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Top Story Compliance Related


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.


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


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."


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.


OCC releases CRA evaluations made public in May

The Office of the Comptroller of the Currency has released a list of 18 Community Reinvestment Act performance evaluations of OCC-supervised institutions that became public in May 2021. Eleven of the evaluations listed were rated Satisfactory. We congratulate the seven institutions that received evaluation ratings of Outstanding:

  • Queensborough National Bank & Trust Company, Louisville, Georgia
  • Presidential Bank, FSB, Bethesda, Maryland
  • Riverwood Bank, Baxter, Minnesota
  • The Vinton County National Bank, McArthur, Ohio
  • First National Bank of Oklahoma, Oklahoma City, Oklahoma
  • Texas National Bank, Mercedes, Texas
  • Hilltop National Bank, Casper, Wyoming
  • 06/04/2021

    New Executive Order on Chinese Military-Industrial complex

    The president has signed new Executive Order 14032, "Addressing the Threat from Securities Investments that Finance Certain Companies of the People's Republic of China," and OFAC has issued new, and revised existing, FAQs. OFAC also added a new Non-SDN Chinese Military-Industrial Complex Companies List (using the label "CMIC-EO") and added a number of entities to that list.

    For details, see the June 3, 2021, BankersOnline OFAC Update

    Updated 6/7/2021 to add EO number.


    FDIC releases June list of CRA evaluation ratings

    The FDIC has released its June 2021 List of Banks Examined for CRA Compliance. Of the 86 banks listed, 81 received Satisfactory ratings, one received a Needs to Improve rating, and these four banks received Outstanding ratings:


    FHFA extends multifamily forbearance thru 9/30

    The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30, 2021.

    Property owners with Enterprise-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 emergency. Property owners who enter into a new or modified forbearance agreement must:

    • Inform tenants in writing about tenant protections available during the property owner's forbearance and repayment periods; and
    • Agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance.

    Additional tenant protections apply during the repayment periods. These protections include:

    • Giving tenants at least a 30-day notice to vacate;
    • Not charging tenants late fees or penalties for nonpayment of rent; and
    • Allowing tenant flexibility in the repayment of back-rent over time, and not necessarily in a lump sum.


    OFAC sanctions three Bulgarians and their network

    On Wednesday, Treasury announced that OFAC had sanctioned three Bulgarian individuals for their extensive roles in corruption in Bulgaria, as well as their networks encompassing 64 entities.

    This action targets Vassil Kroumov Bojkov, a prominent Bulgarian businessman and oligarch; Delyan Slavchev Peevski, a former Member of Parliament; Ilko Dimitrov Zhelyazkov, the former Deputy Chief of the Bulgarian State Agency for Technical Operations who was appointed to the National Bureau for Control on Special Intelligence-Gathering Devices; and the companies owned or controlled by the respective individuals.

    For identification information on the three individuals and 64 entities, see the June 2, 2021, BankersOnline OFAC Update.


    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.


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