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Top Story Compliance Related

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.

11/04/2015

Brazilian bank's NYC branch settles OFAC penalty

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has announced that the New York City branch of Banco do Brasil, S.A. has agreed to remit $139,500 to settle its potential civil liability for seven apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). See our Penalty Entry on this action for further information.

11/04/2015

Bureau releases Fall 2015 supervision report

The CFPB has released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners from May 2015 to August 2015. The Bureau found violations in the student loan servicing, mortgage origination and servicing, consumer reporting, and debt collection markets. The report shows that CFPB supervisory actions resulted in $107 million in relief to more than 238,000 consumers. Violations included:

  • Student loan servicers allocated payments to maximize fees and failed to give consumers choices about how to apply payments
  • Student loan servicers’ unfair practices increased fees and interest for borrowers
  • Student loan servicers deceive borrowers about student loan late fees
  • Mortgage servicers failed to automatically terminate mortgage insurance and reimburse consumers
  • Furnishers lacked adequate policies for accurately reporting information to consumer reporting agencies and failed to respond to disputes
  • Debt collectors used illegal tactics to contact consumers

11/04/2015

CRA evaluations released

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation released their monthly lists of financial institutions recently evaluated for compliance with the Community Reinvestment Act:

  • The ratings posted by the OCC for 34 national banks and federal savings associations included five outstanding and 29 satisfactory evaluations.
  • The FDIC's evaluations of 75 state nonmember banks resulted in two outstanding and 73 satisfactory ratings.

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