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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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OCC announces enforcement actions

The OCC has issued a news release announcing new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • A savings and loan association in Pascagoula, Mississippi, was ordered to pay a civil money penalty (CMP) of $35,000 to the National Flood Insurance Program for a pattern or practice of violations of the Flood Act and its implementing regulations relating to the requirement to purchase flood insurance when available and to the forced placement of flood insurance.
  • Three former officials of a failed Texas bank were ordered to pay CMPs totaling $203,000; two of those officials were issued prohibition orders.
  • The former vice president and head bookkeeper of a Lebanon, Kentucky, bank was assessed a $5,000 CMP and issued an order of prohibition for concealing a shortfall in the bank's cashier's check account and for making unauthorized transfers from customer accounts to the cashier's check account in further efforts to conceal the shortfall.
  • The former head teller of Minnesota bank was issued an order of prohibition, having been found to have misappropriated approximately $81,501 from customers' accounts at the bank and to have made false entries into bank records (she made full restitution, plus interest).
  • The former regional president of a Meridian, Mississippi, bank was issued a prohibition order for obtaining a loan by forging the name of a bank customer, resulting in the charge-off of $72,000 (some of which has been repaid).


FDIC teleconference on small business resources for community banks

FDIC FIL-59-2107 announces a teleconference to discuss small business resources and research pertinent to community banks, including the Money Smart for Small Businesses financial education program; the FDIC's Small Business Lending Survey; and Community Reinvestment Act consideration for small business lending, services, and investments. The teleconference is scheduled for December 12, 2017, from 2:00 p.m. to 3:30 p.m. EST.


Comptroller’s Licensing Manual booklet revised

OCC Bulletin 2017-54, issued yesterday, announced the revision of the “Branches and Relocations” booklet of the Comptroller's Licensing Manual. The revised booklet incorporates branching and relocation procedures and requirements updated following the integration of the functions of the Office of Thrift Supervision into the OCC in 2011 and the issuance of revised regulations (12 CFR part 5) that became effective July 1, 2015, addressing branching and relocations for both national banks and federal savings associations (FSA).


CFPB proposes testing overdraft disclosures

The Bureau is seeking approval from the Office of Management and Budget for, and comments on, its plans to conduct online testing of ATM/debit card overdraft disclosures with 8,000 individuals. The testing will explore consumer comprehension and decision-making in response to overdraft disclosure forms. It will also explore financial product usage, behavioral traits, and other consumer characteristics that may interact with a consumer's experiences with overdraft programs and related disclosure forms. Comments on the CFPB's notice and request for comment will be accepted through January 16, 2018.


2017 Census Data fields updated

The FFIEC has updated two fields in the 2017 Census Data: the FFIEC Estimated MSA/MD non-MSA/MD Median Family Income and Estimated Tract Median Family Income. As a result, these data fields have been updated in the 2017 Census Data Products and Geocoding System.


2018 FRB services fee schedule approved

The Federal Reserve Board has announced its approval of fee schedules, effective January 2, 2018, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks estimate that price changes will result in a 1.4 percent average increase, with an increase for check services fees at 0.4 percent.


OFAC ends Cote d'Ivoire sanctions

OFAC has published a final rule removing from the Code of Federal Regulations the Côte d'Ivoire Sanctions Regulations as a result of the termination of the national emergency on which the regulations were based. The effective date is November 13, 2017.


Threshold adjusted for reduced Fed dividends

The Federal Reserve Board has published a rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank stockholders that have total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The threshold amount for calendar year 2018 will be $10.283 billion.


Treasury sanctions Venezuelan officials

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated ten current or former Venezuelan government officials pursuant to Executive Order 13692. These individuals are associated with undermining electoral processes, media censorship, or corruption in government-administered food programs in Venezuela. For details on the designated individuals, see our OFAC Update.

OFAC also announced its publication of two new Venezuela-related FAQs. The first pertains to the treatment of Petroleos de Venezuela, S.A. (PdVSA) subsidiaries under Executive Order 13808 ("Imposing Additional Sanctions With Respect to the Situation in Venezuela"). The second deals with U.S. person participation in meetings about restructuring outstanding Venezuelan and PdVSA debt that existed prior to the effective date of Executive Order 13808.


FDIC explains proposed Call Report revisions

The FDIC has issued FIL-57-2017 explaining the FDIC, FRB, and OCC proposal for additional burden-reducing revisions to all three versions of the Consolidated Reports of Condition and Income (Call Report). The revisions are proposed to take effect June 30, 2018. The proposal results from ongoing efforts by the Federal Financial Institutions Examination Council (FFIEC) to ease reporting requirements and lessen reporting burden on small and large institutions. The proposal was announced on November 2, and published on November 8, with a comment deadline of January 8, 2018.


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