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Top Story Compliance Related

08/30/2017

OCC CRA exam schedule released

The OCC has issued its CRA examination schedule for the fourth quarter 2017 and first quarter 2018.

08/30/2017

Former North Carolina banker barred from banking

The Federal Reserve Board has announced it has issued an Order permanently prohibiting James M. Riley, a former City Executive at the Four Oaks Bank and Trust Company branch in Fuquay-Varina, North Carolina, from participating in the banking industry after determining he improperly approved loans for his own benefit. The Board found that Riley engaged in unsafe and unsound practices and potential violations of law by approving loans for two individuals who immediately transferred the loan proceeds to him.

08/30/2017

OFAC sanctions ISIS finance emir

On Tuesday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) targeted Salim Mustafa Muhammad al-Mansur (Mansur), an Islamic State of Iraq and Syria (ISIS) finance emir. Mansur was designated as a Specially Designated Global Terrorist pursuant to Executive Order 13224 for acting for or on behalf of ISIS. As a result of the designation, all property and interests in property of Mansur subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with him. For identity information on Mansur, see our OFAC Update.

08/30/2017

Bureau issues TIL annual threshold adjustments

The CFPB has published [82 FR 41158] in today's Federal Register a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA. Specifically—

  • For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.00 in 2018.
  • For open-end consumer credit plans under the CARD Act amendments to TILA, the adjusted dollar amount for the safe harbor for a first violation penalty fee will remain unchanged at $27 in 2018 and the adjusted dollar amount for the safe harbor for a subsequent violation penalty fee will remain unchanged at $38 in 2018.
  • For HOEPA loans, the adjusted total loan amount threshold for high-cost mortgages in 2018 will be $21,032. The adjusted points and fees dollar trigger for high-cost mortgages in 2018 will be $1,052.
  • For the general rule to determine consumers’ ability to repay mortgage loans, the maximum thresholds for total points and fees for qualified mortgages in 2018 will be
    • 3 percent of the total loan amount for a loan greater than or equal to $105,158;
    • $3,155 for a loan amount greater than or equal to $63,095 but less than $105,158;
    • 5 percent of the total loan amount for a loan greater than or equal to $21,032 but less than $63,095;
    • $1,052 for a loan amount greater than or equal to $13,145 but less than $21,032; and
    • 8 percent of the total loan amount for a loan amount less than $13,145.

The rule will be effective January 1, 2018. The new interpretations paragraphs have been added to sections 1026.32, .43 and .52 in BankersOnline's Regulations pages for Regulation Z.

08/29/2017

Federal Reserve removal/prohibition orders

The Federal Reserve, unlike other regulators, does not issue periodic lists of individuals to whom it has sent "Section 19" letters. Instead, the Fed maintains lists of such letters by year on its website. The Fed has issued 23 Section 19 letters this year, through June 30, 2017.

Letters issued under Section 19 of the Federal Deposit Insurance Act are required when a bank regulator becomes aware that an individual has been found guilty of a criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for any such offense. Section 19 requires that the individuals be banned from becoming or continuing as an institution-affiliated party with respect to an insured depository institution, including any bank, savings association or credit union and their holding companies, as well as Edge Act corporations and Agreement corporations.

08/28/2017

FDIC lists July enforcement actions

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in July. There was a total of 24 orders. The administrative enforcement actions in those orders consisted of three consent orders; seven removal and prohibition orders; four Section 19 orders; three civil money penalties; and seven terminations of consent orders.

The civil money penalties were assessed against individuals formerly affiliated with banks in Oklahoma ($125,000), Pennsylvania ($35,000) and Kentucky ($35,000) for unspecified reasons. Each of those individuals also received a removal/prohibition order. Four additional removal/prohibition orders were issued to individuals formerly affiliated with banks in Oklahoma (2 individuals), Missouri, and Illinois.

08/28/2017

New Venezuela Executive Order and general licenses

OFAC has announced that the president has issued a new Executive Order, "Imposing Additional Sanctions with Respect to the Situation in Venezuela," and that there were four new Venezuela-related general licenses issued to allow certain transactions that would otherwise violate that Order. See our OFAC Update for details. UPDATE: The Executive Order was published on 8/29/2017 as E.O. 13808.

08/25/2017

OCC schedules Indiana workshops

The OCC has announced it will host two workshops at the Indianapolis Marriott East on September 26–27, for directors of national community banks and federal savings associations.

  • The Risk Governance workshop on September 26 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
  • The Credit Risk workshop on September 27 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

08/25/2017

Singapore company pays $415K for Iran violations

COSL Singapore Ltd, an oilfield services company located in Singapore, has agreed to pay OFAC $415,350 to settle potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations. For details, see our Penalty page.

08/24/2017

Update to Comptroller’s Licensing Manual

OCC Bulletin 2017-30, issued yesterday, announced changes in the "Substantial Asset Changes, Including Changes in Charter Purpose” booklet of the Comptroller's Licensing Manual. The booklet—

  • provides an overview of the requirements related to a substantial asset change by banks including changes in charter purpose
  • clarifies the applicability of 12 CFR 5.53 and 5.20(l)
  • details exceptions to filing requirements under 12 CFR 5.53
  • lists references and links to informational resources and sample forms and documents that banks may find useful in filing applications

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