Alerts Now Service




  

 

Banker Teleconference Series: Timely and Comprehensive Compliance Information and Insights from the FDIC

Issue Date:
2/2/2012
 
Agency:
FDIC
 
Highlights:
• FDIC free teleconference 11 am - 12:30 pm on 2/21/12 on Reg. Z's mortgage loan originator compensation rule

• Will review how the rule affects ability to compensate such originators on a loan’s terms and conditions
 
Action:
Telephone Seminar
 
Reference:

FIL-6-2012

Registration Page

 
 
Detail

Deposit Insurance Coverage: Free Nationwide Telephone Seminars for Bank Officers and Employees

Issue Date:
2/2/2012
 
Agency:
FDIC
 
Highlights:
• FDIC will conduct 15 free telephone seminars on deposit insurance coverage for bank officers and employees between 2/15/12 and 12/6/12

• 12 sessions entitled "FDIC Comprehensive Seminar on Deposit Insurance Coverage for Bankers" will provide an overview of the rules for determining deposit insurance coverage for all account ownership categories; 3 separate sessions entitled "FDIC Seminar on Revocable Trust Accounts for Bankers" will focus solely on the rules and coverage for formal revocable trust accountholders whose trust deposits at one bank exceed $1,250,000
 
Action:
Telephone Seminar
 
Reference:

FIL-5-2012

Schedule and Registration

 
 
Detail

Office of the Comptroller of the Currency Moves Toward Paperless Delivery of News and Information

Issue Date:
2/2/2012
 
Agency:
OCC
 
Highlights:
• OCC's plans to end paper distribution of news and issuances by 6/1/12

• Available via web, email, news feeds, and social media
 
Action:
Announcement
 
Reference:

NR 2012-17

Bulletin 2012-7

 
 
Detail

US Labor, Treasury Departments Act to Enhance Retirement Security for an America Built to Last

Issue Date:
2/2/2012
 
Agency:
Treasury; Department of Labor
 
Highlights:
• Requires service providers (mutual-fund firms and 401(k) administrators) to disclose to employers details about fees charged to run both defined-contribution and defined-benefit pension plans

• Required disclosures cover both the direct and the indirect compensation such service providers receive

• Applies to service providers that expect to receive $1,000 or more in compensation and provide certain fiduciary or registered investment advisory services
 
Action:
Executive Actions
 
Reference:

Treasury Press Release tg-1407

DOL News Release 2/2/12

Service Provider Disclosure of Facts

 
 
Detail

FACT SHEET: President Obama’s Plan to Help Responsible Homeowners and Heal the Housing Market

Issue Date:
2/1/2012
 
Agency:
White House
 
Highlights:
• President wants legislation to establish a program to enable all homeowners who are current on their mortgage loans to refinance at record-low rates

• Non-GSE borrowers with standard loans and credit scores above 580 could qualify; FHA would operate the non-GSE part of the program, and refinancing process also would be streamlined for GSE borrowers who are current

• Also proposed encouraging borrowers who refinanced their mortgages to take on shorter-term loans and direct the savings to rebuilding equity in their homes; incentive of government-paid closing costs of about $3,000
 
Action:
Proposed Plan
 
Reference:
Fact Seet 2/1/12
 
 
Detail

Obama Administration Announces Pilot Program to Help Rural Borrowers Refinance Mortgages, Get Lower Interest Rates

Issue Date:
2/1/2012
 
Agency:
USDA
 
Highlights:
• 2-year pilot program in 19 states to facilitate refinancings for homeowners who are current on mortgage loans made or guaranteed by USDA Rural Development

• Agriculture Department will eliminate requirements for new appraisal, new credit report and other documentation normally necessary
 
Action:
Pilot Program
 
Reference:
News Release 0038.12
 
 
Detail

Treasury Sanctions Supporters of the Kurdistan Workers Party (PKK) Tied to Drug Trafficking in Europe

Issue Date:
2/1/2012
 
Agency:
Treasury, OFAC
 
Highlights:
• Designation of Moldovan-based individuals Zeyneddin Geleri, Cerkez Akbulut (a.k.a. Cernit Murat), and Omer Boztepe as Specially Designated Narcotics Traffickers (SDNTs) for acting for or on behalf of the PKK, also known as Kurdistan Workers Party or Kongra-Gel

• OFAC also designated Omer Geleri and three Romanian-based companies due to their ties and or activities related to Zeyneddin Geleri
 
Action:
Changes to SDN List
 
Reference:

Treasury Press release tg-1406

OFAC Recent Actions 2/1/12

 
 
Detail

Agencies Issue Guidance on Junior Lien Loan Loss Allowances

Issue Date:
1/31/2012
 
Agency:
OCC, Federal Reserve, FDIC, NCUA
 
Highlights:
• Supervisory guidance on allowance for loan and lease losses estimation practices associated with loans and LOCs secured by junior liens on 1- to 4-family residential properties

• Reiterates policy and reminds institutions to monitor all credit-quality indicators relevant to credit portfolio, including junior liens and HELOCs taken out by mortgage borrowers
 
Action:
Guidance
 
Reference:

OCC NR 2012-15

OCC Bulletin 2012-6

Fed Press Release 1/31/12

Fed SR 12-3

FDIC PR-15-2012

NCUA Joint Release 1/31/12

NCUA Accounting Bulletin 12-1

Guidance for ALLL Estimation Practices

 
 
Detail

Payment Processor Relationships: Revised Guidance

Issue Date:
1/31/2012
 
Agency:
FDIC
 
Highlights:
• Revised guidance for payment-processor relationships describes potential risks involving account relationships with third-party entities that process payments for telemarketers, online businesses and other merchants

• Such relationships require careful due diligence and monitoring
 
Action:
Guidance
 
Reference:
FIL-3-2012
 
 
Detail

Selling Guide Updates

Issue Date:
1/31/2012
 
Agency:
Fannie Mae
 
Highlights:
• Changes to Construction-to-Permanent Financing; Part D, Ensuring Quality Control; and Miscellaneous Selling Guide Updates
 
Action:
Selling Guide Updates
 
Reference:
SEL-2012-01
 
 
Detail