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Top Story Compliance Related


New Ukraine-/Russia related FAQ

OFAC has issued a new Ukraine-/Russia-related FAQ concerning implementation of section 7503(d) of the National Defense Authorization Act of 2020, also known as the Protecting Europe's Energy Security Act of 2019. "Parties that have knowingly sold, leased, or provided vessels that are engaged in pipe laying at depths of 100 feet or more below sea level for the construction of Nord Stream 2 or Turkstream must ensure that such vessels immediately cease construction-related activity. Notwithstanding the above, good-faith wind-down exceptions may be made for the safety of the pipeline or safety and care of the crew aboard the vessel, the protection of human life, or maintenance to avoid any environmental or other significant damage, as further described in Section 7503(e)."


OFAC sanctions Malian nationals

Treasury has announced that OFAC has sanctioned five Malian individuals for threatening the peace, security, or stability of Mali, as well as an individual obstructing humanitarian assistance.The individuals were also designated by the UN Security Council Mali Sanctions Committee for an asset freeze, which obligates all UN Member States to freeze assets in their territories that are owned or controlled by these five individuals. The Committee had earlier imposed a travel ban on these individuals.

For the designated individuals' names and identification information, see BankersOnline's OFAC Update


OCC announces enforcement actions

The OCC has released a new list of enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such institutions.

  • Mutual of Omaha Bank and a subsidiary were assessed a penalty for violations of the Flood Disaster Protection Act and implementing regulations.
  • a Fairfield, Iowa, bank was issued a consent cease and desist order
  • An executive director and a managing director of JPMorgan Chase Bank, N.A., Columbus, Ohio, were suspended from their positions at the bank and prohibited from further participation in the affairs of the bank or any other depository institution, pending final disposition of criminal proceedings alleging commodities fraud.


Written Agreement with Société Générale

The Federal Reserve Board has announced the execution of a Written Agreement with Société Générale S.A., Paris, France, and Société Générale, New York Branch, New York, New York. The Federal Reserve Bank of New York previously identified deficiencies in the Bank’s U.S. compliance risk management program, including but not limited to the compliance risk assessment process and compliance testing and monitoring function. The Bank is taking steps to address deficiencies relating to its compliance with the Affiliate Transaction Requirements.


Final Opportunity Zones tax regs issued

Treasury has announced the IRS has issued final regulations implementing the Opportunity Zones tax incentive. Opportunity Zones, created by the Tax Cuts and Jobs Act, offer capital gains tax relief for investments in economically distressed areas. An FAQ was also issued


New Treasury sanctions announced

Two judges who penalized Iranians for exercising freedoms of expression and assembly and a Guatemalan Mayor and his drug trafficking organization have been designated by Treasury. Abolghassem Salavati and Mohammad Moghisseh, who oversaw the Iranian regime’s miscarriage of justice in show trials in which journalists, attorneys, political activists, and members of Iran’s ethnic and religious minority groups were penalized for exercising their freedom of expression and assembly and sentenced to lengthy prison terms, lashes, and even execution were designated yesterday. For additional identification information, see this BankersOnline OFAC Update

Also designated were Guatemalan mayor Erik Salvador Suñiga Rodriguez, known as “El Pocho,” and the Suñiga Rodriguez drug trafficking organization (Suñiga Rodriguez DTO or “Los Pochos DTO”), along with four Guatemalan nationals and five Guatemalan businesses they owned who provided them material support. A Kingpin Act chart on individuals and entities was also posted. For identification details on these designated individuals and entities, plus other OFAC changes, see this BankersOnline OFAC Update


FDIC offers tips on gift cards

The December 2019 issue of FDIC Consumer News features tips for consumers regarding gift cards. Included are articles on federal consumer law protections, scam warnings and tips for buying cards.


OFAC removes Latvian sanctions

OFAC has announced the removal of sanctions imposed on the Ventspils Freeport Authority, which was designated on December 9 for being owned or controlled by Latvian oligarch Aivars Lembergs (Lembergs). The Latvian government has passed legislation effectively ending Lembergs’ control of the Ventspils Freeport Authority. As a result of the action, all property and interests in property, that had been blocked solely as a result of the Ventspils Freeport Authority’s designation, are unblocked and all otherwise lawful transactions involving U.S. persons and the Ventspils Freeport Authority are no longer prohibited. For details of the listings removed from OFAC's SDN list, see BankersOnline's OFAC Update.


CFPB adjusts HMDA asset-size exemption

The CFPB is publishing in the December 20, 2019, Federal Register a final rule increasing the Regulation C (HMDA) asset-size exemption threshold for banks, savings associations and credit unions from $46 million to $47 million. Therefore, banks, savings associations, and credit unions with assets of $47 million or less as of December 31, 2019, are exempt from collecting data in 2020. The rule is effective on January 1, 2020. The change to comment 2(g)-2 of the Official Interpretations to Regulation C, has been posted to the BankersOnline Regulations page for section 1003.2 of Regulation C


Bureau issues TRID construction loan guides

The CFPB has published additional guidance relating to disclosing construction and construction-permanent loans under the TRID Rule. There are two new Guides, one on disclosing construction and construction-permanent loans with a separate loan estimate and closing disclosure for each phase of the transaction, and one on using one combined loan estimate and one combined closing disclosure for both phases of a construction-permanent transaction.


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