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Top Story Compliance Related


Yellen asks Congress for project funding

In testimony before the House Subcommittee on Financial Services and General Government Committee on Appropriations, Treasury Secretary Yellen pointed to sections of the administration's formal budget where funding is needed.

  • FinCEN has been tasked with building a database that collects and secures beneficial ownership information, but Congress has not yet provided any funding to do it.
  • Congress has dramatically expanded funding for Community Development Financial Institutions with supplemental appropriations. However, it is challenging for the CDFI Fund to distribute greater resources and scale these programs without additional administrative funding.
  • The IRS needs additional resources to augment its auditing staff to ensure taxpayer compliance.


OFAC posts Xiaomi Corporation-related FAQ

OFAC has posted a new FAQ stating that Executive Order 13959 (Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies) does not apply to Xiaomi Corporation.


OCC virtual compliance risk workshops for directors

The OCC has scheduled free, virtual workshops on compliance risk for boards of directors of community national banks and federal savings associations. The examiner-led workshops provide training and guidance on the critical elements of an effective compliance risk management program, regulations such as the Bank Secrecy Act and the Equal Credit Opportunity Act, and other emerging issues regarding compliance risk. Registration is open for workshops in July and August, and additional workshops will be offered in the fall.

Other OCC virtual directors workshops are also offered.

The schedule of the workshops and registration information are available on the OCC's website.


FinCEN Innovation Hours program on privacy enhancing technologies

The Financial Crimes Enforcement Network (FinCEN) has announced it will host a special virtual FinCEN Innovation Hours Program on September 9, 2021, focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks that undermine the integrity and opportunity of the U.S. financial system. FinCEN encourages participation by companies developing solutions to privacy issues, such as homomorphic encryption, zero-knowledge proofs, and other technology that balances privacy and financial integrity. This could include fintech companies, regtech companies, venture capital firms, and financial institutions.

FinCEN requests that demonstrations highlight how the innovative solutions work and how financial institutions or business and retail consumers might use them, or how they may support private- and public-sector efforts to enhance our financial integrity, while protecting national security and personal privacy. Each meeting will last no longer than an hour.

Interested companies should submit a request online no later than July 23, 2021, and provide applicable background information about their firm’s business and innovative products. The number of individual demonstration sessions will depend on available time and the number of participants.


FEMA to suspend four Michigan communities from flood program

FEMA has published [86 FR 28290] a notice in today's Federal Register identifying four communities in Michigan — Arcadia, Manistee, and Stronach Townships, and the City of Manistee, all in Manistee County — that the agency has scheduled for suspension, effective June 2, 2021, from the National Flood Insurance Program, for noncompliance with the floodplain management requirements of the program.

If FEMA receives documentation prior to June 2 that a community scheduled for suspension has adopted the required management measures, that community will not be suspended.


FTC schedules Virtual Ad and Data Security workshop

The Federal Trade Commission and its regional partners in Dallas, Texas, will host a free, virtual workshop on June 24, 2021, to discuss advertising and data security basics for small businesses, advertising professionals, and attorneys who advise them.

The Green Lights & Red Flags: FTC Rules of the Road for Business workshop will bring together Texas business owners, marketing executives, and attorneys with national and state legal experts to provide practical insights about how established consumer protection principles apply in today’s fast-paced marketplace. The workshop will be held online from Dallas on Tuesday, June 24, 1 – 5 p.m. CDT. Space is limited and online registration is open.


Agencies finalize Call Report revisions

The FDIC has published FIL-36-2021 on behalf of itself and the OCC and Federal Reserve Board to announce they have published [86 FR 27961] in the May 24, 2021, Federal Register final regulatory reporting changes applicable to the three versions of the Call Report. The changes will allow the FDIC to implement its recently proposed amendments to the deposit insurance assessment system applicable to large and highly complex insured depository institutions.

Changes proposed in December 2020 have been finalized without change effective with the June 30, 2021, Call Report. Changes proposed in February 2021 are being implemented with some modifications described in the May 24 Federal Register notice, effective with the September 30, 2021, Call Report.

Redlined copies of the three Call Report forms showing the proposed changes and the related draft reporting instructions will be available on the FFIEC's webpages for the reports, accessible from the FFIEC's Reporting Forms page.


OCC CRA evals scheduled for July-December

The Office of the Comptroller of the Currency has posted a list -- in alphabetic order by city within state -- of national banks and federal savings associations scheduled to be evaluated for compliance with the Community Reinvestment Act during the third and fourth quarters of 2021.


HUD pens agreement with Sacramento apartment management company

HUD has announced it has reached a Conciliation/Voluntary Compliance Agreement with Cascade Village Apartments II, LP, in Sacramento, CA, its management company, FPI Management, Inc., and FPI’s portfolio manager resolving allegations that they violated the Fair Housing Act by failing to provide language access services to Vietnamese residents and retaliating against a Cascade Village employee for advocating for residents with limited English proficiency to receive oral interpretation services and translated vital documents.

Under the terms of the settlement, FPI Management, Inc., agrees to, among other things, pay $10,000 to the employee who filed the complaint. FPI Management will also provide $20,075 in compensation to residents of the property, with each household receiving $275 as either a check or as a rent credit. In addition, a notification letter will be sent to each household in their primary language notifying them of the agreement, including that FPI Management will provide limited English proficient applicants with free oral interpretation services and translated documents when required by law.


CFPB acts against auto lender for unfair practices

The CFPB issued a press release on Friday reporting it had issued a consent order against 3rd Generation, Inc., DBA California Auto Finance for illegally charging interest on late payments on its Loss Damage Waiver (LDW) product without its customers’ knowledge. The CFPB’s order requires California Auto to refund or credit customers harmed by the conduct, furnish corrected information to credit reporting agencies, and pay a civil penalty and also prohibits the company from charging interest on late payments without disclosing costs.

California Auto is an auto-loan finance company serving consumers in California. California Auto services subprime auto loans that were originated by car dealers and later assigned to California Auto. California Auto required its customers to agree that if they had insufficient insurance coverage for their automobiles, they would add “loss-damage-waiver” coverage to their accounts. LDW is a product that, for a monthly fee, covers cancellation of the customer’s debt in the event of a total vehicle loss or the cost of a repair if the vehicle was not a total loss.

The Bureau found that, when a customer’s LDW payment was late, California Auto would charge interest on the late payment, but it did not disclose this interest to the customer. Between 2016 and 2021, California Auto charged about 5,800 customer accounts a total of $565,813 in interest on late payments of loss-damage-waiver fees without disclosing the charges, a practice that the Bureau found to be unfair and a violation of the Consumer Financial Protection Act.

The Bureau's consent order requires California Auto to:

  • Provide a total of $565,813 of consumer relief to 5,782 customers, including refunds and account credits. California Auto is also correcting certain consumers’ credit records.
  • Pay a $50,000 penalty to be deposited in the CFPB’s Civil Penalty Fund
  • Stop its illegal practice of charging interest on late payments of LDW without disclosing to customers that interest and how it accrues
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