Top Story Compliance Related

HUD has announced that it is charging a New Orleans landlord with housing discrimination for publishing an advertisement that discriminated against families with children. The ad, which was brought to HUD’s attention by the Greater New Orleans Fair Housing Action Center, included language that stated, “No Teenagers Please.”

Treasury announced on Friday, September 14, that its Office of Foreign Assets Control (OFAC) designated Thailand-based My Aviation Company Limited for acting for or on behalf of Mahan Air, an Iranian airline previously designated for supporting Iran’s terrorism activities. The action was taken pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Our OFAC Update includes identification information on the company.

The Treasury Department has announced that OFAC made North Korea-related designations against two entities and one individual, targeting the revenue that North Korea earns from overseas information technology workers. OFAC designated Jilin, China-based Yanbian Silverstar Network Technology Co., Ltd., its North Korean CEO, Jong Song Hwa, and its Vladivostok, Russia-based sister company, Volasys Silver Star. For identification information, see our OFAC Update.

Treasury announced on Wednesday that OFAC has acted to target Ibrahim Jadhran, the leader of a militia in Libya that has been the cause of many fatalities and has repeatedly attacked Libyan oil facilities, damaging Libya's economy. Identification information on the Jadhran can be found in our OFAC Update.

The Fed, CFPB, FDIC, NCUA, and OCC issued a joint statement yesterday explaining the role of supervisory guidance for regulated institutions. The statement confirms that supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance. It also explains that supervisory guidance can outline the agencies' supervisory expectations or priorities and articulate the agencies' general views regarding appropriate practices for a given subject area.

HUD has charged a Florida company and its owners with housing discrimination for intentionally targeting Hispanic homeowners in a predatory mortgage modification scheme that increased, rather than decreased, their risk of foreclosure. HUD claims that Advocate Law Groups of Florida, P.A., Jon B. Lindeman, Jr., and Ephigenia K. Lindeman violated the Fair Housing Act by intentionally targeting Hispanic families through a deceptive advertising campaign that aired on Spanish-language radio and television stations throughout Florida.

• HUD' s Charge of Discrimination

A Tuesday OCC news release announced the agency has issued a proclamation allowing national banks, federal savings associations and federal branches and agencies of foreign banks affected by severe weather associated with Hurricane Florence in the Southeast and Mid-Atlantic to close. The release also reminded banks of OCC Bulletin 2012-28, "Supervisory Guidance on Natural Disasters and Other Emergency Conditions."

UPDATE: The North Carolina Office of the Commissioner of Banks has posted a reminder to state-chartered banks that a bank officer may suspend any or all of the bank's operations in an area affected by an emergency without prior approval of the Commissioner, giving notice of the closing to the Commissioner as soon as practicable.

The NMLS has released its Mortgage Industry Report for the second quarter of 2018. Updates to the NMLS Money Services Businesses Fact Sheet and Debt Collection Fact Sheet have also been posted.

The NMLS (Nationwide Multistate Licensing System and Registry), owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors, is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam.

The Office of the Comptroller of the Currency has announced it has approved a proposed rule that would provide more business flexibility to federal savings associations. The OCC will publish a notice of, and request for comment on, the proposed rule in the Federal Register, with a 60-day comment period.

The proposed rule would implement section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Act requires the OCC to issue regulations to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect to operate with national bank powers. Federal savings associations that make the election generally would have the same rights and privileges as a national bank and be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that apply to national banks.

The FDIC has issued FIL-46-2018 to propose the retirement of 374 identified risk management-related FILs to an inactive status, as part of a continuing effort to reduce regulatory burden. The proposal covers selected FILs issued between 1995 and 2017.

The FDIC's staff has flagged the 374 FILs as outdated or conveying regulations or other information that is still in effect but available elsewhere (in other words, redundant). Under the proposal, the 374 FILs would be archived and remain accessible for reference, if needed. Comments on the proposal will be accepted through October 10, 2017.