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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

12/13/2016

FDIC renews charter of Committee on Economic Inclusion

The Federal Deposit Insurance Corporation published in this morning's Federal Register a Notice of renewal of the agency's Advisory Committee on Economic Inclusion. The Committee will continue to review various issues that may include, but not be limited to, basic retail financial services such as low-cost, sustainable transaction accounts, savings accounts, small dollar lending, prepaid cards, money orders, remittances, and other services to promote asset accumulation and financial stability.

12/13/2016

OFAC issues Kingpin Act/Honduras-related general license

OFAC has published a General License authorizing certain transactions and activities to liquidate and wind down Banco Continental, S.A. Those transactions and activities would otherwise be prohibited under the Kingpin Act. Banco Continental, S.A. was sanctioned in October 2015. See our OFAC Update for addition information.

12/13/2016

OFAC designates Congolese officials

The Office of Foreign Assets Control (OFAC) has sanctioned two Democratic Republic of the Congo (DRC) government officials as the Government of the DRC continues to suppress political opposition and delay political progress in the country, often through violent means. As a result of OFAC’s actions, all of the designated individuals’ assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For additional information, see our OFAC Update.

12/12/2016

2017 CRA edits and file specs available

The FFIEC has posted the 2017 CRA edits and file specifications.

12/12/2016

Board makes GSIB changes

The Federal Reserve Board has announced its approval of a final rule making technical amendments to its rule that identifies global systemically important bank holding companies (GSIBs) and requires those firms to hold additional amounts of risk-based capital to avoid restrictions on capital distributions and discretionary bonus payments. This rule, which affects the Fed's Regulation Q, will be effective 30 days after its publication in the Federal Register.

UPDATE: The final rule amending Regulation Q is scheduled for publication on December 16, 2016. That makes its effective date January 16, 2017.

The Board also invited comment on an interim final rule that extends the initial implementation of certain reporting requirements related to the GSIB surcharge rule. The adjusted timeline applies to firms that have $50 billion or more in total consolidated assets and are not currently identified as GSIBs. The reporting requirements are being harmonized with similar reporting requirements from other rules. This rule is effective immediately. Comments will be accepted for 60 days following its publication.

UPDATE: The interim final rule is scheduled for publication on December 16, 2016. That sets the 60-day comment period expiration date on February 14, 2017.

12/12/2016

Board seeks comments on S&L holding company rating system

The Board of Governors of the Federal Reserve System has issued a notice and request for comment on a proposal to fully apply its existing rating system for bank holding companies to the savings and loan holding companies. Comments will be accepted through February 13, 2017.

UPDATE: To be published in the February 13, 2016, Federal Register

12/12/2016

FINRA seeks info from former registered Wells employees

The Financial Industry Regulatory Authority (FINRA) has asked former Wells Fargo Bank employees whose securities registrations were terminated to contact FINRA if they have concerns about the notice filed by Wells Fargo regarding their termination. FINRA is responding to recent news reports that have highlighted several former Wells Fargo bank employees who believe that they were terminated from the bank for reporting or refusing to engage in allegedly fraudulent account-opening activities. Those reports have indicated that a subset of the individuals who were also registered with FINRA to conduct securities activities have raised concerns that they did not receive a copy of their Form U5 termination notice within 30 days of being terminated as required by FINRA rules, or that their Form U5 contained inaccurate or incomplete comments related to the reason for the termination.

12/08/2016

OFAC sanctions al-Qa'ida supporters

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action on Wednesday to disrupt the financial and support networks of al-Qa’ida in the Arabian Peninsula (AQAP). Specifically, OFAC designated AQAP facilitators Al-Hasan Ali Ali Abkar (Abkar) and Abdallah Faysal Sadiq al-Ahdal (al-Ahdal), as well as a purported charity managed by al-Ahdal, the Rahmah Charitable Organization, pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. See our OFAC Update for further information.

12/08/2016

New CAC members announced

The Federal Reserve Board has announced the fifteen members of its 2017 Community Advisory Council, which includes four new members. The CAC is composed of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests, including from such fields as affordable housing, economic development, labor, small business, and asset and wealth building. CAC members provide information, advice, and recommendations to the Board on relevant policy matters and emerging issues of interest.

12/08/2016

Switzerland gets good FATF report

The Financial Action Task Force (FATF) has released its 2016 mutual evaluation report of Switzerland’s anti-money laundering and counter-terrorist financing (AML/CFT) system. The report indicates overall, Switzerland’s AML/CFT regime is technically robust and has achieved good results. It would still benefit from some improvements in order to be fully effective. The full report (241 pages) and an executive summary (11 pages) are available.

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