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Top Story Compliance Related

11/16/2015

Agencies to hold final EGRPRA outreach meeting

The federal banking agencies will hold an outreach meeting on December 2, 2015, at the FDIC in Arlington, Virginia, as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The meeting is the sixth and final in a series of outreach sessions that the FDIC, the FRB, and the OCC have held throughout the country. The meeting will be webcast live at http://egrpra.ffiec.gov.

11/13/2015

FTC debt collection panel topics released

The Federal Trade Commission has announced the topics of the two panels at its Debt Collection Dialogue in Atlanta on November 18, 2015. The first panel, “State Regulation and Enforcement of Debt Collection,” will have a representative from a national collection industry association and representatives from three state law enforcement agencies. The second panel, “Federal Regulation and Enforcement of Debt Collection,” will include representatives from three national collection industry organizations and three federal law enforcement agencies. The free event is open to the public and will begin at 1 p.m. at the Latin American Association, 2750 Buford Highway.

11/13/2015

NCUA Consumer Assistance portal now open

The NCUA has announced that credit unions can now use a portal, located on the NCUA’s MyCreditUnion.gov site, to receive correspondence from the Consumer Assistance Center about complaints concerning them, to send responses and complaint information, and to check the status of complaints concerning their institutions that were filed with the Consumer Assistance Center since August 24, 2015. Information contained within the portal is not accessible by the public. A set of FAQs regarding the portal was also posted on the NCUA website.

11/13/2015

Written agreement with East West Bank announced

The Federal Reserve Board has announced the execution of a Written Agreement with East West Bank, Pasadena, California, a state-chartered bank which maintains a foreign branch in Hong Kong and has various foreign subsidiaries, including representative offices and an international banking subsidiary in Shanghai, China. The Agreement involves deficiencies in the bank’s BSA/AML compliance program.

11/10/2015

Bank of Nova Scotia in BSA/AML/OFAC written agreement

The Federal Reserve Board has announced that the Federal Reserve Bank of New York and the New York State Department of Financial Services (NYSDFS) have entered into a November 5, 2015, Written Agreement enforcement action with the Bank of Nova Scotia, Toronto, Canada and Bank of Nova Scotia New York Agency, New York, NY, to "address deficiencies relating to the Agency’s risk management and compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act …; the rules and regulations issued thereunder by the U.S. Department of the Treasury …; and the requirements of Regulation K of the Board of Governors to report suspicious activity and to maintain an adequate BSA/AML compliance program … and the regulations issued by the Office of Foreign Assets Control … ; and the regulations of the NYSDFS."

11/09/2015

Caesars Palace assessed $8 million BSA penalty

FinCEN has announced it has issues an $8 million assessment against Desert Palace, Inc. d/b/a Caesars Palace. FinCEN had previously announced the settlement, noting that it was subject to bankruptcy court approval. Caesars consented to the assessment of a civil money penalty in the sum of $8 million and admitted that it violated the BSA’s anti-money laundering program and suspicious activity reporting requirements. This civil money penalty will be allowed as a general unsecured claim in Caesars’ Bankruptcy Case subject to the rights of the United States to assert its setoff and recoupment rights. See our Penalty Entry for additional information.

11/06/2015

Wells Fargo in $81.6M settlement over notices to bankrupts

The Department of Justice has announced that its U.S. Trustee Program has reached a national settlement with Wells Fargo Bank N.A. requiring the bank to pay $81.6 million in remediation for repeated failures to provide homeowners in bankruptcy with legally required notices of changing monthly mortgage payments and failure to timely perform more than 18,000 escrow analyses. The alleged failures affected nearly 68,000 accounts of homeowners in bankruptcy between December 1, 2011, and March 31, 2015.

Note: Certain mortgage loan servicing notice requirements under Regulations X and Z are suspended or waived during a borrower's bankruptcy proceedings under CFPB regulations. The payment change notices involved in this Wells Fargo settlement are separate requirements under rules adopted under the Bankruptcy Code.

For additional information, see our Penalty Record for this announcement.

11/05/2015

Nominations for NCUA first 2016 consulting round

The NCUA has opened the nominations for its 2016 consulting round. Eligible credit unions interested in consulting assistance from the National Credit Union Administration’s Office of Small Credit Union Initiatives in the first half of 2016 have until November 30 to submit nominations. To qualify for NCUA’s consulting assistance, a credit union must fall into one of the following categories:

  • Have total assets of less than $100 million;
  • Have been chartered for fewer than 10 years;
  • Be designated as a Minority Depository Institution; or
  • Have a low-income designation from NCUA.

11/05/2015

Operation Collection Protection: new actions

The Federal Trade Commission, along with federal, state and local law enforcement partners around the country, announced the first coordinated federal-state enforcement initiative targeting deceptive and abusive debt collection practices. This nationwide crackdown encompasses 30 new law enforcement actions by federal, state and local law enforcement authorities against collectors who use illegal tactics such as harassing phone calls and false threats of litigation, arrest, and wage garnishment. The cases that were recently announced bring to 115 the total number of actions taken so far this year by the more than 70 law enforcement partners in the Operation Collection Protection initiative.

11/04/2015

Wire practices earn Deutsche Bank $258 million in penalties

The Federal Reserve Board has announced a $58 million penalty and consent cease and desist order against Deutsche Bank AG, based in Frankfurt, Germany, related to violations of U.S. sanctions. The order requires Deutsche Bank to implement an enhanced program to ensure global compliance with U.S. sanctions administered by the U.S. Department of Treasury's Office of Foreign Assets Control. The Board acted based on unsafe and unsound practices at the bank, which the Board found failed to have sufficient policies and procedures to ensure that activities conducted at its offices outside of the United States complied with U.S. sanctions laws and were reported in a timely manner in response to inquiries by the Federal Reserve Bank of New York. The New York State Department of Financial Services (DFS) announced it has issued an order that the bank pay a $200 million penalty for violation of state laws, coordinating its action with that of the Board. For additional information, see our November 4, 2015, Penalty Entry for these actions.

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