Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Compliance Related

09/15/2020

FDIC guidance on Tropical Storm Isaias regulatory relief

The FDIC has issued guidance with FIL-89-2020 that includes steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by Tropical Storm Isaias.

09/15/2020

FinCEN ending AML exemption for banks without federal regulator

FinCEN has published [85 FR 57129] a Final Rule in today's Federal Register that will remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies.

The final rule requires minimum standards for anti-money laundering programs for banks without a Federal functional regulator to ensure that all banks, regardless of whether they are subject to Federal regulation and oversight, are required to establish and implement anti-money laundering programs, and extends customer identification program requirements and beneficial ownership requirements to those banks not already subject to these requirements.

The rule will be effective November 16, 2020, but carries a compliance date of March 15, 2021.

09/14/2020

SEC modernizes disclosures by banking registrants

The Securities and Exchange Commission has announced it has adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years. The rules also eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. Generally Accepted Accounting Standards or International Financial Reporting Standards. The rules replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in a new subpart 1400 of Regulation S-K. The rules are intended to help ensure that investors have access to more meaningful, relevant information about these registrants to facilitate their investment and voting decisions.

The Commission’s rules require disclosure about:

  • Distribution of assets, liabilities and stockholders’ equity, the related interest income and expense, and interest rates and interest differential;
  • Weighted average yield of investments in debt securities by maturity;
  • Maturity analysis of the loan portfolio including the amounts that have predetermined interest rates and floating or adjustable interest rates;
  • Certain credit ratios and the factors that explain material changes in the ratios, or the related components during the periods presented;
  • The allowance for credit losses by loan category; and
  • Bank deposits including average amounts and rate paid and amounts that are uninsured.

The rules will be effective 30 days after publication in the Federal Register and will apply to fiscal years ending on or after December 15, 2021. However, voluntary compliance with the new rules will be accepted in advance of the mandatory compliance date. Guide 3 will be rescinded effective January 1, 2023.

PUBLICATION UPDATE: Published at 85 FR 66108 on October 16, 2020. The effective date information above is unchanged. Voluntary early compliance with the final rules is permitted in advance of the registrant's mandatory compliance date, provided that the final rules are applied in their entirety from the date of early compliance.

09/11/2020

States all compliant with REAL ID

The Department of Homeland Security reports that, after more than 15 years since Congress passed the REAL ID Act, all 50 states are now in full compliance issuing REAL ID driver's licenses and state identification cards, with most states becoming compliant in the last four years. To date, the 50 states have issued more than 105 million REAL ID-compliant cards, representing 38 percent of all individuals with driver's licenses or ID cards.

On October 1, 2021 – less than 13 months away – full enforcement of REAL ID will take effect at all federally regulated airports, federal facilities, and nuclear power plants.

The Department continues to urge Americans to obtain a REAL ID-compliant card or acceptable alternative, such as a U.S. passport or passport card prior to the October 1, 2021, enforcement deadline.

09/11/2020

OFAC sanctions Russia-linked election interference actors

The Treasury Department has reported that OFAC has designated a Russia-linked individual for attempting to influence the U.S. electoral process. Andrii Derkack, a member of the Ukrainian parliament, was designated as an active Russian agent who has been directly or indirectly engaged in, sponsored, concealed, or otherwise been complicit in foreign interference in an attempt to undermine the upcoming 2020 U.S. presidential election.

Also designated were three Russian nationals -- Artem Lifshits, Anton Andreyev, and Darya Aslanova -- for acting on behalf of the Russian troll factory known as the Internet Research Agency (IRA), known to engage in activities designed to influence the outcome of the 2020 U.S. elections..

For identification details on the four designated individuals, see BankersOnline's OFAC Update.

09/10/2020

FTC settles with student loan debt scheme operators

The Federal Trade Commission has announced that the operators of a student loan debt relief scheme will pay at least $835,000 to settle Commission allegations that they charged illegal upfront fees and made false promises to consumers struggling with student loan debt. The settlement resolves FTC litigation against Carey G. Howe, Anna C. Howe, Shunmin Hsu, Ruddy Palacios, and Oliver Pomazi, five individuals who were named as defendants in the agency’s complaint against Arete Financial Group and several related companies. In the complaint filed in 2019, the FTC alleged that Arete and the other defendants pretended to be affiliated with the Department of Education and deceptively promised loan forgiveness, consolidation, and repayment programs to reduce or eliminate monthly payments and principal balances.

The proposed stipulated order bans the settling defendants from providing student loan debt relief services, prohibits them from violating the Telemarketing Sales Rule, and includes a monetary judgment of $43.3 million, which is partially suspended due to an inability to pay. The defendants will be required to surrender at least $835,000 and additional assets, which will be used for consumer redress. The order also requires the defendants’ full cooperation in the ongoing case and any related investigation.

09/10/2020

Comptroller’s Licensing Manual booklet updated

OCC Bulletin 2020-80, issued yesterday, announced an update of the "Federal Branches and Agencies" booklet of the Comptroller’s Licensing Manual, which revises and replaces the booklet of the same title issued in October 2019. The revised booklet makes clarifications and updates to the OCC's policies and processes regarding the establishment, operations, and other corporate activities of federally licensed offices of foreign banks, which include federal branches, limited federal branches, and federal agencies. The revised booklet:

  • clarifies various notice and application filing requirements and processes.
  • updates decision factors and criteria.
  • removes all internal licensing procedures.
  • makes other minor modifications throughout.

This booklet does not apply to licensing activities of national banks or federal savings associations.

09/10/2020

Deutsche Bank settles OFAC violations

OFAC has announced two settlements totaling $583,100 with Deutsche Bank Trust Company Americas regarding apparent violations of the Ukraine-Related Sanctions Regulations. OFAC determined that neither case was voluntarily self-disclosed to OFAC, but the apparent violations constitute non-egregious cases, and the bank cooperated during the investigation and made immediate corrections to its procedures to prevent future violations of the types cited. .The maximum civil penalty amount for the apparent violations was over $75.7 million. For additional information, see "Deutsche Bank Trust Company settles with OFAC" in BankersOnline's Penalty pages.

09/10/2020

CFPB Summer 2020 Supervisory Highlights

The Consumer Financial Protection Bureau has published [85 FR 55828] in the Federal Register Issue 22 (Summer 2020) of its Supervisory Highlights report. This edition of the report discusses exam findings in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing and payday lending.

09/09/2020

NY AG and CFPB file suit against debt collection network

The New York Attorney General and the CFPB have filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, for their participation in a debt-collection operation using illegal methods to collect debts.

The company defendants are: JPL Recovery Solutions, LLC; Regency One Capital LLC; ROC Asset Solutions LLC, which does business as API Recovery Solutions; Check Security Associates LLC, which does business as Warner Location Services and Orchard Payment Processing Systems; and Keystone Recovery Group. The individual defendants are Christopher Di Re and Scott Croce, who have held ownership interests in some or all of the defendant companies; and Brian Koziel and Marc Gracie, who are members of Keystone Recovery Group, and have acted as managers of some or all of the defendant companies.

The complaint alleges that from at least 2015 through the present, the defendants have participated in a debt-collection operation that has used deceptive, harassing, and improper methods to induce consumers to make payments to them in violation of the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Act (CFPA). The New York Attorney General alleges violations of New York law based on the same conduct.

The complaint seeks consumer redress, disgorgement of ill-gotten gains, civil money penalties, and injunctive relief against the defendants.

Pages

Training View All

Penalties View All

Search Top Stories