Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Compliance Related

02/27/2017

Trump orders agencies to create regulatory reform task forces

The White House has announced that President Trump has signed an Executive Order requiring every Executive Branch agency to establish a Regulatory Reform Task Force to eliminate red tape. The task forces are to be charged with making recommendations to the agency head regarding the repeal, replacement, or modification, consistent with applicable law, of regulations that:

  • eliminate jobs, or inhibit job creation
  • are outdated, unnecessary, or ineffective
  • impose costs that exceed benefits
  • create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies
  • that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility
  • derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified

02/27/2017

FDIC releases January enforcement actions

The FDIC made public its administrative enforcement actions taken against banks and individuals during the month of January 2017. Included were one consent order, six removal and prohibition orders, three Section 19 orders, and four civil money penalties. The larger CMPs included the previously announced $65 million CMP imposed by the FDIC, OCC and Federal Reserve on ServiceLink Holding LLC, and CMPs for Flood Act violations imposed on banks in Albany, Illinois ($58,232) and Lake Mills, Wisconsin ($16,802).

02/24/2017

Mortgage relief scammer settles with FTC

The Federal Trade Commission has announced that Gabriel D. Stewart, the final defendant in an alleged mortgage relief scam that preyed upon distressed homeowners, will be banned from selling mortgage or debt relief services under the terms of a settlement. In addition to banning Stewart from those businesses, the stipulated order prohibits him from misrepresenting financial and other products and services. It imposes a judgment of more than $1.7 million that is partially suspended and requires Stewart to pay $105,487, representing the amount of money he received from the scam. The full judgment will become due immediately if Stewart is found to have misrepresented his financial condition.

02/24/2017

Agencies release swap margin guidance

The Federal Reserve Board has issued SR-17-3 and the OCC has issued Bulletin 2017-12 announcing with guidance explaining how supervisors should examine for compliance with the swap margin rule, which established margin requirements for swaps not cleared through a clearinghouse. The guidance explains that the Board and the OCC expect swap entities covered by the rule to prioritize their compliance efforts surrounding the March 1, 2017, variation margin deadline according to the size and risk of their counterparties. The Farm Credit Administration, the FDIC, and the FHFA also administer the final rule for institutions under their jurisdiction, but currently have no swap entities affected by this guidance. However, they support the guidance issued by the Board and the OCC.

The guidance does not apply to community banks with $10 billion or less in total consolidated assets.

02/24/2017

FinCEN renews GTOs in six metro areas

The Financial Crimes Enforcement Network (FinCEN) announced yesterday the renewal of existing Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” (no financing) for high-end residential real estate in six major metropolitan areas. FinCEN reported that about 30 percent of the transactions covered by the GTOs involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report. This corroborates FinCEN’s concerns about the use of shell companies to buy luxury real estate in “all-cash” transactions. The renewed GTOs, which will be effective for 180 days from February 24, include these major U.S. geographic areas (shown with their purchase price thresholds):

  • Borough of Manhattan, NY — $3.0 million
  • All other boroughs of New York City — $1.5 million
  • Miami-Dade, Broward and Palm Beach counties, FL — $1.0 million
  • Broward County, FL — $1.0 million
  • Palm Beach County, FL — $1.0 million
  • San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara counties, CA — $2.0 million
  • Bexar County (which includes San Antonio), TX — $0.5 million

02/24/2017

OFAC sanctions al-Nusrah Front leaders

OFAC has announced it has taken action against two al-Nusrah Front (ANF) leadership officials, Iyad Nazmi Salih Khalil (Khalil) and Bassam Ahmad al-Hasri (al-Hasri). Both individuals, based in Syria, are being designated pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. OFAC also designated Syrian-based Metallic Manufacturing Factory (MMF) for acting for or on behalf of a designated entity, Mechanical Construction Factory. Finally, OFAC announced the removal of several listings from the SDN List.

For further information, see our OFAC Update.

02/23/2017

OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.

02/23/2017

Bureau proposal to gather student loan servicing data

The CFPB has published in this morning's Federal Register a notice and request for comment on a proposed new information collection, "Student Loan Servicing Market Monitoring." Comments on the proposal will be accepted for 60 days, through April 24, 2017. The notice indicates the Bureau expects the collection will affect only 10 respondents, presumably only the largest student loan servicers.

02/22/2017

FATF roundtable on FinTech and RegTech

The Financial Action Task Force (FATF) held a roundtable on FinTech and RegTech in Paris on February 18, 2017. The session was chaired by the FATF President, Juan Manuel Vega-Serrano. The meedting was a first step to take this initiative forward in order to engage with various stakeholders. The event brought together anti-money laundering/counter-terrorist financing (AML/CFT) professionals, national supervisors, international organizations and other relevant experts, including experts from banks that have partnered with FinTech and RegTech1 firms to discuss issues of common interest.

1RegTech: A blend word created to address regulatory challenges in the financial services sector through innovative technology. RegTech comprises a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.

02/22/2017

NCUA Consumer Compliance webinar on ECOA

The NCUA has announced that it has replaced the previously announced discussion on prepaid account rules with a discussion regarding the Equal Credit Opportunity Act (ECOA) and Reg B during the regulator’s February 28, 2017, consumer compliance webinar. Prepaid account rules will be discussed in depth during a future webinar.

Pages

Training View All

Penalties View All

Search Top Stories