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Top Story Compliance Related

11/16/2016

GAO critiques Fed stress tests implementation

The Government Accountability Office has issued a report of its recent review of the Federal Reserve Board's Dodd-Frank Act Stress Tests (DFAST) and Comprehensive Capital Analysis and Review (CCAR) programs. The report examines how the stress test programs compare, the CCAR qualitative assessment, and the design of the stress test scenarios and models. GAO made 15 recommendations to help improve the effectiveness of the Federal Reserve's stress test programs, such as improving disclosures and communications to firms, considering the potential consequences of its scenario design choices, and expanding model risk management to include the entire system of models. The Federal Reserve generally agreed with the recommendations and highlighted select ongoing and future efforts.

11/16/2016

November NCUA Report

The November 2016 issue of The NCUA Report has been posted. It examines how the recent changes to the NCUA’s rules governing field of membership will facilitate consumer access to credit at federal credit unions.

11/16/2016

FDIC to hold webinar on community investment interagency Q&As

The FDIC has issued FIL-77-2016 to announce an interagency webinar scheduled for November 29, 2016, that will focus on the recently revised Interagency Questions and Answers regarding Community Reinvestment.

11/16/2016

FHFA performance report

The Federal Housing Finance Agency (FHFA) has released its Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2016.

11/16/2016

FDIC final rule on failed large bank deposit access

The 38 largest FDIC-insured financial institutions -- those with more than two million deposit accounts -- will have three years to develop the recordkeeping and information technology systems required for compliance with the FDIC's final rule establishing recordkeeping requirements for such institutions to facilitate rapid payment of insured deposits to customers if the institutions were to fail. The institutions are required to ensure that their IT systems are capable of calculating the amount of insured money for most depositors within 24 hours of a failure. The rule, which will add a new Part 370 in title 12 of the CFR, will become effective April 1, 2017, and covered institutions will have three years from the later of that date or the date on which an insured institution becomes covered by the rule, to comply.

11/15/2016

Payments to scam victims

Yesterday, the Federal Trade Commission announced the mailing of 3,446 checks totaling more than $830,000 to people who lost money to Centro Natural Corp and Sumore LLC, a telemarketing scheme whose operators were banned from debt collection and telemarketing under a settlement with the FTC. According to the FTC's complaint, the defendants used international telemarketers to target Spanish-speaking consumers and demand they pay bogus debts. Callers claimed to be government officials, and threatened people who refused to pay with arrest, legal actions and immigration investigations. These telemarketers also pressured people into paying for unwanted products by telling them it would “settle” their debt. People who lost money to this scheme will get an average of $240.95 back.

11/15/2016

OFAC sanctions Russian individuals

OFAC has announced its designation of six individuals who represent Crimea and Sevastopol in the Russian State Duma (Parliament). The six were sanctioned for being responsible for or complicit in actions or policies that undermine democratic processes or institutions in Ukraine and actions or policies that threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine. See BankersOnline's OFAC Update for details.

11/15/2016

OFAC fall symposium

OFAC has issued a save-the-date invitation for its 2016 Fall Symposium to be held in Washington, D.C. on December 7. The event will provide a comprehensive review of current U.S. economic sanctions. It will include presentations on OFAC regulations, as well as targeted reviews of sanctions concerns for new and updated OFAC- administered programs. In addition to formal presentations by key personnel, OFAC staff will be available throughout the day to answer individual questions from participants.

11/15/2016

Delaware corp in $5.9M OFAC settlement

Treasury has announced that National Oilwell Varco, Inc., a Delaware corporation, and its subsidiaries Dreco Energy Services, Ltd. ("Dreco") and NOV Elmar ("Elmar") have agreed to pay $5,976,028 to settle their potential civil liability for apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Sudanese Sanctions Regulations.

11/14/2016

RAD guidance issued by HUD

HUD has announced it has issued formal guidance to Public Housing Authorities and others participating in the Department’s Rental Assistance Demonstration (RAD) on how to meet their fair housing, civil rights and relocation obligations during all phases of RAD’s conversion process.

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