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Top Story Compliance Related

07/22/2016

Treasury sanctions supporters of Syrian regime

OFAC has announced, in response to continuing violence by the Assad regime against its citizens, the designation of eight individuals and seven entities for providing support or services to the Government of Syria; aiding Syria’s weapons of mass destruction program; and/or supporting designated individuals and entities. Any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, transactions by U.S. persons involving the designated persons are generally prohibited. See our BOL OFAC Update for the details.

07/22/2016

Bureau adds HMDA resources

The CFPB has added additional resources to its Home Mortgage Disclosure Act rule implementation page. New links on the page include:

07/21/2016

'New vision' for student loan servicing

The U.S. Department of Education yesterday outlined a series of enhanced protections and customer service standards that will guide the future of federal student loan servicing practices. These policies were developed in consultation with the U.S. Department of the Treasury (Treasury) and the Consumer Financial Protection Bureau (CFPB). The policies were outlined in a memorandum from U.S. Under Secretary of Education Ted Mitchell to Federal Student Aid (FSA), which will implement the policy directives to strengthen student loan servicing.

07/21/2016

CFPB senior leadership changes

The CFPB has announced changes in the following positions: new officers - Chris D’Angelo, Associate Director for Supervision, Enforcement, and Fair Lending; Richard Lepley, Principal Deputy General Counsel; and Nellisha Ramdass, Deputy Chief Operating Officer.

07/21/2016

OFAC targets al-Qaida support

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced yesterday it has taken action to disrupt the operations, fundraising, and support networks that help al-Qaida move money and operatives from South Asia and across the Middle East by imposing sanctions on three al-Qaida senior members located in Iran. Specifically, Treasury designated Faisal Jassim Mohammed Al-Amri Al-Khalidi, Yisra Muhammad Ibrahim Bayumi, and Abu Bakr Muhammad Muhammad Ghumayn as Specially Designated Global Terrorists pursuant to Executive Order (E.O.) 13224 for acting for or on behalf of al-Qaida. As a result of this designation, all property subject to U.S. jurisdiction in which these individuals have any interest is blocked, and U.S. persons are generally prohibited from engaging in any transactions with them. See "OFAC adds three Counter Terrorism designees," in our OFAC Updates pages, for additional information.

07/20/2016

FRB bans former FX trader from banking

The Federal Reserve Board has announced it has prohibited a former foreign exchange (FX) trader from participating in the banking industry for his manipulation of FX pricing benchmarks. Matthew Gardiner, a former FX trader at Barclays PLC and at UBS AG, used electronic chat rooms to coordinate FX trading, facilitate manipulation of FX pricing benchmarks, disclose confidential customer information to traders at other organizations, and engage in other unsafe and unsound practices. The enforcement action against Gardiner follows the Board's May 2015 enforcement actions against both Barclays and UBS for unsafe and unsound practices related to their compliance and control failures concerning practices in the FX markets. Those actions required UBS and Barclays to collectively pay $684 million in penalties for control deficiencies related to FX trading.

Earlier related stories:

07/20/2016

Corporate governance assistance video released

The FDIC has issued FIL-46-2016 announcing the release of an updated video on community bank corporate governance. The video is designed to assist community bank directors and officers in developing a sound corporate governance framework.

07/20/2016

Second quarter Call Report information

The FDIC has issued FIL-47-2016, "Consolidated Reports of Condition and Income for Second Quarter 2016," on behalf of the Corporation, the OCC and the Federal Reserve Board. The filing deadline for Call Reports is Saturday, July 30. Institutions with more than one foreign office other than a "shell" branch or International Banking Facility, must file by Thursday, August 4.

07/20/2016

HMDA filing info for 2017 and 2018 posted

The Consumer Financial Protection Bureau has posted a notice that the FFIEC and HUD have published resources for financial institutions required to file HMDA data:

07/20/2016

FinCEN issues FAQ on CCD rule

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued Guidance Document FIN-2016-G003, "Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions," to assist covered financial institutions in understanding the scope of the "Customer Due Diligence Requirements for Financial Institutions,” published on May 11, 2016 (the “CDD Rule”). FinCEN said it plans to issue additional FAQs or other guidance on the rule, compliance with which is mandatory starting May 11, 2018, "as appropriate."

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