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Top Story Compliance Related

01/19/2021

Fourth quarter call report info

The FDIC has posted in FIL-2-2021 the materials for to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. Financial institutions should plan to complete as early as possible the preparation, editing, and review of their institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR). Starting this preparation early will help institutions identify and resolve any edit exceptions before the submission deadline. If they later find that certain information needs to be revised, they should make the appropriate changes to their Call Report data and promptly submit the revised data file to the CDR.

01/19/2021

OFAC issues Hong Kong-related sanctions rule

OFAC has posted a notice that it issued, on Friday, January 15, 2021, regulations to implement Executive Order 13936 of July 14, 2020, "Executive Order on Hong Kong Normalization." The rule adds a new Hong King-related sanctions regulation at 31 CFR part 585, with a January 15, 2021, effective date.

01/19/2021

Cuban Ministry of Interior and leader sanctioned

On Friday, January 15, the Treasury Department announced that OFAC had designated the Cuban Ministry of Interior and the Minister of Interior, Lazaro Alberto Álvarez Casas, for serious human rights abuse, pursuant to Executive Order 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption around the world.

For identification information for these designations and other additions and updates to OFAC's SDN List, see BankersOnline's OFAC Update.

01/19/2021

OCC fines former Wells Fargo General Counsel

The OCC has fined Wells Fargo Bank's former General Counsel James Strother $3.5 million for his role in the bank's system sales practices misconduct. The penalty was assessed as part of a settlement with Mr. Strother of charges filed in January 2020, that had called for a $5 million civil money penalty. As part of the settlement, which also included a cease and desist order, Mr. Strother agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank.

01/15/2021

NCUA Board actions

The NCUA Board (NCUA) has held its first open meeting of 2021 and announced its approval of approved six items:

  • A proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement
  • An advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements
  • A proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component
  • A proposed rule expanding the list of permissible activities and services for credit union service organizations
  • A final rule clarifying that corporate credit unions may purchase subordinated debt instruments
  • The NCUA’s 2021 Annual Performance Plan

01/15/2021

OCC Virtual Bank Director Workshops announced

The OCC has announced its 2021 schedule of free, virtual workshops for directors of national banks and federal savings associations. Four virtual workshops are offered:

  • Building Blocks: Keys to Success for Directors and Senior Management
  • Risk Governance: Improving Director Effectiveness
  • Credit Risk: Directors Can Make a Difference
  • Operational Risk: Navigating Rapid Changes

The schedule of the workshops and registration are available on the OCC's website.

01/15/2021

Oklahoma housing provider alleged discrimination resolved

The Department of Housing and Urban Development has announced that the Department has reached a Conciliation Agreement with Vintage Housing, Inc., and Wilhoit Properties, Inc, the owner and manager of Cardinal Heights and Carriage Crossing senior apartments in Collinsville and Coweta, Oklahoma. The agreement resolves allegations that the housing providers removed bibles and Christian reading material from the properties’ common areas. Under the settlement, the housing providers agreed, among other things, to develop new policies regarding the display of religious materials for use in all the residences they manage or own and provide fair housing training for employees, with a portion dedicated to religious discrimination.

01/15/2021

FinCEN extends comment period on CVC/LTDA proposal

FinCEN will publish in the January 15, 2021, Federal Register a notice of proposed rulemaking and reopening of the comment period on its December 23, 2020, proposal for recordkeeping and reporting requirements for banks and MSBs related to certain transactions involving convertible virtual currency (“CVC”) or digital assets with legal tender status (“legal tender digital assets” or “LTDA”).

In the new NPRM, FinCEN identifies additional statutory authority for the proposed rule under the Anti-Money Laundering Act of 2020, provides additional information regarding the reporting form, and reopens the comment period for the proposal. Comments on the proposed reporting requirements will be due by January 31, 2021, and comments on the proposed requirement to report counterparty information and the proposed recordkeeping requirements will be due by March 1, 2021.

  • UPDATE: FinCEN has taken several actions on this proposal. See our original Top Story where we've included a complete list of those actions.

01/14/2021

OCC finalizes Fair Access Rule

The OCC this morning released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that banks should conduct risk assessment of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.

The rule applies to the largest banks with more than $100 billion in assets that may exert significant pricing power or influence over sectors of the national economy. Under the rule, banks still determine their product lines and geographic markets and are free to make legitimate business decisions about what and whom to serve. The rule requires covered banks to make those products and services they choose to offer available to all customers in the communities they serve, based on consideration of quantitative, impartial, risk-based standards established by the bank.

The rule will become effective April 1, 2021.

01/14/2021

CFPB statement on financial inclusion of LEP consumers

The CFPB has published a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency." The Statement provides principles and guidelines to inform and assist financial institutions seeking to better serve LEP consumers in non-English languages.

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