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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated Colombian national Jose Bayron Piedrahita Ceballos as a Specially Designated Narcotics Trafficker pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Jose Bayron Piedrahita Ceballos, a patron of narcotics traffickers in Colombia, provides material support to the criminal group La Oficina de Envigado (La Oficina), which was designated by OFAC in June 2014. OFAC also designated seven other Colombian nationals and 11 entities in Colombia, Panama, Guatemala, and Argentina for their ties to Piedrahita Ceballos or the individuals and companies tied to him. For further information, see our May 3, 2016, OFAC Update.

Treasury has released a report which is submitted to Congress on the Foreign Exchange Policies of Major Trading Partners of the United States. The report highlights that, underpinned by robust job creation and resilient domestic demand, the U.S. economy grew at a solid pace of 2.4 percent in 2015. Outside of the United States, growth in other advanced economies was more disappointing and emerging market economies are facing significant headwinds from low commodity prices, weak trade growth, and internal cyclical dynamics. Most projections for 2016 point to the continuation of modest growth abroad.

The FFIEC has announced the release of a new Appendix E, "Mobile Financial Services," to the "Retail Payment Systems" booklet of the FFIEC Information Technology (IT) Examination Handbook. The new appendix focuses on risks associated with activities and devices for mobile financial services. The appendix emphasizes an enterprise-wide risk management approach for effectively managing and mitigating existing and evolving risks. Additionally, the appendix contains work program objectives to assist examiners in determining the state of risk and controls at an institution or third-party provider. OCC Bulletin 2016-14 and FDIC FIL-31-2016 were also issued to announce the new appendix.

The Bureau Blog features an article for consumers about the right to be treated fairly in the financial marketplace. It reviews various illegal and/or discriminatory practices and what consumers can do to protect their rights.

The NCUA has announced the issuance in April of five notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution:

• Melissa Ann Joiner, a former employee of Metro North Federal Credit Union in Jacksonville, Florida
• Schrelle L. Malone, a former employee of Pacific Marine Credit Union in Oceanside, California
• Michael J. McGrath, Jr., the former CEO of U.S. Mortgage Corporation and CU National Mortgage, LLC, in Pine Brook, New Jersey
• Randy Gard Teall, a former employee of Global Credit Union in Spokane, Washington
• Yvondia M. "Susan" Young, a former employee of Heritage Trust Federal Credit Union in Summerville, South Carolina

The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in March (and one from February). A total of 26 orders, including one issued in February, and one notice were issued The administrative enforcement actions consisted of one consent order; one prompt corrective action; one removal and prohibition order; eleven Section 19 orders; two civil money penalties (CMP); two voluntary terminations of insurance; seven terminations of consent orders and cease and desist orders; one adjudicated decision; and one notice. Both of the CMPs were imposed on individuals who are or were institution-related parties, one of a bank in San Francisco, California, and the other of a bank in Logan, Ohio.

The Federal Deposit Insurance Corporation has announced that Trust Company Bank, Memphis, Tennessee, was closed by the Tennessee Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC has entered into a purchase and assumption agreement with The Bank of Fayette County, Piperton, Tennessee, to assume all of the deposits of Trust Company Bank. Trust Company Bank is the second FDIC-insured institution to fail this year, and the first in Tennessee.

The NCUA has announced that a new online training module regarding best practices for merging credit unions is now available. The three-part video module examines current trends in mergers, when a credit union board should consider a merger and how to negotiate a merger agreement that best serves the credit union’s interests.

Federal Reserve Bank Services has announced amendments to the following Federal Reserve Operating Circulars, effective June 30, 2016:

• OC 4 – Automated Clearing House items
• OC 5 – Electronic Access – new appendix A
• OC 6 – Funds Transfers Through the Fedwire Funds Service
• OC 7 – Book-Entry Securities Account Maintenance and Transfer Services
• OC 12 – Multinational Settlement

See the Federal Reserve's Operating Circulars page for a summary of key changes and the revised text.

OFAC has updated its Frequently Asked Questions (FAQs) regarding payments or the facilitation of payments to Iranian Civil Aviation Authorities for overflights of Iran or landing in Iran.