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Top Story Compliance Related

12/03/2020

OFAC sanctions associate of major fugitive drug lord

The Treasury Department has announced that OFAC has designated Mexican national Lucio Rodriguez Serrano as a Specially Designated Narcotics Trafficker in accordance with the Foreign Narcotics Kingpin Designation Act. Rodriguez Serrano engages in various activities on behalf of Rafael Caro Quintero, a major Mexican narcotics trafficker and the mastermind behind the murder of Drug Enforcement Administration Special Agent Enrique “Kiki” Camarena in 1985. Caro Quintero remains a fugitive from U.S. justice.

As a result of today’s action, all property and interests in property of the designated individual that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC’s regulations generally prohibit all transactions by U.S. persons or persons within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.

For further identification information on Rodriguez Serrano and several other OFAC changes, see BankersOnline's OFAC Update.

12/02/2020

OCC reports 14 outstanding CRA evaluations

The OCC has released a list of Community Reinvestment Act performance evaluations that became public during November. Of the 39 evaluations made public last month, 25 are rated Satisfactory, and these 14 institutions' evaluations are rated Outstanding (links are to the banks’ evaluations):

12/02/2020

OFAC targets network aiding Colombian DTO

The Treasury Department has announced OFAC has designated Jhon Fredy Zapata Garzon (Zapata Garzon) under authority of the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for materially assisting the international narcotics trafficking activities of the Clan del Golfo drug trafficking organization (DTO). Three of his family members and associates are also being designated along with four businesses they own or control.

Since June 2000, more than 2,100 entities and individuals have been named pursuant to the Kingpin Act for their role in international narcotics trafficking. Penalties for violations of the Kingpin Act range from civil penalties of up to $1,503,470 per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines of up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to Title 18 of the United States Code for criminal violations of the Kingpin Act.

For identification information on all of the individuals and entities affected in OFAC's action, see BankersOnline's OFAC Update.

12/01/2020

OFAC sanctions Chinese tech company for Maduro support

The Treasury Department has announced that OFAC has designated China National Electronic Import-Export Company (CEIEC) for supporting the illegitimate Maduro regime’s efforts to undermine democracy in Venezuela, including its efforts to restrict internet service and conduct digital surveillance and cyber operations against political opponents.

CEIEC has over 200 subsidiaries and offices around the world. Concurrent with this action, OFAC is issuing a general license that, for 45 days, authorizes all transactions and activities prohibited by E.O. 13692, as amended, that are ordinarily incident and necessary to the wind-down of transactions involving CEIEC.

See BankersOnline's OFAC Update for CEIEC identification details and links to the general license and a related FAQ.

12/01/2020

FDIC and OCC list CRA exam schedules

The FDIC and the OCC have issued their respective schedules for CRA examinations during the first and second quarters of 2021.

12/01/2020

Bureau no-action letter issued

The Consumer Financial Protection Bureau has announced it has granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applications for unsecured closed-end loans.

12/01/2020

Fed CRA ratings for October and November

Our review of the Federal Reserve Board's archive of CRA evaluation ratings indicates that in the months of October and November, 2020, the Federal Reserve Banks made public 21 ratings. Of the Federal Reserve member banks listed, one received a "Needs to Improve" rating, 17 were rated "Satisfactory," and these three banks received ratings of "Outstanding" (links are to the banks' evaluations):

11/30/2020

Revised Reg F published

The Consumer Financial Protection Bureau has published its previously-announced final rule revising Regulation F, which implements the Fair Debt Collection Practices Act, at 85 FR 76734 of today's Federal Register. The rule will become effective one year from today.

11/30/2020

Bureau makes another change

This time it's not a regulation that's been changed. The CFPB has announced some changes to its website at consumerfinance.gov. Thus far, it appears slightly different in its main pages, but many parts of the site still look very familiar.

The Bureau says that the updated website will feature additional user functionality, an improved layout, more content, and easier access to information. Notably, the refresh will also include a new interactive enforcement database to help the public track the Bureau’s enforcement actions. Through these updates, the Bureau "aims to increase transparency and make it easier for consumers and stakeholders to locate and access essential resources."

The significant changes announced in the Bureau's press release include:

  • An interactive enforcement database. This new database allows users to quickly find information about the Bureau’s public enforcement actions. Users can view interactive graphs tracking cumulative consumer relief, cumulative enforcement actions, and total enforcement actions per year.
  • A page for petitions. Petitions for rulemaking will be publicly available on the Bureau’s website. Users can now easily search for and find petitions in a centralized location.
  • Archiving of older content. Blogs, newsroom pages, and reports older than two years old will now be labeled to provide clarity and identify items that may not be the most up to date resources offered by the Bureau. The materials will still be accessible via the search function on the website. Users will be able to clearly see if they are being directed to or are using an archived page.

The CFPB plans further improvements to the site in the coming months.

11/25/2020

OCC issues proposed CRA General Performance Standards

The OCC is inviting comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to serve the needs of their communities, particularly low- and moderate-income and other historically underserved communities.

The proposal released yesterday provides the OCC’s proposed approach to determine the CRA evaluation measure benchmarks, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the 2020 final rule. The proposal also explains how the OCC would assess significant declines in CRA activities levels in connection with performance context following the initial establishment of the benchmarks, minimums, and thresholds. Finally, the proposed rule would make clarifying and technical amendments to the 2020 final rule.

Comments on the proposal will be accepted for 60 days following publication in the Federal Register.

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