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Top Story Compliance Related

06/03/2020

OFAC targets companies in Venezuela oil trade

On Tuesday, the Treasury Department reported that OFAC designated four companies and four crude oil tankers for operating in the oil sector of the Venezuelan economy.

As a result of Tuesday’s action, all property and interests in property of these entities 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 the designated entities are also blocked. For identity information on the designated entities and vessels, see BankersOnline's OFAC Update.

06/01/2020

FDIC issues July–December CRA exam schedule

The FDIC has issued its lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third and fourth quarter 2020.

CRA examinations are scheduled based on an institution's asset size and CRA rating. Without reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months, and an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.

06/01/2020

Aggregate consolidated liabilities report released

The Federal Reserve has released its annual determination of the aggregate consolidated liabilities of financial companies as required by the Dodd-Frank Act. The act prohibits a financial company from combining with another company if the resulting company's liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies. Effective July 1, 2020, aggregate consolidated liabilities equal $21,229,884,414,000. This number, which is the average of the year-end financial sector liabilities of the preceding two years, will be the measure of aggregate consolidated liabilities from July 1, 2020 through June 30, 2021.

05/29/2020

OCC enforcement actions

The OCC has released enforcement orders issued by the agency in April.

  • Mission National Bank, San Francisco, California, consented to the issuance of a Cease and Desist Order following findings by the OCC that the bank engaged in unsafe or unsound practices and violations of law, rule, or regulation relating to the bank's failure to establish and maintain an acceptable Bank Secrecy Act/Anti-Money Laundering compliance program.
  • A former vice president for human resources and chief operations officer for First National Bank, Bagley, Minnesota, consented to the issuance of an order of prohibition and for the payment of a civil money penalty of $15,000, following an OCC finding that she misappropriated $72,700 in bank funds by causing the bank to pay her annual bonuses greater than those approved by the bank due to her unilateral control of the bank's payroll process.
  • a former teller at PNC Bank, N.A., Wilmington, Delaware, was issued a Prohibition Order after failing to appear for a hearing on charges that he had misappropriated bank funds from his teller drawer and an ATM under his sole control, resulting in a bank loss of nearly $12,000.

05/28/2020

NCUA BSA webinar

The NCUA has announced its “Bank Secrecy Act: Review and Reminders” webinar is scheduled for June 17, 2020. The webinar will provide credit unions information on best practices in Bank Secrecy Act programs and avoiding pitfalls from non-compliance. The 90-minute presentation is scheduled to begin at 3 p.m. Eastern. Online registration is available.

05/28/2020

OCC CRA evaluation schedule

The OCC has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2020.

05/28/2020

State Department ends Iran sanctions waiver

Secretary of State Pompeo announced yesterday the end of the sanctions waiver covering all remaining JCPOA-originating nuclear projects in Iran – the Arak reactor conversion, the provision of enriched uranium for the Tehran Research Reactor, and the export of Iran’s spent and scrap research reactor fuel. The sanctions waiver covering these activities will end following a final, 60-day wind-down period allowing companies and entities involved in these activities to cease their operations.

Secretary Pompeo also announced the designation of Majid Agha’i and Amjad Sazgar pursuant to E.O. 13382 for engaging or attempting to engage in activities that have materially contributed to, or pose a risk of materially contributing to, the proliferation of weapons of mass destruction. Identification information for these individuals can be found in BankersOnline's OFAC Update.

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.

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