OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Dorian in Southeast United States to Close

The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Do…

The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Dorian in the Southeast region of the United States to close.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-101.html

OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Dorian in Southeast United States to Close

The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Do…

The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Dorian in the Southeast region of the United States to close.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-101.html?utm_source=RSS_feed&utm_medium=RSS

Funkhouser to retire from FINRA post

Financial Industry Regulatory Authority (FINRA) Executive Vice President Cam Funkhouser will retire at the end of the year, after more than 35 years with the organization.© FINRACam Funkhouser Funkhouser has led the organization’s Office of Fraud Detection and Market Intelligence (OFDMI), which includes the Insider Trading and Fraud Surveillance units, FINRA’s Complaint Center and FINRA’s […]

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Financial Industry Regulatory Authority (FINRA) Executive Vice President Cam Funkhouser will retire at the end of the year, after more than 35 years with the organization.

© FINRA
Cam Funkhouser

Funkhouser has led the organization’s Office of Fraud Detection and Market Intelligence (OFDMI), which includes the Insider Trading and Fraud Surveillance units, FINRA’s Complaint Center and FINRA’s Whistleblower program, since its creation 10 years ago.

“We are deeply grateful to Cam for his many contributions over his remarkable career at FINRA, in particular, his leadership in building a new office singularly focused on identifying and investigating fraud,” Robert W. Cook, FINRA’s president and CEO, said. “Cam and his team have built OFDMI into a highly successful unit responsible for uncovering hundreds of cases of insider trading, microcap fraud, Ponzi schemes, and other white collar misconduct.”

Funkhouser started his FINRA tenure in 1984 in the Market Regulation Department, overseeing the implementation of advanced technology and data analytics to FINRA’s insider trading and fraud surveillance for publicly traded companies.

“It has been an honor and privilege to work in an organization that is so passionate about its mission of investor protection and market integrity,” Funkhouser said. “I am grateful for the incredible support I have received throughout my career from my colleagues and FINRA senior leadership in building our outstanding regulatory programs. I also want to thank my family for their behind-the-scenes support as I pursued a professional journey that spanned over four decades.”

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Read more / Original news source: https://financialregnews.com/funkhouser-to-retire-from-finra-post/

FFIEC backs Cybersecurity Profile tool for financial institutions

The Federal Financial Institutions Examination Council (FFIEC) is backing the industry-developed Cybersecurity Profile, which is based on the National Institute of Standards and Technology’s cybersecurity framework.© Shutterstock The Financial Services Sector Cybersecurity Profile is tool financial institutions can use for internal and external cyber risk management assessment and to comply with various regulatory frameworks in […]

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The Federal Financial Institutions Examination Council (FFIEC) is backing the industry-developed Cybersecurity Profile, which is based on the National Institute of Standards and Technology’s cybersecurity framework.

© Shutterstock

The Financial Services Sector Cybersecurity Profile is tool financial institutions can use for internal and external cyber risk management assessment and to comply with various regulatory frameworks in the U.S. and globally. It was created because chief information security officers from financial institutions said that roughly 40 percent of their team’s time was spent reconciling various cybersecurity and regulatory frameworks. The tool, released in October 2018, uses a questionnaire to identify the risk and complexity of a company and match the company with an appropriate cybersecurity plan.

A coalition of trade associations and financial services companies within the Financial Services Sector Coordinating Council developed the tool. The group included representation from more than 150 financial institutions ranging from community banks and credit unions to large multi-national banking, investment, and insurance organizations. The American Bankers Association, which was part of the coalition, applauded the FFIEC for its support.

“ABA, along with BPI, FSSCC and a coalition of other trades, rose to the challenge of developing this tool to help harmonize the industry’s approach to cybersecurity,” Rob Nichols, president and CEO of ABA, said. “Support from national and state banking supervisors should encourage more institutions to adopt the Cybersecurity Profile, which will strengthen banks’ security and protect the customers and communities they serve.”

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Read more / Original news source: https://financialregnews.com/ffiec-backs-cybersecurity-profile-tool-for-financial-institutions/

FFIEC Announces Availability of 2018 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today
announced the availability of data on mortgage lending transactions at 5,683 U.S.
financial institutions covered by the Home Mortgage Disclosure Act (HMDA). 

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). 

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/ffiec-announces-availability-2018-data-mortgage-lending/

Congressional leaders urge CFPB director not to delay compliance date for payday rule

Congressional lawmakers are calling on the director of the Consumer Financial Protection Bureau to reconsider the bureau’s decision to delay the compliance date for the payday loan rule. The compliance date for the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule — or payday rule – was supposed to be Aug. 19. The […]

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Congressional lawmakers are calling on the director of the Consumer Financial Protection Bureau to reconsider the bureau’s decision to delay the compliance date for the payday loan rule.

The compliance date for the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule — or payday rule – was supposed to be Aug. 19. The bureau has yet to ask a court to lift a stay the agency requested so that the payment provisions of the rule could be implemented without further delay.

“Contrary to recklessly false characterizations, payday, car-title, and predatory consumer installment loans made without regard to the borrower’s ability to repay are not acceptable or sustainable sources of credit,” Rep. Maxine Waters (D-CA), chair of the House Financial Services Committee, and Rep. Jamie Raskin (D-MD), wrote in a letter to CFPB Director Kathy Kraninger. “Payday and car-title lenders have the leverage to seize hundreds if not thousands more than the original cost of the loan and have control over the borrower’s bank account and/or the ability to repossess the borrower’s car. The result is obvious: payday and car-title lenders lack the incentive to make loans that borrowers have the ability to repay while still being able to afford basic necessities of life. Research, including that coming from the Consumer Bureau, has shown that these predatory products trap people in a cycle of debt and leave them in a significantly worse position than they were in prior to taking out the loan.”

The rule is designed to rein in predatory business practices by payday lenders. Payday loans, also called small-dollar loans, provide quick access to cash in exchange for full payment plus variable interest rates. The original CFPB rule states that lenders are restricted from making loans that borrowers are unable to pay back with accrued interest. The rule also limits the number of consecutive loans that can be taken and requires longer repayment timeline.

However, the CFPB is proposing to rescind certain provisions of the rule, specifically requirements that state lenders make certain underwriting determinations before issuing payday, single-payment vehicle title, and longer-term balloon payment loans. These changes would remove key protections for consumers, the lawmakers said.

“Allowing the 2017 rule to go into effect as planned is the bare minimum that the CFPB should do. It is absurd that we should even have to make such a straightforward request of an agency whose charge is to protect consumers from unfair, deceptive, and abusive financial practices. Even so, the CFPB must not only do this work, but do even more – such as use its enforcement authority to provide redress to people harmed by predatory lending practices, and it must continue the work to address the harms of long-term payday, car-title, and high-cost installment loans as it originally set out to do in its 2016 proposed rule,” Diane Standaert, executive vice president and director of state policy, Center for Responsible Lending, said.

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Read more / Original news source: https://financialregnews.com/congressional-leaders-urge-cfpb-director-not-to-delay-compliance-date-for-payday-rule/

Warren questions Student Loan Ombudsman appointee

Sen. Elizabeth Warren (D-MA) is expressing concern regarding the appointment of Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Appointee Robert Cameron, citing a conflict of interest.© Shutterstock Warren said the concerns stem from Cameron, a former student loan servicing executive, being selected as the nation’s top student loan watchdog responsible for protecting student loan […]

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Sen. Elizabeth Warren (D-MA) is expressing concern regarding the appointment of Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Appointee Robert Cameron, citing a conflict of interest.

© Shutterstock

Warren said the concerns stem from Cameron, a former student loan servicing executive, being selected as the nation’s top student loan watchdog responsible for protecting student loan borrowers. Before the appointment, he oversaw compliance activities at the Pennsylvania Higher Education Assistance Agency (PHEAA), a student loan servicer Warren said had an unfavorable compliance record.

Warren forwarded correspondence to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, Treasury Secretary Steven Mnuchin and CFPB Student Loan Ombudsman Appointee Robert Cameron regarding her concerns.

“The appointment of Mr. Cameron, a former executive responsible for compliance at a student loan servicer that has been accused of cheating thousands of students and taxpayers, is an outrageous slap in the face to student loan borrowers across the country,” Warren wrote to Kraninger and Mnuchin. “Given Mr. Cameron’s record overseeing compliance for an industry player frequently cited for failure to comply with federal rules and state consumer protection laws, he is not qualified to serve as the Student Loan Ombudsman and I urge you to use your authority to reject Mr. Cameron’s appointment.”

Warren has urged Cameron to reconsider his decision to accept the position as Student Loan Ombudsman, and if he does not, recuse himself from all matters that affect PHEAA, his former employer.

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Read more / Original news source: https://financialregnews.com/warren-questions-student-loan-ombudsman-appointee/

Comptroller of the Currency Visits New Mexico Pueblos to Discuss Community Reinvestment Act and Bank Services

Comptroller of the Currency Joseph Otting today visited Native American pueblos in New Mexico as part of a nationwide effort to discuss modernizing Community Reinvestment Act (CRA) regulations and opportunities to bring more investment, lending, and se…

Comptroller of the Currency Joseph Otting today visited Native American pueblos in New Mexico as part of a nationwide effort to discuss modernizing Community Reinvestment Act (CRA) regulations and opportunities to bring more investment, lending, and services to underserved areas.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-100.html

Comptroller of the Currency Visits New Mexico Pueblos to Discuss Community Reinvestment Act and Bank Services

Comptroller of the Currency Joseph Otting today visited Native American pueblos in New Mexico as part of a nationwide effort to discuss modernizing Community Reinvestment Act (CRA) regulations and opportunities to bring more investment, lending, and se…

Comptroller of the Currency Joseph Otting today visited Native American pueblos in New Mexico as part of a nationwide effort to discuss modernizing Community Reinvestment Act (CRA) regulations and opportunities to bring more investment, lending, and services to underserved areas.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-100.html?utm_source=RSS_feed&utm_medium=RSS

Newly signed measure addresses debt reorganization

Sen. Chuck Grassley (R-IA), who authored recently signed legislation designed to streamline existing debt reorganization procedures, is touting the benefits of the measure.© Shutterstock The Small Business Reorganization Act, which has been signed by President Donald Trump, also reduces certain small business bankruptcy requirements intended for major corporations. “American businesses come in all shapes and […]

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Sen. Chuck Grassley (R-IA), who authored recently signed legislation designed to streamline existing debt reorganization procedures, is touting the benefits of the measure.

© Shutterstock

The Small Business Reorganization Act, which has been signed by President Donald Trump, also reduces certain small business bankruptcy requirements intended for major corporations.

“American businesses come in all shapes and sizes,” Grassley said. “It’s time that the bankruptcy code reflect this reality. Mom and pop shops shouldn’t face the same debt reorganization challenges as major companies with armies of accountants. The Small Business Reorganization Act takes into account the unique needs of small businesses and streamlines existing reorganization processes. A well-functioning bankruptcy system, specifically for small businesses, allows businesses to reorganize, preserve jobs, maximize the value of assets, and ensure the proper allocation of resources.”

Grassley said, by signing the bill, Trump is making good on his promise to promote American small businesses.

Chapter 11 in the bankruptcy code was designed for administering complex business reorganizations involving multi-million dollar companies, acknowledging although several provisions specifically focus on small business debtors, a significant amount of research shows that Chapter 11 may still create difficulties for small businesses, including high costs, deficits, and procedural roadblocks.

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Read more / Original news source: https://financialregnews.com/newly-signed-measure-addresses-debt-reorganization/