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Top Story Compliance Related

02/21/2020

CFPB and two states sue loan brokers

The Consumer Financial Protection Bureau has announced that the Bureau, the South Carolina Department of Consumer Affairs, and Arkansas Attorney General Leslie Rutledge have filed a lawsuit in federal district court in the District of South Carolina against Candy Kern-Fuller, Howard Sutter III, and Upstate Law Group LLC. The Bureau alleges that the defendants worked with a series of companies that brokered contracts offering high-interest credit to consumers, primarily disabled veterans, and violated the Consumer Financial Protection Act’s prohibition against deceptive acts or practices and against providing substantial assistance to deceptive and unfair acts or practices of others.

02/21/2020

OFAC designates senior Iranian officials

OFAC has taken action against five members of Iran’s Guardian Council and its Elections Supervision Committee, which are appointed by Iran’s Supreme Leader or his appointees. The Supreme Leader uses his appointees to deprive the Iranian people of free and fair elections by blocking candidates that do not mirror his radical views. For identification information, see BankersOnline's OFAC Update.

02/20/2020

OFAC posts Iran-related designations

OFAC has posted a sanctions program action notice announcing its designation of five individuals under Iran-related Executive Order 13876.

The following individuals have been added to OFAC's SDN List:

JANNATI, Ahmad, Iran; DOB 22 Feb 1927; POB Ladan, Isfahan, Iran; nationality Iran; Additional Sanctions Information - Subject to Secondary Sanctions; Gender Male (individual) [IRAN-EO13876].

KADKHODAEI, Abbas Ali (a.k.a. KADKHODAEE, Abbas Ali; a.k.a. KADKHODAEI ELYADERANI, Abbas Ali; a.k.a. KADKHODAEI, Abbasali; a.k.a. KADKHODAI, Abbas Ali; a.k.a. KADKHODA'I, Abbas Ali), Iran; DOB 1961; alt. DOB 1962; POB Isfahan, Iran; nationality Iran; Additional Sanctions Information - Subject to Secondary Sanctions; Gender Male (individual) [IRAN-EO13876].

RAHPEYK, Siamak (a.k.a. RAHPEYK, Siyamak; a.k.a. RAH-PEYK, Siyamak; a.k.a. RAHPIEK, Siamak), Iran; DOB 1963; alt. DOB 1964; POB Tehran, Iran; nationality Iran; Additional Sanctions Information - Subject to Secondary Sanctions; Gender Male (individual) [IRAN-EO13876].

SADEGHI MOGHADAM, Mohammad Hasan (a.k.a. SADEGHI MOGHADAM, Mohammad Hassan; a.k.a. SADEGHI MOGHADDAM, Mohammad Hasan; a.k.a. SADEGHI MOHAMMAD, Mohammad; a.k.a. SADEQI-MOQADAM, Mohammad Hassan; a.k.a. SADEQI-MOQADDAM, Mohammad Hasan), Iran; DOB 1958; alt. DOB 1959; POB Jahrom, Iran; nationality Iran; Additional Sanctions Information - Subject to Secondary Sanctions; Gender Male (individual) [IRAN-EO13876].

YAZDI, Mohammad, Iran; DOB 02 Jul 1931; alt. DOB 1931; alt. DOB 1932; POB Isfahan, Iran; nationality Iran; Additional Sanctions Information - Subject to Secondary Sanctions; Gender Male (individual) [IRAN-EO13876].

02/20/2020

FDIC requests input on modernizing signage and ad requirements

The FDIC has announced that it is seeking the public's input on potential modernization of its signage and advertising requirements to better reflect how banks and savings associations currently operate and how consumers use banking services. Banks are transforming their business models to take deposits via physical branches, digital, and mobile banking channels.

Given the changes in the marketplace since the FDIC last significantly updated these rules in 2006, the FDIC is gathering public input from a broad range of stakeholders about how it might revise and clarify its official sign and advertising rules to reflect the changes and support the industry's efforts to understand, apply, and comply with the FDIC's rules.

Comments on the FDIC's Request for Information must be received by March 19, 2020.

02/20/2020

FDIC Advisory Committee of State Regulators announced

The FDIC has announced the selection of 15 members for its recently established Advisory Committee of State Regulators. The FDIC Board of Directors approved the formation of the new Advisory Committee on November 19, 2019, as another mechanism for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications for the regulation and supervision of state-chartered financial institutions. The Advisory Committee members include the following regulators of state-chartered financial institutions from across the United States as well as other individuals with expertise in the regulation of state-chartered financial institutions:

  • Bret Afdahl, Director, Division of Banking, State of South Dakota
  • Kevin R. Allard, Superintendent, Division of Financial Institutions, State of Ohio
  • Charles G. Cooper, Commissioner, Department of Banking, State of Texas
  • Thomas C. Fite, Director, Department of Financial Institutions, State of Indiana
  • Mary L. Gallagher, Commissioner of Banks, Commonwealth of Massachusetts
  • Greg Gonzales, Commissioner, Department of Financial Institutions, State of Tennessee
  • Ray Grace, Commissioner of Banks, State of North Carolina
  • Kevin B. Hagler, Commissioner, Department of Banking and Finance, State of Georgia
  • Melanie G. Hall, Commissioner, Division of Banking and Financial Institutions, State of Montana
  • Dawn E. Holstein, Commissioner of Banking, Division of Financial Institutions, State of West Virginia
  • Lise Kruse, Commissioner, Department of Financial Institutions, State of North Dakota
  • G. Edward Leary, Commissioner, Department of Financial Institutions, State of Utah
  • John Ryan, President and Chief Executive Officer, Conference of State Bank Supervisors
  • Antonio P. Salazar, Commissioner, Office of the Commissioner of Financial Regulation, State of Maryland
  • Mick Thompson, Commissioner, Banking Department, State of Oklahoma

02/20/2020

Comment period extended on CRA proposal

The FDIC and OCC have announced they have extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) through April 8, 2020. On December 12, 2019, the FDIC and OCC announced a proposal to modernize the regulations under the CRA and provided for a 60-day comment period following formal publication on January 9, 2020. The FDIC and OCC have now determined that a 30-day extension of the comment period is appropriate.

02/20/2020

OCC Miami workshop for bank directors and management

The OCC will host a workshop in Miami, Florida, at the Even Hotel – Miami Airport, March 31 – April 1, for directors, senior management team members, and other key executives of national community banks and federal savings associations supervised by the OCC.

The Building Blocks: Keys to Success for Directors and Senior Management workshop provides practical information on the roles and responsibilities of board participation. Taught by seasoned OCC supervision staff, the workshop focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process. The workshop fee is $99. Admission is limited to the first 35 registrants.

02/20/2020

CSBS to launch state exam system

The Conference of State Bank Supervisors (CSBS) has announced the nationwide roll-out of the State Examination System (SES), the first nationwide platform to bring state regulators and companies into the same technology space for supervision, fostering greater transparency and collaboration. Through SES, state regulators will be able to enhance supervisory oversight of fintechs and other nonbanks while making the process more efficient for regulators and companies alike.

SES is developed and operated by the State Regulatory Register (SRR), a SCBS subsidiary that also operates the Nationwide Multistate Licensing System (NMLS). SES is designed to:

  • Support networked supervision among state regulators
  • Standardize workflow, business rules and technology across states
  • Facilitate secure collaboration between licensees and their regulators
  • Help examiners focus more attention on higher-risk cases
  • Move state supervision towards more multistate exams and fewer single-state efforts

    02/20/2020

    OFAC TSRA report and SDN List update

    A report of licensing activities for the second quarter of Fiscal Year 2019 has been released by OFAC, as required by the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA).

    OFAC also updated an SDN list entry for an entity designated under the Kingpin Act. See BankersOnline's OFAC Update for details.

    02/20/2020

    U.S. - EU Financial Regulatory Forum meeting

    A meeting of the U.S. and EU participants in the U.S. – EU Financial Regulatory Forum was held on February 11-12, 2020, in Washington to exchange views on financial regulatory developments as part of their ongoing regulatory dialogue. In the area of banking, participants discussed the process and timeline for implementing the final Basel III reforms, as well as resolution issues. Participants considered U.S. developments regarding prudential requirements for foreign banks, including tailoring prudential standards based on risk; the single counterparty credit limits; and proposed amendments to the Volcker rule. Participants also discussed EU work on the Banking Union arrangements for deposit insurance and backstop resolution funding. In the area of insurance, participants discussed ongoing multilateral and bilateral cooperation.

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