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Top Story Compliance Related

07/29/2016

FBME special measures again delayed

FinCEN has posted a notice that a court has stayed the implementation of the Final Rule imposing the Fifth Special Measure against FBME Bank, Ltd. The Final Rule was to have become effective July 29, 2016, with the addition of Section 1010.658 to FinCEN's regulations at 31 CFR Part 1010. Implementation now awaits further notice from the Court.

07/28/2016

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency (FEMA) appears to have cleared up a regulatory log jam, and has published three final rules in the Federal Register, each of which identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension because of noncompliance with the floodplain management requirements of the program:

  • 81 FR 49169 -- effective August 3, 2016, affecting communities in Arkansas, California and Nebraska
  • 81 FR 49171 -- effective July 20, 2016, affecting communities in Maine, Maryland, Massachusetts, Missouri, and New Jersey
  • 81 FR 49175 -- effective August 17, 2016, affecting communities in Alabama, Illinois, New Jersey and West Virginia

07/28/2016

Bureau releases debt collection proposal

The Consumer Financial Protection Bureau released early this morning an outline of proposals under consideration that would overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt. Under the proposals being considered, debt collectors would be required to have more and better information about the debt before they collect. As they are collecting, companies would be required to limit communications, clearly disclose debt details, and make it easier to dispute the debt. When responding to disputes, collectors would be prohibited from continuing to pursue debt without sufficient evidence. These requirements and restrictions would follow the debt if it were sold or transferred. The proposals would affect third-party debt collectors; the Bureau said that it intends to address first-party debt collection practices under a separate track.

The outline of the proposals under consideration is in preparation for convening a Small Business Review Panel to gather feedback from small industry players, which is the next step in the rulemaking process. In connection with that review process, the Bureau also released a report, "Study of Third-Party Debt Collection Operations."

Today's announcement was made in advance of this morning's Sacramento, California, field hearing on debt collection, at which the outlined proposals will be formally presented in an address by CFPB Director Richard Cordray.

07/28/2016

Compass Bank maintained accounts for sanctioned individuals

OFAC has issued a Finding of Violation to Compass Bank, which uses the trade name BBVA Compass, for violations of the Foreign Narcotics Kingpin Sanctions Regulations, for maintaining accounts on behalf of two individuals on the SDN List from June 12, 2013, to June 3, 2014.

07/28/2016

SDN List removal

OFAC has removed twelve entries for Abdulbasit Abdulrahim (and his many aliases) from its list of Specially Designated Global Terrorists. See our OFAC Update for identification details.

07/28/2016

CFPB updates TRID questions list

The Consumer Financial Protection Bureau has updated its index of the questions addressed in CFPB webinars on the Know Before You Owe mortgage disclosure (TRID) rule. The Bureau has added the questions addressed during its March 1 and April 12, 2016, Outlook Live webinars.

07/28/2016

FinCEN expands GTOs beyond Manhattan and Miami

The Financial Crimes Enforcement Network (FinCEN) has announced Geographic Targeting Orders (GTOs) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas --

  • all boroughs of New York City (threshold level of $3 million for Manhattan and $1.5 million for the other boroughs)
  • Miami-Dade, Broward and Palm Beach counties, Florida ($1 million)
  • Los Angeles County, California ($2 million)
  • San Francisco, San Mateo and Santa Clara counties, California ($2 million)
  • San Diego County, Californiia ($2 million)
  • Bexar County, Texas ($500,000)
    • These GTOs will become effective for 180 days beginning on August 28, 2016.

07/27/2016

CFPB monthly spotlight shines on credit card complaints

The CFPB has released its monthly complaint snapshot for July 2016, which highlights consumer complaints about credit cards. The report shows that consumers continue to complain about trouble receiving clear information from their credit card issuers regarding creditworthiness, and the assessment of payments and fees. This month's report also highlights trends seen in complaints coming from Washington State and the Seattle metro area. As of July 1, 2016, consumers in that area have submitted 18,900 of the 930,700 complaints handled by the Bureau.

07/27/2016

Checks sent to victims of credit card fraud

The Federal Trade Commission has announced that a claims administrator has begun mailing more than 321,982 checks totaling nearly $9.7 million to consumers identified as victims of an illegal credit card billing scam operated by J.K. Publications and other defendants. The operators of this scam made unauthorized charges on consumers' credit and debit cards for purported Internet services. The average payment is $30. The reimbursements are the result of a lawsuit the Commission filed in 1999, and most of the illegal billing dates back to 1998.

07/27/2016

State Street pays $382.4M for currency exchange markups

The SEC has announced that State Street Bank and Trust Company has agreed to pay $382.4 million in a global settlement for misleading mutual fund and other custody clients by applying hidden markups to foreign currency exchange trades. An SEC investigation found that State Street realized substantial revenues by misleading custody clients about indirect foreign currency exchange trading, telling some clients that it guaranteed the most competitive rates available on their foreign currency exchange trades, provided "best execution," or charged "market rates" on the transactions. State Street instead set prices largely driven by predetermined, uniform markups and made no effort to obtain the best possible prices for these clients. State Street has agreed to pay $167.4 million in disgorgement and penalties to the SEC, a $155 million penalty to the Department of Justice, and at least $60 million to ERISA plan clients in an agreement with the Department of Labor.

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