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Annual adjustment to Reg I asset-size threshold

The Federal Reserve Board has announced its first annual adjustment to the asset-size threshold in Regulation I that determines the dividend rate that certain member banks earn on their Federal Reserve Bank stock. The updated total consolidated asset threshold is $10,122,000,000.


OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.


Bureau proposal to gather student loan servicing data

The CFPB has published in this morning's Federal Register a notice and request for comment on a proposed new information collection, "Student Loan Servicing Market Monitoring." Comments on the proposal will be accepted for 60 days, through April 24, 2017. The notice indicates the Bureau expects the collection will affect only 10 respondents, presumably only the largest student loan servicers.


FATF roundtable on FinTech and RegTech

The Financial Action Task Force (FATF) held a roundtable on FinTech and RegTech in Paris on February 18, 2017. The session was chaired by the FATF President, Juan Manuel Vega-Serrano. The meedting was a first step to take this initiative forward in order to engage with various stakeholders. The event brought together anti-money laundering/counter-terrorist financing (AML/CFT) professionals, national supervisors, international organizations and other relevant experts, including experts from banks that have partnered with FinTech and RegTech1 firms to discuss issues of common interest.

1RegTech: A blend word created to address regulatory challenges in the financial services sector through innovative technology. RegTech comprises a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.


OCC releases enforcement actions and terminations

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Four civil money penalties, one formal agreement, five personal cease and desist orders, and one removal/prohibition order were issued. Among those announced was the January 24, 2017, $65 million CMP issued to ServiceLink Holdings, LLC, of Jacksonvolle, Florida. There were also orders to cease and desist and to pay a total of $55,500 issued to three former directors of a Greenville, South Carolina bank.


Fed to continue testing of Term Deposit Facility

The Federal Reserve has confirmed plans to continue the previously announced periodic testing of its Term Deposit Facility (TDF). These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The TDF test operations are a matter of prudent planning and have no implications for the near-term conduct of monetary policy. The Federal Reserve plans to conduct a routine TDF test operation each quarter in 2017, starting with one to be conducted on February 23, 2017, with a floating-rate offering of term deposits with an early withdrawal feature. The schedule and terms for future test operations will be announced later.


Two removed from OFAC list

OFAC has posted a notice that the names of two individuals linked to transnational criminal organizations have been deleted from the OFAC SDN List. See BankersOnline's OFAC update for the details.


FTC reins in money mule

The Federal Trade Commission has announced that a Florida man charged with helping telemarketers in India defraud cash-strapped American consumers will be banned from aiding any telemarketers in a settlement with the Commission. The proposed settlement resolves an FTC complaint against Joel S. Treuhaft and his company, PHLG Enterprises, LLC, who collected more than $1.5 million from about 3,000 consumers in a scheme that helped Indian call centers collect money from victims of IRS tax scams, government grant scams and advance-fee loan scams, among others.


February FedFlash posted

Federal Reserve Financial Services has posted the February 2017 issue of FedFlash, featuring articles on:

  • Changes to check adjustment case requirements and edits
  • Effective date (9/15/17) of Phase 2 of the NACHA Same Day ACH program
  • Reminder that revisions to contaminated current guidance are effective immediately
  • Enhancement of Fedwire Securities Service Automated Claim Adjustment process to occur in 2018


December TIC data released

Treasury has released Treasury International Capital (TIC) data for December 2016. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $42.8 billion. Of this, net foreign private outflows were $57.1 billion, and net foreign official inflows were $14.3 billion. Foreign residents decreased their holdings of long-term U.S. securities in December; net sales were $13.9 billion. Net sales by private foreign investors were $32.0 billion, while net purchases by foreign official institutions were $18.1 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $1.1 billion.


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