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Top Story Compliance Related

09/09/2020

FDIC releases CRA evaluation ratings

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in June 2020. Of the 76 banks listed, 70 receive a "satisfactory" rating, and three were rated "needs to improve." Our congratulations to three banks who received "outstanding" ratings:

09/08/2020

FTC settlement shutters auto dealer group

The Federal Trade Commission has announced a group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court -approved settlement resolving FTC charges that the dealerships deceived consumers and falsified information on vehicle financing applications. In a case filed in 2018, the FTC alleged that Tate’s Auto Center of Winslow, Inc.; Tate’s Automotive, Inc.; Tate Ford-Lincoln-Mercury, Inc. (doing business as Tate’s Auto Center); Tate’s Auto Center of Gallup, Inc.; and Richard Berry, an officer of the dealerships, falsified consumers’ income and down payment information on vehicle financing applications and misrepresented important financial terms in vehicle advertisements. The case continues against Berry and relief defendant Linda Tate.

09/08/2020

OFAC sanctions Maduro regime officials

On Friday, OFAC designated four key figures that have facilitated the illegitimate Maduro regime’s efforts to undermine the independence and democratic order of Venezuela — David Eugenio De Lima Salas, Reinaldo Enrique Muñoz Pedroza, Indira Maira Alfonzo Izaguirre, and Jose Luis Gutierrez Parra. Their actions are part of a broader election interference scheme to prevent free and fair parliamentary elections from taking place in December 2020 by restructuring the National Electoral Council and controlling the state’s wealth and assets for regime purposes through the Solicitor General.

As a result of Friday’s action, all property and interests in property of these individuals that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by the designated individuals are also blocked. For identification details, see BankersOnline's OFAC Update.

09/04/2020

NJ condo association charged with housing discrimination

HUD has announced that it has charged Le Club II Condominium Association in Mount Laurel, New Jersey, with housing discrimination after its management company, Dan-Mar Management, allegedly refused to allow a resident with disabilities to keep an assistance animal.

09/04/2020

Companies sanctioned for enabling Iran's petrochemical industry

Treasury has announced that OFAC has designated six entities for their support to Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury in January 2020, and related activities. These entities, based in Iran, UAE, and China, support Triliance’s continued involvement in the sale of Iranian petrochemical products, including efforts by Triliance to hide or otherwise obscure its involvement in sales contracts.

Treasury also reported that the State Department has imposed sanctions on five entities for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran. The Department of State also sanctioned three individuals who are principal executive officers of the sanctioned entities.

For identification of the sanctioned individuals and entities, see BankersOnline's OFAC Update.

09/03/2020

Comptroller’s Handbook updated

The OCC yesterday issued an updated "Other Real Estate Owned" booklet for the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. The OCC rescinded Bulletin 2018-26, which addressed the previous version of the booklet.

The updated booklet—

  • reflects recent changes to 12 CFR 34, subpart E, including changes to holding period requirements for federal savings associations.
  • reflects changes to other regulations that occurred since the booklet was last issued.
  • reflects changes to OCC issuances published and rescinded since the booklet was last issued.
  • clarifies applicability of certain requirements to covered savings associations.
  • includes clarifying edits regarding supervisory guidance, sound risk management practices, or legal language.
  • revises certain content for general clarity

09/03/2020

OFAC and Delaware sign MOU

Treasury has announced a Memorandum of Understanding between OFAC and the Delaware Department of Justice concerning information sharing procedures.

09/03/2020

OFAC adjusts CMP caps for recordkeeping and reporting violations

The Treasury Department's Office of Foreign Assets Control (OFAC) has today published at 85 FR 54911 in the Federal Register an interim final rule adjusting for inflation its civil monetary penalties for failure to comply with certain recordkeeping and reporting requirements, which are contained in OFAC’s Economic Sanctions Enforcement Guidelines in OFAC’s Reporting, Procedures and Penalties Regulations. The rule, which will amend Appendix A to 31 CFR Part 501, becomes effective October 5, 2020. Comments on the rule will be accepted through that date.

09/02/2020

Unlawfully disclosed SARs

FinCEN issued this statement on Tuesday:

"The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago. As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can impact the national security of the United States, compromise law enforcement investigations, and threaten the safety and security of the institutions and individuals who file such reports. FinCEN has referred this matter to the U.S. Department of Justice and the U.S. Department of the Treasury’s Office of Inspector General."

09/02/2020

OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations of OCC-supervised institutions that became public in August. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Of the 20 evaluations listed, twelve are rated satisfactory, and one is rated needs to improve. Our congratulations to the seven institutions that received Outstanding ratings:

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