Over 1,800 bankers, consultants and vendors have gathered for the annual Regulatory Compliance Conference (RCC) at the Dolphin Hotel at Disney World in Orlando for the event from June 11 – 14, 2017. This the largest gathering of compliance professionals in the nation. The RCC literally has more sessions than an individual can possibly attend. Interesting session titles include: Are You in Alignment? Fortifying Your Compliance Management Ecosystem for Success Through the Three Lines of […]
Month: June 2017
Financial CHOICE Act Passes House
On June 8, 2017, the Financial CHOICE Act of 2017 (H.R. 10 – 115th Congress) passed the house with a 233-186 vote adhering to party lines (233 of voting 234 Republicans voted for the bill while all 185 voting Democrats voted against the bill). H.R. 10 was introduced to Congress on April 26, 2017, sponsored by Representative and Chairman of the House Financial Services Committee Jeb Hensarling (R-TX). If the bill becomes law it would […]
SET-BACK FOR MUNICIPALITIES
The on-going saga of cities suing banks for Fair Housing damages continues. This time there is a significant victory for the banks. On May 26, 2017 in two separate decisions the U.S. Court of Appeals for the Ninth Circuit affirmed district court rulings that struck a blow to City of Los Angeles suits claiming Wells Fargo and Bank of America violated the Fair Housing Act by discriminating against Latino and black borrowers. Citing the Supreme […]
UPDATE ON BOA DISCRIMINATION CASE
On January 15, 2017 we penned an article entitled Worth Watching – BOA Discrimination Case. The article reviewed what appeared to be fairly egregious ethnicity discrimination practices engaged in by a few Bank of America employees in the Charleston, SC market. The article concluded with the following questions: Will BOA settle? If the case makes it to court how will the court rule when the victims are testers and will any significant damages be awarded? […]
OCC GUIDANCE ON VIOLATIONS
On May 23, 2017 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2017-18 to update its policies and procedures regarding violations of laws and regulations. The updated guidance: Communicate violations using a consistent format: Legal citation and description Summary of relevant statutory or regulatory requirements Facts supporting the violation and root cause(s) Corrective action(s) required Board and management’s commitment(s) to corrective action Reinforce the importance of timely and thorough follow-up and […]