Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!

Top Story Compliance Related


FinCEN seeks input on modernizing AML/CFT regime

FinCEN has issued a Request for Information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN's news release reported the agency is particularly interested in comments on ways to modernize risk-based AML/CFT regulations and guidance issued pursuant to the Bank Secrecy Act (BSA) so that they, on a continuing basis, protect U.S. national security in a cost-effective and efficient manner.

The RFI also supports FinCEN’s efforts to conduct a formal review of BSA regulations and related guidance, which is required by Section 6216 of the Anti-Money Laundering Act of 2020. FinCEN will report to Congress the findings of the review, including administrative and legislative recommendations.

The RFI was published at 86 FR 71201 in today's Federal Register. Comments will be accepted through February 14, 2022.


OCC rescinds its 2020 CRA Rule

This morning, the OCC announced it has issued a final rule rescinding its June 2020 CRA Rule, and replacing it with a rule based on rules adopted jointly by the Federal banking agencies in 1995, as amended. The OCC said today's action, which will be effective January 1, 2022, is intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.
Publication and compliance dates update: Published at 86 FR 71328 on 12/15/2021. The rule will be effective 1/1/2022, but the compliance date for sections 25.43 and 25.44 is 4/1/2022.
See also: OCC Bulletin 2021-61


Special charitable tax benefit highlighted

The Independent Sector and National Council of Nonprofits have joined with the IRS to highlight a special pandemic-related tax provision under which married couples filing jointly can deduct up to $600 in cash donations and individual taxpayers can deduct up to $300 in donations.

Under the temporary law, taxpayers don't need to itemize deductions on their tax returns to take advantage of this tax-favorable donation option not normally available to about 90 percent of tax filers. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But this special provision permits them to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations by December 31, 2021. The IRS's special Tax Exempt Organization Search tool can help people make sure they donate to a qualified charity.
Related link:
IRS press release


CFPB updates EFT/Reg E FAQs

The CFPB on Monday posted an update of its Compliance Aid, "Electronic Fund Transfers FAQs," including these topics:

  • Coverage: Transactions (5 new or updated FAQs)
  • Coverage: Financial Institutions (4 new or updated FAQs)
  • Error Resolution (4 FAQs—2 new or updated)
  • Error Resolution: Unauthorized EFTs (11 FAQs—5 new or updated)

REGISTER NOW: BOL's Andy Zavoina will analyze the EFT FAQs in a special 90-minute webinar—Reg E Guidance – EFT Compliance—on January 27, 2022. REGISTER NOW!


Phantom debt collectors banned from industry

Defendants threatened consumers with lawsuits and arrest while trying to collect non-existent debts

The Federal Trade Commission on Monday announced a group of phantom debt collectors will be permanently banned from the debt collection industry and required to surrender the contents of numerous bank and investment accounts under the terms of a settlement with the Commission.

The FTC’s complaint against South Carolina-based National Landmark Logistics, filed in July 2020, alleged that the defendants in the case used robocalls to leave deceptive messages claiming consumers faced imminent legal action—lawsuits or even arrest—for unpaid debts.

When consumers returned the calls, the defendants falsely claimed to be from a mediation or law firm, again threatened legal action, and used consumers’ personal information to convince consumers the threats were real. The defendants turned around and pocketed the money, despite the fact that in many instances, consumers did not owe the debt being collected on or the defendants had no right to collect it.

Under the terms of the settlement, National Landmark Logistics, LLC; National Landmark Service of United Recovery, LLC; Silverlake Landmark Recovery Group, LLC; and Jean Cellent will be permanently banned from debt collection of any kind. They will also be banned from buying or selling debt, and from making any misrepresentations to consumers about any goods or services—including from claiming that they are lawyers or represent a law firm.

The settlement also includes a monetary judgment of $12,098,760, which is partially suspended due to an inability to pay. In addition, the defendants will be required to surrender the contents of numerous bank and investment accounts, as well as the title to property located in Philadelphia and a Mercedes SL 550 or the cash value of those assets.


Reserve Banks made 18 CRA ratings public in November

Our monthly review of the Federal Reserve Board's archive of bank CRA evaluation ratings has determined that the Federal Reserve Banks made public 18 evaluation ratings in November. Sixteen of those evaluations received a rating of Satisfactory. One Indiana bank was rated Needs to Improve. Only one bank—Pacific Premier Bank, Irvine, California—received a rating of Outstanding.


OFAC targets abusers of human rights

On Friday, International Human Rights Day, Treasury announced that OFAC had designated 15 individuals and ten entities for their connection to human rights abuse and repression in several countries around the globe. Separately, OFAC imposed investment restrictions on one company in connection with the surveillance technology sector of the People’s Republic of China’s economy, highlighting the human rights abuse enabled by the malign use of technology.

For a list of the new SDN List designations and the addition to OFAC's Non-SDN Chinese Military-Industrial Complex Companies (NS-CMIC) list, see the December 10, 2021, BankersOnline OFAC Update.


Fed reiterates expectations for risk management for large banks

In a Supervision and Regulation letter, the Federal Reserve Board on Friday reiterated its supervisory expectations for large banks' risk management with investment funds. The supervisory message follows a review by the Board of the default and failure of Archegos Capital Management, a concentrated and leveraged fund.

The message describes the Board's existing expectations for large banks' counterparty credit risk management and margin practices, as well as existing practices that do not meet supervisory expectations, and identifies ways to mitigate those practices.


OCC revises Licensing Manual booklets

The OCC has issued Bulletin 2021-60 announcing revised versions of its "Background Investigations," "Capital and Dividends,” "Charters,” “Conversions to Federal Charter,” and “National Bank Director Waivers” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between April 2017 and October 2019. The revised booklets reflect recent changes to 12 CFR 5, make corrections where necessary, and contain updated guidance.


OFAC adds sanctions on Anti-Corruption Day

The Treasury Department yesterday announced that OFAC has targeted fifteen individuals and entities across several countries in Central America, Africa, and Europe. Yesterday’s actions were taken under authority of Executive Order 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of corruption and serious human rights abuse. OFAC’s actions were complemented by the U.S. Department of State’s announcement of visa restrictions under Section 7031(c) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, targeting several corrupt current and former officials, as well as their immediate family members, and making them ineligible for entry into the United States.

International Anti-Corruption Day has been observed annually on December 9 since the United Nations General Assembly adopted the United Nations Convention against Corruption on October 31, 2003, to raise public awareness of the importance of anti-corruption initiatives in countering corruption and preventing it from undermining democratic institutions, eroding governmental stability, and slowing economic development.

For the names and identification information of the seven individuals and eight entities designated, and one previously designated party whose listing was updated yesterday, see the December 9, 2021, BankersOnline OFAC Update.


Training View All

Penalties View All

Search Top Stories