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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

11/02/2016

Morgan to be senior deputy comptroller for large bank supervision

The OCC reports that Morris Morgan will be the agency’s Senior Deputy Comptroller for Large Bank Supervision effective December 24, 2016. He will serve as a member of the OCC's Executive Committee and the Committee on Bank Supervision. He also will oversee the operations of the agency’s International Banking Supervision group and the OCC's London Office.

11/02/2016

Fed posts written agreement with Chicago BHCs

The Federal Reserve Board has announced the execution of a Written Agreement with Chicago Shore Corporation (CSC), a registered bank holding company, and Security Chicago Corporation (SCS), a registered bank holding company and subsidiary of CSC, both of Chicago, Illinois. SCS directly owns and controls Delaware Place Bank, Chicago, Illinois.

11/02/2016

NMLS annual renewal period begins

The NMLS has announced the annual renewal period for 2017 began November 1, 2016, and ends Saturday, December 31, 2016. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. The NMLS Call Center operates M-F 9:00 a.m. to 9:00 p.m. ET. Additional information is available on the NMLS's Annual Renewal information page.

11/02/2016

Treasury sanctions financial supporters of al-Qaida

The Treasury Department has announced that, on Tuesday, the U.S., in partnership with the United Arab Emirates, acted to disrupt the operations and support networks of al-Qaida in the Arabian Peninsula. Treasury’s Office of Foreign Assets Control (OFAC) designated the Al Omgy and Brothers Money Exchange (Al Omgy Exchange) and the company’s two owners, Said Salih Abd-Rabbuh al-Omgy and Muhammed Salih Abd-Rabbuh al-Omgy, under Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. As a result of Tuesday's action, all property and interests in property of Al Omgy Exchange, and Said and Muhammed al-Omgy subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. See our OFAC Update for additional information.

Treasury reported that, acting under its authorities, the Central Bank of the UAE recently took swift action to eliminate any access to the UAE financial sector by Al Omgy Exchange in advance of Tuesday's OFAC action.

11/01/2016

CFPB Fall 2016 Supervisory Highlights

The CFPB has released Issue 13 - Fall 2016 of its Supervisory Highlights, in which the Bureau announced its release of procedures for examining reverse mortgage servicers and new procedures for examining student loan servicers. Also included are the Bureau's supervisory observations on automobile loan and lease origination and servicing, debt collection, mortgage origination and student loan servicing, plus four fair lending topics.

11/01/2016

ECOA discussed on the Bureau Blog

The CFPB, in observance of the anniversary of the Equal Credit Opportunity Act (ECOA), has published an article, "What you need to know about the Equal Credit Opportunity Act and how it can help you: Why it was passed and what it is," the first of two articles on ECOA scheduled for the observance.

11/01/2016

Debt collectors to pay almost $11M and are banned

The FTC has announced that a federal judge has banned from the collection business a group of debt collectors who pretended to be affiliated with the government, and ordered them to pay nearly $11 million, after granting the Federal Trade Commission’s request for summary judgment in a case filed by the agency. The action is part of Operation Collection Protection, a continuing nationwide crackdown on collectors whose illegal tactics include harassing phone calls and false threats of lawsuits and arrest.

11/01/2016

NCUA bans five individuals

The National Credit Union Administration announced it issued five orders of prohibition in October to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution.

  • a former employee of a Manistique, Michigan, credit union who had pleaded no contest to charges of embezzlement and larceny, and had been sentenced to prison and ordered to pay restitution of $9,399;
  • a former employee of a Glens Falls, New York, credit union who had pleaded guilty to the charges of grand larceny and falsifying business records, and had been sentenced to prison and ordered to pay restitution of $8,071;
  • a former employee of a Toledo, Ohio, credit union who had pleaded guilty to the charges of theft and embezzlement, and had been sentenced to prison and ordered to make restitution of $251,438;
  • a former employee of Fairfield, Iowa, credit union who had consented to the issuance of the prohibition order to settle and resolve the NCUA Board's claims against her; and
  • a former employee of a Lenexa, Kansas, credit union who had pleaded guilty to charges of wire fraud and embezzlement, and had been sentenced to time served, and ordered to pay restitution of $34,035.

10/31/2016

FATF report: Terrorist financing in Africa

The Financial Acton Task Force (FATF) has released a report on terrorist financing in West and Central Africa. The report looks at the confirmed and suspected funding sources of terrorist groups that are operating in this region. It identifies the terrorist financing risks that are unique to the region, such as cattle rustling. Cash, including foreign currency, also plays an important role in terrorist financing in the West and Central African region. The report identifies challenges that the region faces to regulate financial products and sectors, and emphasizes the need for better cross-border collaboration.

10/31/2016

Updates of early savings bond redemption authorizations

Federal Reserve Financial Services has issued updates to previous authorizations for early U.S. Savings Bond redemptions for counties in North Carolina and Florida affected by severe weather. Each of the notices includes updates to the list of counties affected.

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