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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

01/28/2021

CFPB blog articles

01/27/2021

FinCEN changes comment date for CVC/LTDA transactions proposal again

FinCEN is publishing on January 28, 2021, a third notice of proposed rulemaking for its proposed rule that would impose reporting and recordkeeping requirements for certain transactions involving convertible virtual currency or legal tender digital assets (CVC/LTDA), to extend the comment period to 60 days from the date of publication (due by March 29, 2021), to include comments on all aspects of the proposed rule.

  • NOTE: FinCEN has taken several actions on this proposal. See our original Top Story where we've included a complete list of those actions.

01/26/2021

OFAC upgrades SDN List search tool

OFAC has announced an upgrade of its sanctions list search tool. The fuzzy logic has been made more resource efficient. That was done to improve the performance of Sanctions List Search and make it more responsive. Users may see differences between search results from the previous version of the tool and the newer version.

New General License
OFAC also issued new counter terrorism-related General License 13 and revised a related FAQ.

01/25/2021

FinCEN submits renewal of CTR DOEP requirements

FinCEN has published [86 FR 6964] a notice and request for comments on its proposed renewal, without change, of the currently approved information collection that permits banks to file a FinCEN Report 110, Designation of Exempt Person, to designate eligible customers as exempt persons with respect to CTR filing.

Although no changes are proposed to the information collection itself, this request for comments covers a future expansion of the scope of the annual hourly burden and cost estimate associated with these regulations. Comments are due by March 26, 2021.

01/25/2021

FTC presses first cases under BOTS Act

The Federal Trade Commission has taken legal action against three ticket brokers based in New York who allegedly used automated software to illegally buy up tens of thousands of tickets for popular concerts and sporting events, then subsequently made millions of dollars reselling the tickets to fans at higher prices.

The three ticket brokers will be subject to a judgment of more than $31 million in civil penalties for violating the Better Online Ticket Sales (BOTS) Act, under a proposed settlement reached with the FTC. Due to their inability to pay, the judgment will be partially suspended, requiring them to pay $3.7 million.

These are the first cases brought under the BOTS Act, which was enacted in 2016 and gives the FTC authority to take law enforcement action against Individuals and companies that use bots or other means to circumvent limits on online ticket purchases.

01/22/2021

Acting chairs of FTC and SEC named

President Biden has named Rebecca Kelly Slaughter the acting chair of the Federal Trade Commission, and Allison Herren Lee the acting chair of the Securities and Exchange Commission.

01/22/2021

OCC enforcement actions

The OCC has issued a list of enforcement actions taken in November and December 2020 and January 2021 against OCC-supervised institutions and individuals now or formerly affiliated with such institutions. In addition to the previously announced civil money penalty and cease and desist order against the former General Counsel for Wells Fargo Bank, N.A., the list includes:

  • a civil money penalty of $382,500 against USAA FSB, San Antonio, Texas, for Flood Act violations
  • a civil money penalty of $10,000 against a former CFO of Golden Pacific Bank, N.A., Sacramento, California, for deliberately filing false Call Report data
  • a prohibition order against a former mortgage specialist at First National Bank of Omaha, Omaha, Nebraska, for initiating unauthorized internal fund transfers totaling $10,233 from bank general ledger accounts to a personal mortgage account, and making false entries to conceal the transfers
  • a Notice of Charges for a cease and desist order and a $30,000 civil money penalty against a former president, CEO and board chairman of cfsbank, Charleroi, Pennsylvania, involving significant overdraft activity of a bank customer, bank loans to that customer, and failure to supervise bank employees to whom he had delegated supervision of account overdrafts.

01/22/2021

SAR exemption proposals published

The OCC's, NCUA's, and FDIC's December 2020 proposals to permit, with FinCEN agreement, certain exceptions to SAR filing requirements, have been published in this morning's Federal Register, with a comment period ending on February 22, 2021. The Federal Reserve Board has published a similar proposal, with the same comment period.

01/21/2021

Kraninger resigns as CFPB Director

CFPB Director Kraninger announced Wednesday that she is resigning from her position at the request of the Biden administration. Her resignation was effective yesterday. President Biden will reportedly nominate Federal Trade Commission head Rohit Chopra to head the CFPB.

Pending the nomination and confirmation of a new CFPB director, President Biden has designated David Uejio, the Bureau's chief strategy officer, to be the CFPB's acting director.

Other acting leaders of departments and agencies pertinent to banks include:

  • Matt Ammonn, acting secretary, Department of Housing and Urban Development
  • Andy Baukol, acting secretary, Department of the Treasury
  • Rob Fairweather, acting director, Office of Management and Budget
  • Tami Perriello, acting administrator, Small Business Administration
  • Kevin Shea, acting secretary, Department of Agriculture
  • Al Stewart, acting secretary, Department of Labor

01/21/2021

Some pending rules may be slowed

As is typically the practice when there is a change of Administrations in Washington, Executive Branch agencies will temporarily slow their implementation of pending or proposed rules to allow President Biden's appointees or designees the opportunity to review them.

In a Memorandum for the Heads of Executive Departments and Agencies, the White House has directed that no rules (with exceptions for emergency situations or urgent circumstances) should be proposed, issued, or sent to the Federal Register until a department or agency head appointed or designated by the president after yesterday's inauguration reviews and approves the rule. Rules sent to the Office of the Federal Register but not yet published will immediately be withdrawn. Departments and agencies that have published rules that have not taken effect, should consider postponing their effective dates for 60 days to review any questions of fact, law and policy they might raise.

Rules subject to statutory or judicial deadlines will not be delayed or postponed.

Independent agencies such as the Fed, FDIC, and OCC are generally considered not to be subject to the memorandum.

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