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The CFPB has published at 82 FR 3601 in today's Federal Register a final rule adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Inflation Adjustment Act), as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The amendments will be made to the Bureau's Adminstrative regulation, "Civil Penalty Adjustments," at 12 CFR Part 1083. The rule is effective January 15, 2017.

The OCC has issued notices of charges for prohibition and notices of assessment of civil money penalty against Richard Usher, former Head of G10 Spot Trading at JPMorgan Chase Bank, N.A., and Rohan Ramchandani, former Head of European Spot Trading at Citibank, N.A. The OCC also fined Usher and Ramchandani $5 million each for violating the Sherman Antitrust Act, engaging in unsafe or unsound practices, and breaching their fiduciary duties related to their conduct in the foreign exchange (FOREX) market. Concurrent with the OCC’s enforcement action, the Department of Justice also issued indictments against Usher and Ramchandani for violations of the Sherman Antitrust Act. In addition, the Federal Reserve announced enforcement actions against another trader in the Cartel chat room. Usher and Ramchandani may request a hearing challenging their respective notice of charges for prohibition and notice of assessment of civil money penalties. For additional details, see our Penalty page concerning the OCC's announcement.

OFAC has designated seven individuals and identified as blocked two entities of the North Korean regime in response to the regime’s ongoing and serious human rights abuses and censorship activities. Treasury is taking this action in conjunction with the State Department’s “Report on Serious Human Rights Abuses or Censorship in North Korea,” which is being submitted in accordance with the North Korea Sanctions and Policy Enhancement Act of 2016. As a result of these actions, any property or interest in property of those designated by OFAC within U.S. jurisdiction is frozen. Additionally, transactions by U.S. persons involving the designated persons are generally prohibited. The identifications of two entities as blocked were issued pursuant to E.O. 13722, which, among others, blocks the property and interests in property of the Government of North Korea and the Workers’ Party of Korea, including those two entities. See our OFAC Update for additional information.

The FDIC, OCC and Federal Reserve have, via FIL-4-2017, delivered materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2016, report date. Except for certain institutions with foreign offices, completed Call Reports must be received by Monday, January 30, 2017. No extensions of time for submitting Call Report data are granted. The FIL includes a link to supplemental instructions.

Treasury’s Office of Foreign Assets Control (OFAC) has acted to disrupt the Islamic State of Iraq and the Levant’s (ISIL) global fundraising and support network by designating four individuals – Neil Christopher Prakash, Khaled Sharrouf, Bachrumsyah Mennor Usman, and Oman Rochman – as Specially Designated Global Terrorists (SDGTs) pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. The individuals designated today include ISIL members based in Iraq, Syria, and Indonesia who are involved in ISIL’s propaganda, recruitment, and support networks in Southeast Asia and Australia. As a result of these actions, all property and interests in property of Prakash, Sharrouf, Usman, and Rochman subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

OFAC also announced that the State Department has designated Jamaah Ansharut Daulah (JAD) and Alexanda Amon Kotey pursuant to E.O. 13224. JAD is a terrorist group based in Indonesia that was formed in 2015 and is composed of almost two dozen Indonesian extremist groups that pledged allegiance to ISIL leader Abu Bakr al-Baghdadi. Kotey, a British national, is one of four members of the ISIL execution cell known as “The Beatles.”

For links and further information, see our OFAC Update.

The CFPB has posted a blog article encouraging consumers who are considering buying a home to first check their credit history and scores. A link to a downloadable credit report checklist is also provided.

A Kansas man and his companies have been charged by the Federal Trade Commission with selling portfolios of fake payday loan debts that debt collectors used to get people to pay on debts they did not owe. The Commission has filed a complaint and a federal court has halted the operation pending a ruling on the complaint.

The NCUA has announced that credit union service organizations will have from February 1 to March 31 to complete their annual required reaffirmation with the National Credit Union Administration's CUSO Registry. CUSOs can complete this free required process online through the registry.

The FDIC has reported that Jay N. Lerner has been sworn in as the Inspector General of the agency. Mr. Lerner oversees the Office of Inspector General, which conducts investigations of potential fraud and other crimes related to insured financial institutions and closed banks. The office also works to detect and deter waste, fraud, and abuse at the FDIC, while promoting economy and efficiency at the agency.

The Federal Reserve Board has made available a self-assessment template for regulated institutions in support of the Interagency Policy Statement Establishing Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities. Under the Policy Statement, a self-assessment by an institution is voluntary. An institution that conducts a self-assessment of its diversity policies and practices using the standards contained in the Statement of Policy may utilize this template or its own assessment tool.