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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

07/07/2016

Korean officials and entities sanctioned

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated top officials of the North Korean regime, including North Korean leader Kim Jong Un, ten other individuals, and five entities, for their ties to North Korea’s notorious abuses of human rights. As a result, any property or interest in property of those designated by OFAC within U.S. jurisdiction is frozen. Additionally, transactions by U.S. persons involving the designated persons are generally prohibited. See our OFAC Update for more information.

07/06/2016

CFPB warns about unaffordable auto loans

The fifth article in the Bureau Blog series on auto loans, “Don’t get taken for a ride: protect yourself from an auto loan you can’t afford,” has been posted. Consumers are warned to:

  • Be prepared before shopping for an auto loan
  • Know what they can negotiate
  • Avoid long-term loans if possible
  • Review the loan contract before signing

07/06/2016

FDIC CRA ratings released

The FDIC has issued a list of 49 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2016. Three banks received an outstanding rating, forty-three were rated satisfactory, two were rated needs to improve, and one was rated substantial non-compliance.

07/06/2016

Pharmaceutical firms pay $7.6M for OFAC violations

OFAC has announced that Alcon Laboratories, Inc., Fort Worth, Texas, Alcon Pharmaceuticals Ltd., Fribourg, Switzerland, and Alcon Management, SA, Geneva, Switzerland (collectively, “Alcon”) have agreed to settle potential civil liability with OFAC in the amount of $7,617,150 for apparent violations of the Iranian Transactions and Sudanese Sanctions Regulations. An OFAC investigation found Alcon violated sanctions regulations on 513 occasions when it engaged in the sale and exportation of medical end-use surgical and pharmaceutical products from the United States to distributors located in Iran and Sudan without OFAC authorization.

07/05/2016

July designated Military Consumer Protection Month

The Consumer Financial Protection Bureau Blog announces the designation of July as Military Consumer Protection Month. This annual event was first launched in 2013 as Military Consumer Protection Day by the Federal Trade Commission as a way to raise awareness about identity theft crimes impacting service members, but now it’s become a national month-long campaign supported by more than 50 partners. Servicemembers are reminded to review the CFPB's servicemember resources for more information.

07/05/2016

Call Report revisions announced

The FDIC has issued FIL-44-2016 announcing the approval by the Federal Financial Institutions Examination Council (FFIEC) of revisions to the Call Report that will take effect September 30, 2016, and March 31, 2017. These Call Report revisions were proposed by the three federal banking agencies, under the auspices of the FFIEC, in September 2015. The proposed revisions included certain burden-reducing changes, several new and revised Call Report data items, and a number of instructional clarifications. After considering the comments received on the proposal, the FFIEC and the agencies are proceeding with most of the proposed reporting changes, with some modifications. The U.S. Office of Management and Budget must approve the revisions to the Call Report before they can be implemented.

07/05/2016

FDIC Ombudsman retires

The FDIC has announced the retirement of Cottrell Webster as the FDIC's Ombudsman, effective June 30, 2016. Gordon Talbot, an Associate Ombudsman, is serving as Acting FDIC Ombudsman until a permanent replacement is appointed. The FDIC Office of the Ombudsman is a confidential, neutral, and independent source of information and assistance to anyone affected by the FDIC in its regulatory, resolution, receivership, or asset disposition activities.

07/05/2016

OFAC adds Kingpin Act/Panama-related license

OFAC has announced the publication of another Kingpin Act General License authorizing certain transactions and activities that would otherwise be prohibited pursuant to the Kingpin Act. See our OFAC Update for more information.

07/05/2016

Bureau proposes to update Reg P for FAST Act changes

The Consumer Financial Protection Bureau (CFPB) has announced a proposal to implement recent Congressional legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers. In December 2015, Congress amended the GLBA as part of the Fixing America’s Surface Transportation Act (FAST Act). This amendment provides financial institutions that meet certain conditions an exemption to the requirement under the GLBA to deliver an annual privacy notice. A financial institution can use the annual notice exception if it limits its sharing of customer information so that the customer does not have the right to opt out and has not changed its privacy notice from the one previously delivered to its customer. The proposed amendment would implement this legislation. The proposal would also establish deadlines for institutions resuming annual privacy notices if their practices change and cease to qualify for the exemption.

Because the proposal would render obsolete the alternative delivery method in Regulation P section 1016.9(c)(2), the Bureau proposes to eliminate that alternative. Comments on the proposal will be accepted for 30 days following publication in the Federal Register.

Update: Published at 81 FR 44801 on July 11, 2016. Comment period ends August 10, 2016.

07/01/2016

CFPB reports $24.2M in restitution to consumers

The CFPB has announced the release of a report that its supervisory actions in the first four months of the year uncovered illegal activities in auto finance and payments that led to approximately $24.5 million in restitution to more than 257,000 consumers.

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