Top Story Compliance Related

Treasury has announced OFAC's designation of Okot Lukwang and Musa Hatari for facilitating the transfer of ivory, weapons, and money in support of the Lord's Resistance Army (LRA). See our OFAC Update for identification information.

The Department of Justice has announced that IBERIABANK Corporation, IBERIABANK and IBERIABANK Mortgage Company have agreed to pay the United States $11,692,149 to resolve allegations that they violated the False Claims Act by falsely certifying they were complying with Federal requirements in order to obtain insurance on mortgage loans from the Federal Housing Administration. IBERIABANK Corporation is headquartered in Lafayette, Louisiana, with branches across the Southeast, including Arkansas. From 2005 through 2014, IBERIABANK was a direct endorsement lender, and is alleged to have falsely endorsed for FHA insurance loans that were ineligible for coverage. See "IBERIABANK to pay $11.69M for false loan guarantee claims," in our Penalty pages, for more information.

The OCC has issued a proclamation allowing national banks and federal savings associations affected by wildfires in California to close.

The Fed, FDIC, and OCC have issued a joint press release announcing their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis. The Governors and Heads of Supervision and the Basel Committee on Banking Supervision Thursday announced the finalization of the reforms to the "Basel III" agreement on bank capital standards. With this agreement, the Basel Committee will bring to conclusion the international reforms initiated in response to the global financial crisis.

The Bureau has released its Ombudsman’s Office 2017 annual report.

The Federal Trade Commission has announced that three defendants who allegedly posed as lawyers and falsely threatened to sue people or have them arrested for failing to pay on debts they did not owe have been banned from the debt collection business due to a complaint filled by the agency.

The Federal Emergency Management Agency of the Department of Homeland Security has published at 82 FR 57680 in today's Federal Register a final rule identifying communities in New Jersey, Georgia, Kentucky, Louisiana, Mississippi, South Carolina and Texas where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on December 21, 2017, because of noncompliance with the floodplain management requirements of the program.

The CFPB has updated the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms that is available on the Bureau's TILA-RESPA Integrated Disclosure rule implementation page. The updated guide incorporates amendments and clarifications in the Bureau's July 7, 2017, final rule amending the TRID requirements.

The Federal Trade Commission is mailing 442,898 refund checks totaling more than $8 million to people who bought weight-loss supplements that were deceptively marketed using illegal spam email, baseless weight-loss claims, and fake celebrity endorsements. Consumers who bought products marketed by Sale Slash, LLC and related defendants will receive checks averaging $18.24.

The OCC and the FDIC have released lists of recent CRA evaluations. The OCC listed 29 evaluations of national banks and federal savings associations, including five rated "outstanding," 23 "satisfactory" and one "needs to improve."

The FDIC identified 63 state nonmember banks recently evaluated, including two rated "outstanding," 59 "satisfactory," and two "needs to improve."