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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

11/21/2016

OFAC SDN removals and updates

Treasury has announced that seventeen entries for individuals and entities have been deleted from the SDN List. Changes were made to three existing entries. See BankersOnline's OFAC Update for details.

11/21/2016

Registration open for OFAC Fall Symposium

OFAC has announced that registration is open for its 2016 Fall Symposium. The event will include presentations on OFAC regulations affecting all U.S. persons, as well as targeted reviews of sanctions concerns for new and updated OFAC programs. In addition to formal presentations, OFAC staff will be available throughout the day to answer questions on issues unique to a number of regulated industries.

11/18/2016

$7B in tax credits allocated by Treasury

The Treasury Department has announced that 120 organizations nationwide will receive a total of $7 billion in New Markets Tax Credit awards from its Community Development Financial Institutions Fund (CDFI Fund). The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.

11/18/2016

Bureau posts 'rural or underserved' lists

The CFPB has posted on its website a list of counties determined to be "rural" and a list of counties determined to be "rural or underserved" during 2016 for purposes of applying certain regulatory provisions related to mortgage loans during 2017.

11/18/2016

OCC releases enforcement actions

The Office of the Comptroller of the Currency has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Included were five orders for civil money penalties, seven removal/prohibition orders, and three orders to make restitution.

Flagstar Bank, FSB, Troy Michigan, was ordered to pay $500,000 for failing to comply with previous final orders to address failings in its program for compliance with the Flood Disaster Protection Act.,

Three former directors of Landmark Community Bank, N.A. were issued orders of prohibition and restitution, two of the orders directing payments of $45,000 each, for related acts. And two institution-related parties of Los Alamos National Bank were issued orders of prohibition and civil money penalties totaling $15,000 relating to their involvement with Federal Reserve and SEC actions in 2015 against the bank and its holding company for material accounting fraud.

11/18/2016

J.P. Morgan Chase & Co. to pay $264.5M for hiring practices

The Federal Reserve Board has ordered J,P. Morgan Chase & Co. to pay a $61,932,500 civil money penalty for unsafe and unsound practices related to the firm's practice of hiring individuals referred by foreign officials and other clients in order to obtain improper business advantages for the firm. In levying the fine on JPMorgan Chase, the Federal Reserve Board found that the firm's Asia-Pacific investment bank operated an improper referral hiring program. The firm offered internships, trainings, and other employment opportunities to candidates who were referred by foreign government officials and existing or prospective commercial clients to obtain improper business advantages. The Federal Reserve found that the firm did not have adequate enterprise-wide controls to ensure that referred candidates were appropriately vetted and hired in accordance with applicable anti-bribery laws and firm policies.

The SEC announced JPMorgan agreed to pay more than $130 million to settle SEC charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their relatives and friends in violation of the Foreign Corrupt Practices Act (FCPA). In addition, the U.S. Department of Justice announced that JPMorgan's Hong Kong-based subsidiary has agreed to pay a $72 million penalty for its role in the scheme to corruptly gain advantages in winning banking deals by awarding prestigious jobs to relatives and friends of Chinese government officials.

For additional information on the enforcement actions, see "J.P. Morgan Chase & Co. to pay for hiring practices," in our Penalties pages.

11/17/2016

CFPB posts fact sheet on Prepaid Rule dates

The Consumer Financial Protection Bureau has posted a new fact sheet on its Prepaid Rule implementation and guidance page to highlight the rule's effective dates and related exceptions and accommodations. In general, the rule becomes effective October 1, 2017.

11/17/2016

CFATF money laundering and terrorist financing report

The Caribbean Financial Action Task Force (CFATF) has issued a public statement on Haiti's lack of progress in addressing strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regime. CFATF acknowledged the significant progress made by Suriname in improving its AML/CFT regime. Guyana is no longer subject to the CFATF-ICRG review process.

11/17/2016

NCUA to host vendor management webinar

The NCUA will host a free 90-minute webinar, “Vendor Due Diligence,” on December 7, 2016, beginning at 2 p.m. EST.

11/17/2016

HUD expands equal access rules to Native American/Hawaiian programs

The Department of Housing and Urban Development published at 81 FR 80989 in this morning's Federal Register a final rule revising its Native American and Native Hawaiian program regulations to ensure all eligible individuals and families, regardless of sexual orientation, gender identity, or marital status, have access to these programs. This final rule seeks to provide consistency across HUD programs and restates the Department’s commitment that eligibility for admission and continued occupancy in HUD-assisted and -insured housing is not based on sexual orientation, gender identity, or marital status. The final rule, which amends regulations at 24 CFR parts 5, 1000, 1003, 1005, 1006, and 1007, will be effective December 19, 2016.

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