Skip to content

How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Compliance Related

05/27/2020

FinCEN adjusts estimates of bank SAR costs

FinCEN has published a notice and request for comments [85 FR 31598] on a proposed renewal, without change, of its currently approved information collections relating to reports of suspicious transactions. Although no changes are proposed to the information collections themselves, the request for comments covers a proposed updated Paperwork Reduction Act burden estimate for the information collections. FinCEN has revised its burden estimate at the suggestion of the Office of Management and Budget. In its notice, FinCEN requests comments on its revised methodology for making the burden estimates. Comments must be filed by July 27, 2020.

05/26/2020

OFAC sanctions senior Nicaraguan officials

On Friday, OFAC designated two senior Nicaraguan government officials, Julio Cesar Aviles Castillo and Ivan Adolfo Acosta Montalvan, for supporting the corrupt Ortega regime. As a result of Friday’s action, all property and interests in property of these individuals that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by such individuals are also blocked. OFAC’s regulations generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons.

For identification information, see BankersOnline's OFAC Update.

05/22/2020

Labor Department approves electronic disclosures of pension plans

The Employment Benefits Security Administration of the Department of Labor has approved and submitted for Federal Register publication on May 27, a final rule adopting a new, additional safe harbor for employee benefit plan administrators to use electronic media, as a default, to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The rule allows plan administrators who satisfy specified conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website, or to furnish disclosures via email.

Individuals who prefer to receive disclosures on paper can request paper copies of disclosures and opt out of electronic delivery entirely. The rule will become effective July 27, 2020. The rule was published 5/27/2020 at 85 FR 31884.

05/22/2020

SEC amends financial disclosure rules

The Securities and Exchange Commission has announced that it has voted to adopt amendments to its rules and forms to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The amendments will update Commission rules which have not been comprehensively addressed since their adoption, some of them over 30 years ago.

The final rules, which affect SEC rules at 17 CFR parts 210, 230, 239, 240, 249, 270, and 274, will be effective January 1, 2021. Compliance will be required beginning with each registrant's fiscal year beginning on or after that date.

05/22/2020

Zimbabwe sanctions regs amended

OFAC has amended the Zimbabwe Sanctions Regulations at 31 CFR 541 to remove a general license that authorizes all transactions involving Agricultural Development Bank of Zimbabwe and Infrastructure Development Bank of Zimbabwe as a result of these entities being removed from OFAC’s Specially Designated Nationals and Blocked Persons List.

05/21/2020

Regulators release principles for small dollar lending

Yesterday, the Federal Reserve Board, FDIC, NCUA, and OCC jointly issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs. The agencies issued the "Interagency Lending Principles for Offering Responsible Small-Dollar Loans" to encourage supervised banks, savings associations, and credit unions to offer responsible small-dollar loans to customers for consumer and small business purposes.

05/21/2020

Fed CRA evaluation ratings

Our monthly check of the Federal Reserve Board's listing of CRA evaluation ratings reveals that 14 ratings were made public in April. All of those ratings were Satisfactory, except for the evaluation of Eagle Bank, Bethesda, Maryland, whom we congratulate for its Outstanding rating.

05/21/2020

OFAC sanctions senior Iranian officials for human rights abuses

Treasury announced Wednesday that OFAC had taken action against Iran’s Interior Minister for his role in serious human rights abuses against Iranians, as well as seven senior officials of Iran’s Law Enforcement Forces (LEF) and a provincial commander of Iran’s Islamic Revolutionary Guard Corps (IRGC). Yesterday’s action also targets the Bonyad Taavon NAJA, which is translated as LEF Cooperative Foundation, along with its director and members of the board of trustees. The LEF Cooperative Foundation is an economic collaborative controlled by the LEF and is active in Iran’s energy, construction, services, technology, and banking industries.

All property and interests in property of these persons that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC’s regulations generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons. for identification information, see BankersOnline's OFAC Update.

05/21/2020

OCC finalizes CRA rule without FDIC and Fed

The OCC has announced its release of a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).

The OCC reported it made several changes to its December 2019 proposal that respond to stakeholders’ comments, including:

  • Clarifying the importance of the quantity and quality of activities as well as their value.
  • Increasing credit for mortgage origination to promote availability of affordable housing in low- and moderate-income areas.
  • Clarifying credit for athletic facilities to ensure they benefit and support low- and moderate-income communities.
  • Deferring establishment of thresholds for grading banks’ CRA performance and delineating banks’ deposit-based assessment areas until the OCC assesses improved data required by the final rule.

The final CRA rule applies to national banks and savings associations, which, according to the OCC, conduct the majority of all CRA activity. The rule will become effective October 1, 2020, with a compliance date of January 1, 2023. Small and intermediate banks have until January 1, 2024, to comply with requirements involving assessment area, data collection and recordkeeping.

The FDIC, which had issued a proposal for CRA modernization jointly with the OCC in December 2019, issued a statement by Chairman Jelena McWilliams that the FDIC "is not prepared to finalize the CRA proposal at this time." The Federal Reserve Board has not issued a proposal to amend its current CRA regulations.

05/20/2020

Winners of FinCEN's BSA Awards program

FinCEN has announced the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program who will be publicly identified in an official ceremony on October 29, 2020 in Washington, DC.

The annual program recognizes law enforcement agencies that used Bank Secrecy Act (BSA) reporting to successfully pursue and prosecute criminal investigation in seven categories:

  • SAR Review Task Force - Federal Bureau of Investigation
  • Significant Fraud - Immigration and Customs Enforcement-Homeland Security Investigations
  • Cyber Threat - Immigration and Customs Enforcement-Homeland Security Investigations
  • State and Local Enforcement - New York State Police
  • Third Party Money Launderers - Internal Revenue Service-Criminal Investigation
  • Transnational Organized Crime - Drug Enforcement Administration
  • Transnational Security Threat Category - Federal Bureau of Investigation

The description of each investigation illustrates the key role of financial industry BSA filings in law enforcement's pursuit of criminals.

Pages

Training View All

Penalties View All

Search Top Stories