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Top Story Compliance Related

02/24/2017

FinCEN renews GTOs in six metro areas

The Financial Crimes Enforcement Network (FinCEN) announced yesterday the renewal of existing Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” (no financing) for high-end residential real estate in six major metropolitan areas. FinCEN reported that about 30 percent of the transactions covered by the GTOs involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report. This corroborates FinCEN’s concerns about the use of shell companies to buy luxury real estate in “all-cash” transactions. The renewed GTOs, which will be effective for 180 days from February 24, include these major U.S. geographic areas (shown with their purchase price thresholds):

  • Borough of Manhattan, NY — $3.0 million
  • All other boroughs of New York City — $1.5 million
  • Miami-Dade, Broward and Palm Beach counties, FL — $1.0 million
  • Broward County, FL — $1.0 million
  • Palm Beach County, FL — $1.0 million
  • San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara counties, CA — $2.0 million
  • Bexar County (which includes San Antonio), TX — $0.5 million

02/24/2017

OFAC sanctions al-Nusrah Front leaders

OFAC has announced it has taken action against two al-Nusrah Front (ANF) leadership officials, Iyad Nazmi Salih Khalil (Khalil) and Bassam Ahmad al-Hasri (al-Hasri). Both individuals, based in Syria, are being designated pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. OFAC also designated Syrian-based Metallic Manufacturing Factory (MMF) for acting for or on behalf of a designated entity, Mechanical Construction Factory. Finally, OFAC announced the removal of several listings from the SDN List.

For further information, see our OFAC Update.

02/23/2017

OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.

02/23/2017

Bureau proposal to gather student loan servicing data

The CFPB has published in this morning's Federal Register a notice and request for comment on a proposed new information collection, "Student Loan Servicing Market Monitoring." Comments on the proposal will be accepted for 60 days, through April 24, 2017. The notice indicates the Bureau expects the collection will affect only 10 respondents, presumably only the largest student loan servicers.

02/22/2017

FATF roundtable on FinTech and RegTech

The Financial Action Task Force (FATF) held a roundtable on FinTech and RegTech in Paris on February 18, 2017. The session was chaired by the FATF President, Juan Manuel Vega-Serrano. The meedting was a first step to take this initiative forward in order to engage with various stakeholders. The event brought together anti-money laundering/counter-terrorist financing (AML/CFT) professionals, national supervisors, international organizations and other relevant experts, including experts from banks that have partnered with FinTech and RegTech1 firms to discuss issues of common interest.

1RegTech: A blend word created to address regulatory challenges in the financial services sector through innovative technology. RegTech comprises a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.

02/22/2017

NCUA Consumer Compliance webinar on ECOA

The NCUA has announced that it has replaced the previously announced discussion on prepaid account rules with a discussion regarding the Equal Credit Opportunity Act (ECOA) and Reg B during the regulator’s February 28, 2017, consumer compliance webinar. Prepaid account rules will be discussed in depth during a future webinar.

02/21/2017

FTC sends funds to money-scheme victims

The Federal Trade Commission has announced it is mailing 2,031 checks totaling more than $436,000 to people who lost money to Money Now Funding, a work-at-home scheme that conned people, including many seniors with limited income and savings, into thinking they could make money by referring merchants in their area to a non-existent money-lending service.

02/21/2017

OCC releases enforcement actions and terminations

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Four civil money penalties, one formal agreement, five personal cease and desist orders, and one removal/prohibition order were issued. Among those announced was the January 24, 2017, $65 million CMP issued to ServiceLink Holdings, LLC, of Jacksonville, Florida. There were also orders to cease and desist and to pay a total of $55,500 issued to three former directors of a Greenville, South Carolina bank.

02/21/2017

MLA website problem revealed

The Department of Defense has posted a notice on its official Military Lending Act (MLA) website that between February 9 and February 15, 2017, there was a problem with MLA Multiple Record Requests that prevented 149 request files from processing. It was suggested that those who submitted a multiple record request file in between those dates, submit the file again for processing.

02/21/2017

Full bench to consider Bureau's appeal of PHH case

In October 2016, a three-judge panel of the U.S. Court of Appeals in Washington found that the Bureau's structure is unconstitutional, and ordered that the Director of the CFPB be considered as appointed for five year but serving "at the pleasure of the president" rather than subject to removal only "for cause," as provided in § 1011(c)(3) of the Dodd-Frank Act (See "Court limits CFPB Director's independence," October 12, 2016). The CFPB appealed that ruling, suspending its effect pending the appeal. CNBC has reported that, on Thursday, February 16, the Bureau's request for a hearing by the full panel was granted. Oral arguments on the appeal are scheduled for May 24.

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