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Top Story Compliance Related

03/21/2018

Agencies report on combating illegal debt collection practices

The Consumer Financial Protection Bureau and the Federal Trade Commission announced they have reported on their 2017 activities to combat illegal debt collection practices. The annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA) details the agencies' efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and policy initiatives. The agencies share enforcement responsibilities under the FDCPA.

03/21/2018

NMLS Mortgage industry report for 4Q 2017 released

The NMLS Mortgage Industry Report for the fourth quarter of 2017 is now available. Updates to the Money Services Businesses Fact Sheet and Debt Collection Fact Sheet have also been posted.

03/21/2018

Bureau FAQs on servicing issues related to bankruptcy

The CFPB has released a number of FAQs addressing some common questions received related to mortgage servicing. These FAQs concern the servicing rules amendments to become effective April 19. 2018, relating to bankruptcy and periodic statements or coupon books, successors in interest and consumers who are already in bankruptcy on April 19.

03/20/2018

MLA search site updated

The Department of Defense's MLA site has a notice that its search capabilities for servicemembers and dependents now include the ability to search single and multiple records using an ITIN, and now uses the latest version of reCAPTCHA 2.0 to help prevent automated searches that can cripple the site. BOL's Andy Zavoina has started a discussion explaining the reasons for the upgrade in BOL's Discussion Forums.

03/20/2018

OFAC sanctions Venezuelan officials

On Monday, The Treasury Department announced that OFAC has designated four current or former Venezuelan government officials pursuant to Executive Order 13692, as part of Treasury’s ongoing efforts to highlight the economic mismanagement and endemic corruption that have been the defining features of the Maduro regime. The Venezuelan government’s actions have rendered Venezuela’s currency essentially worthless through hyperinflation, made food and medicine rare commodities through price controls, and triggered a humanitarian crisis that the Venezuelan government refuses to alleviate by changing policy or accepting international assistance.

Treasury also announced that the president signed a new Executive Order prohibiting U.S. persons and others subject to U.S. jurisdiction from engaging in all transactions related to, provision of financing for, and other dealings in any digital currency, digital coin, or digital token that was issued by, for, or on behalf of the Government of Venezuela after January 9, 2018.

As a result of Monday’s actions, all assets of the designated current or former officials of the Government of Venezuela that are subject to U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from dealing with them. For their identity information and a link to the new Executive Order and new FAQs, see our OFAC Update.

03/19/2018

Treasury adjusts CMPs for inflation

The Department of the Treasury has published a final rule at 83 FR 11876 in today's Federal Register to adjust its civil monetary penalties ("CMPs") for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts CMPs within the jurisdiction of certain components (Terrorism Risk Program, OFAC, FinCEN) of the Department to the maximum amount required by the Act.

03/16/2018

Labor Department Fiduciary Rule vacated

A majority of a three-member panel of the U.S. Court of Appeals for the Fifth Circuit has vacated the Department of Labor's Fiduciary Rule in an opinion filed March 15, 2018 in the matter of Chamber of Commerce of the United States of America et al v. Unites States Department of Labor et al. Three business groups had filed suits challenging the Fiduciary Rule finalized by the Department in April 2016.

The Fiduciary Rule is a collection of seven different rules the reinterpret the term "investment advice fiduciary" and redefine exemptions to provisions concerning fiduciaries that appears in the Employee Retirement Income Security Act of 1974 (ERISA). The stated purpose of the new rules is to regulate in an entirely new way hundreds of thousands of financial service providers and insurance companies in the trillion dollar markets for ERISA plans and individual retirement accounts (IRAs). The business groups’ challenge proceeds on multiple grounds, including (a) the Rule’s inconsistency with the governing statutes, (b) DOL’s overreaching to regulate services and providers beyond its authority, (c) DOL’s imposition of legally unauthorized contract terms to enforce the new regulations, (d) First Amendment violations, and (e) the Rule’s arbitrary and capricious treatment of variable and fixed indexed annuities.

Although the district court rejected each of those challenges, the appeals court panel found merit in several of them, and ordered that the Rule be vacated entirely. Whether the Department of Labor will appeal the decision has not been determined.

03/16/2018

Bureau invites applications for board and councils

The CFPB has published a notice in today's Federal Register soliciting applications for membership on its Consumer Advisory Board, Community Bank Council, and Credit Union Advisory Council. Membership of the Board and Councils includes representatives of consumers, communities, the financial services industry and academics. Appointments to the Board are typically for three years and appointments to the Councils are typically for two years. The Bureau expects to announce the selection of new members in September 2018.

03/16/2018

NCUA to request comments on proposed bylaws changes

The NCUA Board held its third open meeting of 2018 at the agency’s headquarters on Thursday, and unanimously approved two items:

  • An advance notice of proposed rulemaking seeking stakeholder comments on ways to streamline, clarify, and improve the standard federal credit union bylaws.
  • A proposal to adopt suspension and debarment procedures to establish an administrative process protecting the federal government’s interest in only doing business with presently responsible contractors.

03/16/2018

Treasury sanctions Russian cyber actors

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated five entities and 19 individuals under the Countering America’s Adversaries Through Sanctions Act (CAATSA) as well as Executive Order (E.O.) 13694, “Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities,” as amended, and codified pursuant to CAATSA.

OFAC's action counters Russia’s continuing destabilizing activities, ranging from interference in the 2016 U.S. election to conducting destructive cyber-attacks, including the NotPetya attack, a cyber-attack attributed to the Russian military on February 15, 2018, in statements released by the White House and the British Government. Treasury reports this cyber-attack was the most destructive and costly cyber-attack in history. The attack resulted in billions of dollars in damage across Europe, Asia, and the United States, and significantly disrupted global shipping, trade, and the production of medicines. Additionally, several hospitals in the United States were unable to create electronic records for more than a week.

As a result of OFAC's action, all property and interests in property of the designated persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identification of the sanctioned individuals and entities, see our OFAC Update.

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