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Top Story Compliance Related

12/27/2017

Two North Korean officials designated

OFAC has announced the designation and placing on the SDN list of the names of the Deputy Director and the First Vice Department Director of the Workers’ Party of Korea Military Industry Department (North Korea). See our OFAC Update for identifying information.

12/27/2017

FBAR deadline extended again

Because FinCEN has not yet finalized a Notice of Proposed Rulemaking issued on March 10, 2016, FinCEN has issued Notice 2017-1 further extending the filing date for FinCEN Form 114 - FBAR to April 15, 2019, for certain financial professionals with signature authority over foreign bank and financial accounts.

12/26/2017

Resource guide for partnering with MDIs

The FDIC has issued FIL- 64-2017 with ways insured depository institutions, including community banks, can partner with minority depository institutions (MDIs) to the benefit of all institutions involved, as well as the communities they serve. Highlights include:

  • Collaboration among MDIs or between MDIs and non-MDIs can provide viable options for sound and profitable lending and investments that meet the needs of underserved communities.
  • By collaborating with each other or with other community banks, MDIs may be able to enhance product and service offerings to unbanked and underbanked consumers located in low- to moderate-income geographies.
  • In many cases, institutions engaging in collaborative activities and partnerships with MDIs may receive Community Reinvestment Act (CRA) consideration for such activities.
  • Institutions interested in pursuing collaborative relationships with MDIs may contact the appropriate Regional Director or Regional MDI Coordinator for insight on possible collaboration opportunities with specific MDIs. Institutions may also pursue such collaborative opportunities directly.

12/26/2017

OFAC designations, removals and updates

OFAC has posted Transnational Criminal Organizations designations, designations removals, and designations updates, plus Kingpin Act designations updates. See our OFAC Update for details.

12/22/2017

Delay of Prepaid Accounts Rule likely

The CFPB has issued a statement on its Prepaid Accounts Rule, indicating that it "expects to issue a final rule amending certain aspects of its 2016 rule governing prepaid accounts soon after the new year. As part of that process, the Bureau expects, based on its review of the comments received, to further extend the effective date of the 2016 rule to allow additional time for implementation of the final rule. The Bureau proposed making changes to the prepaid rule in June; the comment period on the proposal ended in August."

12/22/2017

Agencies announce leniency on 2018 HMDA data

OCC Bulletin 2017-62, FDIC FIL-63-2017 and a public statement from the CFPB all state that the respective agencies do not intend to require data resubmission unless data errors are material or assess penalties with respect to errors for data collected in 2018 and reported in 2019 under HMDA and Regulation C.

The Bureau also announced it intends to open a rulemaking to reconsider various aspects of its 2015 HMDA rule, such as the institutional and transactional coverage tests and the rule’s discretionary data points.

12/22/2017

Agencies release annual CRA adjustments

The federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. As a result of the 2.11 percent increase in the CPI-W for the period ending in November 2017, the definitions of small and intermediate small institutions for CRA examinations will change, effective January 1, 2018, as follows:

  • "Small bank" or "small savings association" means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.252 billion.
  • "Intermediate small bank" or "intermediate small savings association" means a small institution with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 billion as of December 31 of either of the prior two calendar years.

12/22/2017

OFAC Magnitsky Act actions

Following on the heels of its publication yesterday of its Magnitsky Act Sanctions regulations, OFAC has announced a new Executive Order Blocking the Property of Persons Involved in Serious Human Rights Abuses and Corruption, and releasing new FAQs. It also added a number of Global Magnitsky designations (labeled "GLOMAG"). For identification of the individuals and entities targeted in those designations, see our OFAC Update.

12/21/2017

Magnitsky Act sanctions regulations announced

OFAC has announced the Magnitsky Act Sanctions Regulations, 31 CFR Part 584, pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012, Public Law 112-208. These regulations take effect today, with publication in the Federal Register. In addition, the names of five individuals have been added to the OFAC SDN List under the new sanctions. For the names and identification information of the individuals, see our OFAC Update.

12/21/2017

HMDA platform beta to shut down December 31

The CFPB has emailed institutions that participated in beta testing of the Bureau's HMDA Platform reminding them that the beta period will close on December 31, as the Bureau transitions to the filing period beginning January 1, 2018, for HMDA data collecting in 2017. All test accounts and test data from the beta period will be removed to complete the transition. In order to complete a submission during the filing period, users will need to create a new account at https://ffiec.cfpb.gov on or after January 1, 2018. The Bureau encourages financial institutions to continue providing feedback on their experience using the HMDA Platform and to direct any questions regarding the HMDA Platform to HMDAHelp@cfpb.gov.

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