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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

06/29/2016

FDIC publishes CMP inflation adjustments

The Federal Deposit Insurance Corporation has published amendments to its rules of practice and procedure at 12 CFR Part 308 to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The interim final rule, published at 81 FR 42235 in this morning's Federal Register, will be effective August 1, 2016. Comments on the rule will be accepted through September 1, 2016. The rule also includes a technical amendment to the Corporation's regulation on Assessments, 12 CFR Part 327.

06/29/2016

CFPB features auto financing in monthly snapshot and blog series

The CFPB has released its monthly complaint snapshot, this month highlighting complaints about consumer loans, including vehicle loans and leases, installment loans, title loans, and pawn loans. The report shows that consumers continue to complain about issues managing their loans and problems they encounter when they are unable to pay them off. This month’s report also highlights trends seen in complaints coming from Arkansas.

The Bureau also posted an article, “Consumer Voices on Auto Financing,” discussing the challenges faced by consumers in understanding auto loans. The article is the fourth post in the CFPB blog series on auto loans.

06/28/2016

FATF plenary results and revised standard released

The outcomes of the recently held FATF plenary meeting have been released. The plenary delegates discussed improving transparency and beneficial ownership, and the global response to terrorist financing, including the adoption of a revised Recommendation 8 standard for non-profit organizations. The revised standard aims to ensure that the implementation of Recommendation 8 is in line with the risk-based approach and does not disrupt or discourage legitimate non-profit activities. A statement on Iran was released and the assessments of Austria, Canada and Singapore were discussed.

06/28/2016

FTC notice to consumers and telemarketers on illegal payments

A Federal Trade Commission release informs consumers and telemarketers about important Telemarketing Sales Rule (TSR) amendments that are now in effect. The changes make it unlawful for telemarketers to use three types of payment methods exploited by con artists and scammers. As of this month, it is illegal for telemarketers to ask consumers to pay for goods or services using cash-to-cash money transfers, such as MoneyGram and Western Union provide, or by providing PIN numbers from cash reload cards such as MoneyPak, Vanilla Reload or Reloadit packs. It is also now illegal for telemarketers to use unsigned checks called “remotely created payment orders” (also called "remotely created checks") to withdraw money directly from consumers’ bank accounts. New business guidance to consumers warns that any telemarketer requesting payment using these methods is a scammer because the payment method is illegal.

06/27/2016

FATF updates statements on high-risk and non-cooperative jurisdictions

The Financial Acton Task Force (FATF) has updated its statements identifying jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. FATF continues to calls on countries to apply counter-measures to the Democratic People's Republic of Korea. Myanmar and Papua New Guinea were removed from FATF monitoring under its On-Going Global AML/CFT Compliance Process.

06/27/2016

FDIC May enforcement actions released

The FDIC has released a list of enforcement actions taken during May 2016. The list comprises 15 orders, including one consent order, two removal and prohibition orders, three section 19 orders, two civil money penalties and seven terminations of earlier enforcement actions. Of the civil penalty orders, one for $100,000 was issued, together with a removal and prohibition order, to a former institution-affiliated party of a Utah bank for engaging or participating in "violations of law, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party" of the bank. The other civil penalty order, for $40,000, was issued to TSB Bank, Lomira, Wisconsin, for alleged violations of 31 C.F.R. § 1010.306(a)(1) -- the requirement to file CTRs within 15 days of the reportable transactions. An institution-affiliated party of another Utah bank received an order of prohibition from further participation in the affairs of any financial institution upon the FDIC's determination that he violated the Real Estate Settlement Procedures Act and Regulation X by agreeing to pay fees for the referral of mortgage loan business.

06/24/2016

Merrill Lynch settles two SEC charges for $425MM

The SEC has announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors. A second SEC announcement reports that Merrill Lynch also has agreed to pay a $10 million penalty to settle charges that it was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index.

06/24/2016

OCC reminder of proposed incentive-based compensation rule

Yesterday, the Office of the Comptroller of the Currency issued Bulletin 2016-23 as a reminder of the Joint Notice of Proposed Rulemaking issued by the Board of Governors, the OCC, FDIC, NCUA, SEC and FHFA, published on June 10 at 81 FR 37669 in the Federal Register. The proposal would establish new requirements for incentive-based compensation at certain covered institutions (those with average total assets of at least $1 billion) regulated by the agencies.

The proposed rule would prohibit incentive-based compensation arrangements that encourage inappropriate risks by a covered institution (1) by providing an executive officer, employee, director, or principal shareholder of the covered institution with excessive compensation, fees, or benefits; or (2) that could lead to material financial loss to the covered financial institution. Comments on the proposed rule are due by July 22, 2016. There had been over 2,300 public comments filed on the proposal as of June 23.

06/24/2016

OFAC adds to SDN List

The Office of Foreign Assets Control (OFAC) has sanctioned a Congolese government official, Céléstin Kanyama, for being responsible for or complicit in, or having engaged in, directly or indirectly, the targeting of women, children, or any civilians through the commission of acts of violence, abduction, or forced displacement in the Democratic Republic of the Congo (DRC), and for being a leader of an entity that has, or whose members have, engaged in such conduct. See OFAC Sanctions Congolese Official, in our OFAC Updates pages, for more information.

06/24/2016

NC company settles with OFAC

HyperBranch Medical Technology, Inc. (“HyperBranch”) of Durham, North Carolina, has agreed to pay $107,691.30 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560, reports OFAC.

HyperBranch is alleged to have exported medical goods to its United Arab Emirates distributor with knowledge or reason to know that the goods were destined for Iran. OFAC determined that HyperBranch voluntarily self-disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. See "Med tech company settles with OFAC," in our Penalties section, for more information.

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