Skip to content

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


CRA feedback from 29 Fed roundtables

The Federal Reserve Board has published "Perspectives from Main Street: Stakeholder Feedback on Modernizing the Community Reinvestment Act," a summary of feedback received from bankers and community groups during a series of 29 roundtable discussions on the current state of, and potential revisions to, Community Reinvestment Act regulations.


HRA coverage expanded

The Departments of Health and Human Services, Labor, and the Treasury have announced regulatory amendments to be published June 20 that will expand the use of health reimbursement arrangements (HRAs). When employers have fully adjusted to the revised rules, it is estimated these changes will benefit approximately 800,000 employers, including small businesses, and more than 11 million employees and family members, including an estimated 800,000 Americans who were previously uninsured. FAQs regarding the changes were also released.

UPDATE:Published 6/20/19 at 84 FR 28888, with an effective date of August 19, 2019.


OFAC adjusts penalties for inflation

OFAC has published an amendment [84 FR 27714] to its regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended . This regulatory amendment, which is effective on publication, adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.


Three OFAC CACR settlement agreements

OFAC has announced three settlement agreements with travel-related businesses, each to settle potential civil liability for apparent violations of the Cuban Assets Control Regulations (CACR) for providing unauthorized Cuba-related travel services:

  • Expedia Group, Inc., headquartered in Bellevue, Washington, on behalf of itself and its subsidiaries and affiliates worldwide, has agreed to pay $325,406
  • Hotelbeds USA, Inc. (incorporated in Florida, a U.S. subsidiary of Hotelbeds Group, headquartered in Mallorca, Spain), has agreed to pay $222,705
  • An Individual, as well as Cubasphere, on whose behalf the Individual also acted, have agreed to pay $40,320


McWilliams addresses CATO Summit attendees

In remarks at the CATO Summit on Financial Regulation: “If You Build It, They Will Come” in Washington, D.C., FDIC Chairman McWilliams discussed:

  • The regulatory framework and innovation
  • Benefits of innovation
  • Benefits of banking
  • The FDIC and innovation
  • Small-dollar lending
  • Reducing regulatory burden
  • De novo banks


OFAC targets Iraqi financial conduit

The Treasury Department announced on Wednesday that OFAC has imposed sanctions on an Iraq-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) financial conduit, South Wealth Resources Company (SWRC), which has trafficked hundreds of millions of dollars’ worth of weapons to IRGC-QF-backed Iraqi militias. SWRC and its two Iraqi associates, who were also designated Wednesday, have covertly facilitated the IRGC-QF’s access to the Iraqi financial system to evade sanctions. Identity information on the SWRC and the two designated associates can be found in BankersOnline's OFAC Update.


CFPB symposium on abusive acts or practices

The CFPB has announced it will hold a symposium on the Dodd-Frank Act’s prohibition on abusive acts or practices on June 25 at its headquarters in Washington. The symposium will feature two panels of UDAAP experts. The first panel will include a discussion with leading academic experts in the area of Consumer Protection. The discussion will touch on various policy issues relating to the abusive standard under Dodd-Frank. The second panel will examine how the abusive standard has been used in practice and will include leading legal experts in the field. Members of the public who plan to attend in person or to view the event via livestream must register in advance.


Largest Iranian petrochemical holding group designated

OFAC has designated Iran’s largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing financial support to Khatam al-Anbiya Construction Headquarters, the engineering conglomerate of the Islamic Revolutionary Guard Corps. PGPIC’s network of 39 subsidiary petrochemical companies and foreign-based sales agents was also designated. PGPIC and its subsidiaries hold 40 percent of Iran’s total petrochemical production capacity and are responsible for 50 percent of Iran’s total petrochemical exports. For identification information on these designations, see BankersOnline's OFAC Update.


Underwriting provisions of Payday Lender Rule delayed

The CFPB has posted a notice on its Payday Lending Rule implementation page that the Bureau yesterday issued a final rule delaying for 15 months the August 19, 2019, compliance date of the mandatory underwriting provisions of the 2017 Payday Lending Rule. The new compliance date of those provisions will be November 19, 2020. The rest of the Payday Lending Rule's substantive provisions will become effective on August 19, 2019.

The 15-month delay of the underwriting provisions is designed to give the Bureau the time to evaluate a separate proposal that those provisions be eliminated from the Payday Lending Rule.


FCC adopts robocall blocking by default

The Federal Communications Commission has approved a Declaratory Ruling to affirm that voice service providers may, as the default, block unwanted calls based on reasonable call analytics, as long as their customers are informed and have the opportunity to opt out of the blocking. This action empowers providers to protect their customers from unwanted robocalls before those calls even reach the customers’ phones. The ruling also clarifies that providers may offer their customers the choice to opt-in to tools that block calls from any number that does not appear on a customer’s contact list or other “white lists.”

The Commission also adopted a Notice of Proposed Rulemaking that proposes requiring voice service providers to implement the SHAKEN/STIR caller ID authentication framework, if major voice service providers fail to do so by the end of this year.


Training View All

Penalties View All

Search Top Stories