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Top Story Compliance Related

01/17/2017

ANPR comments extended on enhanced cyber risk management standards

The Federal Reserve, FDIC and OCC have announced the extension through February 17, 2017, of the comment period for their advance notice of proposed rulemaking on enhanced cyber risk management standards for large and interconnected entities under their supervision and those entities’ service providers. The agencies are considering five categories of cyber standards: cyber risk governance, cyber risk management, internal dependency management, external dependency management, and incident response, cyber resilience, and situational awareness. This announcement extends the comment period by one month.

01/17/2017

Canadian bank pays $0.5M to settle OFAC violations

OFAC has announced that Toronto-Dominion Bank (“TD Bank”), a financial institution headquartered in Toronto, Ontario, has agreed to remit $516,105 to settle its potential civil liability for 167 apparent violations of the Cuban Assets Control Regulations (CACR), and of the Iranian Transactions Sanctions Regulations (ITSR). OFAC also has issued a Finding of Violation to TD Bank, the parent company of wholly owned subsidiaries Internaxx Bank SA and TD Waterhouse Investment Services for 3,491 violations of the CACR and ITSR.

01/17/2017

New HUD test program for low-income seniors

HUD has announced awards totaling approximately $15 million to select owners of HUD-assisted senior housing developments to help their low-income senior tenants to age in their own homes and delay or avoid the need for nursing home care. HUD will cover costs related to hiring a full-time Enhanced Service Coordinator and a part-time Wellness Nurse to connect the elderly with the supportive services they need to maintain independent living and age-in-place.

01/17/2017

Labor posts new FAQs on Fiduciary Rule

The Department of Labor has posted a second set of FAQs on its Fiduciary Conflict of Interest rule. This group of questions focuses particularly on technical questions raised by financial service providers, generally limited to investment advice concerning ERISA-covered plans, IRAs, and other plans covered by section 4975(e)(1) of the Internal Revenue Code.

01/17/2017

OCC makes Licensing Manual change

OCC Bulletin 2017-4 announced an update of the “Management Interlocks” booklet of the Comptroller’s Licensing Manual, which replaces the booklet of the same title issued in October 2009. The revised booklet incorporates updated requirements following the integration of the Office of Thrift Supervision into the OCC in 2011 and clarifies guidance for both national banks and federal savings associations.

01/13/2017

OCC to host compliance workshops in Miami

The OCC will host two workshops in Miami, Florida, on February 7-8, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop will be offered on February 7 and the Compliance Risk workshop on February 8.

01/13/2017

OFAC guidance on provision of services under sanctions laws

OFAC has announced the publication of guidance on the provision of certain services relating to the requirements of U.S. sanctions laws (the “Compliance Services Guidance”). The Compliance Services Guidance does not reflect a change in OFAC’s policy with respect to the provision of these types of legal and compliance services. The Compliance Services Guidance responds to numerous inquiries received by OFAC, many from foreign companies at outreach events, relating to whether U.S. persons, including U.S. attorneys and compliance personnel, may provide certain services described in that guidance. OFAC is also publishing a number of new Frequently Asked Questions pertaining to the Compliance Services Guidance.

01/13/2017

OFAC adds non-proliferation and Syria designations

OFAC has announced it has taken action in response to the Organization for the Prohibition of Chemical Weapons (OPCW) - United Nations (UN) Joint Investigative Mechanism (JIM) findings that the Syrian regime used industrial chlorine as a weapon against its own people. OFAC is designating 18 senior regime officials connected to Syria’s weapons of mass destruction program and identifying five Syrian military branches as part of the Government of Syria. Any property or interest in property of the identified persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, transactions by U.S. persons involving these persons are generally prohibited. See our OFAC Update for more information.

01/13/2017

New York issues updated cybersecurity regs

The New York State Department of Financial Services (DFS) has announced that it has updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation, which will be effective March 1, 2017, will require banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry. The updated proposed regulation, which was submitted to the New York State Register on December 15, and published on December 28, will be finalized following a 30-day notice and public comment period.

01/12/2017

NCUA December board meeting video

The video of the December 15, 2016, open meeting of the NCUA Board is now available on the agency’s website.

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