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Top Story Compliance Related

08/25/2017

OCC schedules Indiana workshops

The OCC has announced it will host two workshops at the Indianapolis Marriott East on September 26–27, for directors of national community banks and federal savings associations.

  • The Risk Governance workshop on September 26 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
  • The Credit Risk workshop on September 27 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

08/25/2017

Singapore company pays $415K for Iran violations

COSL Singapore Ltd, an oilfield services company located in Singapore, has agreed to pay OFAC $415,350 to settle potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations. For details, see our Penalty page.

08/24/2017

Update to Comptroller’s Licensing Manual

OCC Bulletin 2017-30, issued yesterday, announced changes in the "Substantial Asset Changes, Including Changes in Charter Purpose” booklet of the Comptroller's Licensing Manual. The booklet—

  • provides an overview of the requirements related to a substantial asset change by banks including changes in charter purpose
  • clarifies the applicability of 12 CFR 5.53 and 5.20(l)
  • details exceptions to filing requirements under 12 CFR 5.53
  • lists references and links to informational resources and sample forms and documents that banks may find useful in filing applications

08/24/2017

Bureau publishes Spring 2017 Regulatory Agenda

The CFPB published in today's Federal Register its semiannual regulatory agenda for the period May 2, 2017, through April 30, 2018. The report was current as of April 7, 2017, and describes as "pending" some of the final rules it has issued since that date.

08/24/2017

American Express paying $96M in consumer redress

The CFPB announced on Wednesday it has taken action against two American Express banking subsidiaries for discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories by providing them with credit and charge card terms that were inferior to those available in the 50 states and for discriminating against certain consumers with Spanish-language preferences. American Express has paid about $95 million in redress to approximately 222,000 consumers during the reviews undertaken by the Bureau and American Express, and the Bureau is now ordering the company to pay at least another $1 million to complete the compensation of harmed consumers.

American Express self-reported differences between its cards issued to consumers in Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and Northern Mariana Islands, and its cards offered in the 50 U.S. states, as well as differences with respect to certain consumers with a Spanish language preference. The Bureau did not find that American Express intentionally discriminated against its customers, but rather found that the differences resulted from the company's card management structure, which involved different business units overseeing the U.S. cards and cards issued in Puerto Rico and the Virgin Islands.

No civil money penalties were imposed in the Bureau's order because American Express self-reported the violations, self-initiated remediation for harmed consumers, and fully cooperated with the Bureau's review and investigation.

  • Consent order in the Matter of American Express Centurion Bank and American Express Bank, FSB.

08/23/2017

Agenda for FTC conference posted

The FTC has announced the agenda for its joint conference on protecting military consumers scheduled from 9:00 am to 1 pm on September 7, 2017, at the Los Angeles Police Department Headquarters, 100 W. 1st Street, in Los Angeles.

08/23/2017

Regulators propose extension of capital rule transitions

The FRB, FDIC, and OCC have issued a joint press release on a proposal to extend certain capital rule transitions. The proposal would extend the existing transitional capital treatment for certain regulatory capital deductions and risk weights. The extension would apply to banking organizations that are not subject to the agencies' advanced approaches capital rules. The agencies are proposing the extension because they expect to soon issue a separate proposal to simplify the regulatory treatment of the items for which the extension is now proposed. A 30-day comment period will begin on publication of the current proposal in the Federal Register.
UPDATE: Published at 82 FR 40495, with comment period ending 9/25/2017.

08/23/2017

OFAC targets supporters of North Korean regime

Treasury's Office of Foreign Assets Control announced on Tuesday it has designated ten entities and six individuals in response to North Korea’s ongoing development of weapons of mass destruction (WMD), violations of United Nations (UN) Security Council Resolutions, and attempted evasion of U.S. sanctions. The new designations target third-country companies and individuals that assist already-designated persons who support North Korea’s nuclear and ballistic missile programs; deal in the North Korean energy trade; facilitate its exportation of workers; and enable sanctioned North Korean entities to access the U.S. and international financial systems.

As a result of Tuesday’s action, 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, and U.S. persons are generally prohibited from dealing with them. For identification of the new designations, along with a number of removals from and updates to the OFAC SDN lists, see our OFAC Update.

08/23/2017

Federal Reserve issues C&D to Texas bank

The Federal Reserve Board and the Texas Department of Savings and Mortgage Lending have issued a Consent Cease and Desist Order to The Bank & Trust, S.S.B., of Del Rio, Texas, following a joint examination of the bank in which the Board and Department identified "significant deficiencies in the Bank’s risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering (“AML”), including the Bank Secrecy Act; the rules and regulations issued thereunder by the U.S. Department of the Treasury; and the AML requirements of Regulation H of the Board."

08/23/2017

FinCEN issues more targeting orders

FinCEN has announced it has issued revised Geographic Targeting Orders (GTOs) covering certain "all cash" high-end residential real estate purchase activity from September 22, 2017, through March 20, 2018, inclusive. The order requires title insurance companies and their subsidiaries and agents to file specially-completed Form 8300 reports for a residential real estate purchase by a legal entity without a bank loan or similar external financing, made in whole or in part with currency, a cashier's check, a certified check, a traveler's check, a personal check, a business check, or any form of money order, or a funds transfer. Reportable purchases will be those for a total purchase price designated trigger amounts or more in—

  • Bexar County, Texas ($500,000 or more);
  • County of Miami-Dade, Broward or Palm Beach in Florida ($1 million or more);
  • Borough of Brooklyn, Queens, Bronx, or Staten Island, New York City ($1.5 million or more);
  • County of San Diego, Los Angeles, San Francisco, San Mateo or Santa Clara, California ($2 million or more);
  • Borough of Manhattan, New York City, or City and County of Honolulu, Hawaii ($3 million or more).

FinCEN also published Advisory FIN-2017-A003 to provide financial institutions and the real estate industry with information on the money laundering risks associated with real estate transactions, including those involving luxury property purchased through shell companies, particularly when conducted without traditional financing. Such transactions are vulnerable to abuse by criminals seeking to launder illegal proceeds and mask their identities. The Advisory provides information on how to detect and report these transactions to FinCEN.

From information obtained during earlier impositions of similar GTOs, FinCEN learned that about 30 percent of reported transactions involved a beneficial owner or purchaser representative (for the purchasing entity) that was also the subject of a previous suspicious activity report. An FAQ on the GTOs was also released.

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