In a semiannual risk report, the Office of the Comptroller of the Currency reported on the operating environment, performance, emerging risk, trends and supervisory actions at national banks and federal savings associations.
The Federal Reserve Board Division of Consumer and Community Affairs introduced a new publication that is intended to provide industry members with guidance on relevant supervisory issues related to consumer protection.
A national bank agreed to pay a total of $1 billion to settle charges with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau regarding its comprehensive risk management program and certain home mortgage and auto loan policies.
A mortgage banker agreed to pay a $5 million fine to settle charges brought by the New York State Department of Financial Services for failure to develop certain controls and keep records as required under state banking law.
NY Fed President and CEO William Dudley encouraged financial institutions to ensure that incentives are aligned with responsible behavior, and that controls are in place for the early detection of misconduct.
The Board of Governors of the Federal Reserve System requested public comment on two related proposals, including (i) a change in the rating system for large financial institutions, and (ii) the issuance of supervisory guidance for boards of directors under the new ratings system.