Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Compliance Related

10/26/2017

FATF/GAFILAT plenary in Buenos Aires

FATF has announced it will join with the Financial Action Task Force of Latin America (GAFILAT) in Buenos Aires for six days of meetings beginning October 29, at which delegates will discuss counter-terrorist financing, financial inclusion, information sharing and measures to combat money laundering and the financing of terrorism and proliferation in Portugal and Mexico.

10/26/2017

OFAC announces joint terrorism sanctions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on eight individuals and one entity on Wednesday, targeting leaders, financiers, and facilitators of the Islamic State in Iraq and Syria in Yemen (ISIS-Y) and al-Qa’ida in the Arabian Peninsula (AQAP). This action was taken in partnership with the Kingdom of Saudi Arabia, as the co-chair of the recently established Terrorist Financing Targeting Center (TFTC), as well as all other TFTC member states: the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the State of Qatar, and the United Arab Emirates.

As a result of Wednesday’s OFAC action, all property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identification details of the designees, see our OFAC Update.

10/25/2017

Webinar to discuss CU diversity

The NCUA has announced an upcoming webinar, “What, Why and How: Credit Union Diversity,” scheduled for Thursday, November 2, beginning at 2 p.m. EDT.

10/25/2017

Bureau's Arbitration Rule overturned in Senate vote

Politico and other news outlets report that the Senate, with Vice President Pence voting to break a tie, voted to kill the CFPB's Arbitration Rule. The House of Representatives had passed a similar resolution in July under the Congressional Review Act to reject the Bureau's regulations. The resolution next goes to the White House for presidential approval, which is expected. The administration signaled its stance on the controversial regulations in a report issued Monday by the Treasury Department. When a regulation is overturned under the Congressional Review Act, it cannot go into effect and government agencies cannot issue any similar rule in the future, unless specifically authorized by subsequent legislation.

10/24/2017

Additional FTC guidance on COPPA

The Federal Trade Commission is providing additional guidance on how the Children’s Online Privacy Protection Rule applies to the collection of audio voice recordings by organizations covered by the law, which requires certain operators of commercial websites or online services to obtain parental consent before collecting personal information from children under 13. In a new policy enforcement statement, the FTC noted that the COPPA rule requires websites and online services directed at children to obtain verifiable parental consent before collecting an audio recording. The Commission, however, recognizes the value of using voice as a replacement for written words in performing search and other functions on Internet-connected devices. The FTC will not take an enforcement action against an operator for not obtaining parental consent before collecting the audio file with a child’s voice when it is collected solely as a replacement of written words, such as to perform a search or to fulfill a verbal instruction or request—as long as it is held for a brief time and only for that purpose.

10/24/2017

FDIC and CFPB to co-host webinar on education resources

FDIC FIL-54-2017, issued October 23, announced the regulator will co-host with the CFPB a webinar on November 15, 2017, from 2:00 p.m. to 4:00 p.m. EST. The presentation will provide an overview of two financial education resources that can be helpful for people with disabilities—the FDIC's Money Smart and the CFPB's Your Money, Your Goals. The webinar will help familiarize participants with recent enhancements to Money Smart and Your Money, Your Goals that are designed to further promote economic inclusion of people with disabilities.

10/24/2017

Leverage coverage ratio rule FAQ

OCC Bulletin 2017-44 and FDIC FIL-53-2017, issued yesterday, announced that the OCC and FDIC, with the Federal Reserve Board, have issued frequently asked questions (FAQs) on the liquidity coverage ratio (LCR) rule. The FAQs address:

  • Treatment of outflows from liquidity facilities to public sector entities in connection with variable rate demand note programs
  • Treatment of outflows for trusts
  • Determination of maturity for instruments with remote contingency call options
  • Treatment of outflows for trust ledger deposit accounts and custody assets
  • Treatment of multicurrency deposit balances
  • Treatment of inflows from secured loans to retail clients with open maturities
  • Treatment of eligible high-quality liquid assets and monetization in securities lending transactions
  • Treatment of certain deposits required to be held at a foreign central bank as foreign withdrawable reserves

The LCR rule applies only to depository institutions with $10 billion or more in total consolidated assets that are consolidated subsidiaries of internationally active banking organizations.

10/24/2017

Treasury opposition to CFPB arbitration rule

A report that examines the Consumer Financial Protection Bureau’s (CFPB) arbitration rule has been released by the Department of the Treasury. The report delves into the analysis CFPB used to prohibit mandatory arbitration clauses. It outlines important limitations to the data behind CFPB’s rule and argues that the CFPB did not appropriately consider whether prohibiting arbitration clauses would advance consumer protection or serve the public interest. The Treasury report said that:

  • The CFPB’s rule will impose extraordinary costs—generating more than 3,000 additional class action lawsuits over the next five years, imposing more than $500 million in additional legal defense fees, and transferring $330 million to plaintiffs’ lawyers;
  • The CFPB’s data show that the vast majority of class action lawsuits deliver no relief to the class—and that consumers very rarely claim relief available to them;
  • The CFPB did not show that its rule will achieve a necessary increase compliance with the federal consumer financial laws, despite the rule’s high costs; and
  • The CFPB failed to consider less onerous alternatives to its ban on mandatory arbitration clauses across market sectors.

10/23/2017

OCC issues risk management principles

OCC Bulletin 2017-43, issued Friday, informs national banks, federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) of the principles they should follow to prudently manage the risks associated with offering new, modified, or expanded products and services. Such changes should be developed and implemented consistently with sound risk management practices and should align with banks’ overall business plans and strategies. New activities should encourage fair access to financial services and fair treatment of consumers and should be in compliance with applicable laws and regulations. This bulletin rescinds and replaces:

  • OCC Bulletin 2004-20, “Risk Management of New, Expanded, or Modified Bank Products and Services: Risk Management Process,” issued on May 10, 2004
  • Office of Thrift Supervision Examination Handbook section 760, “New Activities and Services."

10/20/2017

FDIC personnel changes

The FDIC Board has announced personnel changes:

  • Howard Whyte has been named Chief Information Officer, replacing Larry Gross Jr., who is retiring in January 2018
  • Ricardo Delfin has been appointed as director of the Office of Complex Institutions, replacing Art Murton, who became Special Advisor to the Chairman on October 1
  • John Conneely has been appointed regional director for the Chicago Region, effective January 2108, replacing M. Anthony Lowe, who was named ombudsman and director of the Office of the Ombudsman earlier this year

Pages

Training View All

Penalties View All

Search Top Stories