The Consumer Financial Protection Bureau ("CFPB"), the FDIC and the Office of the Comptroller of Currency ("OCC") issued a joint enforcement action against a Pennsylvania bank for "unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act." The regulatory agencies found that bank practices related to reconciling deposits failed to resolve discrepancies between the amount of funds deposited by customers and the amount encoded from the accompanying deposit slip. The regulatory agencies stated that the bank failed to notify customers when discrepancies were

The SEC order approving FINRA Rule 2272 was published in the Federal Register. The approved rule governs the sale or offer of sale of securities on the premises of any military installation or to members of the U.S. Armed Forces or their dependents. According to FINRA, the adoption of Rule 2272 complies with the statutory requirements of the Military Act. Lofchie Comment: In adopting the Rule, FINRA determined not to adopt a number of suitability requirements that would have been very specific to sales to military personnel. See: 80 FR 48376. Related news: FINRA Proposes Adoption of Rule

The SEC approval of FINRA rule changes that govern temporary and permanent cease-and-desist orders was published in the Federal Register. Specifically, the proposal would amend FINRA Rule Series 9100, 9200, 9300, 9550 and 9800 to: modify the evidentiary standard that must be met to impose a temporary cease-and-desist order; adopt a new expedited proceeding for addressing repeated failures to comply with temporary or permanent cease-and-desist orders; ease administrative burdens in temporary cease-and-desist proceedings; harmonize the provisions governing how documents are served in temporary

The OCC named Greg Coleman Deputy Comptroller for Larger Bank Supervision. In this role, Mr. Coleman will oversee the supervision of a portion of the OCC's large bank portfolio. He joins three other Deputies for Large Bank Supervision and the Deputy Comptroller for International Banking Supervision overseeing large complex financial institutions. See: OCC Names Mr. Coleman Deputy Comptroller for Large Bank Supervision. Related news: OCC Comptroller Curry Discusses Responsible Innovation, Risk Management (August 7, 2015); OCC Hires First Chief Risk Officer and Next Chief Information Officer

In a letter to the DOL, the Options Clearing Corporation ("OCC") suggested revisions to the DOL's Fiduciary/Conflict of Interest Rule Proposal and the Best Interest of the Customer Exemption Proposal ("BIC"). The OCC recommended that the final version of the Fiduciary Rule clarify that "neither the screening by a broker of the owner of a self-directed IRA account, nor the determination by a broker that engaging in listed option trading is appropriate for such account owner, by itself, constitutes a recommendation as to management of plan investments." The OCC recommended that the definition of