the agencies' interim final rule issued in August 2018, amending their liquidity coverage ratio (LCR) rules to treat certain eligible municipal obligations as high-quality liquid assets (HQLA).

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-59.html

Agencies issue final rule regarding the treatment of certain municipal obligations as high-quality liquid assets

Agencies issue final rule regarding the treatment of certain municipal obligations as high-quality liquid assets

Agencies issue final rule regarding the treatment of certain municipal obligations as high-quality liquid assets

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20190530a.htm

OCC Issues Third and Fourth Quarter 2019 CRA Evaluation Schedule

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2019.

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2019.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-58.html?utm_source=RSS_feed&utm_medium=RSS