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Top Story Compliance Related

01/21/2020

OCC enforcement actions announced

The OCC has released new enforcement actions against its supervised institutions and individuals currently or formerly associates with its supervised institutions.

Formal Agreements were made with United Trust Bank, Palos Heights, Illinois, and Texas Citizens Bank, National Association, Pasadena, Texas.

A Decision on Entry of Default and Order of Prohibition was issued to Walter F. Mills, former personal banking representative at Santander Bank, N.A., Wilmington, Delaware. The OCC found that, between March 2012 and February 2014, Mills made or directed at least 17 withdrawals totaling $46,027 on the bank's customers' accounts that were neither requested nor authorized by the customers, and deposited or attempted to deposit the proceeds of the withdrawals in his personal account at another bank.

01/15/2020

Fed posts Tailoring Rules FAQs

The Board of Governors of the Federal Reserve System has issued FAQs in response to questions from institutions regarding the final rules to tailor certain prudential standards for large domestic and foreign banking organizations to more closely match their risk profiles (tailoring rules). The guidance applies to bank holding companies, savings and loan holding companies, and U.S. intermediate holding companies with $100 billion or more in total consolidated assets as well as to certain depository institutions.

01/15/2020

OFAC sanctions entities for facilitating exportation of workers from North Korea

OFAC has announced two North Korea-related designations focusing on the Government of North Korea’s continued supply of illicit labor to overseas markets. Tuesday's action targets a North Korean trading corporation and a China-based North Korean lodging facility that facilitate North Korea’s practice of sending laborers abroad. Identification information for Korea Namgang Trading Corporation and Beijing Sukbakso can be found in BankersOnline's OFAC Update.

01/15/2020

Call Report information

FIL-1-2020, issued Monday on behalf of the FDIC, OCC and Federal Reserve Board, provides instructions and guidance on filing Call Reports for the Fourth Quarter of 2019. Except for institutions with more than one foreign office, completed Call Reports must be received by Thursday. January 30, 2020.

The FIL explains which institutions may take advantage of the new FFIEC 051 Call Report format and indicates where Call Report forms may be found for downloading and printing.

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.

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