Top Story Compliance Related

The FDIC has issued FIL-47-2016, "Consolidated Reports of Condition and Income for Second Quarter 2016," on behalf of the Corporation, the OCC and the Federal Reserve Board. The filing deadline for Call Reports is Saturday, July 30. Institutions with more than one foreign office other than a "shell" branch or International Banking Facility, must file by Thursday, August 4.

The Consumer Financial Protection Bureau has posted a notice that the FFIEC and HUD have published resources for financial institutions required to file HMDA data:

• Filing Instructions Guide for data collected in 2017
• Filing Instructions Guide for data collected in or after 2018
• a Technoloogy Preview with resources for institutions preparing their systems to file HMDA data with the CFPB
• Frequently Asked Questions about the changes in filing procedures

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued Guidance Document FIN-2016-G003, "Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions," to assist covered financial institutions in understanding the scope of the "Customer Due Diligence Requirements for Financial Institutions,” published on May 11, 2016 (the “CDD Rule”). FinCEN said it plans to issue additional FAQs or other guidance on the rule, compliance with which is mandatory starting May 11, 2018, "as appropriate."

The Board of Governors of the Federal Reserve System published [81 FR 47006] in today's Federal Register an interim final rule amending its rules of practice and procedure [12 CFR 263] to adjust the amount of each civil monetary penalty (“CMP”) provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The increased limits include "catch up" adjustments required by the Act. The rule will be effective on August 1, 2016. Comments on the rule will be accepted through August 30, 2016.

The CFPB has posted a save the date notice for a Bureau field hearing about debt collection to be held July 28 in Sacramento. The event is open to the public but requires a reservation.

A solicitation has been posted by the Bureau for research submissions for the Second CFPB Research Conference on Consumer Finance, which will be held this winter. Suggested topics include work on: the ways consumers and households make decisions about borrowing, saving, and financial risk-taking; how various forms of credit (mortgage, student loans, credit cards, installment loans, etc.) affect household well-being; the structure and functioning of consumer financial markets; distinct and underserved populations; and relevant innovations in modeling or data. A particular area of interest for the CFPB is the dynamics of households’ balance sheets. All submissions are due in PDF format by August 26, 2016.

The NCUA has announced that consumers have new ways to learn about their rights and protections when sending money internationally through a new video and brochure. Consumers can also find basic information on sending money domestically and internationally on NCUA’s dedicated Wire and Remittance Transfers page. All resources are also available in Spanish.

The Office of the Comptroller of the Currency has announced new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Among those actions were formal agreements with a bank in Colorado and one in New York. There was also a personal removal/prohibition order issued to a former employee of an Illinois federal savings association.

FinCEN has announced a settlement with and a $2.8 million assessment against Hawaiian Gardens Casino, Inc., d/b/a The Gardens Casino, of Hawaiian Gardens, California. The Gardens, a card club, admitted that it violated the BSA program and reporting requirements and has agreed to future undertakings, including periodic independent reviews, to examine and test its BSA Anti-Money Laundering program. The Gardens failed to implement and maintain an effective AML program, failed to report large cash transactions, failed to file many SARs, and failed to keep certain required records. See "Hawaiian Gardens Casino, Inc.," in our BSA-AML Civil Money Penalties pages, for more details.

A joint press release from the Federal Reserve, OCC and FDIC has announced the final revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The guidance addresses questions raised by bankers, community organizations, and others regarding the agencies' CRA regulations in the areas of:

• Availability and effectiveness of retail banking services
• Innovative or flexible lending practices
• Community development-related issues, including: (i) economic development; (ii) community development loans and activities that revitalize or stabilize underserved nonmetropolitan middle-income geographies; and (iii) community development services
• Responsiveness and innovativeness of an institution's loans, qualified investments, and community development services