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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

01/31/2017

CFPB sues debt relief attorneys over illegal fees

The CFPB has announced it has filed a lawsuit against a "ring" of law firms and attorneys, alleging that they collaborated to charge illegal fees to consumers seeking debt relief. In a complaint filed in the U.S. District Court for the Central District of California, the CFPB alleges that Howard Law, P.C., the Williamson Law Firm, LLC, and Williamson & Howard, LLP, as well as attorneys Vincent Howard and Lawrence Williamson, ran this debt relief operation along with Morgan Drexen, Inc., which shut down in 2015 following the CFPB’s lawsuit against that company. The CFPB seeks to stop the defendants’ unlawful scheme, obtain relief for harmed consumers, and impose penalties.

01/31/2017

Final stress test rules remove noncomplex firms

The FRB has finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The final rule removes large and noncomplex firms from the qualitative assessment of the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR), reducing significant burden on these firms and focusing the qualitative review in CCAR on the largest, most complex financial institutions. The final rule removes the qualitative assessment of CCAR for bank holding companies and U.S. intermediate holding companies of foreign banking organizations with total consolidated assets between $50 billion and $250 billion and total nonbank assets of less than $75 billion that are not identified as global systemically important banks (GSIBs).

01/30/2017

OCC adjusts CMP caps for inflation

The OCC has issued Bulletin 2017-8 announcing the publication of a final rule at 82 FR 8584 in the Federal Register adjusting the maximum amount of each civil money penalty (CMP) for which the OCC is responsible. The effective date of this final rule is January 27, 2017, and the adjusted maximum amounts apply only to penalties assessed after January 15, 2017, for violations that occurred on or after November 2, 2015.

01/30/2017

C&D order issued to North Carolina BHC

The Board of Governors of the Federal Reserve System issued a Cease and Desist Order to BB&T Corporation, Winston-Salem, North Carolina (BB&T), a registered bank holding company that owns and controls Branch Banking and Trust Company, Winston-Salem, North Carolina, a state-chartered bank. The most recent inspection of BB&T conducted by the Federal Reserve Bank of Richmond identified significant deficiencies in BB&T’s firm-wide compliance program with respect to compliance with the BSA/AML requirements.

01/30/2017

FDIC announces enforcement actions

The FDIC released on Friday a list of orders of administrative enforcement actions taken against banks and individuals in December. The FDIC issued a total of 29 orders, including one from November 2016, and two notices. The administrative enforcement actions in those orders consisted of five consent orders; five removal and prohibition orders; twelve Section 19 orders; four civil money penalties; two terminations of consent orders and cease and desist orders; one termination of insurance; one modification; and two notices.

  • First State Bank of Illinois, Peoria, was assessed a civil money penalty of $32,500 for multiple flood insurance rules violations.
  • A Camargo, Oklahoma, bank owner and his wife, a director, received a Notice of the FDIC's intention to prohibit them from further participation, intent to order restitution, and to assess penalties totaling $210,000 in connection with a complex overdraft scheme in violation of Regulation O that allegedly cost the bank $1.7 million, misappropriation of over $650,000 in bank fees, and $600,000 in unauthorized dividends from the bank.
  • The EVP and Chief Banking Officer of a North Carolina bank was issued a Notice of Charges and Hearing with the FDIC's intent to prohibit him from further participation and to assess a $70,000 civil money penalty for his involvement in a fraudulent loan to a nominee borrower, the proceeds of which benefited a third party and ended with a charge-off of over $105,000.

01/27/2017

Citigroup pays $18M for overbilling clients

The Securities and Exchange Commission has announced its issuance of an order requiring Citigroup Global Markets to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts. The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into its computer systems in comparison to fee rates outlined in client contracts, billing histories, and other documents. Citigroup also improperly collected fees during time periods when clients suspended their accounts. The billing errors occurred during a 15-year period, and the affected clients have since been reimbursed.

01/27/2017

Moe named FDIC regional director

The FDIC has announced that Kathy L .Moe has been named the agency's San Francisco Regional Director.

01/27/2017

Written agreement with South Korean bank

Nonghyup Bank, Seoul, Korea, and its New York City branch have executed a written agreement with the Federal Reserve Bank of New York. A recent examination of the branch identified deficiencies relating to the branch’s risk management and compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act rules and regulations.

01/27/2017

Two insurance companies settle Fair Housing violations

The Department of Housing and Urban Development has announced agreements with two insurance companies, McGowan and Company, Fairview Park, Ohio, and Mack, Mack & Waltz Insurance Group, Deerfield Beach, Florida, settling allegations the companies violated the Fair Housing Act by denying insurance coverage to properties that include "subsidized housing" and "low-income housing." The agreements stemmed from a Secretary-Initiated complaint HUD filed after receiving reports the insurance companies’ policies and practices had a discriminatory effect based on race and national origin. Specifically, HUD’s complaint alleged that the companies refused to provide umbrella coverage, which provides additional liability coverage when an insured’s other primary policy limits have been reached, to properties containing subsidized or low-income housing.

01/25/2017

Morgan Stanley and Citigroup pay $2.96M for misleading investors

The Securities and Exchange Commission has reported that Morgan Stanley Smith Barney and Citigroup Global Markets have each agreed to pay more than $2.96 million to settle charges that they made false and misleading statements about a foreign exchange trading program they sold to investors. The Commission found that Morgan Stanley and Citigroup violated the Securities Act of 1933, which prohibits obtaining money or property by means of any material misstatement or omission in the offer or sale of securities. Without admitting or denying the SEC’s findings, Morgan Stanley and Citigroup each agreed to pay disgorgement of $624,458.27 plus interest of $89,277.34 and a penalty of $2.25 million for a total of more than $5.9 million combined.

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