Skip to content

How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Compliance Related

11/06/2019

AT&T pays $60M to settle FTC allegations

AT&T Mobility, LLC will pay $60 million to settle litigation with the Federal Trade Commission over allegations that the wireless provider misled millions of its smartphone customers by charging them for “unlimited” data plans while reducing their data speeds. In a complaint filed in 2014, the FTC alleged that AT&T failed to adequately disclose to its unlimited data plan customers that, if they reach a certain amount of data use in a given billing cycle, AT&T would reduce—or “throttle”—their data speeds to the point that many common mobile phone applications, such as web browsing and video streaming, became difficult or nearly impossible to use.

11/06/2019

FDIC CRA evaluations

The FDIC has released a list of Community Reinvestment Act (CRA) performance Evaluations that became public in November. Of the 82 institutions listed, 76 were rated satisfactory. Congratulations to these six institutions, which were rated outstanding (links are to their evaluation reports):

11/06/2019

Five more Venezuelan officials identified by OFAC

Treasury has announced that OFAC has identified and added to the SDN List five current officials of the Government of Venezuela pursuant to Executive Order 13884, which blocks the property and interests in property of the Government of Venezuela and those who have acted or purported to have acted on its behalf and associated with the government’s rampant violence against peaceful opposition protesters, and those who continue to benefit from the corrupt former regime. Identification information for these five officials can be found in BankersOnline's OFAC Update.

OFAC also issued amended Venezuela-related General License 34A and new Venezuela-related General License 35, issued new and amended FAQs, and revoked Syrian-related General Licenses 2 and 3.

11/06/2019

Connecticut housing authority pays $1.5M to settle discrimination claims

HUD has announced that, on November 4, the U.S. Department of Justice negotiated a settlement with the Housing Authority of the City of Bridgeport (HACB), doing business as Park City Communities in Connecticut, settling allegations that HACB discriminated against persons with disabilities by failing to provide accessible units and ignoring their requests for reasonable accommodations. HACB owns and manages more than 2,600 units of public housing and administers more than 2,800 vouchers under HUD’s Section 8 Housing Choice Voucher Program. Under the terms of the agreement, HACB will establish a $1.5 million compensation fund that will be used to make payments to individuals who were harmed by HACB’s alleged discrimination and increase its housing stock to include units for people with disabilities. The proposed consent decree must still be approved by the U.S. District Court for the District of Connecticut.

11/05/2019

FATF Business Bulletin November 2019

The Financial Action Task Force (FATF) has posted its November 2019 Business Bulletin, which lists the following strategic initiatives of the organization:

  • Money laundering risk from “stable coins” and other emerging assets
  • Understanding digital identity
  • New work on combating the laundering of proceeds of illegal wildlife trade

The mutual evaluations of Russia and Turkey plus the follow-up assessment of Norway and Spain were also reported.

11/05/2019

Appointees of Iranian leader designated

OFAC has announced the designation of Iran’s Armed Forces General Staff and nine individuals who are appointees of, or have acted for or on behalf of, Ali Khamenei, the Iranian regime’s unelected Supreme Leader, whose office is responsible for advancing Iran’s radical agenda. The names of a Venezuelan corporation and crude oil tanker were deleted.

For identification information on the additions to and removals from the SDN List, see BankersOnline's OFAC Update.

11/04/2019

OCC CRA evaluations

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in October. Of the 37 institutions listed, 28 were rated satisfactory, one was rated need to improve, and these eight bank were rated outstanding (links are to their evaluation reports):

11/04/2019

GE pays $2.7M for violations of Cuban Control Regs

The General Electric Company of Boston, Massachusetts, on behalf of three current and former GE subsidiaries, Getsco Technical Services Inc., Bentley Nevada, and GE Betz, has agreed to pay $2,718,581 to settle its potential civil liability for 289 alleged violations of the Cuban Assets Control Regulations. Between December 2010 and February 2014, the GE Companies appear to have violated the CACR on 289 occasions by accepting payment from The Cobalt Refinery Company for goods and services provided to a Canadian customer of GE.

11/04/2019

OFAC extends General Licenses

OFAC has extended the expiration dates of two general licenses related to GAZ Group by issuing Ukraine-related General License No. 13M, "Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons," and Ukraine-related General License No. 15G, "Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with GAZ Group, and Certain Automotive Safety and Environmental Activities."

11/01/2019

OCC Final Rule for Banks over $100B assets

The OCC has announced and published a final rule to tailor capital and liquidity requirements for certain banking organizations with more than $100 billion in total consolidated assets to more closely match their risk profiles. The final rule builds on the OCC’s existing practice of tailoring capital and liquidity requirements based on the size, complexity, and overall risk profile of banking organizations.

Pages

Training View All

Penalties View All

Search Top Stories