Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Operations Related

11/20/2020

BSA due diligence for charities and non-profits clarified

The Federal Banking Agencies and FinCEN have issued a joint fact sheet to provide clarity to banks and credit unions on how to apply a risk-based approach to charities and other non-profit organizations. The fact sheet highlights the importance of ensuring that legitimate charities have access to financial services and can transmit funds through legitimate and transparent channels, especially during the current COVID-19 pandemic. It also reminds banks to apply a risk-based approach to customer due diligence requirements when developing the risk profiles of charities and other non-profit customers, and reaffirms that the application of a risk-based approach is consistent with existing customer due diligence and other Bank Secrecy Act/Anti-Money Laundering compliance requirements.

11/20/2020

Entities exporting forced North Korean labor sanctioned

Treasury has announced that OFAC has imposed sanctions on two entities involved in the exportation of forced labor from North Korea. Mokran LLC, a Russian construction company, and Korea Cholsan General Trading Corporation, a North Korean company operating in Russia, were targeted for having engaged in, facilitated, or been responsible for the exportation of forced labor from North Korea, including exportation to generate revenue for the Government of North Korea or Workers’ Party of Korea. In addition, current SDN listings for Korea Rungrado General Trading Corporation, Korea General Corporation for External Construction, and Yanbian Silverstar Network Technology Co., Ltd were updated.

For further identification information on these entities and on updated listing on an individual previously sanctioned under Syria-related regulations, see BankersOnline's OFAC Update.

11/20/2020

FDIC updates RMS Manual

The FDIC has issued a November 2020 update to its Risk Management Manual of Examination Policies (RMS Manual). The November updates were made to section 3.2 (Loans) of the Manual, and include revised instructions for assessing environmental risk programs; updated residential appraisal thresholds; including effective dates for lease accounting; instructions on assessing bank-to-bank credit; assessing payday lending programs; Current Expected Credit Loss (CECL) updates; and other minor technical edits.

With the issuance of the November updates, the FDIC has moved to inactive status FIL-14-2005 (Payday Lending Programs Revised Examination Guidance), and FIL-52-2015 (FDIC Clarifying its Approach to Banks Offering Products and Services, such as Deposit Accounts and Extensions of Credit, to Non-Bank Payday Lenders). Also, the Guidelines for an Environmental Risk Program are being removed from the FDIC Statements of Policy section of the FDIC Law, Regulations, and Related Acts webpage. The two FILs and the Guidelines document are addressed in the RMS Manual.

The RMS Manual can be downloaded as ZIP files.

11/19/2020

OFAC targets broad Iran patronage network

On Wednesday, the Treasury Department announced that OFAC had acted against a key patronage network for the Supreme Leader of Iran, the Islamic Revolution Mostazafan Foundation (Bonyad Mostazafan, or the Foundation), an immense conglomerate of some 160 holdings in key sectors of Iran’s economy, including finance, energy, construction, and mining.

OFAC also designated Iran’s Minister of Intelligence and Security, Mahmoud Alavi, pursuant to human rights authorities.

See BankersOnline's OFAC Update for identity information on the nine individuals, 49 entities, and one vessel added to OFAC's SDN List, along with four previous designations updated, in yesterday's OFAC action.

11/19/2020

FDIC: Banking with Apps

The FDIC's November 2020 issue of FDIC Consumer News features "Banking With Apps: Where your mobile device meets banking," an article on the increasingly blurred lines between banks and non-banks, with an overview of the differences between deposit accounts offered by banks and financial products offered by non-bank companies, as well as tips for consumers considering using “fintech” for their banking needs.

11/18/2020

New SEC rules allow electronic signatures and digital filing

The Securities and Exchange Commission has voted to adopt rules and rule amendments that will provide additional flexibility in connection with documents filed with the Commission by permitting the use of electronic signatures in authentication documents, and facilitate electronic service and filing in the Commission's administrative proceedings. These new rules and amendments are part of a series of initiatives designed to modernize and strengthen the agency's operations. .

11/18/2020

Stimulus check deadline nears

The IRS has issued a reminder that anyone who doesn't normally file a tax return has until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment (EIP). The only way remaining to get a payment in 2020 is to register using the Non-Filers: Enter Info Here tool on IRS.gov before the deadline.

When people file their 2020 taxes next year and they weren't eligible for an Economic Impact Payment this year, they may be eligible for the Recovery Rebate Credit. The Recovery Rebate Credit is figured like the Economic Impact Payment, except the amounts are based on tax year 2020, instead of tax year 2019 or tax year 2018, information. The eligibility criteria are the same, and the maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qualifying child. This means anyone who received the full Economic Impact Payment amount during 2020 for both themselves and their qualifying children cannot get the credit.

11/18/2020

New Venezuela-related general license issued

OFAC has issued Venezuela-related General License 8G, "Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities."

OFAC also designated two individuals as Specially Designated Global Terrorists. See this BankersOnline OFAC Update for identity information.

11/16/2020

FDIC guidance to facilitate recovery on Puerto Rico

The FDIC has issued FIL-105-2020, offering guidance to FDIC-supervised financial institutions on steps intended to provide regulatory relief and to facilitate recovery in areas of Puerto Rico affected by severe storms and flooding.

11/16/2020

Former Wells CEO and chairman charged by SEC

The SEC has charged former Wells Fargo & Company CEO and Chairman John G. Stumpf and former head of Wells Fargo’s Community Bank Carrie L. Tolstedt for their roles in allegedly misleading investors about the success of the Community Bank, Wells Fargo’s core business. The SEC’s filings include settled charges against Stumpf, who agreed to pay a $2.5 million penalty, and a litigated action alleging Tolstedt committed fraud.

According to the SEC’s complaint against Tolstedt, from mid-2014 through mid-2016, Tolstedt publicly described and endorsed Wells Fargo’s “cross-sell metric” as a means of measuring Wells Fargo’s financial success despite the fact that this metric was inflated by accounts and services that were unused, unneeded, or unauthorized. The complaint further alleges that Tolstedt signed misleading sub-certifications as to the accuracy of Wells Fargo’s public disclosures when she knew or was reckless in not knowing that statements in those disclosures regarding Wells Fargo’s cross-sell metric were materially false and misleading.

An SEC order against Stumpf finds that in 2015 and 2016 he signed and certified statements filed with the Commission, which he should have known were misleading, regarding both Wells Fargo’s Community Bank cross-sell strategy and its reported metric. According to the order, Stumpf failed to ensure the accuracy of his certifications after being put on notice that Wells Fargo was misleading the public about the cross-sell metric.

Pages

Training View All

Penalties View All

Search Top Stories