Top Story Compliance Related

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.

The Financial Action Task Force (FATF) has issued a follow-up report re-rating Austria as a result of the country's progress in addressing the technical compliance deficiencies identified in FATF's 2016 mutual evaluation.

OCC Bulletin 2017-61 and FDIC FIL-62-2017 have been issued regarding interagency examiner guidance for institutions affected by a disaster that results in a presidential declaration of a major disaster. The guidance also applies to institutions that may be located outside the area declared a major disaster, but have loans to or investments in individuals or entities located in such an area.

FinCEN announced on Friday it has updated its Answers to Frequently Asked Bank Secrecy Act (BSA) Questions on its website. The updates removed several outdated questions, updated references to the Code of Federal Regulations, and modified the answer to question 16 regarding how to address a current issue involving the Designation of Exempt Person (DEP) form.

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations, during the months of October and November 2017. Included were two civil money penalty orders, one removal/prohibition order with restitution, one removal/prohibition order, and one cease and desist order. There were also five orders terminating existing enforcement actions.

One of the civil money penalties was issued to Citibank, N.A., Sioux Falls, SD, and its operating subsidiary CitiMortgage, Inc., in the amount of $452,000, for a pattern or practice of Flood Act violations. See our penalty page for additional information. The other civil money penalty order was issued to a former Iowa bank director for violations of Regulation O and related infractions. The former CFO and director of an Arkansas bank was banned from the industry and ordered to pay $100,000 restitution to his former bank.

Treasury has announced OFAC's designation of Okot Lukwang and Musa Hatari for facilitating the transfer of ivory, weapons, and money in support of the Lord's Resistance Army (LRA). See our OFAC Update for identification information.

The Department of Justice has announced that IBERIABANK Corporation, IBERIABANK and IBERIABANK Mortgage Company have agreed to pay the United States $11,692,149 to resolve allegations that they violated the False Claims Act by falsely certifying they were complying with Federal requirements in order to obtain insurance on mortgage loans from the Federal Housing Administration. IBERIABANK Corporation is headquartered in Lafayette, Louisiana, with branches across the Southeast, including Arkansas. From 2005 through 2014, IBERIABANK was a direct endorsement lender, and is alleged to have falsely endorsed for FHA insurance loans that were ineligible for coverage. See "IBERIABANK to pay $11.69M for false loan guarantee claims," in our Penalty pages, for more information.

The OCC has issued a proclamation allowing national banks and federal savings associations affected by wildfires in California to close.

The Fed, FDIC, and OCC have issued a joint press release announcing their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis. The Governors and Heads of Supervision and the Basel Committee on Banking Supervision Thursday announced the finalization of the reforms to the "Basel III" agreement on bank capital standards. With this agreement, the Basel Committee will bring to conclusion the international reforms initiated in response to the global financial crisis.

The Bureau has released its Ombudsman’s Office 2017 annual report.