Gold Book Blog http://goldbook.bankingspectrum.com/blog Bank-to-Bank Talk Thu, 26 Apr 2012 19:05:38 +0000 en hourly 1 http://wordpress.org/?v=3.1.3 What’s New: HMDA threshold exemption adjustments http://goldbook.bankingspectrum.com/blog/2012/04/26/whats-new-hmda-threshold-exemption-adjustments/ http://goldbook.bankingspectrum.com/blog/2012/04/26/whats-new-hmda-threshold-exemption-adjustments/#comments Thu, 26 Apr 2012 19:05:38 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=562 The Bureau of Consumer Financial Protection has recently published a change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The exemption threshold has been adjusted to increase to $41 million from $40 million. The adjustment is based on the 3.43 percent increase in the average of the CPI-W for the twelve-month period ending in November 2011. Therefore, depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012. See the Home Mortgage Disclosure Act chapter of The Gold Book for more information about the act.

]]> http://goldbook.bankingspectrum.com/blog/2012/04/26/whats-new-hmda-threshold-exemption-adjustments/feed/ 0 What’s New: Final Remittance Rule (Amendment to Regulation E) http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-final-remittance-rule-amendment-to-regulation-e/ http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-final-remittance-rule-amendment-to-regulation-e/#comments Wed, 25 Apr 2012 18:43:39 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=560 The Consumer Financial Protection Bureau is issuing rules to protect consumers who send money electronically to foreign countries. These transactions are called “remittance transfers.” The new rules take effect in February 2013. See The Gold Book, Foreign Remittances in the Regulation E and Compliance chapters.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-final-remittance-rule-amendment-to-regulation-e/feed/ 0 What’s New: NYS Exempt Funds Amendments http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-nys-exempt-funds-amendments/ http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-nys-exempt-funds-amendments/#comments Wed, 25 Apr 2012 18:36:09 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=558 Both New York and federal law currently exempt certain income from debt collection or attachment. Beginning April 1, 2012, the Superintendent of the Department of Financial Services is required to update the current dollar amount of exemption from enforcement of judgments under New York Civil Practice Law and Rules Sections 5205(l), 5222(e), 5222(h), 5230(a) and 5232(e). The new dollar amount of exemption from enforcement of money judgments is $2625. This amount is effective on April 1, 2012 and shall not apply to cases commenced before April 1, 2012. The next adjustment is scheduled for April 1, 2015. The Gold Book updates may be found in the Legal Process chapter under the New York rules for Restraining Notices and Garnishments.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/04/25/whats-new-nys-exempt-funds-amendments/feed/ 0 Overnight overdraft policy changes http://goldbook.bankingspectrum.com/blog/2012/04/25/overnight-overdraft-policy-changes/ http://goldbook.bankingspectrum.com/blog/2012/04/25/overnight-overdraft-policy-changes/#comments Wed, 25 Apr 2012 16:45:07 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=556 Earlier this month, the Federal Reserve Board announced two modifications to its overnight overdraft policy that will take effect on July 12, 2012. These modifications are (1) a change in the reference rate for computing charges for overnight overdrafts from the effective federal funds rate to the primary credit rate and (2) a multi-day charge on overnight overdrafts incurred immediately before a weekend or holiday.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/04/25/overnight-overdraft-policy-changes/feed/ 0 What’s New: Americans with Disabilities Act http://goldbook.bankingspectrum.com/blog/2012/04/23/whats-new-americans-with-disabilities-act/ http://goldbook.bankingspectrum.com/blog/2012/04/23/whats-new-americans-with-disabilities-act/#comments Mon, 23 Apr 2012 14:48:04 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=554 The Department of Justice published revised final regulations implementing the Americans with Disabilities Act (ADA) for Title III (public accommodations and commercial facilities) on September 15, 2010, in the Federal Register. These requirements clarify and refine issues that have arisen over the past 20 years and contain new, and updated, requirements, including the 2010 Standards for Accessible Design.

The Americans with Disabilities Act (ADA) sections in the Compliance chapter and the Electronic Banking chapter of The Gold Book have been updated accordingly.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/04/23/whats-new-americans-with-disabilities-act/feed/ 0 What’s New: US Savings Bond Rules http://goldbook.bankingspectrum.com/blog/2012/04/03/whats-new-us-savings-bond-rules/ http://goldbook.bankingspectrum.com/blog/2012/04/03/whats-new-us-savings-bond-rules/#comments Tue, 03 Apr 2012 20:21:42 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=551 The US Treasury Department recently issued guidance for paying agents and presenting institutions who process savings bond transactions.

Financial institutions that are authorized to redeem and process savings bonds are required to redeem bonds for customers and non-customers as long as the owner and co-owner named on the bonds establish satisfactory proof of their ownership rights.

New chapter, Savings Bond Transactions has been added to The Gold Book.

 

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/04/03/whats-new-us-savings-bond-rules/feed/ 0 Confidential Financial Institution Information http://goldbook.bankingspectrum.com/blog/2012/03/29/confidential-financial-institution-information/ http://goldbook.bankingspectrum.com/blog/2012/03/29/confidential-financial-institution-information/#comments Thu, 29 Mar 2012 15:47:22 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=549 The FDIC has observed a limited number of instances in which directors and officers of troubled or failing institutions have made copies of financial institution and supervisory records, and removed those copies from the institution in anticipation of litigation or enforcement activity against them personally.

The FDIC’s FIL-14-2012 of March 19, 2012 reminds directors and officers that this activity is a breach of their fiduciary duty to the institution and an unsafe and unsound banking practice, which may also violate applicable laws and regulations and contravene the financial institution’s information security program. Attorneys who represent an insured depository institution are also reminded that their fiduciary duty, both legally and ethically, obligates them to act in the best interests of the institution. The FDIC will investigate any matter that appears to violate confidentiality and pursue enforcement actions, as appropriate.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/03/29/confidential-financial-institution-information/feed/ 0 What’s New? FACTA Notice Requirement http://goldbook.bankingspectrum.com/blog/2012/03/27/whats-new-facta-notice-requirement/ http://goldbook.bankingspectrum.com/blog/2012/03/27/whats-new-facta-notice-requirement/#comments Tue, 27 Mar 2012 15:46:01 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=546 The Fair and Accurate Credit Transactions Act created a new notice requirement for risk-based credit pricing programs effective January 1, 2011.

The Risk-Based  Credit sections of the Fair and Accurate Credit Transactions Act chapters of  The Gold Book have been updated accordingly.

Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/03/27/whats-new-facta-notice-requirement/feed/ 0 What Do You Think? http://goldbook.bankingspectrum.com/blog/2012/03/27/what-do-you-think-3/ http://goldbook.bankingspectrum.com/blog/2012/03/27/what-do-you-think-3/#comments Tue, 27 Mar 2012 14:45:59 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=538 The FDIC Board of Directors (FDIC Board) recently adopted a Notice of  Proposed Rulemaking and request for comment that would amend and clarify some definitions related to higher-risk assets as used in the deposit insurance pricing scorecards for large and highly complex insured depository institutions. The new rules would apply only to institutions with $10 billion or more in assets and would have no  impact on institutions with less than $10 million in assets.

What are your thoughts on this proposed action and how, if at all, will this impact your financial institution.

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Join the forum discussion on this post]]> http://goldbook.bankingspectrum.com/blog/2012/03/27/what-do-you-think-3/feed/ 0 BSA Forms Mandatory Electronic Filing http://goldbook.bankingspectrum.com/blog/2012/03/12/bsa-forms-mandatory-electronic-filing/ http://goldbook.bankingspectrum.com/blog/2012/03/12/bsa-forms-mandatory-electronic-filing/#comments Mon, 12 Mar 2012 20:17:36 +0000 Admin User http://goldbook.bankingspectrum.com/blog/?p=532 On February 24, 2012, FinCEN announced that it is adopting a requirement that all financial institutions subject to Bank Secrecy Act (BSA) reporting use electronic filing for certain reports beginning no later than July 1, 2012. Paper reports filed after that date will be rejected and institutions will be notified and required to re-file an electronic version.

FinCEN has also published notice providing an opportunity for financial institutions to apply for a limited duration hardship exemption that would delay the E-File requirement for certain reports until July 1, 2013.

Financial institutions must file exemption requests with FinCEN by March 26, 2012. FinCEN will consider exemptions for the following circumstances:

  1. Institutions lacking internet connectivity,
  2. Incompatible system capabilities, or
  3. Other extraordinary circumstances.

Detailed information about the new filing requirements and exemption requests may be found here: FinCen Notice

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