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Top Story Compliance Related

05/31/2017

CFPB finance decision quiz

The Bureau has posted a quiz for consumers to see how prepared they are to make financial decisions. The quiz contains examples of questions 15-year-olds around the world were tested on to measure how ready they were to make real-world financial decisions.

05/31/2017

Deutsche Bank AG pays $41 million for AML deficiencies

The Board of Governors of the Federal Reserve System has announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.

The actions were taken by the Board to address unsafe and unsound practices at the firm's domestic banking operations. The Board identified failures by Deutsche Bank's U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.

The consent order requires Deutsche Bank to improve its senior management oversight and controls related to compliance by the U.S. banking operations with anti-money laundering laws. Our Penalty Page includes a link to a copy of the order.

05/30/2017

Report on FATF forum

The Financial Action Task Force (FATF) held a FinTech and RegTech Forum on May 25-26 in San Jose, California. The meeting, hosted by PayPal at its headquarters, was attended by over 150 representatives from the FinTech and RegTech sectors, financial institutions, and FATF members and observers. The forum discussed the significant trends and developments of FinTech and RegTech, and what the financial services landscape could look like in the near future, including peer-to-peer transfers, crowdfunding, distributed ledger-technology or blockchain-based services, analytical tools, KYC utilities, and digital identity.

05/30/2017

FDIC enforcement actions

The FDIC has issued a list of orders of administrative enforcement actions taken against banks and individuals in late March and in April and a Final Decision and Order issued in 2016. The administrative orders included one consent order, five removal and prohibition orders, five Section 19 orders, and four civil money penalties.

The 2016 Order involves a Louisiana bank that received an extensive cease and desist order affecting its directors, CEO, CFO, senior lender, BSA officer and entire compliance program, and an order to pay a $500,000 civil money penalty. There was also a $6,000 CMP assessed on an Iowa bank for violations of the Flood Disaster Protection Act.

There were two CMPs totaling $75,000 assessed on institution-affiliated individuals of an Elkhart, Texas, bank and one for $3,444 on a centennial, Colorado, bank. None of those three CMP orders cited reasons for the penalties.

05/26/2017

Bureau to evaluate ATR/QM rule

The CFPB announced yesterday a plan to assess the effectiveness of the Ability-to-Repay/Qualified Mortgage rule (ATR/QM rule). The Bureau is asking the public to comment on the plan, to suggest sources of data, and generally to provide information that would help with the assessment. Comments will be due within 60 days following publication of the request in the Federal Register.

UPDATE: Published at 82 FR 25246 on June 1, 2017, with comments due by July 31, 2017.

05/26/2017

NCUA Board approves new rules

The NCUA Board has held its fourth open meeting of 2017 at the agency’s headquarters and unanimously approved three items:

  • A proposed rule to provide greater transparency to members of federal credit unions when those credit unions are seeking voluntary mergers
  • A proposed rule to enhance due process and provide consistency with other federal financial institutions regulators in the supervisory appeals process
  • A proposed rule to provide uniform, comprehensive procedures to govern the agency’s regulatory appeals process

05/26/2017

FRB/US model packages updated

The Federal Reserve has posted an update of its main FRB/US model package, a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure.

05/26/2017

Atlanta bank paying $1.5M in Flood Act penalties

An Atlanta, Georgia, Bank received a Federal Reserve Bank order to pay $1,501,000 as a civil money penalty for a pattern or practice of violating the National Flood Insurance Act and § 208.25 of Federal Reserve Board Regulation H. No further information on the bank's violation was given. See our Penalty page for further information.

05/25/2017

25 Credit Unions pay call report late-filing penalties

The NCUA has announced that 25 federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2016 have consented to penalties totaling $10,365. Individual penalties ranged from $151 to $2,509. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

05/25/2017

Major Mexican heroin trafficking organization targeted by OFAC

OFAC has announced it has identified Mexican national Jose Luis Ruelas Torres and the Ruelas Torres Drug Trafficking Organization (Ruelas Torres DTO) as Significant Foreign Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Jose Luis Ruelas Torres is the leader of the Ruelas Torres DTO, a family-based, independent opium and heroin production and distribution organization that smuggles multi-kilogram heroin quantities into the United States. OFAC is also designating ten key Ruelas Torres DTO associates as Specially Designated Narcotics Traffickers pursuant to the Kingpin Act for their role in the organization. For identification information see our OFAC Update.

As a result of this action, all assets of those designated that are based in the United States or that are in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. Penalties for violations of the Kingpin Act range from civil penalties of up to $1,437,153 million per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines of up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to the Title 18 of the United States Code for criminal violations of the Kingpin Act.

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