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Top Story Compliance Related

12/19/2019

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.

12/18/2019

FATF report on Russia’s AML/CFT efforts

The Financial Action Task Force (FATF) has issued its 2019 report on the Russian Federation’s efforts to combat money laundering and terrorist financing.

12/18/2019

Fed and FDIC report on largest banks' resolution plans

The Federal Reserve Board and FDIC have announced they did not find any "deficiencies," which are weaknesses that could result in additional prudential requirements if not corrected, in the resolution plans of the largest and most complex domestic banks. However, plans from six of the eight banks had "shortcomings," which are weaknesses that raise questions about the feasibility of a firm's plan, but are not as severe as a deficiency. Plans to address the shortcomings are due to the agencies by March 31, 2020. In the plans of Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street, and Wells Fargo, the agencies found shortcomings related to the ability of the firms to reliably produce, in stressed conditions, data needed to execute their resolution strategy. The agencies did not find shortcomings in the plans from Goldman Sachs and J.P. Morgan Chase. The agencies also announced that Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo had successfully addressed prior shortcomings identified by the agencies in their December 2017 resolution plan review.

12/18/2019

Fed releases December 2019 Compliance Supervision Bulletin

The Federal Reserve Board's Consumer Compliance Supervision Bulletin shares information about Federal Reserve examiners' observations and other noteworthy developments related to consumer protection. The December 2019 issue discusses Federal Reserve supervisory observations regarding fintech, or the use of technological innovation to provide financial products and services. Topics include:

  • Promoting effective fintech risk management
  • Online and mobile banking
  • Managing the fair lending risks of targeted internet-based marketing
  • Federal Reserve fintech resources

12/17/2019

2018 Small Business, Small Farm, and CD data released

A joint news release from the three federal banking members of the Federal Financial Institutions Examination Council with Community Reinvestment Act responsibilities has announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. A Fact Sheet on the 2018 data was also released.

An FFIEC disclosure statement on the reported 2018 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and non-metropolitan counties in the United States and its territories. These statements are available for public inspection on the FFIEC website.

12/17/2019

OFAC targets two South Sudanese officials

Treasury has reported that its Office of Foreign Assets Control has sanctioned two individuals for expanding or extending the conflict in South Sudan including by obstructing the reconciliation process or peace talks. The designations of Minister of Cabinet Affairs Martin Elia Lomuro and Minister of Defense and Veteran Affairs Kuol Manyang Juuk are intended to target senior leaders in South Sudan that have perpetuated the conflict for their own personal enrichment, leading to much suffering for the South Sudanese people. For further identification details, see BankersOnline's OFAC Update

12/16/2019

OFAC designated Hizballah money launderers

On Friday, December 13, OFAC took action against two prominent Lebanon and the Democratic Republic of the Congo (DRC)-based money launderers and their affiliated companies, including those that have generated tens of millions of dollars for Hizballah, its financiers, and their malign activities. For identification information and other OFAC SDN List activity, see BankersOnline's OFAC Update.

12/16/2019

Labor updates Regular Rate regs

The Department of Labor has issued a final rule [84 FR 68736, amending 29 CFR parts 548 and 778] updating a number of regulations on the calculation of overtime compensation both to provide clarity and to better reflect the 21st-century workplace. The changes were made to promote compliance with the Fair Labor Standards Act, provide appropriate and updated guidance in an area of evolving law and practice, and encourage employers to provide additional and innovative benefits to workers without fear of costly litigation. The rule is effective January 15, 2020.

12/16/2019

FEMA to suspend communities in 5 states from flood program

FEMA has published a notice [84 FR 68346] in today's Federal Register identifying communities in five states scheduled for suspension from the National Flood Insurance Program on Friday, December 20, 2019, for noncompliance with the floodplain management requirements of the program:

  • California: Carlsbad, Chula Vista, Coronado, Del Mar, Encinitas, National City, and Oceanside
  • Colorado: Arvada, Georgetown, Golden, Idaho Springs, and unincorporated areas of Clear Creek and Jefferson Counties
  • Iowa: Atkins, Beaman, Belle Plaine, Blairstown, Conrad, Dike, Ellsworth, Garrison, Grundy Center, Holland, Jewell, Kamrar, Morrison, Newhall, Norway, Reinbeck, Shellsburg, Urbana, Vinton, Webster City, Wellsburg, and unincorporated areas of Benton and Grundy Counties
  • Minnesota: Halstad
  • Texas: Austin, Leroy, Mount Calm, Taylor, Weir, West, and unincorporated areas of Aransas County

If any of the identified communities adopts and submits the required documentation of legally enforceable floodplain management measures before its actual suspension date, the community will not be suspended.

12/16/2019

FDIC proposes to update Section 19 regs

The FDIC has published [84 FR 68353] a proposal to revise the existing regulations requiring persons convicted of certain criminal offenses to obtain prior written consent before participating in the conduct of the affairs of any depository institution to incorporate the FDIC's existing Statement of Policy, and to amend the regulations setting forth the FDIC's procedures and standards applicable to an application to obtain the FDIC's prior written consent.

The proposed incorporation of the Statement of Policy into the FDIC's regulations would provide for greater transparency as to its application, provide greater certainty as to the FDIC's application process and help both insured depository institutions and affected individuals to understand its impact and to potentially seek relief from its provisions. Comments on the proposal will be accepted for 60 days, through February 14, 2020.

Update: On 1/27/2020, the FDIC published [85 FR 4614] a notice extending the comment period on this proposal through 3/16/2020.

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