Report focuses on debit card transactions

The Federal Reserve Board on Nov. 30 published a report on debit card transactions in 2015. The report includes summary information on the volume and value of debit card transactions, interchange fee revenue, certain issuer costs and fraud losses. The board estimated debit card losses to all parties (merchants, cardholders and issuers) increased by 44% from 2013 to 2015. The report is the fourth in a series to be published every two years as required by the Electronic Fund Transfer Act.

To learn more about the report, click here.

OCC to consider fintech bank applications

The Office of the Comptroller of the Currency will consider applications from financial technology companies to become special purpose national banks, Comptroller of the Currency Thomas J. Curry announced Dec. 2. Curry said considering fintech charter applications provides these businesses with a choice without creating a requirement to seek a charter. Companies that seek a charter are evaluated to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity. The OCC also has published a paper discussing the issues and conditions the agency will consider in granting special purpose national bank charters.

To learn more, click here.

Treasury proposes to update rule on ACH participation

The U.S. Treasury’s Bureau of the Fiscal Service published a proposed rule to amend its regulation governing the use of the Automated Clearinghouse Network by federal agencies. The proposed rule would address changes that NACHA-The Electronic Payments Association has made to the NACHA Operating Rules since the publication of the 2013 NACHA Operating Rules & Guidelines book. These changes include amendments set forth in the 2014, 2015 and 2016 NACHA Operating Rules & Guidelines books.

Comments on the proposal are due by Jan. 30. To learn more, click here.

Consumer Compliance Outlook published

The Federal Reserve Bank of Philadelphia posted the latest edition of Consumer Compliance Outlook on Dec. 6. The edition features articles on the Regulation E requirements for foreign remittance transfers and updated interagency questions and answers regarding community reinvestment.

To see the full edition, click here.

Credit unions

NCUA expands portal access for complaints

The National Credit Union Administration announced Dec. 6 that credit unions will have more flexibility to use the NCUA’s Consumer Assistance Complaint portal by allowing expanded portal access to additional authorized credit union staff. The portal allows credit unions to correspond with NCUA’s Consumer Assistance Center about complaints concerning their institutions. An updated list of frequently asked questions has been posted on the agency’s website to help credit unions register or request an additional user be added to user profiles.

To learn more, click here.

NCUA releases board meeting and budget briefing video

The National Credit Union Administration announced that video recordings of its October 2016 board meeting and budget briefing are now available on the agency’s website.

To view the video recordings, click here.

More compliance news

CFPB posts fall 2016 rulemaking agenda update

The Consumer Financial Protection Bureau announced Dec. 2 on the bureau’s blog the fall semiannual update of its rulemaking agenda. The items listed include:

• Know Before You Owe (TRID) mortgage disclosure rule (reviewing comments on proposed revisions);
• Home Mortgage Disclosure Act (working on proposed fine-tuning amendments to 2018 HMDA rule);
• Larger participants and non-depository lender registration (ongoing);
• Arbitration (reviewing comments on proposed rule);
• Payday, auto title, and similar lending products (reviewing comments on proposed rule);
• Debt collection (potential proposed rule for debt collectors soon; ongoing study on need for rule for first-party collectors;
• Overdraft services (under research); and
• Reporting under ECOA of info on credit applications from women-owned, minority-owned and small businesses (outreach and research).

To learn more about the CFPB rulemaking agenda, click here.

Report finds weaknesses in U.S. AML/CFT measures

The Financial Action Task Force published its December 2016 mutual evaluation report of U.S. anti-money laundering and counter-terrorist financing measures. The report noted that the U.S. has a robust anti-money laundering and counter-terrorist financing regime by which it effectively investigates and prosecutes these crimes. However, the system has serious gaps in the country’s legal framework that impede timely access to beneficial ownership information. The report also noted other significant gaps, including minimal coverage of investment advisers, lawyers, accountants, real estate agents, and trust and company service providers (other than trust companies).

To read more about the report, click here.

Task force issues report on Switzerland’s AML system

On Dec. 7, the Financial Action Task Force released its 2016 mutual evaluation report of Switzerland’s anti-money laundering and counter-terrorist financing system. The report indicates overall Switzerland’s AML/CFT regime is technically robust and has achieved good results, but would benefit from some improvements to be fully effective.