FDIC to Host Free Teleconference on Third-Party Compliance Risk

The FDIC will host a free teleconference between 2:00 and 3:00 ET on June 5, 2012, to discuss the topic of third-party compliance risk management, examination, and oversight. The FDIC’s recent guidance on third-party payment processors, discussed in a recent blog post, will be one of the topics covered.  This teleconference is the second in a series hosted by the FDIC regarding important topics relevant to FDIC-insured institutions. 

Interested parties should register by May 30th, and questions may be submitted in advance to BankerTeleconference@fdic.gov.

Maine Financial Institutions...In the News

• Standard & Poor’s raises outlook for Maine from negative to stable. (Bangor Daily News, May 25, 2012).
• Moody’s drops Maine’s outlook from stable to negative.  (Kennebec Journal, May 18, 2012; Waterville Sentinel, May 19, 2012).
• Judicial foreclosure states have highest inventory rates.  Maine at 4.4%.  (Inman News, May 1, 2012).
• Residential foreclosure rates dropping nationally.  Maine among lowest in nation.  (Bangor Daily News, May 18, 2012).
• Border Trust purchased by Bar Harbor Bankshares. (Kennebec Journal, May 2, 2012).
• Northeast Bancorp issues public offering of 4.76 million shares.  (MaineBiz.com, May 3, 2012).
• Key Bank and Bath Savings offer programs to serve the “unbanked” in Maine.  (Kennebec Journal, May 13, 2012).
• Bill Williamson named new president of Bank of America, Maine.  (Portland Press Herald, May 15, 2012).

Bureau Adopts New Regulation 18: Funds Availability and Truth-in-Savings

On April 17, 2012, the Bureau of Financial Institutions issued notice that it has adopted a new Regulation 18, Funds Availability and Truth-in-Savings.  We discussed the new regulation following its proposal by the Bureau in March 2012.  No substantive changes were made from the proposed rule.  The intent of the new rule is to address amendments to the federal regulations since the last promulgation of Regulation 18.  The new rule will become effective July 2, 2012.

Spring Edition of FDIC Consumer News Now Available -- Get Yours Today!

The Spring 2012 edition of FDIC Consumer News is now available.  The latest quarterly installment provides advice to consumers about: 

• How to buy a CD
• Saving for college
• How to pick a car loan
• Tips for solving complaints with a bank

The newsletter is available on-line here. 

For people who prefer a paper copy – and who likely are not reading this post! – call the FDIC at 877-275-3342. 

CFPB Issues Guidance Regarding the Doctrine of Disparate Impact under ECOA

The Consumer Financial Protection Bureau (“CFPB”) recently issued guidance (the “Guidance”) regarding its position on disparate lending discrimination under the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B, 12 C.F.R. Part 1002. Pursuant to the Dodd-Frank Act, the CFPB has authority to enforce ECOA, as well as issue regulations and guidance interpreting ECOA.

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