Skip to content

How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Compliance Related

01/14/2020

FDIC and Fed publish CMP inflation adjustments

The FDIC has published a Federal Register notice [85 FR 2132, January 14, 2020] providing notice of its maximum civil money penalties as adjusted for inflation. The adjusted maximum amounts of civil money penalties in the notice are applicable to penalties assessed after January 15, 2020, for conduct occurring on or after November 2, 2015.

The Federal Reserve Board also published its notice [85 FR 2007] of inflation adjustments for civil money penalties under its jurisdiction today.

01/14/2020

Venezuelan officials targeted in OFAC action

On Monday, Treasury announced that OFAC had designated seven Venezuelan government officials who, on behalf of former Venezuelan President Nicolás Maduro, led a failed attempt to illegitimately seize control of the National Assembly and block interim President Juan Guaidó and other deputies from participating in a constitutionally required election of National Assembly leadership. The following individuals have been designated as current or former officials of the Government of Venezuela for their actions undermining democracy: Luis Eduardo Parra Rivero; Jose Gregorio Noriega Figueroa; Franklyn Leonardo Duarte; Jose Dionisio Brito Rodriguez; Conrado Antonio Perez Linares; Adolfo Ramon Superlano; and Negal Manuel Morales Llovera.

For identifying information, see BankersOnline's OFAC Update.

01/13/2020

CFPB issues no-action letter to Bank of America

The Consumer Financial Protection Bureau (Bureau) has issued a no-action letter to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development.

01/13/2020

FATF forum on supervision of virtual assets

On January 9, the Financial Action Task Force held a supervisor’s forum in Paris, France, to discuss how to supervise and regulate virtual assets and virtual asset service providers (VASPs). This meeting was the first opportunity for supervisors to discuss how to implement these new measures since the FATF finalized them in June 2019. Supervisors play an important role in ensuring that regulated entities, such as banks and financial institutions, implement the FATF’s standards to detect and prevent money laundering and terrorist financing. The FATF Supervisors’ Forum is an initiative of the Chinese Presidency of FATF to promote more effective supervision by national authorities.

01/13/2020

Iranian regime senior officials, companies, and vessel designated

The Treasury Department has announced that OFAC took action on Friday against eight senior Iranian regime officials who have advanced the regime’s destabilizing objectives, as well as the largest steel, aluminum, copper, and iron manufacturers in Iran, who collectively generate billions of dollars annually. The action includes the designations of Ali Shamkhani, the Secretary of Iran’s Supreme National Security Council; Mohammad Reza Ashtiani, the Deputy Chief of Staff of Iranian armed forces; and Gholamreza Soleimani, the head of the Basij militia of the Islamic Revolutionary Guards Corps (IRGC). In addition, Treasury designated 17 Iranian metals producers and mining companies; a network of three China- and Seychelles-based entities; and a vessel involved in the purchase, sale, and transfer of Iranian metals products, as well as in the provision of critical metals production components to Iranian metal producers.

These actions took place in conjunction with the president's signing of a new Executive Order that targets additional sources of revenue used by the Iranian regime to fund and support its nuclear program, missile development, terrorism and terrorist proxy networks, and malign regional influence. Specifically, this E.O. authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to impose sanctions against persons operating in or transacting with additional sectors of the Iranian economy, including construction, mining, manufacturing, and textiles.

For identification information on the individuals, entities and vessel designated on Friday, see BankersOnline's OFAC Update.

01/13/2020

Fair lending and internet marketing

The Federal Reserve System has published its third 2019 issue of Consumer Compliance Outlook, which features an article on the fair lending implications of targeted internet marketing.

01/10/2020

CFPB and Utah AG to hold joint office hours

The Consumer Financial Protection Bureau and the Office of the Utah Attorney General have announced the first joint office hours to be held as part of the American Consumer Financial Innovation Network (ACFIN). Joint office hours, held as part of ACFIN, provide innovators with the opportunity to discuss issues such as financial technology, innovative products or services, regulatory sandboxes, no action letters, and other matters related to financial innovation with officials from the CFPB and state partners. The joint office hours will be held on January 30, 2020, in Salt Lake City, Utah.

Requests for a meeting during the office hours session must be emailed to officeofinnovation@cfpb.gov by January 17, describing the topic(s) for discussion during the meeting.

01/10/2020

CFPB Taskforce on Federal Consumer Financial Law

The CFPB has announced the names of four individuals who will serve on the Bureau's Taskforce on Federal Consumer Financial Law, which will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for ways to improve and strengthen consumer financial laws and regulations. The task force will produce new research and legal analysis of consumer financial laws in the United States, focusing specifically on harmonizing, modernizing, and updating the federal consumer financial laws—and their implementing regulations—and identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance.

The task force members are:

  • Dr. J. Howard Beales, III, former Professor of Strategic Management and Public Policy at the George Washington University and former Director of the Bureau of Consumer Protection at the Federal Trade Commission;
  • Dr. Thomas Durkin, Senior Economist (retired) at the Federal Reserve Board;
  • L. Jean Noonan, Partner at Hudson Cook, former General Counsel at the Farm Credit Administration, and former Associate Director of the Bureau of Consumer Protection's Credit Practice at the Federal Trade Commission; and
  • Todd J. Zywicki, Professor of Law at George Mason University (GMU) Antonin Scalia Law School, Senior Fellow of the Cato Institute, and former Executive Director of the GMU Law and Economics Center

Update: On January 17, the Bureau announced that William MacLeod, partner at Kelley Drye & Warren, LLP, Past Chair of the Antitrust Section of the American Bar Association, and former Bureau Director at the U.S. Federal Trade Commission, is also joining the task force.

01/10/2020

Texas bank ordered to improve BSA/AML program

The Federal Reserve Board has issued a Cease and Desist Order to the United Bank of El Paso del Norte, El Paso, Texas. A recent examination of the bank conducted by the Federal Reserve Bank of Dallas and the Texas Department of Banking identified significant deficiencies in the bank’s risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act.

01/10/2020

OCC adds CRA Request for Info

Yesterday, the FDIC and OCC published [85 FR 1204] their previously announced proposal to amend their respective Community Reinvestment Act regulations. Today, the OCC separately published [85 FR 1285] a Request for Information seeking bank-specific data and information to supplement currently available data and to inform potential revisions to modernize and strengthen the CRA regulatory framework. Responses to this request for information will be accepted through March 10, 2020. Comments on the FDIC/OCC proposed amendments are due by March 9, 2020.

Pages

Training View All

Penalties View All

Search Top Stories