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OCC adjusts CRA bank size definitions
Today, OCC Bulletin 2021-67 announced revisions to the asset-size threshold amounts used to define "small bank or savings association" and "intermediate small bank or savings association" under the OCC's Community Reinvestment Act regulations. The thresholds—which apply to any national bank, federal savings association, or state savings association ("banks")—become effective January 1, 2022. The Bulletin adjusts the threshold amounts based on the annual percentage change in a measure of the consumer price index and updates the thresholds included in the OCC's 2021 CRA final rule.
Beginning January 1, 2022, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion is a "small bank or savings association" under the CRA regulations. A "small bank or savings association" with assets of at least $346 million as of December 31 of both of the prior two calendar years and less than $1.384 billion as of December 31 of either of the prior two calendar years is an "intermediate small bank or savings association" under the CRA regulations.
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How to Effectively Manage High-Risk Customers eBook This eBook discusses the challenges of conventional approaches to managing high-risk customers and highlights four key areas of focus to strengthen CDD/EDD. Learn how to make high-risk customer management more effective and efficient, and enhance your overall BSA/AML program.
— Verafin
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SEC charges Medallion Financial Corp.
The SEC yesterday announced it has charged Medallion Financial Corp., a Delaware company headquartered in New York, NY, and its president and chief operating officer, Andrew Murstein of New York, NY, with illegally engaging in two schemes in an effort to reverse the company's plummeting stock price. The SEC's complaint charges Murstein and Medallion with violating the antifraud, books and records, internal controls, and anti-touting provisions of the federal securities laws.
According to the SEC,, Medallion's core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion's stock price. Murstein and Medallion allegedly directed two separate schemes to inflate the company's stock price, in part with the help of California-based media strategy company Ichabod's Cranium, Inc. and its owner, Lawrence Meyers, both of whom were also charged by the SEC with fraud.
The complaint alleges that Murstein and Medallion engaged in illegal touting by paying Ichabod's Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com. With Murstein's knowledge, Meyers and others created fake identities so their opinion pieces would appear credible to potential investors. The complaint further alleges that Medallion and Murstein fraudulently increased the carrying value of Medallion Bank, a wholly owned subsidiary of Medallion, to offset losses relating to the taxicab medallion loans. The complaint alleges that when the existing valuation firm refused to cave to Murstein's pressure to increase the bank's valuation, Murstein fired the firm and hired a new firm to provide an inflated valuation of the bank.
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TicklerTrax Spreadsheet [Free Download] Track Your Credit and Loan Exceptions Download TicklerTrax, a free spreadsheet template developed by bank software company, AccuSystems. Join more than 1,000 bankers who have downloaded TicklerTrax.
— AccuSystems
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No Compliance Briefing tomorrow
BankersOnline's offices will be closed tomorrow, New Year's Eve. The next edition of our Daily Compliance Briefing will find its way to your email inbox on Monday, January 3, 2022. All of us at BankersOnline wish all of you a safe, healthy, and Happy New Year!
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