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Top Story Compliance Related

06/15/2021

FTC to review Business Opportunity Rule

The Federal Trade Commission has announced that, as part of its systematic review of all current Commission rules and guides, it will review 16 CFR 437, the Business Opportunity Rule, in 2021. The Rule requires business opportunity sellers to give prospective buyers specific information to help them evaluate a business opportunity, thus ensuring that the prospective purchasers have the information they need in order to assess the risks of buying a work-at-home program or any other business opportunity.

06/14/2021

New American Rescue Plan FAQs from IRS

The IRS has announced it has posted two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and min-sized employers in claiming credits under the American Rescue Plan (ARP):

  • Child and dependent care credit - For 2021, the ARP increased the maximum amount of work-related expenses for qualifying care that may be taken into account in calculating the credit, increased the maximum percentage of those expenses for which the credit may be taken, modified how the credit is reduced for higher earners, and made it refundable.
  • Paid sick and family leave credits - The FAQs include information on how eligible employers may claim the paid sick and family leave credits, including how to file for and compute the applicable credit amounts, and how to receive advance payments for and refunds of the credits. Under the ARP, eligible employers, including businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, may claim tax credits for qualified leave wages and certain other wage-related expenses (such as health plan expenses and certain collectively bargained benefits) paid with respect to leave taken by employees April 1, 2021, through September 30, 2021.

06/11/2021

FDIC guidance on recovery after Louisiana storms

The FDIC has issued FIL-40-2021 with guidance and steps to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe storms, tornadoes, and flooding May 17–21..

06/11/2021

OFAC sanctions smuggling network

Yesterday, OFAC designated members of a smuggling network that helps fund Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Houthis in Yemen. OFAC's action was taken under the counterterrorism authority Executive Order (E.O.) 13224, as amended. The IRGC-QF was designated under E.O. 13224 in 2007 for support to numerous terrorist groups.

OFAC and the Department of State also lifted sanctions on three former Government of Iran officials, and two companies formerly involved in the purchase, acquisition, sale, transport, or marketing of Iranian petrochemical products. These delistings are a result of a verified change in behavior or status on the part of the sanctioned parties,

For details on the parties affected by OFAC's actions, see the June 10, 2021, BankersOnline OFAC Update.

06/10/2021

FTC sends $30M in refunds to schools scam victims

The Federal Trade Commission is sending nearly $30 million in refunds to people tricked by agents working on behalf of Career Education Corporation (currently operating as Perdoceo Education Corporation), the operator of several post-secondary schools. CEC’s lead generators tricked consumers into providing their information and enrolling at CEC schools using a variety of deceptive methods, including pretending to be U.S. military recruiters, or affiliated with the military, and falsely promising to provide assistance with job placement and various public benefits, according to the FTC’s complaint. CEC’s lead generators tricked consumers into providing their information and enrolling at CEC schools using a variety of deceptive methods, including pretending to be U.S. military recruiters, or affiliated with the military, and falsely promising to provide assistance with job placement and various public benefits.

The FTC mailed approximately $30 million to more than 8,000 recipients yesterday. The average refund is more than $3,700 per person, the largest per person average in the agency’s history.

06/10/2021

Reserve Banks released two outstanding CRA evals in May

The Federal Reserve Banks released two CRA evaluations rated Outstanding in May 2021. We congratulate:

The Reserve Banks also released 13 CRA evaluations in May with Satisfactory ratings.

06/10/2021

OFAC sanctions Nicaraguan officials

The Treasury Department has reported that OFAC has designated four individuals who support the Ortega regime in Nicaragua. The individuals sanctioned on June 9 are Camila Antonia Ortega Murillo, the Coordinator of the Creative Economy Commission and daughter of Nicaraguan President Daniel Ortega; Leonardo Ovidio Reyes Ramirez, President of the Central Bank of Nicaragua (BCN); Edwin Ramon Castro Rivera, a deputy of the Nicaraguan National Assembly (NNA); and Julio Modesto Rodriguez Balladares, a Brigadier General of the Nicaraguan Army and Executive Director of the Military Social Welfare Institute (IPSM).

Yesterday’s action, taken under the authority of Executive Order 13851, “Blocking Property of Certain Persons Contributing to the Situation in Nicaragua,” targets individuals who are officials of the Government of Nicaragua or who have served as officials of the Government of Nicaragua at any time on or after January 10, 2007.

As a result of this 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 on the four designated individuals, see the June 9, 2021, BankersOnline OFAC Update.

06/10/2021

CFPB Reg E FAQs on unauthorized EFTs

The CFPB has posted a series of eight FAQs on unauthorized electronic fund transfers and error resolution under Regulation E on a new Electronic Fund Transfers compliance resource webpage. The FAQs address these topics:

  • Fraudulent inducement to share account access information
  • Consumer negligence and liability for unauthorized EFTs
  • Modification or waiver of Regulation E protections
  • Regulation E and private network rules
  • Conditioning error investigations on police reports, etc.
  • Requiring a consumer to contact the merchant before starting an investigation
  • Determining consumer liability for unauthorized EFTs

06/10/2021

New Western Balkans Executive Order

OFAC has reported that the president has issued a new Executive Order,"Blocking Property and Suspending Entry into the United States of Certain Persons Contributing to the Destabilizing Situation in the Western Balkans."

06/09/2021

IRS reminder of estimated tax deadline

The IRS has issued a reminder that taxpayers who pay estimated taxes of the June 15 deadline to make their estimated tax payment for the second quarter of tax year 2021 without penalty. Individual taxpayers can use the IRS Interactive Tax Assistant online to see if they are required to pay estimated taxes. They can also see the worksheet in Form 1040-ES, Estimated Tax for Individuals, for more details on who must pay estimated tax.

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