DFI has issued its 2016 winter newsletter, including articles on reaccreditation, red tape reduction, fraud events, a broker-dealer coordinated exam, an upcoming credit union event, and DFI leadership changes.
Master servicers and sub servicers, with loans secured by residential real property located in Kentucky, who don't currently have a license will have until March 1, 2017, to obtain one. For complete details read the DFI Memorandum of Dec. 22, 2016.
DFI is pleased to offer the 2016 update to the Financial Field Manual. This booklet is a personal finance guide for military families, presented by Kiplinger's and the Investor Protection Trust. This newest version also includes new retirement plan rules coming in 2018.
You can now get texts about scams targeting Kentuckians. To sign up for the Office of the Attorney General’s Scam Alerts, text the words KYOAG Scam to GOV311 (468311). Or, enroll online at http://ag.ky.gov/scams/ and select text message or email alert.
DFI has issued a Supervisory Guidance relating to industrial hemp production in Kentucky. This guidance establishes the Department's position regarding a state-chartered depository institution's obligations under the BSA/AML laws relating to government authorized industrial help programs. To review the guidance, visit the Advisory Opinions page.
Gov. Matthew Bevin has signed into law Senate Bill 97, which eliminates the requirement for employee loan processors to register with DFI. However, non-W2 (contract), loan processors will need to continue the previously established registration process. This new law does not become effective until mid-July. Until then, mortgage loan processors are still required to be registered with DFI. For more information, visit the Mortgage page.
Community bankers are invited to the Executive Leadership of Cybersecurity (ELOC) seminar on March 1 in Covington, Ky. DFI is partnering with the Conference of State Bank Supervisors (CSBS) to offer this seminar designed for bank CEOs and senior executives. The program provides a non-technical overview of cyber threats, resources and best practices. Register at http://www.cvent.com/d/rfq08w/1Q.
DFI warns investment fraud victims to use caution when approached by companies promising - for a fee - to help them recover their money or bring the perpetrator to justice. The advisory includes information to help investors understand how third-party asset recovery firms operate and areas to consider if approached by such a firm. Asset Recovery_Advisory KY.pdf
DFI today issued an advisory reminding investors to be cautious when considering investing in three products recently making news: marijuana-related investments, binary options and digital currency. Check out this advisory for information on each of these products, including their risks: Next Big Thing_KY.pdf.
DFI will host a public hearing on the agency's proposed
payday lending administrative regulation on Tuesday, June 30, 2015, at 9 a.m. in the DFI Training Room.
DFI recently sent bank leadership and IT staff a cybersecurity resource from the Conference of State Bank Supervisors (CSBS). “Cybersecurity 101: A Resource Guide for Bank Executives” is a non-technical, easy-to-read cybersecurity resource guide to help bank CEOs mitigate cybersecurity threats at their banks. The guide puts into one place industry recognized standards for cybersecurity and best practices currently used within the financial services industry. For more information, visit CSBS' cybersecurity page.
The owner of bankrupt Young Oil Company was sentenced to 33 months in prison today, by Senior U.S. District Judge Thomas B. Russell, for charges included in three separate indictments including failure to file an income tax return with the Internal Revenue Service, mail fraud in connection with the solicitation of investor funds for oil drilling partnerships, securities fraud, submitting false statements for the purchase of a firearm, and for the illegal possession of a firearm by a person addicted to controlled substances announced David J. Hale, United States Attorney for the Western District of Kentucky. View the press release for more information.
DFI supports Kentucky Saves Week, part of the America Saves campaign. The seventh annual national survey assessing household saving, released today as
part of America Saves Week, revealed that, despite the economic recovery, most Americans
continue to face significant personal savings challenges.
Register now for the FREE Senior Scam Jam event in Hardinsburg on Nov. 14. This anti-fraud awareness event includes lunch and door prizes for those who register. Call 800-223-2579 or use this online registration form.
A national community banking research and policy conference, “Community Banking in the 21st Century,” will be webcast live from the Federal Reserve Bank of St. Louis Oct. 2-3, 2013. The webcast at www.stlouisfed.org/live begins at 2 p.m. central time on Oct. 2. Federal Reserve Chairman Ben Bernanke will kick off the conference, which is hosted by the Federal Reserve System and the Conference of State Bank Supervisors. On Oct. 3 at 1:45 p.m. central, DFI Commissioner Charles Vice is moderating a panel discussion of the results from town hall sessions across the U.S. Conference information is at http://www.stlouisfed.org/banking/community-banking-conference/.
By Order of the Commissioner signed Sept. 5, 2013, DFI has expanded the types of permissible investments that are maintainable by money transmitters. The Order clarifies and updates the standards for money transmitters regarding the use of ACH, debit card, and credit card receivables as permissible investments.
The nation's five largest mortgage servicers continue to provide direct relief to homeowners in Kentucky and across the country as part of the historic national mortgage foreclosure settlement. According to the fifth and final post-settlement report released today by the independent settlement monitor, 1,833 Kentucky homeowners received more than $63.7 million in settlement-related relief from Ally/GMAC, Bank of America, Citi, Chase and Wells Fargo through June 30, 2013. Borrowers each received an average of $34,771 in assistance. The report compiles information provided by the servicers and has yet to be verified by the compliance monitor. For more information, visit http://migration.kentucky.gov/newsroom/ag/63millionmortgagesettlement.htm.
The 2012 DFI annual report is available at http://kfi.ky.gov/publications/Pages/annualreports.aspx. The DFI annual report contains statistical and historical information regarding the financial services industry in Kentucky. The 2012 report celebrates DFI's 100th anniversary.
More than $11 million will be distributed to 7,801 eligible borrowers in Kentucky for mortgage servicing abuses. Checks to borrowers who submitted valid claims will be mailed June 10 through June 17, 2013. Eligible borrowers must have had their mortgage serviced by one of the settlement's five participating mortgage servicers, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase, Wells Fargo. For more information, visit http://migration.kentucky.gov/newsroom/ag/newmortgageabusepayments.htm.
Today the Kentucky Department of Financial Institutions (DFI) issued an emergency cease and desist order against an international company called Profitable Sunrise and its operators. DFI alleges that the company's investment products and people selling them are not registered in Kentucky, and that the operators committed fraud for omitting or misrepresenting facts on the company’s website. Read DFI's press release and order.
Check out DFI's newest publication, "The Savvy Senior.pdf," and read about how to recognize investment fraud and avoid becoming a victim.