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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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OFAC issues Venezuela General License and FAQs

OFAC has issued Venezuela General License 5 authorizing certain bondholders of Venezuela's PdVSA 2020 8.5% bond to enforce rights to the CITGO shares backing that bond issue. OFAC also issued two new Frequently Asked Questions related to the new license.


CFPB announces director of innovation office

Acting CFPB Director Mulvaney has announced the selection of Paul Watkins to lead its new Office of Innovation. The Office, created recently to focus on encouraging consumer-friendly innovation, is taking over work previously assigned to Project Catalyst.


FATF issues group study and ML terrorist financing reports

The Financial Action Task Force (FATF) has issued the results of a new study of the mechanisms and techniques that can be used to obscure the ownership and control of illicitly obtained assets and a report of its ongoing work to fight money laundering and terrorist financing, in particular in the area of virtual currencies/crypto assets.


Credit Unions pay late filing penalties

The NCUA has announced that nine credit unions have agree to pay penalties for filing late Call Reports in the fourth quarter 2017.


FDIC summarizes changes to Call Report

FIL-40-2018, issued yesterday by the FDIC, summarizes the previously announced burden-reducing revisions to all three versions of the Consolidated Reports of Condition and Income (Call Report) that will take effect as of the June 30, 2018, report date.


Second quarter Call Report information

FIL 39-2018, issued yesterday on behalf of the FDIC, OCC and Board of Governors, provides instructions and materials to be used in filing Call Reports for the June 30, 2018, report date. The deadline for filing is Monday, July 30, except for certain institutions with more than one foreign office other than a shell branch or an international baking facility, which have to file no later than Saturday, August 4. Supplemental instructions provided with the FIL include guidance on completion of the filing formats, which have been simplified.


Agencies propose revisions to Volcker Rule regs

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Commodity Futures Trading Commission have published a proposed rule [83 FR 33432] in today's Federal Register that would amend the regulations implementing section 13 of the Bank Holding Company Act (added by section 619 of the Dodd-Frank Act and commonly referred to as the "Volcker Rule"), which contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. Comments on the proposal are due by September 17, 2018.


OCC alert on recurring funds scam

The OCC has issued Alert 2018-9 with a warning about a fictitious notification regarding the release of funds supposedly under the control of the OCC. Any communication claiming that the OCC is involved in holding any funds for the benefit of any individual or entity is fraudulent.

Consumers have reported receiving emails, some of which include a fictitious “Letter of Authorization” with a signature name of “Anhar Tonny Coptalen, Comptroller General Of The Currency.” The perpetrators may request, among other data, bank account information, including bank statements, with the purported purpose of making a large dollar deposit into the potential victim’s account.


FRB reports to Congress on credit card profitability

The Federal Reserve Board has issued its 28th annual report to Congress on the profitability of credit card operations of depository institutions. The report analyzes the profitability over time of credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of small commercial banks that offer a range of credit services. The report is mandated by section 8 of the Fair Credit and Charge Card Disclosure Act of 1988.


FBI issues PSA on BEC scams

The FBI's Internet Crime Complaint Center (IC3) has posted a Public Service Announcement, Business E-mail Compromise - The 12 Billion Dollar Scam, providing an update and statistics on business email compromise (BEC) fraud. The PSA is an update and companion piece to an IC3 PSA issued May 4, 2017. Yesterday's PSA describes the use of BEC fraud in targeting real estate sector targets, and offers suggestions for protection from BEC attacks.


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