Compliance News

Wells Fargo Hit with 500 Million Penalty, Ordered to Pay Restitution to Customers

April 20 — The Office of the Comptroller of the Currency assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices. The bank must also develop and implement an effective enterprise-wide compliance risk management program.


Four Steps to Implementing CECL

By John Voigt

The Financial Accounting Standards Board’s new Current Expected Credit Loss standard brings a significant change to credit loss accounting in the United States, and the road to compliance presents many challenges for financial institutions. While today’s allowance process is commonly operated within a Microsoft Excel-based framework, the additional complexity of the CECL standard will strain this type of approach and make it difficult to maintain the required transparency and controls from quarter to quarter.


Treasury Memo Issues Recommendations for Community Reinvestment Act

April 4 — The U.S. Department of Treasury has issued a memorandum for the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation regarding the Community Reinvestment Act — Findings and Recommendations.


As Graham, CFPB Seek to Roll Back Payday Lending Rule, Democrats Mount Resistance

March 29 — Last week, Senator Lindsey Graham, R-S.C., introduced legislation that would overturn the Consumer Financial Protection Bureau’s payday lending rule. Recent reports have indicated that the CFPB, under Director Mick Mulvaney, will also be internally reconsidering the rule. Democratic leaders, however, are pushing back against potential loosening of the rule, calling payday lending practices “predatory” and “designed to exploit the financial hardships facing millions of hardworking families.”


FFIEC Releases Revised HMDA Reporting Guide

March 12 — The Office of the Comptroller of the Currency announced the issuance of the Federal Financial Institutions Examination Council’s revised “A Guide to HMDA Reporting: Getting It Right!” The revisions reflect the new reporting requirements laid out in the October 2015 Home Mortgage Disclosure Act.


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