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Top Story Compliance Related

06/21/2017

Treasury designates individuals and entities in Ukraine conflict

The U.S. Department of the Treasury’s Office of Foreign Assets Control announced yesterday it had reinforced existing sanctions on Russia by designating or identifying a range of individuals and entities involved in the ongoing conflict under four Executive orders (E.O.s) related to Russia and Ukraine. This action was designed in part to provide additional information to assist the private sector with sanctions compliance. U.S. sanctions on Russia related to the situation in eastern Ukraine will remain in place until Russia fully honors its obligations under the Minsk Agreements. U.S. sanctions related to Crimea will not be lifted until Russia ends its occupation of the peninsula.

OFAC designated 38 individuals and entities under Ukraine-related authorities, including one entity that has engaged in the evasion of existing sanctions, two Russian government officials and two individuals acting for or on behalf of a government official, two entities that are owned or controlled by an individual previously designated, and 11 individuals and entities that operate in the Crimea region of Ukraine.

As a result of OFAC's actions, any property or interest 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 these persons are generally prohibited.

OFAC also identified 20 subsidiaries that are owned 50 percent or more by the previously-designated AK Transneft OAO (Transneft), subject to Directive 2 under E.O. 13662, which prohibits U.S. persons from dealing in new debt of greater than 90 days maturity of the sanctioned entities.

See BankersOnline's OFAC Update for identification information on the individuals and entities involved.

06/20/2017

FTC military consumer financial workshop in San Antonio

The Federal Trade Commission has released the agenda and list of confirmed speakers for its upcoming workshop, The "2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation," to be held in San Antonio, Texas on July 19, 2017.

06/20/2017

OCC issues new licensing manual booklet

OCC Bulletin 2017-23, issued yesterday, announces the OCC's release of the “Articles of Association, Charter, and Bylaw Amendments” booklet of the Comptroller’s Licensing Manual. This new booklet consolidates the OCC’s policies and procedures regarding articles of association amendments for national banks, charter amendments for federal savings associations, and bylaw amendments for national banks and federal savings associations. The booklet—

  • addresses regulatory requirements for articles of association, charters, and bylaws
  • provides an overview of the filing process required to notify the OCC, or, if necessary, to obtain OCC approval, of an amendment
  • includes certain requirements for the content of the articles of association, charters, and bylaws
  • lists actions or steps a national bank or federal savings association should follow during the amendment process
  • lists references and links to informational resources and sample documents that national banks or federal savings associations may refer to during the amendment process

06/20/2017

OCC Office of Innovation schedules office hours

The OCC has announced its Office of Innovation will host Office Hours for national banks, federal savings associations, and financial technology companies, July 24–26, at the OCC’s district office in New York City. Office Hours provide an opportunity for meetings with OCC officials to discuss financial technology, new products or services, partnering with a bank or fintech company, or other matters related to financial innovation. OCC staff will provide feedback and respond to questions. Each meeting will be no longer than one hour. Interested parties may request a session through July 5, and are asked to provide information on why they are interested in meeting with the OCC. Specific meeting times and arrangements will be determined after the OCC receives and accepts the request.

06/19/2017

New FDIC Ombudsman appointed

The Federal Deposit Insurance Corporation (FDIC) has appointed M. Anthony Lowe to the post of FDIC Ombudsman and Director of the Office of the Ombudsman. The Ombudsman's office interacts extensively with bankers, other industry representatives, community groups, and members of the public to answer questions and hear concerns about FDIC policies and regulations. The office serves as both a resource and a liaison to facilitate the resolution of issues with financial institutions fairly and impartially.

06/19/2017

Clinger to be nominated for Chair of FDIC

President Trump has announced on Friday his intent to nominate James Clinger of Pennsylvania to be a member of the Federal Deposit Insurance Corporation Board for a term of six years, and to be Chairperson for a term of five years, effective November 29, 2017. Mr. Clinger is currently the Chief Counsel for the House Committee on Financial Services, having held this position since 2007.

06/19/2017

New Cuba-related FAQs posted

OFAC has posted new frequently asked questions in connection with last week's White House announcement of changes to U.S. policy with respect to Cuba.

06/19/2017

OCC enforcement actions released

The OCC has released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Included was one personal cease and desist order with an order for payment of an $8,000 civil money penalty against a former Illinois mortgage loan originator who sent customer information from his former employer to a prospective new employer without permission. There were also two removal/prohibition orders, and a cease and desist order against a Connecticut federal branch of UBS AG, a Swiss bank.

06/19/2017

OFAC sanctions ISIS facilitator and recruiter

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has reported that it took action Friday against Fared Saal (Saal), an Islamic State of Iraq and Syria (ISIS) facilitator, recruiter, and fighter. Saal is being designated as a Specially Designated Global Terrorist (SDGT) pursuant to Executive Order 13224, which targets terrorists and their supporters. As a result of Friday’s action, all property and interests in property of Saal subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with him. For identification information, see our OFAC Update.

06/16/2017

FTC returns money to victims of auto loan scheme

The Federal Trade Commission has mailed 288 checks totaling more than $109,000 to people who paid an up-front fee to Regency Financial Services, which promised to get them better terms for their auto loans. According to the FTC, the company and its CEO, Ivan Levy, did not provide the promised services and failed to honor their “money-back guarantee.”

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