On November 17, 2021, the Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) released a final rule that requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification […]
Tag: OCC
PLAN FOR PROPERTY APPRAISAL AND VALUATION EQUITY
Over the past few years, stories have circulated about properties being appraised for less than typical market value. When the property is reappraised, after the homeowner removes all evidence of his or her blackness, the property appraises for market value. On October 14, 2020, it was reported that an unnamed individual (Complainant) filed a complaint against JPMorgan Chase Bank, N.A. with the United States Department of Housing and Urban Development (“Department”), alleging Complainant was injured […]
OCC IMPOSES CMP FOR FUNDS AVAILABILITY VIOLATION
On February 10, 2022, in a most unusual case, the Office of the Comptroller of the Currency (OCC) issued a Consent Order for the payment of a $3,000 civil money penalty to Craig Meader, the president and a board member of First National Bank of Kansas, Burlington, Kansas. The OCC found, and Meader neither admits nor denies, that, during the period from August to September 2020, Meader directed employees to implement extended holds on ACH deposits […]
HSU’S COMMENTS ON UKRAINE, CLIMATE RISK AND DIVERSITY AND INCLUSION
On March 7, 2022, Acting Comptroller of the Currency Michael Hsu delivered a presentation for the Institute of International Bankers. The intended scope of the speech was climate risk, and diversity and inclusion. He added a few comments on the situation in Ukraine. Ukraine Sanctions – It is critically important that all of your members’ Compliance Officers, BSA/AML Officers, and Sanctions Officers are aware of the Executive Orders and the U.S. Treasury’s Office of Foreign […]
OCC PUBLISHES FAQS ON RESCINDED CRA RULE
On February 22, 2022, the Comptroller of the Currency (OCC) issued OCC Bulletin 2022-4 that provides responses to frequently asked questions (FAQ) about the December 2021 final rule to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule). The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the Board of […]