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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Story Compliance Related

09/25/2019

Treasury targets oil shipments from Venezuela to Cuba

Treasury has reported that OFAC has designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order 13850. OFAC also identified four vessels that transport oil and other petroleum products from Venezuela to Cuba as blocked property owned or controlled by the four designated entities.

For identification information on the designated entities and vessels, and a list of deletions from OFAC's SDN List, see BankersOnline's OFAC Update.

09/24/2019

Charges against PwC and partner

The Securities and Exchange Commission announced yesterday it has charged accounting firm PricewaterhouseCoopers LLP with improper professional conduct in connection with 19 engagements on behalf of 15 SEC-registered issuers and violating auditor independence rules in connection with engagements for one issuer where the firm performed prohibited non-audit services. The SEC also charged PwC partner Brandon Sprankle with causing the firm’s independence violations. Both respondents have agreed to settle the charges and PwC will pay over $7.9 million in monetary relief.

09/24/2019

Nissan and former execs settle SEC charges

The SEC has announced it has settled fraud charges filed against Nissan Motor Co., Ltd,, its former CEO Carlos Ghosn, and its former director Greg Kelly, related to false financial disclosures that omitted more than $140 million to be paid to Ghosn in retirement. Nissan settled the charges, agreeing to pay a $15 million civil penalty and to cease and desist from committing or causing violations of the anti-fraud provisions. The SEC's complaint filed in district court charges Ghosn with violating anti-fraud provisions of the securities laws and Kelly with aiding and abetting Ghosn's and Nissan's violations. To settle the charges, Ghosn and Kelly agreed to be permanently enjoined from violating or aiding and abetting violations of the anti-fraud provisions. Ghosn also agreed to a $1 million civil penalty and a 10-year officer and director bar. Kelly agreed to a $100,000 penalty.

09/24/2019

Annual Report of FDIC Ombudsman

The FDIC Office of the Ombudsman has published its 2018 Annual Report. In 2018, the Ombudsman Office handled 142 industry cases, many of which were able to be resolved by providing information and assistance for bank-specific questions or issues. The office also conducted outreach visits to nearly 500 external stakeholders, including banks, trade associations and state banking authorities.

09/24/2019

Reminder of annual blocked property report

OFAC has posted a reminder of the requirement to provide OFAC with an Annual Report of Blocked Property (ARBP). Persons subject to this reporting requirement must submit a comprehensive report of all blocked property held as of June 30 of the current year by September 30. For more information see the OFAC Guidance on Filing the Annual Report of Blocked Property.

09/23/2019

Major funding sources for Iran's terrorism targeted

The Treasury Department announced on Friday that OFAC has designated the Central Bank of Iran, the National Development Fund of Iran (NDF), and Etemad Tejarate Pars Co.

Iran’s Central Bank has provided billions of dollars to the Islamic Revolutionary Guards Corps (IRGC), its Qods Force (IRGC-QF) and its terrorist proxy, Hizballah. Iran’s NDF, which is Iran’s sovereign wealth fund and whose board of trustees include Iran’s president, oil minister, and the governor of the Central Bank, has been a major source of foreign currency and funding for the IRGC-QF and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). Etemad Tejarate Pars is an Iran-based company that is used to conceal financial transfers for MODAFL’s military purchases, including funds originating from the NDF.

For additional identification details, see BankersOnline's OFAC Update.

09/23/2019

FEMA suspending communities in two states on Friday

The Federal Emergency Management Agency has published [84 FR 49676] a notice in this morning's Federal Register identifying communities in Alaska and Mississippi that are scheduled for suspension from the National Flood Insurance Program on Friday, September 27, 2019, for noncompliance with the floodplain management requirements of the program. The affected communities are:

  • AK: Matanuska-Susitna Borough
  • MS: Picayune, Poplarville, and unincorporated areas of Hancock and Pearl River Counties

Lenders should verify the status of the identified communities, because they may adopt and submit the required documentation of legally enforceable floodplain management measures prior to the scheduled suspension date.

09/20/2019

OCC announces enforcement actions

The OCC has released a list of recent enforcement actions taken against individuals now or formerly affiliated with OCC-supervised institutions:

  • A Notice of Charges for an order of prohibition was issued against a former teller of PNC Bank, Wilmington, Delaware, who misappropriated cash from his teller drawer and a ATM, over both of which he had sole control. The Notice announces the OCC’s intention to issue the order of prohibition, subject to the respondent’s right to an administrative hearing of the OCC’s charges.
  • Removal and prohibition orders were issued to:
    • a former teller of The Huntington National Bank, Columbus, Ohio, whom the OCC found to have misappropriated a total of $11,000 in cash while clearing customer cash deposits from ATMs and falsified general ledger tickets to conceal the misconduct
    • a former loan officer of The City National Bank and Trust Company, Lawton, Oklahoma, whom the OCC found to have submitted false or misleading information related to eight loans totaling $7,081,446 from four financial institutions, causing those institutions to lose the total value of the loans. The former loan officer pled guilty to one count of fraud and one count of wire fraud and agreed to pay restitution of $7,081,446 to the four financial institutions.
    • a former phone banker of Wells Fargo Bank, National Association, Sioux Falls, South Dakota, on the basis of activities while serving as a phone banker . The OCC found that the former banker provided bank customers’ credit card numbers to unauthorized individuals who fraudulently used the information, causing a loss to the bank of approximately $7,975.
    • a former branch associate of Capital One, National Association, McLean, Virginia. The OCC found that the former banker assigned temporary debit cards to two customers' accounts without their permission and withdrew a total of $22,606.50 at automated teller machines using the cards.

09/20/2019

Changes to FDIC post-exam survey process

In FIL-50-2019 the FDIC is notifying FDIC-supervised financial institutions that the Office of the Ombudsman, which is independent of the supervisory process, reports directly to the FDIC Chairman's office, and is a confidential resource for banks, is now administering the Post-Examination Survey process.

The Office of the Ombudsman will:

  • Assume responsibility for soliciting Survey responses effective October 1, 2019;
  • Send notice that the Survey will accompany the Report of Examination;
  • Provide a reminder to encourage participation in the Survey; and
  • Serve as the contact point for banks regarding the Survey and follow-up requests.

The FIL includes links to the current post-exam survey questions for the Safety and Soundness and the Compliance and CRA exams.

09/19/2019

CFPB to enhance consumer complaint database

The Consumer Financial Protection Bureau has announced it will be adding enhancements to its Consumer Complaint Database:

  • modified disclaimers to provide better context to the published data
  • integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint
  • information to assist consumers who wish to contact the financial company to get answers to their specific questions

In addition the CFPB is making changes to its website to provide disclosures on the nature of complaints as well as resources to consumers, including:

  • more prominently displaying disclosures making it clear that the Consumer Complaint Database is not a statistical sample of consumers’ experiences in the marketplace;
  • highlighting the availability of answers to common financial questions for consumers to help inform them before they submit a complaint; and
  • highlighting consumers' ability to contact the financial company directly to get answers to their specific questions

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