FRIDAY, June 18, 2021

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
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Juneteenth National Independence Day
President Biden yesterday signed the Juneteenth National Independence Day Act commemorating Juneteenth (June 19) as a federal holiday. Because June 19 falls on a Saturday this year, federal employees will observe this holiday today, June 18, 2021. Financial markets and Federal Reserve Financial Services will operate normally. The FDIC, OCC, and Federal Reserve Board (Washington) offices will be closed today.

According to the FDIC, when determining their operating status today (June 18), FDIC-supervised institutions should comply with applicable requirements of their state chartering authority and consider the impact on customers.

IMPORTANT COMPLIANCE NOTE: The Juneteenth holiday was immediately added to the holidays listed in 5 U.S.C. § 6103(a) as a fixed-date holiday (like July 4, December 25, and others). Accordingly, tomorrow, June  19, 2021, is a federal public holiday described in the "specific" definition of "business day" in Regulation Z that affects compliance with the rescission period for certain mortgage loans and private education loans, as well as the timing of delivery of certain disclosures. This can affect loans currently scheduled for closing under the TRID rules, and will affect the count of days in the rescission period for loans closed today, if they are subject to the right of rescission under §§ 1026.15, 1026.23, or 1026.46. Whether it will affect the rescission period for loans closed earlier this week (before the signing of the law) is uncertain. Please note that this compliance note should not be considered a legal opinion.

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OCC releases enforcement actions
The OCC has released a list of recent enforcement actions taken against OCC-supervised financial institutions and individuals now or formerly affiliated with such institutions.
  • The former president of a Naples, Texas, bank was issued, with his consent, an order prohibiting him from participating in the banking industry, and directing that he pay a civil money penalty of $18,000.
  • Removal and prohibition orders were issued to:
    • A former vice president of information technology of Bradford National Bank of Greenville, Greenville, Illinois, for misappropriating $70,658 of customer funds and making false entries in the bank's books to conceal those misappropriations.
    • A former operations manager of Bank of America, Charlotte, North Carolina, for using his position to make unauthorized purchases of over $420,000 and selling the purchased items, retaining the proceeds for his personal benefit.
    • A former teller of JPMorgan Chase Bank, N.A., Columbus, Ohio, for misappropriating $6,000 in cash from her cash drawer and force-balancing the drawer to conceal her actions, depositing some of the funds in her personal account.
  • A Notice of charges for prohibition was filed in the matter of a former customer service specialist of JPMorgan Chase Bank, N.A., in which the individual is charged with alleged involvement in a scheme to order and sell goods using stolen debit and credit card information.
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OFAC issues COVID-19 general licenses
OFAC has issued general licenses under the Syria, Venezuela, and Iran sanctions authorizing certain activities in response to the COVID-19 pandemic, and six new FAQs relating to the licenses. For more information, see the June 17, 2021, BankersOnline OFAC Update.

2020 mortgage lending data available
The FFIEC has announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The FFIEC released yesterday several data products to serve a variety of data users —
  • HMDA Dynamic National Loan-Level Dataset
  • Aggregate and Disclosure Reports
  • HMDA Data Browser
  • Loan/Application Registers

Bankers Tools Updated
We have updated 3 FREE BOL Tools to reflect the new Juneteenth holiday beginning Saturday, June 19, 2021.










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