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Top Story Compliance Related

01/19/2018

Bureau to forgo Fed funding for Q2

In a marked departure from earlier practice, the CFPB will not seek funding from the Federal Reserve for its second quarter of FY 2018 operations. In a letter to Federal Reserve Board Chair Janet Yellen, Acting CFPB Director Mick Mulvaney notified the Board that the Bureau is "requesting $0." Under the Dodd-Frank Act, subject to a funding cap, the Fed is required to transfer to the Bureau each quarter "the amount determined by the [CFPB] Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year.)" Mulvaney states in his letter that he has been assured that the Bureau has sufficient funds to carry out its statutory mandates for the quarter.

01/19/2018

Interagency statement on implications of new tax law

FDIC FIL-6-2018 and OCC Bulletin 2018-2 were issued January 18, 2018, distributing an Interagency Statement on Accounting and Reporting Implications of the New Tax Law, issued by the OCC, Federal Reserve Board, and the FDIC. Changes required as a result of the new law, which was enacted on December 22, 2017, are relevant to December 31, 2017, financial statements and regulatory reports, including Call Reports. Among other things, the guidance clarifies

  • that changes in deferred tax assets and deferred tax liabilities resulting from the lower corporate income tax rate, and other applicable provisions of the new tax law, should be reflected in an institution’s income tax expense in the period of enactment.
  • how to resolve the disproportionate tax effects in accumulated other comprehensive income as a result of the remeasurement of deferred tax assets and liabilities.
  • the impact of the new tax law on regulatory capital.

01/18/2018

EEOC raises penalty for notice-posting violations

The Federal Equal Employment Opportunity Commission has published a final rule in this morning's Federal Register, increasing the civil money penalty for a violation of the notice-posting requirements in Title VII of the Civil Rights act of 1964, the Americans with Disabilities Act, and the Genetic Information Non-Discrimination Act, from $534 to $545, effective February 20, 2018.

01/18/2018

Taiwanese bank to pay $29M CMP for AML violations

The Federal Reserve Board has announced it has issued a consent cease and desist order and a $29 million penalty against the U.S. operations of Mega International Commercial Bank Co., Ltd., of Taipei, Taiwan, for anti-money laundering violations and required the firm to improve its anti-money laundering oversight and controls. For further details, see "Mega International Commercial Bank pays $29M BSA penalty," in our Penalty pages.

01/17/2018

Bureau to ask for performance evaluations

The CFPB has announced it will issue a "call for evidence" to ensure the Bureau is fulfilling its proper functions to best protect consumers. The Bureau plans to publish a series of Requests for Information (RFIs) seeking comment on the Bureau's enforcement, supervision, rulemaking, market monitoring, and education activities. Acting Director Mick Mulvaney said, "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process. I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate."

In the first RFI, the Bureau will seek comment on Civil Investigative Demands, which are issued during an enforcement investigation.

01/16/2018

NCUA adjusts CMP caps

The National Credit Union Administration has published a final rule to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. The rule became effective on January 15, 2018.

01/16/2018

FATF report on financing of terrorist recruitment

The Financial Action Task Force (FATF) has issued a report that identifies the most common methods of recruitment used by terrorist organizations and terrorist cells, and the costs associated with these different methods and techniques of terrorist recruitment. Using input collected from authorities within the FATF Global Network, the report increases understanding of terrorist organizations' funding needs to recruit members and supporters. In some cases, these funding needs are minimal.

01/16/2018

FSOC annual report

The Financial Stability Oversight Council (FSOC) has announced the publication of its 2017 annual report. The report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote financial stability, and the activities of the FSOC. The report was developed collaboratively by the members of the FSOC and their agencies and respective staff and was approved unanimously by voting members of the FSOC. The report notes that the U.S. financial regulatory system should promote economic growth by preventing financial crises and also minimizing regulations that increase costs without commensurate benefits.

Additional recommendations in the annual report include:

  • The FSOC supports the creation of a private sector council of senior executives to collaborate with regulators and focus on the ways that cyber incidents could impact businesses.
  • Financial regulators should ensure that financial institutions have sufficient capital and liquidity to reduce their vulnerability to economic and financial shocks. Additionally, regulators should continue to monitor and assess the impact of rules on financial institutions and markets.
  • Regulators should continue to evaluate whether existing rules and standards for central counterparties and their clearing members are sufficiently robust to mitigate potential threats to financial stability.
  • The Securities and Exchange Commission should monitor and assess the effectiveness of money market mutual fund reforms that were implemented last year.
  • Regulators and market participants should complete work on alternative reference rates, and take appropriate steps to mitigate disruptions associated with the transition to a new reference rate.
  • Regulators and market participants should continue work to improve the coverage, quality, and accessibility of financial data, as well as data sharing between and among relevant agencies.

01/16/2018

Goldmann Sachs Bank USA pays Flood Act penalty

The Federal Reserve Board has announced it has issued to Goldmann Sachs Bank USA, of New York, an order to pay a $90,000 civil money penalty for a pattern or practice of violations of the National Flood Insurance Act. See our Penalty Page for more information.

01/16/2018

Treasury adds Iran and Proliferation designations

The Department of the Treasury has announced that its Office of Foreign Assets Control (OFAC) designated on Friday fourteen individuals and entities in connection with serious human rights abuses and censorship in Iran, and support to designated Iranian weapons proliferators. The actions were taken pursuant to Executive Order (E.O.) 13553, which targets serious human rights abuses by the Government of Iran; E.O. 13606, which targets grave human rights abuses by the Governments of Iran and Syria via information technology; E.O. 13628, which targets, among other things, censorship or other activities that prohibit, limit, or penalize the exercise of freedom of expression or assembly by citizens of Iran, or that limit access to print or broadcast media; and E.O. 13382, which targets proliferators of weapons of mass destruction and their supporters.

For identification of the individuals and entities designated, see our OFAC Update.

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