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January 2006 |
OCC Update |
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OCC Update is a quarterly, electronic newsletter that provides information about the Office of the Comptroller of the Currency's work in the area of fair treatment and fair access to financial services for all Americans. It provides information about national bank involvement in community development lending, investments and services, small business financing, financial literacy, access to financial services, consumer protection, CRA, HMDA and other consumer compliance issues. If you have any questions about this information or the OCC's Community Affairs activities, please contact Barry Wides, Deputy Comptroller, Karen Bellesi, Special Advisor for Community Affairs, or Hershel Lipow, Information and Communications Specialist. Contents:
1. New and Noteworthy Gulf Coast Hurricanes Commercial Real Estate Lending Nontraditional Mortgage Products CRA Web and Telephone Seminar New CA Staff Mary Catherine Garon has been appointed as acting community affairs officer in New Orleans. In this newly created position, Ms. Garon will coordinate agency outreach to community groups and others. (See item 2. below for additional information on OCC's involvement in other Gulf hurricane relief efforts.) Enforcement Actions The OCC entered into a formal agreement with the Laredo National Bank, Laredo Texas, to address issues related to the bank's consumer lending practices. News Release 2005-110 announces that the bank has agreed to set aside at least $14 million to fund reimbursement payments to borrowers and to establish new policies and procedures to guide its future lending practices. OCC Annual Report Community Reinvestment CRA OCC Bulletin 2006-1 transmits the final rule amending Reg C of the Home Mortgage Disclosure Act, raising the data reporting exemption for HMDA depository institutions to $35 million effective January 1, 2006. The previous level was $34 million. The federal regulatory agencies issued a notice and request for comments on proposed revisions to "2001 Interagency Questions and Answers Regarding Community Reinvestment" that would provide guidance on changes to CRA regulations. Comments were due by January 9, 2006. See OCC Bulletin 2005-43 for a description of the proposed questions and answers. The federal banking agencies announced the list of distressed and underserved nonmetropolitan middle- income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development" per the revised CRA rules issued by the agencies on August 2, 2005. Consult the FFIEC website to obtain Census Reports and demographic information by MSA. The summer 2005 online edition of Community Development Investments newsletter describes two funds that serve as intermediaries through which banks and other investors can finance affordable housing, economic development initiatives, and small businesses. The newsletter also highlights community development investment opportunities across the nation. Consumer Credit and Lending Consumer Loan Products In a December speech to the Consumer Federation of America, Comptroller Dugan expressed concerns that negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages, "raise substantial - and intertwined - consumer protection and safety and soundness issues." HMDA Gift Cards Information and Privacy Protection Information Sharing The federal bank, thrift, and credit union regulatory agencies issued final rules under the Fair Credit Report Act (FCRA) to address the collection and sharing of medically related information that is typically considered in credit underwriting. The final rules go into effect April 1, 2006 and are substantially the same as the interim rules adopted on June 10, 2005. Identity Theft and Fraud Information Security Bank Supervision and Regulation BSA/Anti-Money Laundering (AML) In a speech, Comptroller Dugan stated that the OCC is committed to a BSA/AML process that is effective, measured and fair. Comptroller Dugan also sent a letter to Senate Banking Committee Chairman Richard C. Shelby on the short- and long-term initiatives the OCC is taking to strengthen its supervision in this area. The OCC and FinCEN (Financial Crimes Enforcement Network) imposed a $3 million civil money penalty against Banco de Chile for deficiencies in the Bank's internal controls, particularly in the area of Bank Secrecy Act and Anti-Money Laundering compliance. The OCC entered into a consent order with KeyBank, N.S. of Cleveland, Ohio to do a better job in identifying and monitoring potentially high-risk transactions under the Bank Secrecy Act. Preemption Fair Credit Reporting Regulatory Burden Chief Counsel and First Senior Deputy Comptroller Julie L. Williams testified on regulatory relief before a subcommittee of the House Committee on Financial Services. Her testimony touched on efforts to help bank customers and to reduce regulatory burden in the aftermath of the Gulf Coast hurricanes. 2. Hurricane Relief Information OCC's response to the recent Gulf Coast disasters has been multi- faceted. Among its many initiatives the OCC has:
See the other federal regulatory agency web sites for additional information relating to their hurricane assistance. FDIC: http://www.fdic.gov/hurricane/index.html 3. CRA Examinations Examination Schedule Evaluations CRA evaluations announced through December 15, 2005 include:
4. Enforcement Actions The OCC maintains a searchable database of all public enforcement actions taken since August 1989 on its Internet Web site located at: http://www.occ.treas.gov/enforce/enf_search.htm. Recent Enforcement Actions: News Release 2005-123 announces 9 enforcement actions and three terminations of existing enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks (CA, FL, GA, IL, MO, NE). News Release 2005-114 announces 10 enforcement actions and three terminations (CO, FL, GA, KS, OH, MN, TX, WY). News Release 2005-102 announces 17 enforcement actions and three terminations (AZ, CA, FL, MN, NJ, NY, TN, WV). News Release 2005-91 announces 25 enforcement actions and four terminations (AL, AZ, CA, CO, FL, IA, KY, LA, MN, NE, NY OH, TX, UT). News Release 2005-79 announces 16 enforcement actions (CA, CO, GA, IN, KY, MN, NJ, OK, UT). 5. Publications/Studies/Guidance Investment Intermediaries: Helping Banks Achieve a Double Bottom Line (Community Development Investments, Summer 2005) provides a look at two community development finance providers. These investment intermediaries offer banks the ability to earn a double bottom line return - of both economic earnings for the investing bank and social gain for the communities they serve. The Summer 2005 edition of Community Developments Online features strategies on how the revised Home Mortgage Disclosure Act (HMDA) could enhance mortgage lending for national banks and their customers. OCC's Fiscal Year 2005 Annual Report is available online. The report includes OCC's financial statements, operations and accomplishments, and management initiatives. The September (2nd quarter 2005) volume of OCC's Quarterly Journal is available online. The Journal includes information about the OCC and the financial performance of national banks. 6. OCC News: Find Out What's Happening At OCC The OCC's Web site has been refreshed to make it easier to read and find important information about the OCC and new developments in banking and community affairs. New features include consumer protection news, including information on such hot topics as identity theft, fraud, abusive lending, and credit card practices. The easiest way to locate information is to utilize the site's search feature or to go to the site map to investigate specific topics. Links are also provided to other sites providing information about banks regulated by other federal agencies. To find information about any bank insured by the FDIC go to Bank Find. OCC News The OCC Web page maintains a complete listing of OCC news releases, publications, and new items of interest. OCC News List Service: The OCC also has an electronic information service available free to the public. You can now receive press releases, speeches by senior OCC officials, and other OCC issuances (advisory letters, bulletins, etc.) about the national banking system automatically via e- mail. Just sign up for "OCC-News", an Internet subscription list, by going to http://www.occ.treas.gov/listserv.htm and following these instructions. Address an e-mail to listserv@peach.ease.lsoft.com In the body of the message, type: Subscribe OCC-News {Insert Your Name} Community Affairs The Community Affairs Division supports the OCC's mission to ensure a safe and sound banking system by helping national banks to be leaders in providing community development financing and retail services to underserved communities and consumers. Publications Community Affairs Information Service
Staff Contacts Customer Assistance Customer Assistance Group Customer Assistance Group CRA Ratings and Enforcement Actions CRA The OCC's Web site (http://www.occ.treas.gov) also offers access to a searchable list of all public CRA evaluations (http://www.occ.treas.gov/cra/crasrch.htm). The button labeled "CRA Information" leads to the following information:
Enforcement Actions The OCC maintains a searchable database of all public enforcement actions taken since August 1989 on its Internet Web site located at: http://www.occ.treas.gov/enforce/enf_search.htm. A list of enforcement actions previously disclosed and copies of the actual documents are available from the OCC's Communications Division by writing to: Comptroller of the Currency, Public Information Room (1-5), Washington, DC 20219. Requests made by facsimile transmission should be sent to (202) 874-4448. Please include the identifying enforcement action number when placing an order. Enforcement actions are also listed monthly in OCC Interpretations and Actions (available electronically from 1995-2004). Subscriptions to that publication are available from the OCC's Communications Division. Further Information |
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