Regulatory News – 1/8/2024

On December 19, the Fed released a list of enforcement actions that included A Written Agreement with Marblehead Bancorp of Marblehead, Ohio to address deficiencies that were identified in an examination in September of 2023. The agreement requires Marblehead to...

Regulatory News – 12/19/2023

On December 13, Congressman Mike Turner (R-OH) Introduced the Protecting Against Paperless and Electronic Requirements (PAPER) Act to prohibit banks from forcing consumers to use electronic statements instead of paper statements. According to Congressman Turner, “For...

Regulatory News – 12/12/2023

On December 5, the Deputy Comptroller for Compliance Policy and Acting Deputy Comptroller for the Office of Financial Technology Donna Murphy testified on the activities and initiatives of the Office of the Comptroller of the Currency’s (OCC) Office of Financial...

Regulatory News – 12/5/2023

On November 28, the Fed announced the termination of enforcement action against Hazard Bancorp and Peoples Bank and Trust Company of Hazard, Kentucky requiring them to strengthen board oversight of the banks’ management and operations. On December 1, The Fed released...

Regulatory News – 11/27/2023

On November 22, Federal bank regulatory agencies announced that they have extended the comment period for their proposed rule to require large banks to maintain long-term debt from November 30, to January 16, 2024. The extension is to allow interested parties more...

Regulatory News – 11/20/2023

On November 13, The Fed, OCC, and CFPB announced dollar thresholds for smaller loan exemption from appraisal requirements for higher-priced mortgage loans and dollar thresholds for the applicability of truth in lending and consumer leasing rules for consumer credit...

Regulatory News- 11/13/2023

On November 3, The FDIC announced that Citizens Bank of Sac City, Iowa was closed making it the fifth bank to fail in 2023. As of September 30, 2023, Citizens Bank had approximately $66 million in total assets and $59 million in total deposits. Iowa Trust and Savings...

Regulatory News – 11/7/2023

On November 1, The OCC announced that it is issuing a bulletin to provide banks with guidance regarding commercial loans to early-, expansion-, and late-stage companies (venture loans) due to heightened uncertainty and probability of failure. The OCC expects banks to...

Regulatory News – Edition 2

On October 19. The Fed terminated a Cease and Desist Order against Citibank issued May 20, 2015 related to deficient policies and procedures that prevented Citigroup from detecting and addressing unsafe and unsound conduct by the Bank’s FX sales personnel. On October...

Regulatory News – Edition 1

On September 29, the Fed issued an enforcement action to One American Financial Corporation of Sioux Falls, South Dakota to maintain the soundness of One American Bank. Among the provisions of the agreement were prohibitions from declaring or paying dividends, engage...