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Top Story Compliance Related

03/01/2017

CFPB focus on credit reporting complaints

The CFPB's February 2017 Monthly Complaint Report highlights consumer complaints about credit reporting. The report shows that consumers continue to report struggling to resolve errors on their credit reports. This month’s report also highlights trends seen in complaints coming from Louisiana.

03/01/2017

McWatters discusses possible closing of stabilization fund

NCUA acting Chairman McWatters, in an address at the CUNA 2017 Governmental Affairs Conference, has informed credit unions they can anticipate a “thoughtful loosening” of regulations, a streamlined agency budget, and the possible closure of the Temporary Corporate Credit Union Stabilization Fund in 2017.

03/01/2017

FDIC posts Q2 CRA exam schedule

The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2017.

03/01/2017

Medical company settles with OFAC

OFAC has announced a $515,400 settlement with United Medical Instruments, Inc. (“UMI”), a company incorporated in California. UMI agreed to settle its potential civil liability for 56 alleged violations of the Iranian Transactions and Sanctions Regulations. The alleged violations occurred between 2007 and 2009 when UMI made sales of medical imaging equipment with knowledge or reason to know that the goods were intended specifically for supply or re-exportation to buyers located in Iran, and when it facilitated the sales of medical imaging equipment from a company located in the United Arab Emirates to Iran. For more information, see our OFAC Update.

02/28/2017

California bank gets BSA/AML penalty

FinCEN and the OCC have announced their assessment of civil money penalties totaling $7 million on Merchants Bank of California, Carson, California, for significant willful violations of the Bank Secrecy Act. The OCC imposed a $1 million CMP for violations of previous consent orders and other violations. FinCEN levied a $7 million penalty, accepting the payment of the OCC's penalty as credit toward the FinCEN fine. The $7 million payment represents approximately 40% of the bank's capital, per its September 30, 2016, Call Report. For further information on these enforcement actions against the bank, see "Merchants Bank of California, N.A.," in our penalties pages.

02/27/2017

FATF plenary report

The outcomes of the February 22–24, 2017, plenary meeting of the Financial Action Task Force (FATF) have been released. The FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

02/27/2017

NCUA report

The February 2017 issue of The NCUA Report has been posted. The NCUA also announced the newsletter is moving to a quarterly publication schedule. The next issues in 2017 will be available in May, August, and November.

02/27/2017

Trump orders agencies to create regulatory reform task forces

The White House has announced that President Trump has signed an Executive Order requiring every Executive Branch agency to establish a Regulatory Reform Task Force to eliminate red tape. The task forces are to be charged with making recommendations to the agency head regarding the repeal, replacement, or modification, consistent with applicable law, of regulations that:

  • eliminate jobs, or inhibit job creation
  • are outdated, unnecessary, or ineffective
  • impose costs that exceed benefits
  • create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies
  • that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility
  • derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified

02/27/2017

FDIC releases January enforcement actions

The FDIC made public its administrative enforcement actions taken against banks and individuals during the month of January 2017. Included were one consent order, six removal and prohibition orders, three Section 19 orders, and four civil money penalties. The larger CMPs included the previously announced $65 million CMP imposed by the FDIC, OCC and Federal Reserve on ServiceLink Holding LLC, and CMPs for Flood Act violations imposed on banks in Albany, Illinois ($58,232) and Lake Mills, Wisconsin ($16,802).

02/24/2017

Mortgage relief scammer settles with FTC

The Federal Trade Commission has announced that Gabriel D. Stewart, the final defendant in an alleged mortgage relief scam that preyed upon distressed homeowners, will be banned from selling mortgage or debt relief services under the terms of a settlement. In addition to banning Stewart from those businesses, the stipulated order prohibits him from misrepresenting financial and other products and services. It imposes a judgment of more than $1.7 million that is partially suspended and requires Stewart to pay $105,487, representing the amount of money he received from the scam. The full judgment will become due immediately if Stewart is found to have misrepresented his financial condition.

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UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

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