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The Federal Reserve Board has posted the results of its ebruary 18 offering of seven-day term deposits.

The OCC will host two workshops in Atlanta at the DoubleTree by Hilton Atlanta Downtown, March 15-16, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop on March 15 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Compliance Risk workshop on March 16 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Community Reinvestment Act, and the Truth-in-Lending (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosures Rule, also known as TRID.

Butterfly Labs (Butterfly) and two of its operators have agreed to settle FTC charges that they deceived thousands of consumers about the availability, profitability, and condition of machines designed to mine the virtual currency known as Bitcoin, and that they unfairly kept consumers’ up-front payments despite failing to deliver the machines as promised. The FTC’s complaint against the company and its corporate officers alleged that Butterfly charged consumers thousands of dollars for its Bitcoin mining machines, but then failed to deliver the computers until they were practically useless, or in many cases, did not provide the computers at all. The settlements also resolve charges that the defendants failed to disclose that they were using the machines for themselves before delivering them, and that they kept consumers’ up-front payments even after failing to deliver machines as promised.

The Federal Reserve Board has issued an interim final rule on dividend payments on Reserve bank capital stock. The interim final rule amends Regulation I to implement provisions of the Fixing America's Surface Transportation (FAST) Act. It also adjusts the treatment of accrued dividends when a Reserve Bank issues or cancels capital stock owned by a large member bank. The interim final rule is effective upon publication in the Federal Register. The Board will accept comments on the interim final rule for 60 days after publication.

Today, February 18, the Federal Reserve will conduct a floating-rate offering of term deposits with an early withdrawal feature through its Term Deposit Facility (TDF). The Federal Reserve will offer seven-day term deposits with a rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point. The maximum tender amount per institution will be $5,000,000,000. The operation window will be open from 10:30 a.m. to 12:30 p.m. ET, and awarded deposits will settle later today.

The 2017 and 2018 HMDA file specifications have been posted by the CFPB.

U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) and Europol have signed an agreement formalizing HSI’s membership in Europol’s Focal Point (FP) Sustrans, which targets organized crime networks involved in money laundering.

The FDIC has approved a proposal for recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts to facilitate rapid payment of insured deposits to customers if the institutions were to fail. The proposed rule would apply to insured depository institutions with more than two million deposit accounts. Under the proposal, these institutions would generally be required to maintain complete and accurate data on each depositor. Further, the institutions would be required to ensure that their information technology systems are capable of calculating the amount of insured money for each depositor within 24 hours of a failure. The FDIC is not proposing or considering making these requirements applicable to smaller institutions, including community banks. The FDIC will accept comments on the proposal for 90 days after it is published in the Federal Register. A statement from Chairman Gruenberg on the proposed rule was also released.

Update:The proposed rule was published at 81 FR 10025 on Friday, February 26, 2016. Comments will be accepted through May 26, 2016.

Further Update: An FDIC May 20, 2016, press release announced that the comment period has been extended 30 days, to end on June 25, 2016. The FDIC has also published a report prepared for the agency on the estimated cost of compliance.

The February 2016 issue of The NCUA Report has been posted. Articles explore the future of ATMs and provide information on supervisory, regulatory and compliance issues that are important to all federally insured credit unions.

The Treasury Department announced today that its Office of Foreign Assets Control (OFAC) designated two leaders of the notorious Central American gang known as the Mara Salvatrucha (MS-13) pursuant to Executive Order (E.O.) 13581, which targets transnational criminal organizations (TCOs) and their supporters. Salvadoran nationals José Roberto Orellana and Dany Balmore Romero García were designated for acting or having acted or purported to act for or on behalf of MS-13. As a result of this action, all assets of these individuals that are based in the United States or in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For additional information, see our February 16, 2016, OFAC Update.