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Top Story Compliance Related

02/01/2024

Latest Consumer Compliance Outlook available

The Federal Reserve has announced the availability of the latest issue of Consumer Compliance Outlook. The fourth issue of 2023 includes the following articles and features:

  • Top Federal Reserve Compliance Violations in 2022 Under the Fair Credit Reporting Act and the Equal Credit Opportunity Act
  • Top Federal Reserve System Violations in 2022: Regulation E Error Resolution Requirements and Regulation X Escrow Account Requirements
  • Interagency Overview of the Community Reinvestment Act Final Rule
  • Regulatory Calendar
  • Calendar of Events

02/01/2024

Treasury announces three OFAC actions

On Wednesday, January 31, 2024, the Department of the Treasury announced three OFAC actions.

  • Sanctioning of Iranian IRGC-QF and Hizballah Financial Network: OFAC sanctioned three entities — Mira Ihracat Ithalat Petrol, Yara Offshore SAL, and Hydro Company for Drilling Equipment Rental — and one individual — Ibrahim Talal al-Uwayr — located in Lebanon and Türkiye for providing critical financial support to an Iranian Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah financial network.
  • Sanctioning of three entities — Alkhaleej Bank Co Ltd., Zadna International Co for Development Ltd., and Al-Fakher Advanced Works Co. Ltd. — for their role in undermining the peace, security, and stability of Sudan.
  • Designation of two entities closely associated with Burma’s military regime — the Shwe Byain Phyu Group of Companies and Myanma Five Star Line Company Limited — and four cronies — Tin Latt Min, Theint Win Htet, Win Paing Kyaw, and Thein Win Zaw,

For identification information on the entities and individuals designated in the three OFAC actions, see BankersOnline's January 31, 2023, OFAC Update.

01/31/2024

Treasury designates ISIS cyber facilitators and trainers

Yesterday, the Treasury Department reported that OFAC designated two cybersecurity experts — Mu’min Al-Mawji Mahmud Salim and Sarah Jamal Muhammad Al-Sayyid — affiliated with the Islamic State of Iraq and Syria (ISIS) for providing ISIS leadership and supporters with cybersecurity training, enabling their use of virtual currency, and supporting the terrorist group’s recruitment. Additionally, OFAC designated Faruk Guzel, an ISIS financial facilitator involved in transferring funds to ISIS-affiliated individuals in Syria.

For identification information on the three designated individuals, see BankersOnline's January 30, 2024, OFAC Update.

01/30/2024

CFPB agrees to pay $6M to settle discrimination claims

Ballard Spahr, LLC, reported in its January 25, 2024, Consumer Finance Monitor that the U.S. District Court for the District of Columbia has approved the Consumer Financial Protection Bureau’s $6.0 million settlement of class claims of alleged discrimination by the CFPB against 85 Black and Hispanic employees. The class consists of all “minority employees and women who work or worked as Consumer Response Specialists and have been subjected to and harmed by the Bureau’s agency-wide pattern or practice of discrimination and retaliation and discriminatory policies and practices,” according to the complaint.

The settlement fund will be distributed to the 85 class members. In addition to the $6.0 million settlement fund, the settlement provides for an award of $1.5 million in attorney’s fees for class counsel. The class action lawsuit was filed in 2018 against the CFPB’s former Acting Director Mick Mulvaney. Class representatives alleged that they were consistently paid less than their White male colleagues, unfairly denied promotions since 2011, and faced retaliation for making discrimination complaints.

01/30/2024

OCC proposal and policy statement on bank mergers

On January 29, the Office of the Comptroller of the Currency requested comment on a proposed rulemaking that would update the OCC’s rules under 12 C.F.R. § 5.33 for business combinations involving national banks and federal savings associations. The proposal also includes a policy statement to clarify the OCC’s review of applications under the Bank Merger Act (BMA).

The proposed rulemaking is part of the OCC’s effort to enhance transparency around its process of reviewing transactions under the BMA. It would also serve to provide additional guidance to stakeholders around the OCC’s review of applications. The proposed policy statement specifically would discuss:

  • General principles for the OCC’s review of applications under the BMA, including indicators for applications likely consistent with approval and applications that raise supervisory or regulatory concerns
  • The OCC’s consideration of the financial stability; managerial and financial resources and future prospects; and convenience and needs statutory factors under the BMA
  • The OCC’s decision process for extending the public comment period or holding a public meeting

A comment period of 60 days will open when the notice of proposed rulemaking is published.

01/30/2024

FinCEN identifies Iraqi bank as institution of primary money laundering concern

On January 29, 2024, FinCEN announced it had issued a finding and notice of proposed rulemaking that identifies Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern. Along with its finding, FinCEN proposed imposing a special measure that would sever the bank from the U.S. financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank.

UPDATED: Comments on the notice of proposed rulemaking will be accepted for 30 days (through March 1, 2024) following its January 31, 2024. publication at 89 FR 6074 in the Federal Register.

In a coordinated action, OFAC designated Hamad al-Moussawi, owner and chairman of Al-Huda Bank, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF. His identifying information can be found in this BankersOnline OFAC Update.

01/30/2024

FinCEN seeks comment on info to be collected to get BOI data response

FinCEN has published [89 FR 5995] in the January 30, 2024, Federal Register a Notice and Request for Comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule.

Included in the notice are FinCEN's estimates of the burden to state, local and tribal law enforcement agencies, and for financial institutions. An appendix to the Notice and Request for Comments summarizes the proposed data fields to be submitted by authorized recipients. Financial institutions would submit the reporting company name, TIN type, and TIN, and a check mark agreeing to a system-provided certification of compliance statement.

Comments will be accepted through April 1, 2024.

Note: This proposal does not in any way change the current rule in 31 C.F.R. § 1010.230 requiring financial institutions to obtain certification of beneficial ownership information from its customers. Amendments to that rule are not expected until at least the end of 2024.

01/29/2024

U.S. and UK target Iranian transnational assassinations network

The Treasury Department has reported the OFAC and the United Kingdom have taken joint action against a network of individuals that targeted Iranian dissidents and opposition activists for assassination at the direction of the Iranian regime. The network is led by Iranian narcotics trafficker Naji Ibrahim Sharifi-Zindashti (Zindashti) and operates at the behest of Iran’s Ministry of Intelligence and Security (MOIS). Treasury reports that Zindashti’s network has carried out numerous acts of transnational repression including assassinations and kidnappings across multiple jurisdictions in an attempt to silence the Iranian regime’s perceived critics. The network has also plotted operations in the United States.

For identification information on the targeted individuals, see this BankersOnline's OFAC Update.

01/29/2024

FDIC enforcement actions released

The FDIC has released a list of orders of 13 administrative enforcement actions taken against banks and individuals in December 2023, including 12 orders and one Decision and Order. There were four orders of termination of deposit insurance; three orders terminating consent orders; two consent orders; one order terminating supervisory prompt corrective action directive; one order of prohibition from further participation; one order to pay a civil money penalty (CMP); and one Decision and Order to Prohibit from Further Participation and Assessment of Civil Money Penalty.

  • Bank of Morton, Morton, Mississippi, received an order to pay a civil money penalty of $600,000 for Bank Secrecy Act violations and failure to comply with a June 30, 2020, consent order.
  • A decision and order for assessment of a $175,000 civil money penalty and for removal and prohibition was issued to Diana Yeats, formerly the chief financial officer of The Bank of Oswego, Lake Oswego, Oregon.
  • A removal/prohibition order was issued to Rickey S. Carter, formerly a director of Bank of Alapaha, Alapaha, Georgia, following a determination that she obtained extensions of credit totaling about $1.6 million for the benefit of his personal business interests by submitting fraudulent financial information to the bank and to Ameris Bank, Atlanta, Georgia.
  • Consent orders were issued to Choice Financial Group, Fargo, North Dakota, and to First & Peoples Bank and Trust Company, Russell, Kentucky

    Update: The orders issued to Choice Financial Group and to First & Peoples Bank and Trust Company have been correctly labeled as consent orders.

  • 01/26/2024

    HUD and Tennessee housing providers reach agreement

    The U.S. Department of Housing and Urban Development has announced that it has entered into a Voluntary Compliance Agreement (VCA) with HUD-funded Tennessee housing providers Alco Greenbriar Partners LP, Alco Properties, Inc., and Alco Management, Inc., requiring the respondents to pay $50,000 in compensation to aggrieved parties. The VCA resolves findings of noncompliance related to Section 504 of the Rehabilitation Act of 1973 and Title II of the Americans with Disabilities Act, as identified in a Letter of Findings of Noncompliance, as well as findings of noncompliance related to the Violence Against Women Act.

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