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Top Story Compliance Related

03/31/2017

Treasury and State sanction terrorism facilitators

OFAC has announced it has taken action to disrupt the Islamic State of Iraq and Syria's (ISIS) global financial and facilitation networks by designating two individuals as Specially Designated Global Terrorists pursuant to Executive Order (E.O.) 13224. The individuals designated are Syria- and Iraq-based ISIS members who provide financial and operational support for ISIS's recruitment and attack plotting in Indonesia, Malaysia, and elsewhere in Southeast Asia. The State Department also designated five individuals under E.O. 13224. As a result of those actions, all property and interests in property of the seven individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

For additional information, see our OFAC Update.

03/31/2017

Cordray reviews CFPB activities at Chamber of Commerce Summit

In prepared remarks at the Chamber of Commerce 11th Annual Capital Market Summit, Director Cordray reviewed the current and past activities of the Bureau. He noted, "Since we opened our doors in 2011, the Consumer Bureau has been working hard to reform certain markets that were not working well for consumers and honest businesses. As most of you know, we are the first federal agency with jurisdiction over both the larger banks and the nonbank financial companies that compete with them. Just as an umpire must be authorized to assess the entire field of play, we are tasked with putting compliance standards and expectations for these providers on the same level." The Director then discussed how regulation affects the consumer financial marketplace, the agency's approach to regulatory implementation, the streamlining and modernization of old regulations and making new ones clear, and Congress's requirement that the Bureau conduct retrospective reviews of its significant rules after five years have passed.

03/30/2017

FinCEN proposing to extend requirement for programs for correspondent accounts for foreign banks

FinCEN has published in today's Federal Register a request for comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. The proposal would extend the requirements titled "Anti-Money Laundering Programs and Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions" (31 CFR 1010.610). Comments will be accepted for 60 days, through May 29, 2017.

03/30/2017

Curry on bank services

In remarks before the National Community Reinvestment Coalition, Comptroller Curry discussed the OCC’s work to promote a vibrant and diverse banking system capable of meeting the needs of consumers, businesses, and communities throughout the nation. Curry stated, “In the last five years, the OCC has devoted a great deal of effort not just to mitigating the fallout from the last financial crisis, but to preventing a recurrence. To this end, we have redoubled our efforts to improve our supervisory processes, including those that ensure fair access for consumers and small businesses and fair treatment of bank customers.” Curry concluded, “I’m proud of what we have accomplished at the OCC and steps we’ve taken to ensure the agency can succeed in this important part of its statutory mission. The OCC has an organizational structure prepared to meet the supervisory challenges of the future. We have sharpened our focus on compliance and consumer protection in a landscape of rapid technological change. We have broken new ground with enhanced compliance policies and enforcement to ensure that vulnerable consumers are treated fairly. We assess community needs when considering merger and acquisition applications and, where necessary, imposed conditions to address fair access and fair treatment through the implementation of CRA plans, when appropriate.”

03/30/2017

FTC Annual Highlights released

The Federal Trade Commission released its 2016 Annual Highlights, which demonstrate the agency’s ongoing efforts to protect consumers and promote competition over the past calendar year, and include some of the Commission’s biggest successes to date. The agency’s enforcement highlights address its key legal actions across many sectors, including health care, technology and other consumer products and services. On the policy front, the FTC filed eight amicus briefs on topics such as pharmaceutical markets, reverse payments and the Fair Credit Reporting Act. Staff conducted 20 workshops and conferences on a range of topics including state regulation of auto sales, solar distribution generation, security for startup businesses and a number of tech-driven workshops. The agency’s education highlights tout the agency’s work to help businesses understand their rights and legal responsibilities, and inform people about ways to avoid fraud and deceptive business practices.

03/29/2017

FRB issues enforcement action against Arkansas bank

The Federal Reserve Board has announced the execution of an enforcement action and the assessment of a $11,000 civil money penalty against the Bank of Star City, Star City, Arkansas, for violations of the National Flood Insurance Act. See our Flood Penalty Page for further information.

03/29/2017

CFPB spotlight on credit card complaints

The CFPB has released its monthly complaint snapshot, which this month focuses on consumer complaints about credit cards. The snapshot shows that consumers continue to report problems when they attempt to dispute charges on their cards. This month’s report also highlights trends seen in complaints coming from Massachusetts.

03/28/2017

Removal from SDN List

OFAC has announced it has removed a Zimbabwean from the SDN List. See BankersOnline's OFAC Update for details.

03/27/2017

CFPB proposes changes to Reg B

The Bureau has announced a proposal to increase flexibility for mortgage lenders in collecting demographic information. The CFPB’s proposal would provide compliance flexibility for individual mortgage lenders, and would also support the broader mortgage industry’s ability to use consistent forms and compliance practices. Under the proposal, mortgage lenders would not be required to maintain different practices depending on their loan volume or other characteristics, allowing more lenders to adopt application forms that include expanded requests for information regarding a consumer’s ethnicity and race, including the revised Uniform Residential Loan Application. The proposal also contains other amendments to Regulation B and its commentary to facilitate compliance with Regulation B’s requirements for the collection and retention of information about the ethnicity, race, and sex of applicants seeking certain types of mortgage loans. Comments will be accepted for 30 days following publication in the Federal Register.

UPDATE: Published April 4, 2017, with comment deadline of May 4, 2017.

03/27/2017

Agencies evaluate 'living wills' of domestic and foreign banks

The FDIC and the FRB have jointly announced the completion of the 2015 resolution plans of 16 domestic banks and separately issued guidance to four foreign banks. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations.

The domestic banks evaluated were: American Express Company, Ally Financial Inc., BB&T Corporation, Capital One Financial Corporation, Comerica Incorporated, Discover Financial Services, Fifth Third Bancorp, Huntington Bancshares Incorporated, KeyCorp, M&T Bank Corporation, Northern Trust Corporation, Regions Financial Corporation, SunTrust Banks, Inc., The PNC Financial Services Group, Inc., U.S. Bancorp, and Zions Bancorporation. The agencies identified shortcomings in Northern Trust Corporation's resolution plan, which must be satisfactorily addressed in the firm's 2017 plan due by December 31.

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