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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related


HSBC Private Bank pays $12.5M for SEC charges

The SEC has charged HSBC's Swiss-based private banking arm with violating federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients. HSBC Private Bank has agreed to admit wrongdoing and pay $12.5 million to settle the SEC's charges. The Order settling the charges indicates HSBC Private Bank and its predecessors began providing cross-border advisory and brokerage services in the U.S. more than 10 years ago, amassing as many as 368 U.S. client accounts and collecting fees totaling approximately $5.7 million.


Tiny Florida CU pays $300K for BSA/AML violations

FinCEN has assessed a $300,000 civil money penalty against North Dade Community Development Federal Credit Union in Miami Gardens, Florida, for significant Bank Secrecy Act (BSA) violations. The CU is reported to have $4 million in total assets and five employees. North Dade's anti-money laundering (AML) failures exposed the United States financial system to significant opportunities for money laundering and terrorist financing from known high-risk jurisdictions. Further information on FinCEN's action has been posted to BOL's BSA/AML Penalties page.


CFPB Ombudsman issues annual report

CFPB Ombudsman Wendy Kamenshine has delivered the third annual report of her office to Director Cordray. A new quick reference sheet for contacting the Ombudsman's office was also provided.


FDIC proposes revised filing requirements

The FDIC has published [79 FR 70121] a proposed rule to amend its filing requirements and processing procedures for notices filed under the Change in Bank Control Act. The proposal would consolidate current requirements for those filings for State nonmember banks and State savings associations and certain of their parent companies, incorporate best practices of related regulations of the OCC and the Federal Reserve Board, and include existing FDIC interpretations and procedures into the regulations. Comments on the proposal will be accepted through January 26, 2015.


SCOTUS sets date for Disparate Impact arguments

The U.S. Supreme Court has set Wednesday, January 21, 2015, as the date for oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., the case presenting the issuer whether disparate impact claims are cognizable under the Fair Housing Act. Observers have suggested that the fact that oral argument has been scheduled so soon after the Court granted the certiorari petition signals the Court's desire to resolve the issue presented, rather than have the case settled before oral argument before the Court, like two prior cases presenting the same issue.


Bank pays $2M for FTC Act violations for add-on billing

The OCC has announced the issuance of a consent order for a $2M civil money penalty and a cease and desist and restitution order against PNC Bank, National Association, Wilmington, Delaware, for violations of Section 5 of the FTC Act involving billing practices for identity protection products. From 1993 to January 2012, the bank's vendors billed identity protection customers the full fee for the products, even though many of the customers were not receiving the benefits of the products. The OCC determined the bank engaged in unfair practices which caused or were likely to cause substantial consumer injury and resulted in financial gain to the bank.


Bureau supports military allotment system reforms

A statement has been issued by the CFPB applauding the announcement by the Department of Defense that it has updated the military discretionary allotment system to provide critical new protections to servicemembers. The military discretionary allotment system allows servicemembers to automatically direct a portion of their paycheck to financial institutions or people of their choosing. Under the regulations announced today, new allotments to purchase, lease or rent personal property will be prohibited. Personal property includes vehicles, appliances and consumer electronics, as well. Allotments made for the purpose of savings, insurance premiums, mortgage or rent payments, support for dependents, or investments will not be affected. The new DoD policy will effective January 1, 2015.


CFPB posts Fall 2014 rulemaking agenda

The semi-annual update of the CFPB rulemaking agenda for the Fall of 2014 has been posted on the Bureau Blog.


Curry discusses bank supervision and culture

In a keynote speech at The Clearing House Annual Conference, Comptroller Curry discussed how supervision and culture can contribute to the safety and soundness of national banks and federal saving associations.


Other OCC enforcement orders

The enforcement actions against Helena National Bank and PNC Bank, National Association, were announced in a list of new enforcement actions by the OCC, which also included an additional cease and desist order, two formal agreements and a removal and prohibition order.


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