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Top Story Compliance Related

02/01/2018

CFPB request for feedback on administrative adjudications

The CFPB has announced the second in its promised series of requests for information (RFIs) seeking input on the Bureau's activities. This RFI is on administrative adjudications, and seeks input to better inform the CFPB on the benefits and impacts of its use of administrative adjudications, and to help the Bureau improve its existing process. Publication is scheduled for February 5, with a 60-day comment period ending Friday, April 6, 2018.

The Bureau said the next RFI in the series, on the CFPB's enforcement processes, will be issued next week.

01/31/2018

D.C. Court rules CFPB structure constitutional

An en banc panel of the U. S. Court of Appeals for the District of Columbia Circuit today handed down a 7 - 3 decision to reverse the October 2016 ruling in PHH Corporation, et al. v. Consumer Financial Protection Bureau that would have allowed the president to dismiss the director of the CFPB at will, rather than only for "inefficiency, neglect of duty, or malfeasance in office," as provided in the Dodd-Frank Act. Today's 250-page decision was based, in part, on a 1935 Supreme Court decision that sustained the constitutionality of the independent Federal Trade Commission to protect the agency's leadership from at-will removal by the president.

Today's decision, however, reinstated the October 2016 opinion of a three-judge panel that stayed and remanded to the Bureau for further proceedings then-Director Cordray's order in the PHH case interpreting section 8(c)(2) of RESPA, ignoring RESPA's three-year statute of limitations with regard to the Bureau's administrative enforcement proceeding, and raising the disgorgement recommendation of an administrative law judge from about $6.4 million to more than $109 million. That puts PHH Corporation's fate and Cordray's RESPA interpretations back into the hands of the Bureau -- albeit with some guidance from the Court of Appeals and without Cordray -- for reconsideration.

01/31/2018

Bureau posts list of consumer reporting companies

The CFPB has posted an article regarding its 2018 list of consumer reporting companies. Included with the list is information on requesting a consumer report, tips on specialty reports, information on how the reporting companies verify a consumer's identity before providing a report, a guide to obtaining a free credit report and other useful information.

01/31/2018

New Ukraine/Russia-related CAATSA FAQ

OFAC has published a Frequently Asked Question on the Treasury Department report on oligarchs and parastatal entities of the Russian Federation as required by section 241 of the Countering America’s Adversaries Through Sanctions Act (CAATSA).

01/31/2018

Treasury targets Laos-based criminal network

Treasury's Office of Foreign Assets Control has designated the the Zhao Wei Transnational Criminal Organization (Zhao Wei TCO) under Executive Order 13581, "Blocking Property of Transnational Criminal Organizations." Based in Laos within the Golden Triangle Special Economic Zone (GTSEZ), the Zhao Wei TCO exploits the region by engaging in drug trafficking, human trafficking, money laundering, bribery, and wildlife trafficking, much of which is facilitated through the Kings Romans Casino located within the GTSEZ.

OFAC also designated a network of four individuals and three entities in three countries – Laos, Thailand, and Hong Kong – for their support of the Zhao Wei TCO, or for being owned or controlled by persons designated as part of OFAC's action. As a result of Tuesday's action, all assets of those designated that are under U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. The designated individuals and entities are identified in our OFAC Update.

01/30/2018

OCC schedules 2018 director workshops

01/30/2018

Foreign-based banks resolution plans assessed

The Federal Reserve and the FDIC have communicated their expectations to 19 foreign-based banking organizations for the firms' next resolution plans. The resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the companies' strategies for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the companies. For foreign banking organizations, resolution plans are focused on their U.S. operations. The 19 foreign banking organizations, which submitted plans in December 2015, are: Banco Bilbao Vizcaya Argentaria, S.A.; Banco Santander, S.A.; Bank of China Limited; Bank of Montreal; BNP Paribas; BPCE; Coöperatieve Rabobank U.A.; Crédit Agricole S.A.; HSBC Holdings plc; Industrial and Commercial Bank of China Ltd.; Mitsubishi UFJ Financial Group, Inc.; Mizuho Financial Group, Inc.; Royal Bank of Canada; Société Générale; Standard Chartered PLC; Sumitomo Mitsui Financial Group, Inc.; The Bank of Nova Scotia; The Norinchukin Bank; and The Toronto-Dominion Bank.

01/29/2018

Russian and Ukrainian individuals and entities designated

Treasury's Office of Foreign Assets Control has announced the designation of 21 individuals and 9 entities under four Executive Orders related to Russia and Ukraine, including three individuals and two entities related to Russia’s transfer of four turbines made by a Russian-German joint venture to Crimea. OFAC also identified 12 subsidiaries that are owned 50 percent or more by previously sanctioned Russian companies to provide additional information to assist the private sector with sanctions compliance. See BOL's OFAC Update for identification information.

01/26/2018

FDIC releases December enforcement actions

The FDIC announced that it issued 10 administrative enforcement orders and two notices of charges and hearing in December 2017, including one consent order, two Section 19 orders, four removal and prohibition orders, a modification of a C&D, and the two notices.

Notices of charges and hearing are issued when the respondent has been made aware of a regulator's allegations of violations, and the respondent requests a hearing on the allegations. If a hearing is held, recommendations are made by an administrative law judge to the FDIC Board for final action. If the respondent waives the right to a hearing, or later agrees to end the hearing process, a consent order is issued. One of December's notices of charges and hearing was for an alleged series of Regulation O violations by a former CEO and chairman of an Alabama bank of which he and his son were majority shareholders. The FDIC Board requests approval of a removal and prohibition order and a civil money penalty of $70,000.

The second notice of charges and hearing was for unsafe or unsound banking practices constituting breaches of fiduciary duty by a branch manager of a Georgia bank. The notice alleges that the respondent made unauthorized withdrawals of over $130,000 from certificate of deposit accounts of deceased bank customers, causing the bank to charge off sums in excess of $130,000. The FDIC Board requests approval for a removal and prohibition order and a civil money penalty of $35,000.

01/26/2018

CRA credit for activities in Puerto Rico and Virgin Islands

The Federal Reserve, FDIC and OCC have issued an interagency statement that they will give favorable consideration under Community Reinvestment Act regulations to institutions that are located outside of the U.S. Virgin Islands and Puerto Rico, which were designated as major disaster areas in the aftermath of Hurricane Maria, for bank activities that help to revitalize or stabilize these areas.

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