President Signs Highway Bill with Regulatory Relief Provisions
Last Friday, President Obama signed into law a long-term highway bill that included several regulatory relief provisions, including:
- Expanding the number of banks eligible for the 18-month exam cycle;
- Equalizing the SEC registration and de-registration thresholds for savings and loan holding companies;
- Eliminating the burden of unnecessary privacy notice paperwork;
- Expanding Trups CDO relief for smaller bank holding companies; and
- Establishing a process for designating an area rural for purposes of Consumer Financial Protection Bureau exemptions.
Members are still negotiating a long-term spending bill with another short-term extension expected to pass the House and Senate later today. MBA and member bankers continue to advocate for broader regulatory reform provisions to be included in the final spending legislation.
SEC Charges Bitcoin Mining Companies
Washington D.C., Dec. 1, 2015 — The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defrau
According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency. The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.
FDIC Seeks Feedback on Brokered Deposits
The FDIC is seeking comment (closing 12-28-2015) on a proposed update to a series of frequently asked questions (FAQs) and an accompanying introductory letter regarding identifying, accepting and reporting brokered deposits that were issued in January 2015 through FIL-2-2015.
Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-insured financial institutions that use brokered deposits.
Read the full letter here.
TRID Relief "Hold Harmless" Period Pending
Tuesday, September 29, 2015 Richard Cordray, director of the Consumer Financial Protection Bureau, told the House Financial Services Committee there is relief on the way with respect to implementing the new TRID rules.
In the hearing, the director stated the FFIEC would issue a written statement soon that creates an examination "hold harmless" period. According to Cordray, the "hold harmless" period will last for 6 months, and perhaps more, in an effort to give vendors and bankers more time to get it "right."
Cordray said federal banking agency examinations would be "diagnostic, corrective and not punitive." Importantly, these same agencies will work with (rather than against) bankers by providing resources for the implementation of the new TRID rules in an effort to make sure everyone is up to speed and ready to fully implement these new rules.
The original enforcement date is October 3, 2015. As soon as we receive clarification we'll make sure it is published.
Barclaycard Announces Expansion of Southern Nevada Operations
Fast-growing payments business expects to hire 300 more employees over the next year as growth continues
(HENDERSON, Nev. – Nov. 12, 2015) – Barclaycard US, the payments business of Barclays in the United States, announced today it is expanding its operations in Henderson and plans to hire 300 new employees over the next year to fill several positions. The notable growth comes less than two years after Barclaycard officially opened its customer contact center in Henderson in February 2014.
Barclaycard celebrated its Phase II expansion on Nov. 12 by holding a ribbon-cutting event with company executives, elected officials and local dignitaries at its location at 2290 Corporate Circle in the Green Valley Corporate Center in Henderson. Since opening locally, about 1,000 people have been hired.
SB 306 - Section 8.5 Deadline October 1, 2015
Section 8.5 of Senate Bill 306 requires a financial institution that is a mortgagee or beneficiary of a deed of trust under certain residential mortgage loans to provide to the Division of Financial Institutions of the Department of Business and Industry the name, street address, and any other contact information of a person to whom: (1) a borrower or a borrower’s representative may send information and notices to facilitate a mediation under the Foreclosure Mediation Program (NRS 40.437 and 107.086); and (2) a unit-owners’ association may mail notices concerning the association’s lien (NRS 116.3116 to 116.31168).