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Top Story Compliance Related

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.

11/01/2019

FATF developing digital identity systems guidance

The Financial Action Task Force (FATF) is developing guidance to clarify how digital identity systems can be used for customer due diligence. A draft guidance document [Word format, 1.5 MB] intends to help governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital ID for CDD.

11/01/2019

Swiss security dealer faces SEC charges

The Securities and Exchange Commission today charged XBT Corp. SARL d/b/a First Global Credit, a Switzerland-based securities dealer, for offering and selling unregistered security-based swaps to U.S. investors using bitcoins and for failing to transact its swaps on a registered national exchange. An SEC order found that First Global Credit failed to register these security-based swap transactions and transacted with investors who did not meet the discretionary investment thresholds required by the federal securities laws. It also finds that First Global Credit failed to transact its security-based swaps on a registered national exchange, and failed to properly register as a security-based swaps dealer.

11/01/2019

Free credit monitoring for some members of the military

The FTC has reported that, starting October 31, many members of the military will have access to free electronic credit monitoring to help them spot identify theft. The nationwide credit reporting agencies—Equifax, Experian, and TransUnion—are providing free electronic credit monitoring services to some active duty service members who are assigned to service away from their usual duty station and all active duty National Guard members. Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit.

There is a limitation on coverage for active duty service members to those assigned to service away from their usual duty stations, due to the wording of the Fair Credit Reporting Act amendments made by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). That limitation was not applied in the EGRRCPA amendments to National Guard members.

11/01/2019

Guidance to reduce taxpayer regulatory burden issued

Treasury and the IRS have issued guidance to taxpayers (due to be published in the Federal Register on Monday, November 4) to eliminate costly documentation requirements, and have provided advance notice of their intent to streamline other regulations under section 385 of the Internal Revenue Code.

10/31/2019

NCUA webinar registration open

The NCUA has announced that registration for its “Fair Lending and Consumer Compliance Regulatory Update” on November 19 is now open. The webinar is scheduled to begin at 2 p.m. EST and run approximately 90 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. Subjects to be covered include:

  • The agency’s new payday alternative loan (PALs II) rule
  • Findings from reviews of Home Mortgage Disclosure Act loan and application registers;
  • Regulation B adverse action notices; and
  • Elder financial abuse.

10/31/2019

TFTC adds 25 Iranian targets

The Treasury Department has announced that the seven member nations of the Terrorist Financing Targeting Center (TFTC) jointly designated 25 targets affiliated with the Iranian regime’s terror-support networks in the region. Twenty-one of these targets comprised a vast network of businesses providing financial support to the Basij Resistance Force (Basij), a paramilitary force subordinate to Iran’s Islamic Revolutionary Guard Corps (IRGC).The four other targets were Hizballah-affiliated individuals who lead and coordinate the group’s operational, intelligence, and financial activities in Iraq. A chart describing the designated entities was also released.

For identity information on the designated parties, see BankersOnline's OFAC Update.

10/31/2019

NCUA amends public unit and nonmember share rule

The NCUA Board has published [84 FR 58305] in today's Federal Register a final rule amending the NCUA’s public unit and nonmember share rule to allow federal credit unions (FCU) to receive public unit and nonmember shares up to 50 percent of the credit union’s net amount of paid-in and unimpaired capital and surplus less any public unit and nonmember shares. The rule also makes a conforming change to the NCUA’s regulations that apply the public unit and nonmember share limit to all federally insured credit unions (FICUs). The amendments will be effective January 29, 2020.

10/31/2019

FDIC proposes to shed OTS regs

The FDIC has published [84 FR 58492] in today's Federal Register a proposed rule that would rescind and remove certain regulations transferred in 2011 to the FDIC from the former Office of Thrift Supervision pursuant to the Dodd-Frank Act. In addition to the removal of part 390, subpart S, the FDIC proposes to make technical changes to other parts of the FDIC’s regulations (Parts 303, 326, 337, and 353) so that they may be applicable on their terms to State savings associations.

Following the removal of the identified regulations, the regulations governing the operations of State savings associations will be substantially the same as those for all other FDIC-supervised institutions. Comments will be accepted for 32 days (by December 2, 2019).

10/30/2019

Agencies simplify community bank capital requirements

The Federal Reserve Board, FDIC, and OCC announced Tuesday morning they have finalized a rule that simplifies capital requirements for community banks by allowing them to adopt a simple leverage ratio to measure capital adequacy. The community bank leverage ratio framework removes requirements for calculating and reporting risk-based capital ratios for a qualifying community bank that opts into the framework. o qualify for the framework, a community bank must have less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9 percent. This rule becomes effective January 1, 2020.

The agencies also finalized a rule to allow non-advanced approaches banks, including community banks, to elect to adopt simplifying changes to the capital rule beginning on January 1, 2020, a quarter earlier than the mandatory compliance date of April 1, 2020. The agencies issued the simplifying changes in July 2019.

UPDATE: These rules were published 11/13/2019, at 84 FR 61776 and 84 FR 61804, respectively.

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