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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.)

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FDIC to centralize supervision of large and complex institutions

The FDIC plans to centralize the supervision and resolution activities for the largest banks and complex financial institutions in a new division to be named the Division of Complex Institution Supervision and Resolution (CISR), which will be responsible for supervision and monitoring of banks with assets greater than $100 billion for which the FDIC is not the primary federal regulator. On the resolution side, the new division will be responsible for planning for and executing the FDIC's resolution mandates for these institutions, as well as for other financial companies if called upon to protect U.S. financial stability. Currently, those activities are divided into three separate areas of the Agency. The new division will be operational on July 21.


Fed CCAR results released

The Federal Reserve Board has released the results of its annual Comprehensive Capital Analysis and Review (CCAR). The CCAR evaluated the capital planning processes and capital adequacy of 18 of the largest banking firms, including the firms' planned capital actions, such as dividend payments and share buybacks. On balance, virtually all firms are now meeting the Federal Reserve's capital planning expectations, which is an improvement from last year's assessment. The firms in the test have significantly increased their capital since the first round of stress tests in 2009. In particular, the largest and most complex banks have more than doubled their common equity capital from around $300 billion to roughly $800 billion during that time.

The Board did not object to the capital plan from the U.S. holding company of Credit Suisse, but is requiring the firm to address certain limited weaknesses in its capital planning processes. The Federal Reserve did not object to the capital plans of the remaining 17 firms.


Maduro officials designated by OFAC

OFAC has announced the designation of two Maduro regime officials who continue to engage in significant corruption and fraud to the detriment of the people of Venezuela. The action targets the former minister of Electric Power and President of the National Electric Corporation, Luis Alfredo Motta Dominguez, and the Deputy Minister of Finance, Investments, and Strategic Alliances for the Ministry of Electric Power, Eustiquio Jose Lugo Gomez

The U.S. Attorney’s Office for the Southern District of Florida and the Justice Department’s Criminal Division have indicted Motta and Lugo for their alleged roles in laundering the proceeds of violations of the Foreign Corrupt Practices Act (FCPA) and Venezuelan anti-bribery law in connection with their alleged receipt of bribes to award CORPOELEC business to U.S.-based companies.

For identification information for Motta and Lugo, see BankersOnline's OFAC Update.


OFAC updates North Korea sanctions regs

OFAC has published [84 FR 30868] amendments to its North Korea Sanctions Regulations at 31 CFR part 510 to update references to descriptive text that appears in certain entries on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) and the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List). The amendments are effective today.


Elder financial abuse prevention webinar announced

The FDIC and the CFPB are co-hosting a webinar to outline strategies to address and prevent elder financial abuse. The webinar will focus on the benefits of appropriate collaboration between financial institutions and law enforcement regarding this issue, and will provide financial institutions with resources and strategies to develop strategic relationships. The webinar will also discuss the unique challenges involved in detecting and preventing elder financial abuse, will explain how Suspicious Activity Report (SAR) filings can be used to combat it, and cover Money Smart for Older Adults.

  • When: July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET.


OFAC extends Venezuela and Ukraine licenses

OFAC has announced the amendment and extension of Venezuela General License 13A (“Authorizing Certain Activities Involving Nynas AB”) ​and the temporeary extension of Ukraine General Licenses 13L ("Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons") and 15 F ("Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with GAZ Group, or Certain Automotive Safety Activities").


Bureau symposium on abusive acts and practices

The Consumer Financial Protection Bureau has released the opening remarks delivered by CFPB Director Kathleen Kraninger and Deputy Director Brian Johnson at the Bureau's Public Symposium on Abusive Acts and Practices.


New crackdown on illegal robocalls

The FTC and its law enforcement partners have announced a major crackdown on illegal robocalls, including 94 actions targeting operations around the country that are responsible for more than one billion calls pitching a variety of products and services including credit card interest rate reduction services, money-making opportunities, and medical alert systems. The joint crackdown, “Operation Call it Quits,” is part of the Commission’s ongoing effort to help stem the tide of universally loathed pre-recorded telemarketing calls. It also includes new information to help educate consumers about illegal robocalls. In addition, the FTC continues to promote the development of technology-based solutions to block robocalls and combat caller ID spoofing.


FDIC statement on 'Overseeing The Fintech Revolution'

In testimony before the House Task Force on Financial Technology of the Committee on Financial Services, the FDIC submitted a statement for the record entitled "Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation," which discussed using technology to meet consumers' needs and improving the supervisory process, technology and the business of banking, the FDIC’s role in fostering innovation, and the FDIC tech lab. It concluded by saying that often regulatory agencies play "catch up" with technological advancements and their impact on regulated entities and consumers. The FDIC's goal is to reverse that trend through increased collaboration and partnership with the industry. Working together, the FDIC can help increase the velocity of transformation, while ensuring that banks continue to operate in a safe and sound manner and consumers remain protected.


OFAC targets senior IRGC commanders

Treasury announced yesterday that OFAC has taken action against eight senior commanders of Navy, Aerospace, and Ground Forces of the Islamic Revolutionary Guards Corps (IRGC). Those designations reinforce the President’s action in issuing an Executive Order imposing sanctions on the Supreme Leader of the Islamic Republic of Iran as well as the Supreme Leader’s Office. The President’s order will deny Iran’s leadership access to financial resources and authorizes the targeting of persons appointed to certain official or other positions by the Supreme Leader or the Supreme Leader’s Office. Moreover, any foreign financial institution that knowingly facilitates a significant financial transaction for entities designated under this Executive Order could be cut off from the U.S. financial system.

For identification information on these and others designated under the president's Executive Order, see BankersOnline's OFAC Update.


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