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Top Story Compliance Related

03/12/2024

U.S. targets transnational al-Shabaab money laundering network

The Treasury Department has reported that OFAC has imposed sanctions on 16 entities and individuals who compose an expansive business network spanning the Horn of Africa, the United Arab Emirates (UAE), and Cyprus that raises and launders funds for al-Shabaab, a terrorist group affiliated with al-Qa’ida. Individuals within this network include influential businesspeople in the region that lend financial backing to al-Shabaab, a terrorist group responsible for some of the worst terrorist attacks in East Africa’s modern history. These attacks have claimed the lives of thousands of innocent civilians. These individuals and entities were designated pursuant to Executive Order 13224, as amended, which targets terrorist groups and their enablers.

For the names and identification information of the designated parties, see yesterday's BankersOnline OFAC Update.

03/11/2024

Fed finalizes rule for financial market utilities

The Federal Reserve Board has announced it has approved a final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions to allow financial markets and the broader economy to function effectively.

The final updates provide additional clarity and specificity to existing requirements in four key areas of operational risk management: incident management and notification; business continuity management and planning; third-party risk management; and review and testing of operational risk management measures. For example, the updates explicitly require FMUs to establish an incident management framework and emphasize the need for FMUs to continue to advance their cyber resilience capabilities.

The final updates are substantively similar to the proposal and largely consistent with existing measures that FMUs take to comply with the current requirements.

FMUs subject to the rule must be in compliance with certain updates by 90 days and all updates by 180 days after publication in the Federal Register.

03/08/2024

FTC issues extends telemarketing fraud protections to businesses

The Federal Trade Commission has announced a final rule extending telemarketing fraud protections to businesses and updating the rule’s recordkeeping requirements in light of developments in technology and the marketplace. The Commission also announced a proposed rule that would provide the agency with significant new tools to combat tech support scams.

The final rule will be effective 30 days after publication in the Federal Register with compliance with one provision delayed until 180 days after publication.

There will be a 60-day comment period on the proposed rule following its Federal Register publication.

03/08/2024

Trade groups sue CFPB to stop credit card late fees rule

The U.S. Chamber of Commerce announced it has filed a lawsuit in the U.S. District Court for the Northern District of Texas, Fort Worth Division seeking a preliminary injunction to stop the Consumer Financial Protection Bureau (CFPB) from implementing its rule to limit credit card late fees, arguing that the CFPB not only exceeded its statutory authority but did so by relying on the use of secret data collected for an unrelated purpose.

The Chamber and co-plaintiffs Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business, allege that the CFPB—

  • Violated the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) by preventing issuers from collecting reasonable and proportional late fees when cardholders do not pay their bills on time;
  • Violated the Administrative Procedures Act (APA) by promulgating a final rule that is arbitrary and capricious, relying on secret data collected from only the largest banks for a different purpose and by a different agency; and
  • Issued the rulemaking with funds drawn in violation of the U.S. Constitution's Appropriations Clause.

The plaintiffs also filed a motion for a preliminary injunction that would bar the CFPB from enforcing, applying, or implementing the final rule, and a brief in support of that motion.

03/07/2024

SEC adopts rules to enhance and standardize climate-related disclosures

The Securities and Exchange Commission yesterday announced it has adopted rules to enhance and standardize climate-related disclosures by public companies and in public offerings. The final rules reflect the Commission’s efforts to respond to investors’ demand for more consistent, comparable, and reliable information about the financial effects of climate-related risks on a registrant’s operations and how it manages those risks while balancing concerns about mitigating the associated costs of the rules.

The adopting release is published on SEC.gov and will be published in the Federal Register. The final rules will become effective 60 days following publication of the adopting release in the Federal Register, and compliance dates for the rules will be phased in for all registrants, with the compliance date dependent on the registrant’s filer status.

03/07/2024

Foreign-based person must comply with U.S. sanctions and export controls

Yesterday, U.S. Department of Justice, the U.S. Department of Commerce, and the U.S. Department of the Treasury’s Office of Foreign Assets Control, issued a Tri-Seal Compliance Note: “Obligations of foreign-based persons to comply with U.S. sanctions and export control laws.”

03/07/2024

U.S. targets companies and vessels aiding Qods Force and Houthi shipments

The Treasury Department has reported that OFAC has taken additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Yesterday’s action targets two Hong Kong- and Marshall Islands-based ship owners and two vessels for their role in shipping commodities on behalf of al-Jamal, and follows a February 27 action targeting a related vessel, the ARTURA.

For identification information on the companies and vessels, see BankersOnline's March 6, 2024, OFAC Update.

03/06/2024

Reserve Banks released 15 CRA evaluations in February

Our monthly check of the Federal Reserve Board's archive of CRA evaluation ratings reveals that the Reserve Banks made public 15 evaluations of member banks in February 2024. Thirteen of those evaluations were rated "Satisfactory." We congratulate Charles Schwab Bank, SSB, and Charles Schwab Premier Bank, SSB, both of Westlake, Texas, for receiving ratings of "Outstanding."

03/06/2024

Another FDIC update to RMS Manual

The FDIC has announced another update of its Risk Management Manual of Examination Policies (RMS Manual). This update affects Section 15.1 (Formal Administrative Actions).

03/06/2024

U.S. targets Intellexa Consortium and others

The Department of the Treasury has reported that OFAC has designated two individuals and five entities associated with the Intellexa Consortium for their role in developing, operating, and distributing commercial spyware technology used to target Americans, including U.S. government officials, journalists, and policy experts.

For the names and identification information of the designated parties, see this BankersOnline OFAC Update.

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