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Top Story Compliance Related

08/17/2016

BHC supervision manual updated

The Federal Reserve Board has posted its semiannual update of the Bank Holding Company Supervision Manual, which provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries.

08/17/2016

OFAC targets Sinaloa Cartel associates

The Department of the Treasury has announced that OFAC has designated two Mexican nationals and two Mexican companies pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Juan Manuel Alvarez Inzunza, a money launderer, and Jose Olivas Chaidez, a key narcotics trafficker, have been designated as Specially Designated Narcotics Traffickers (SDNTs) for materially assisting, supporting, or providing services to the Sinaloa Cartel and/or high-ranking Sinaloa Cartel members, including Joaquin “El Chapo” Guzman Loera and Ismael “El Mayo” Zambada Garcia and his top lieutenants. OFAC has also designated two Culiacan, Sinaloa-based companies, Nueva Atunera Triton, S.A. de C.V. and Operadora Eficaz Pegaso, which are owned, controlled, or directed by, or acting for or on behalf of, Juan Manuel Alvarez Inzunza. As a result of these actions, all assets of those designated that are within U.S. jurisdiction or are in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. See our OFAC Update for identification information on the new listings and those removed.

Since June 2000, more than 1,900 entities and individuals have been named pursuant to the Kingpin Act for their role in international narcotics trafficking. Penalties for violations of the Kingpin Act range from civil penalties of up to $1,414,020 million per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines 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 Title 18 of the United States Code for criminal violations of the Kingpin Act.

08/16/2016

Call Report proposal published

The FDIC has issued FIL-53-2016 to announce requests by the FDIC, FRB, and OCC for comment on the proposed new streamlined Call Report announced last week by the FFIEC and published yesterday in the Federal Register. Comments must be submitted by October 14, 2016.

08/15/2016

TRID Rule revision proposal published

The CFPB has published in today's Federal Register, at 81 FR 54317, the proposal it announced on July 29 (see our earlier Top Story) to amend Regulation Z to clarify and refine the Bureau's TRID Rule. Comments on the proposal are due by October 18, 2016.

08/12/2016

Board enforcement actions announced

The Federal Reserve Board has announced the execution of written agreements with First Bankshares, Inc., Barboursville, West Virginia (financial strength), and Liberty Bank, South San Francisco, California (BSA/AML deficiencies).

08/10/2016

SBA proposes program revisions

The Small Business Administration has published a proposed rule at 81 FR 52595 in the Federal Register to make changes to some of its lending program regulations for clarity and to increase participation in: The Surety Bond Guarantee (SBG) Program, the 7(a) Loan Program, the Microloan Program, and the Development Company Loan Program (504 Loan Program). In addition, the proposed changes will streamline the regulations by removing or revising any outdated regulations. Comments on the SBA proposal are due by October 11, 2016.

08/10/2016

OCC bank directors workshop in St. Louis

A workshop for directors of national community banks and federal savings associations will be hosted by the Office of the Comptroller of the Currency in St. Louis on September 19–21. The Building Blocks for Directors workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation for both new and experienced directors. The workshop focuses on directors’ duties and core responsibilities, discusses major laws and regulations, and increases familiarity with the examination process.

08/09/2016

NCUA digital banking guidebook

The NCUA has released a new guidebook to help credit unions better meet members’ needs for digital banking services. Going Digital: Strategies for Providing Digital Services provides step-by-step instructions for creating a strategic plan for analyzing members’ needs and tailoring digital products to meet those needs. It also details potential advantages and disadvantages to members and credit unions.

08/08/2016

FEMA adds more Flood Program suspensions

The Federal Emergency Management Agency has published a final rule at 81 FR 52353 in today's Federal Register identifying communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on September 16, 2016, for noncompliance with the floodplain management requirements of the program. Affected communities are portions of Prince George's County, Maryland, and portions of Northumberland County, Pennsylvania.

08/08/2016

FFIEC seeks comments on new proposed Call Report

The Federal Financial Institutions Examination Council (FFIEC) has published a press release inviting public comment on a proposal for a new and streamlined Call Report for small financial institutions (those with domestic offices only and less than $1 billion in total assets). The streamlined Call Report would reduce the existing Call Report from 85 to 61 pages resulting from the removal of approximately 950 or about 40 percent of the nearly 2,400 data items in the Call Report. The proposed changes would eliminate certain data items and would reduce the reporting frequency of other data items. Additionally, for certain complex and specialized activities, the proposal would consolidate five schedules into a single new supplemental schedule. Comments will be accepted for 60 days following publication in the Federal Register.

Update: The Notice and Request for Comment was published at 81 FR 54190 in the August 15, 2016, Federal Register. Comments are due by October 14, 2016.

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