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The Federal Financial Institutions Examination Council (FFIEC) today announced that beginning in 2012 it will calculate the annual Median Family Income (MFI) data that are published each June. The 2012 MFI Data will incorporate the U.S. Census Bureau’s American Community Survey (ACS) information and will be referred to as FFIEC Median Family Income Data. Read More

The Consumer Financial Protection Bureau has released another version of its simplified mortgage disclosure form as part of its ongoing Know Before You Owe project. Read More

WASHINGTON — The federal agencies that supervise banks, thrifts, and credit unions, and the Farm Credit System, today published guidance that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published on July 21, 2009 at 74 FR 35914-35947.  Read More

CUNA continued to emphasize the high compliance burdens and increased costs that the Federal Reserve's proposed remittance changes would impose on credit unions during a meeting with the Consumer Financial Protection Bureau last week. Read More

The House late last week approved H.R. 1263, a bill that would amend the Servicemembers Civil Relief Act to extend protections against sale, foreclosure, and seizure of property to the surviving spouses of deceased servicemembers.  Read More

Last Thursday, the CFPB released Version 1.0 of its Supervision and Examination Manual, the guide for its examiners to use in overseeing companies that provide consumer financial products and services.  The examination manual consists of three separate parts:  The first part describes the supervision and examination process.  The second part contains examination procedures, including both general instructions and procedures for determining compliance with specific regulations.  The third part presents templates for documenting information about supervised entities and the examination process, including examination reports. 

As part of its release, the CFPB has also developed a list of Supervision and Examination Manual Q&A’s regarding the manual itself, including questions and answers on how the CFPB’s manual compares to examination manuals of other federal financial regulators, such as NCUA.  In addition to the general guidance included within the manual on how the CFPB will conduct examinations and procedures to review the compliance management systems at both depository institutions and non-depository consumer financial companies, the Q&A states “The rest of the manual primarily consists of examination procedures that examiners at the other federal financial supervisory agencies use,” and “The majority of the manual is substantially similar to the consumer compliance manuals of other banking regulators.”  The Q&A does mention the following differences, however, which have been included within the manual:

• A “Risk assessment” to be used by examiners to identify potential risks to consumers in the consumer financial products and services offered by supervised entities.
• “UDAAP” procedures to be used by examiners to identify “unfair, deceptive and abusive acts or practices.”

Also released, as part of the manual, the CFPB outlined its Mortgage Servicing Examination Procedures describing the types of information that the agency’s examiners will gather to evaluate mortgage servicers’ policies and procedures, assess whether servicers are in compliance with applicable laws, and identify risks to consumers in servicing operations. 

While the CFPB has supervision, examination and enforcement authority over federally-insured credit unions (FICUs) with total assets over $10 billion, NCUA and the state regulators will generally retain the examination authority over FICUs with $10 billion or less in assets, and will have “exclusive” enforcement authority over those institutions.  The CFPB has limited authorities for these smaller institutions including:  (1) authority to accompany NCUA examiners “on a sampling basis;” (2) authority to require reports; and (3) authority to refer suspected violations to NCUA.  The CFPB has stated that it will begin examining certain large depository institutions in the fourth quarter of 2011. 

FinCEN recently released the 20th issue of the SAR Activity Review --Trends, Tips, and Issues. Inside are articles addressing SARs and Remote Deposit Capture risks, Organized Retail Crime, Health Care Fraud, Elder Financial Exploitation, and More.

The National Labor Relations Board pushed the implementation date back to Jan. 31, 2012 for its rule requiring private-sector employers to post notices of employees rights. The deadline had been Nov. 14.  Read More

The Office of Foreign Assets Control (``OFAC'') published the names of five newly-designated individuals whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.  Read More in the Federal Register.

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) delivered to the Federal Register a final rule to implement section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) to complement Treasury's ongoing efforts to protect the international financial system from abuse by Iran. The final rule will become effective upon publication in the Federal Register.
CISADA requires the Secretary of the Treasury to issue regulations that impose certain requirements on U.S. banks. The rule issued today requires a U.S. bank, upon request from FinCEN, to inquire of specified foreign banks for which the U.S. bank maintains a correspondent account, and report to the Treasury Department, with respect to whether each foreign bank:

• Maintains a correspondent account for an Iranian-linked financial institution designated under the International Emergency Economic Powers Act (IEEPA);

• Has processed one or more transfers of funds within the preceding 90 calendar days for or on behalf of, directly or indirectly, an Iranian-linked financial institution designated under IEEPA, other than through a correspondent account; or

• Has processed one or more transfers of funds within the preceding 90 calendar days for or on behalf of, directly or indirectly, Iran's Islamic Revolutionary Guard Corps (IRGC) or any of its agents or affiliates designated under IEEPA.

Read the full CISADA factsheet Here.

 

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