Archive

INTERAGENCY WEBINAR ON PRIVATE FLOOD INSURANCE RULE

On May 14, 2019 staff from the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, , National Credit Union Administration  and the Office of the Comptroller of the Currency are reviewing the recently released rules regarding Private Flood Insurance in a one-hour Outlook Live webinar. The webinar begins at 2 p.m. EDT. Agency personnel will explain: Mandatory acceptance of private flood insurance; Mandatory acceptance Compliance Aid; Discretionary acceptance of private flood insurance; Flood […]

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STATUS OF CRA REVISIONS

The federal banking regulatory agencies are making progress in development of a proposal to revise the Community Reinvestment Act regulations. Senior officials at the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve briefed industry leaders on the topic at a recent Consumer Bankers Association conference. The officials indicated that, after preliminary talks and a review of public comments submitted to the OCC, the agencies are ready to start writing […]

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BLOG TESTING

Compliance Resource is always trying to find new ways to improve the services that we offer to our customers.  As you may have noticed, we have made a lot of changes to our website over the last couple of months.  Just as is the case with our services and products, we are constantly attempting to improve the experience on our website.  In the process of attempting to make those improvements, there were some test blog […]

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FLOOD INSURANCE CONCERN

The quarterly newsletter for the Chicago Region of FDIC’s Division of Depositor and Consumer Protection published on March 31, 2019 contain a good reminder of a subtle item that is missed by some lenders. The subtle item is contents coverage. You generally don’t take contents as collateral, or do you?   Section 329.3(a) of the FDIC’s flood insurance regulation states, in part, that a bank shall not make, increase, extend, or renew any designated loan unless […]

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AGENCIES PUBLISH ADDITIONAL CECL FAQS

The OCC, FRB, FDIC, and NCUA have published additional frequently asked questions (FAQs) to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update (ASU) 2016-13, Topic 326, “Financial Instruments–Credit Losses” (ASU 2016-13), issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. There are nine additional questions, updated responses to four existing questions, and a new appendix with links to relevant resources that are available to banks to assist […]

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