Thursday, December 12, 2013
To access specific issuances, click here to go to our Top Stories section, where you’ll find links to all the relevant documents.
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• RBS pays $100M to settle OFAC violations
The Federal Reserve Board has announced the payment of $50 million by the Royal Bank of Scotland (RBS) to settle potential civil liability for apparent violations of OFAC's Iran, Sudan, Burma, and Cuba sanctions programs. In separate actions, OFAC announced a settlement of $33 million, which is deemed satisfied by the payment to the Fed; and the New York State Department of Financial Services announced its own settlement of $50 million with RBS. The RBS payment to the Federal Reserve will be passed on to the U.S. Treasury.
Verafin's 5 Most Popular White Papers of 2013 With 2014 only weeks away, we're celebrating our most popular white papers from the past 12 months! These papers cover an exciting range of BSA Compliance and fraud detection hot topics, including retired FBI Assistant Director, Chris Swecker, sharing his experience on the changing BSA landscape and the rise of Eurasian financial crime enterprises.
• Manual underwriting guidelines revised
HUD has publicized the Federal Housing Administration's Federal Register notice revising guidelines for lenders when they manually underwrite applications for FHA-insured mortgage loans.
The Advantages of Outsourcing BSA/AML Transaction
Monitoring to the Experts
Thursday, December 12 at 2:00–2:30 p.m. Eastern
Imagine NO MORE transaction monitoring, alerts, caseloads and staffing issues, while creating more time for other responsibilities. There is a smarter way to monitor for suspicious activity. Join us to reimagine your BSA/AML Transaction Monitoring program and contain, reduce and even eliminate the costs associated with your BSA program.
• FFIEC social media guidance
The FFIEC has released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media.
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• FTC refunds
The Federal Trade Commission has mailed 34,859 refund checks to consumers whose bank accounts were debited, allegedly without authorization, by Nevada-based payment processor Automated Electronic Checking Inc. (AEC). Using a relatively new payment method called “remotely created payment orders” to give merchants access to consumer bank accounts, AEC debited many consumers who had never heard of AEC or its client merchants, some of whom included online discount shopping clubs and payday loan sites. Remotely created payments orders (RCPOs) are described in the FTC's February 2013 Complaint against AEC as images created from virtual checks that appear to be images of remotely created (paper) checks; RCPOs are often used by scammers because they are not subject to the same level of scrutiny as ACH entries are.
FIS' EGRC SummitEngage with chief risk and compliance officers, regulators and other experts on their winning strategies and 2014 security tactics at FIS™ EGRC Summit 2014 in San Diego, Jan. 23 - 25. Participate in our interactive, in-depth sessions on BSA/AML and financial crimes, new CFPB regulations, UDAAP, fair lending, cybersecurity and more. Register today!
• FEMA to suspend communities
FEMA has published a final rule identifying communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on January 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities involved are located in Alabama, Indiana, Kansas, Pennsylvania, South Carolina, and Wyoming.
• Bureau study on arbitration
The CFPB has released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. The research indicates that arbitration clauses are commonly used by large banks in credit card and checking account agreements and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions. The research also shows that while tens of millions of consumers are subject to arbitration clauses in the markets the CFPB studied, on average, consumers filed 300 disputes in these markets each year between 2010 and 2012 with the leading arbitration association. The Dodd-Frank Act mandates that the CFPB conduct a study on the use of pre-dispute arbitration clauses in consumer financial markets.
• Treasury proposes update to its ACH participation rule
The Treasury's Bureau of the Fiscal Service has published a notice of proposed rulemaking to amend its regulation governing the use of the Automated Clearing House (ACH) system by Federal agencies, to address changes that NACHA has made to the NACHA Operating Rules since the publication of NACHA's 2009 ACH Rules book. Comments on the proposal are due by February 10, 2014.
• For the record…
The effective date for the new final rule for HUD-insured qualified mortgages in our emailed Compliance Briefing yesterday was incorrect. The correct effective date is January 10, 2014, the date on which the CFPB's Ability-to-Repay rule goes into effect. We hope our transposition of the date didn't lead anyone to think that either rule would be delayed 90 years!
December 12, 2013
Mastering the ACH Rules: 2013 in Review & The Future
December 16, 2013
Applying Enhanced Due Diligence to High-Risk Customers
January 15, 2014
IRAs -- The Basic Facts
January 16, 2014
Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser
January 22, 2014
HMDA Soup to Nuts
January 22, 2014
IRAs - Complicated Issues
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