Top Story Compliance Related

OFAC has released an SDN List Update adding an individual and an entity, and updating an individual listing. See our OFAC Update for related identity information.

The members of the Federal Financial Institutions Examination Council (FFIEC) have announced an update on the FFIEC's Examination Modernization Project, undertaken as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). The agencies plan to focus initial efforts on four areas that have the potential for the most meaningful supervisory burden reduction:

• Highlight and reinforce regulator communication objectives before, during, and after examinations;
• Leverage technology and shift, as appropriate, examination work from onsite to offsite;
• Continue to tailor examinations based on risk; and
• Improve electronic file transfer systems to facilitate the secure exchange of information between institutions and supervisory offices or examiners.

The Examination Modernization Project is expected to be a long-term endeavor and other areas of improvement may emerge. As a first step, and to address the first theme, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the State Liaison Committee have each committed to issue reinforcing and clarifying guidance to examination staff about the importance of being clear and transparent to community bankers during examination processes.

The CFPB is publishing in the March 22, 2018, Federal Register three notices extending the comment periods on Requests for Information relating to Acting Director Mick Mulvaney's "call for evidence" campaign.

• The comment deadline on the RFI regarding Bureau Rules of Practice for Adjudication Proceeds is changed from April 6 to May 7, 2018
• The deadline for comments on the RFI regarding Bureau Civil Investigative Demands and Associated Processes is changed from March 27 to April 26, 2018
• The comment deadline on the RFI regarding Bureau Enforcement Processes was moved from April 13 to May 14, 2018

We've adjusted the dates in our Compliance Deadlines Calendar.

The Financial Action Task Force has issued reports on Spain’s and Norway’s progress in strengthening measures to tackle money laundering and terrorist financing.

The Consumer Financial Protection Bureau and the Federal Trade Commission announced they have reported on their 2017 activities to combat illegal debt collection practices. The annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA) details the agencies' efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and policy initiatives. The agencies share enforcement responsibilities under the FDCPA.

The NMLS Mortgage Industry Report for the fourth quarter of 2017 is now available. Updates to the Money Services Businesses Fact Sheet and Debt Collection Fact Sheet have also been posted.

• NMLS Reports Page

The CFPB has released a number of FAQs addressing some common questions received related to mortgage servicing. These FAQs concern the servicing rules amendments to become effective April 19. 2018, relating to bankruptcy and periodic statements or coupon books, successors in interest and consumers who are already in bankruptcy on April 19.

The Department of Defense's MLA site has a notice that its search capabilities for servicemembers and dependents now include the ability to search single and multiple records using an ITIN, and now uses the latest version of reCAPTCHA 2.0 to help prevent automated searches that can cripple the site. BOL's Andy Zavoina has started a discussion explaining the reasons for the upgrade in BOL's Discussion Forums.

On Monday, The Treasury Department announced that OFAC has designated four current or former Venezuelan government officials pursuant to Executive Order 13692, as part of Treasury’s ongoing efforts to highlight the economic mismanagement and endemic corruption that have been the defining features of the Maduro regime. The Venezuelan government’s actions have rendered Venezuela’s currency essentially worthless through hyperinflation, made food and medicine rare commodities through price controls, and triggered a humanitarian crisis that the Venezuelan government refuses to alleviate by changing policy or accepting international assistance.

Treasury also announced that the president signed a new Executive Order prohibiting U.S. persons and others subject to U.S. jurisdiction from engaging in all transactions related to, provision of financing for, and other dealings in any digital currency, digital coin, or digital token that was issued by, for, or on behalf of the Government of Venezuela after January 9, 2018.

As a result of Monday’s actions, all assets of the designated current or former officials of the Government of Venezuela that are subject to U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from dealing with them. For their identity information and a link to the new Executive Order and new FAQs, see our OFAC Update.

The Department of the Treasury has published a final rule at 83 FR 11876 in today's Federal Register to adjust its civil monetary penalties ("CMPs") for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts CMPs within the jurisdiction of certain components (Terrorism Risk Program, OFAC, FinCEN) of the Department to the maximum amount required by the Act.