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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

06/02/2021

Summary of Deposits survey due by July 31

The FDIC, in FIL-39-2021, reminded all FDIC insured institutions with branches that its annual Summary of Deposits survey must be completed and filed no later than July 31, 2021. Institutions with a main office and no branches are exempt.

06/01/2021

Administration proposes expanded reporting to IRS

The Treasury Department has released the Biden Administration's Budget (the "Greenbook") for Fiscal Year 2022. Included in a section on improving taxpayer compliance is a proposal to introduce Comprehensive Financial Account Reporting by financial institutions, which would, starting in 2023, apply to all business and personal accounts at financial institutions, including deposit accounts, loans and investment accounts. A $600 de minimis gross inflow threshold would apply to reporting, and Treasury would have broad authority to issue regulations for the proposed requirements.

06/01/2021

FDIC CRA exam schedule released

The FDIC has issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter and fourth quarter of 2021 .

06/01/2021

Burma sanctions published

OFAC has published [86 FR 29197] in this morning's Federal Register Burma Sanctions Regulations (31 CFR Part 525) to implement Executive Order 14014, "Blocking Property With Respect to the Situation in Burma." OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance, general licenses, and other regulatory provisions. The rule is effective June 1, 2021.

05/28/2021

Agencies extend period for CRA credit for Hurricane Maria-related efforts

The federal bank regulatory agencies yesterday issued a joint statement that they are extending the period for giving favorable consideration under Community Reinvestment Act regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined that a 36-month extension through September 20, 2023, is appropriate given the continuing economic impact of Maria in Puerto Rico and the U.S. Virgin Islands.

05/28/2021

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.

05/28/2021

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.

05/27/2021

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.

05/27/2021

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.

05/26/2021

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.

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