Skip to content

Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

Top Story Compliance Related

07/17/2019

FDIC amendments to simplify coverage determinations

The FDIC Board has approved amendments to two rules to simplify the process for making insurance determinations in the event a bank is placed into receivership.

Part 370 of the FDIC's Rules and Regulations, "Recordkeeping for Timely Deposit Insurance Determination," has been amended to address a number of issues. Most notably, it will now allow for an optional one-year extension of the rule's original compliance deadline of April 1, 2020. Other changes are more technical and are intended to address issues that became apparent as the FDIC staff worked with institutions to comply with Part 370 since it was first adopted in November 2016. The rule is currently applicable to the 32 FDIC-insured institutions that have more than two million deposit accounts and establishes recordkeeping requirements to facilitate rapid payment of insured deposits to customers if one of those institutions were to fail. The amendments to Part 370 will be effective October 1, 2019.

The FDIC also amended Part 330 of its Rules and Regulations, "Deposit Insurance Coverage," to expand the types of evidence it would consider when determining whether joint accounts qualify for increased deposit insurance coverage. This change affects all insured depository institutions regardless of size. The FDIC will continue to look to signature cards when determining deposit insurance coverage on joint accounts but may now also rely on other information contained in a bank's deposit account records that establishes co-ownership of a joint account, such as evidence that the institution has issued a mechanism for accessing the account to each co-owner or evidence of usage of the account by each co-owner.. This change does not expand or contract deposit insurance coverage for joint accounts and does not place any increased burden on depositors or FDIC-insured institutions. The amendment to § 330.9 of Part 330 will be effective 30 days after publication in the Federal Register.

07/17/2019

Al-Qa'ida in Mali targeted

The Treasury Department announced Tuesday that OFAC, in concert with the Department of State, took action targeting Jama’at Nusrat al-Islam wal-Muslimin (JNIM), a west African terrorist group designated in September 2018, by designating a JNIM leader as a Specially Designated Global Terrorist (SDGT) pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Specifically, OFAC designated Bah Ag Moussa for acting for or on behalf of JNIM. OFAC also designated Bah Ag Moussa for acting for or on behalf of JNIM leader, Iyad ag Ghali, who was designated in February 2013. The Department of State also designated Ali Maychou as an SDGT. For identity information, see BankersOnline's OFAC Update.

07/16/2019

Application of securities laws to Opportunity Zone investments

The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued a Staff Statement that summarizes the application of federal and state securities laws to opportunity zone investments. The "opportunity zone" program was established by the Tax Cuts and Jobs Act in December 2017 to provide tax incentives for long-term investing in designated economically distressed communities.

The summary discusses:

  • What qualified opportunity zones (QOZs) are
  • When interests in qualified opportunity funds (QOFs) would be “securities” under federal and state securities laws
  • Registration of securities offerings with the SEC and/or state securities regulators and potential exemptions from securities registration for investments in a QOF (particularly through Rule 506 of federal Regulation D)
  • Broker-dealer registration requirements for persons selling interests in QOFs
  • Registration and exemptions from registration for QOFs that are “investment companies” and considerations for advisers to a QOF

07/16/2019

Nomura Securities to repay $25M

The Securities and Exchange Commission announced yesterday it has instituted two related enforcement actions against Nomura Securities International Inc., which has agreed to repay approximately $25 million to customers for its failure to adequately supervise traders in mortgage-backed securities. The SEC orders find that Nomura bond traders made false and misleading statements to customers while negotiating sales of commercial and residential mortgage-backed securities (CMBS and RMBS).

07/16/2019

Second quarter Call Report materials

FDIC FIL-40-2019, issued on behalf of the FDIC, OCC, and Fed, provides information on the Consolidated Reports of Condition and Income (Call Report) for June 30, 2019. The Call Report does not include any new or revised data items this quarter. Most institutions must file their Call Reports by July 30, 2019.

07/15/2019

FinCEN advisory on FATF list

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory [FIN-2019-A004] to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies and relevant actions by the U.S. Government. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory also reminds financial institutions of the status and obligations involving these jurisdictions.

07/15/2019

OCC okays Gulf weather related closures

The OCC has issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks at their discretion to close offices affected by severe weather along the Gulf Coast.

07/15/2019

NCUA Board to meet Thursday

The NCUA has published [84 FR 33787] a notice of the 10:00 a.m. July 18, 2019, open meeting of its Board. Among other matters for discussion, the Board will consider NCUA rules on fidelity bonds, guidance regarding prohibitions imposed by statute, and NCUA rules on real estate appraisals.

07/12/2019

Student loan debt relief scheme stopped by FTC

The Federal Trade Commission has stopped a student loan debt relief scheme, alleging it bilked more than $23 million from thousands of consumers with false claims that it would service and pay down their student loans. After the FTC filed a complaint seeking to end the deceptive practices, a federal court order halted the scheme and froze its assets. The complaint stated that, since at least 2014, the operators of Mission Hills Federal and Federal Direct Group have lured consumers into paying hundreds to thousands of dollars in illegal upfront fees with false promises to lower consumers’ monthly student loan payments. The defendants also allegedly tricked consumers into submitting their monthly student loan payments directly to the defendants by falsely claiming to take over servicing the consumers’ loans. In reality, the defendants either only applied minimal payments on consumers’ loans or, in many instances, applied none of the payments to the loans, diverting consumers’ payments to themselves.

07/12/2019

Venezuela’s counterintelligence agency designated

OFAC has announced the designation of the Government of Venezuela’s General Directorate of Military Counterintelligence, or La Dirección General de Contrainteligencia Militar, most commonly known as the DGCIM. As a result of this action, all property and interests in property of this entity, and of any entities that are owned, directly or indirectly, 50 percent or more by this entity, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Identification information on the DGCIM is included in BankersOnline's OFAC Update.

Pages

Training View All

Penalties View All

Search Top Stories