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Top Story Compliance Related

08/17/2017

U.S. shipping company pays $518K OFAC penalty

OFAC has reported that Blue Sky Blue Sea, Inc., doing business as American Export Lines and International Shipping Company (USA), of Los Angeles, California, has agreed to pay $518,063 to settle potential civil liability for 140 apparent violations of the Iranian Transactions and Sanctions Regulations during 2012. According to OFAC the company did not self-report the apparently non-egregious violations. For further information, see our Penalty page.

08/17/2017

Bureau changes format for inquiries on regulations

The CFPB has put up a web form to be used by industry and other stakeholders to submit questions on CFPB regulations. The form should be used rather than emails to pose such questions, effective today. The web form can be found at https://reginquiries.consumerfinance.gov.

08/17/2017

NCUA proposes regulatory reform plan

The NCUA has invited credit union stakeholders to read and comment on a package of regulatory reforms recommended by an internal agency task force. The task force has recommended changes that would be adopted in the coming four years to clarify, improve, revise, or eliminate regulations. The NCUA Board approved posting the proposal in the Federal Register for a 90-day comment period.

UPDATE: Scheduled for publication on 8/22/2017. Comments will be due by 11/20/2017.

08/17/2017

OFAC adds entity to SDN List

OFAC has added the name of a Pakistan-based terrorist organization to its Specially Designated Nationals (SDN) list. See our OFAC Update for identity information.

08/11/2017

IPSA Int'l settles with OFAC for $259K

OFAC has announced that IPSA International Services, Inc. (IPSA), Phoenix, Arizona, has agreed to pay $259,200 to settle its potential civil liability for 72 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). The apparent violations involve, on 44 separate occasions, IPSA’s importation of Iranian-origin services into the United States, and on 28 separate occasions, IPSA’s engagement in transactions or dealings related to Iranian-origin services by approving and facilitating its foreign subsidiaries’ payments to providers of Iranian-origin services.

08/11/2017

TRID amendments published

The CFPB published its previously announced TRID rule amendments at 82 FR 37656 in today's Federal Register. The amendments will be effective October 10, 2017, with compliance required by October 1, 2018, as to loans for which applications are received on or after October 1, 2018 (except for two provisions that will apply to all loans regardless of when applied for).

The Bureau also published, at 82 FR 37794, its proposed rule relating to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure or corrected Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. Comments on the proposal will be accepted through October 10, 2017.

08/10/2017

Labor shows intent to delay parts of fiduciary rule

In a court filing Wednesday, the Department of Labor said it has submitted to the Office of Management and Budget a proposal to delay implementing the remaining parts of its fiduciary rule for 18 months, reports CNBC.com. If approved by the OMB, the move would push out the effective date to July 1, 2019, from January 1, 2018.

08/09/2017

California landlords sign discrimination agreement

The Department of Housing and Urban Development has approved an agreement between a Northern California fair housing organization and the owners and managers of two apartment complexes in Greenbrae, California. The agreement resolves allegations the owners and their agents discriminated against a female tenant with disabilities who requires an assistance animal.

08/09/2017

"Living will" deadline extended for some banks

The Federal Reserve Board and the FDIC have jointly announced an extension of the resolution plan filing deadline for 19 foreign banking organizations and two large domestic bank holding companies to December 31, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions. The foreign banks are: Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE, Coöperatieve Rabobank U.A., Crédit Agricole S.A., HSBC Holdings plc, Industrial and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho Financial Group, Inc., Royal Bank of Canada, Société Générale, Standard Chartered PLC, Sumitomo Mitsui Financial Group, Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank. The two domestic firms are: CIT Group, Inc. and Citizens Financial Group, Inc.

Also, the agencies announced that they would allow two smaller foreign firms, Canara Bank and Mercantil Servicios Financieros, C.A., to file reduced-content resolution plans moving forward. The firms have submitted prior plans that provide the agencies with an understanding of their limited U.S. operations.

08/08/2017

FTC charges 12 with laundering using bogus merchant accounts

The Federal Trade Commission has announced it has charged 12 defendants with laundering millions of dollars in credit card charges through fraudulent merchant accounts. According to the complaint filed by the FTC, the defendants arranged for a deceptive operation known as Money Now Funding (MNF) to obtain and maintain merchant accounts that allowed it to process almost $6 million through the credit card networks.

The Commission's court filing alleges that the defendants – an Independent Sales Organization (ISO), sales agents, and their principals – provided the MNF scheme access to the credit card networks by submitting and approving fraudulent applications in the names of more than 40 fictitious MNF companies. According to the FTC’s complaint, the defendants did so despite obvious signs that the companies were likely fictitious and being used to conceal the true identity of the underlying merchant. By processing the fraudulent MNF scheme’s transactions through merchant accounts opened in the names of fictitious companies, the ISO defendants allegedly also evaded the anti-fraud monitoring efforts of the credit card networks.

The ISO defendants are Electronic Payment Systems LLC, Electronic Payment Transfer LLC, John Dorsey, Thomas McCann and Michael Peterson. The sales agent defendants are Electronic Payment Solutions of America Inc., Electronic Payment Services Inc., KMA Merchant Services LLC, Dynasty Merchants LLC, Jay Wigdore, Michael Abdelmesseh (also known as Michael Stewart), and Nikolas Mihilli.

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