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02/28/2024

FDIC ending receiverships of 17 banks

This morning, the FDIC has published [89 FR 14649] a Federal Register notice that it intends to terminate its receiverships of the following 17 banks on or after March 29, 2024:

  • Warren Bank, Warren, MI
  • Citizens State Bank, New Baltimore, MI
  • Rockbridge Commercial Bank, Atlanta, GA
  • Independent Bankers' Bank, Springfield, IL
  • Barnes Banking Company, Kaysville, UT
  • Centennial Bank, Ogden, UT
  • Lincoln Park Savings Bank, Chicago, IL
  • Crescent Bank and Trust Company, Jasper, GA
  • Liberty Bank, Eugene, OR
  • The Cowlitz Bank, Longview, WA
  • Ravenswood Bank, Chicago, IL
  • Premier Bank, Jefferson City, MO
  • K Bank, Randallstown, MD
  • First Banking Center, Burlington, VT
  • The Bank of Miami, N.A., Coral Gables, FL
  • Community South Bank, Parsons, TN
  • Seaway Bank and Trust, Chicago, IL

02/28/2024

U.S. and UK sanction Iran-related targets

The U.S. Department of the Treasury yesterday reported that OFAC, in coordination with the United Kingdom, has taken action against the Deputy Commander of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), Mohammad Reza Falahzadeh, as well as a Houthi group member, Ibrahim al-Nashiri. OFAC has also designated Cap Tees Shipping Co., Limited, the owner and operator of the ARTURA, a vessel used to ship Iranian commodities that were sold to support both the Houthis and the IRGC-QF.

Treasury also reported that OFAC has taken action against two companies registered in Hong Kong and the Marshall Islands — Kohana Company Limited and Iridescent Co Ltd. — that own and operate a vessel, the Panama-flagged KOHANA, shipping over $100 million in Iranian commodities to businesses in the People’s Republic of China on behalf of Iran’s Ministry of Defense and Armed Forces Logistics.

For identification information on the targeted individuals, entities, and vessels, see BankersOnline's February 27, 2024, OFAC Update.

02/27/2024

FDIC guidance to financial institutions in areas of Washington

The FDIC has issued Financial Institution Letter FIL-8-2024 with guidance to help financial institutions and facilitate recovery in areas of Washington affected by wildfires that caused significant property damage August 18–25, 2023.

02/27/2024

FinCEN renewing info collections without changes

FinCEN has published two notices and requests for comment to extend its authority to require the collection of information.

On Friday, February 23, FinCEN published [89 FR 13802] a notice on the proposed renewal, without change, of an existing information collection requirement for geographic targeting orders (GTOs). This will allow FinCEN to continue renewing its GTOs while its proposal for requiring nationwide Real Estate Reports of non-financed transfers of residential real estate remains under consideration. Comments are due by April 23, 2024.

On Monday, February 26, FinCEN published [89 FR 14148] a notice on the proposed renewal, without change, of its existing information collection requirement in 31 CFR 1010.230 related to beneficial ownership requirements for legal entity customers. The current requirement for banks to obtain certifications of beneficial ownership from entity customers will continue until FinCEN proposes and issues and makes effective a final rule to change the requirements in section 1010.230, which is not expected until at least the end of 2024. Comments on FinCEN's notice are due by April 26, 2024.

02/26/2024

FDIC guidance to financial institutions in areas of California

The FDIC has issued Financial Institution Letter FIL-7-2024 with guidance to help financial institutions and facilitate recovery in areas of California affected by severe storm and flooding, which caused significant property damage January 21–23, 2024.

02/26/2024

FDIC releases January enforcement actions

The FDIC has released a list of 15 orders of administrative enforcement actions taken against banks and individuals in January 2024. The administrative enforcement actions in those 15 orders consisted of six orders to pay civil money penalties, two combined prohibition orders and orders to pay civil money penalties, two prohibition orders, four consent orders, and one order terminating a consent order.

  • Nine orders against individuals who are current or former institution-affiliated parties of Bank of England, England, Arkansas, connected to violations of section 5 of the Federal Trade Commission Act involving misrepresentations of personal and bank affiliations with the Department of Veterans Affairs in the course of taking applications for VA mortgage loans.
    • Assessments of civil money penalties and orders of removal/prohibition were issued to:
      • Ryan Qarana, former branch manager of the Bloomfield, MI, loan production office of the bank, for failing to ensure that loan officers in the Bloomfield, Michigan loan production office complied with Section 5; specifically by misrepresenting or failing to ensure that loan officers did not misrepresent: (1) available loan prices for mortgage loans, (2) that consumers could skip two months of their mortgage payments, and (3) the loan production office’s affiliation with the Department of Veterans Affairs. CMP $100,000.
      • Jasmine Jonna, former sales manager of the Bloomfield loan production office, for misrepresenting available loan prices for mortgage loans, misrepresenting to consumers that they could skip two months of their mortgage payments, and misrepresenting the loan production office’s affiliation with the Department of Veterans Affairs. CMP of $12,000.
    • Civil money penalties were assessed on:
      • Ramy Zoma, for misrepresenting the bank as affiliated with the Department of Veterans Affairs. CMP $2,500.
      • Janel Zaitona, for luring consumers to apply for mortgage loans with low, unavailable loan prices that would not be honored and subsequently increasing the price before closing the loan, and misrepresenting to consumers that they could skip two months of mortgage payments and by misrepresenting to consumers the Bank’s affiliation with the Department of Veteran’s Affairs. CMP $1,000
      • Salam Yaldo, for luring consumers to apply for mortgage loans with low, unavailable loan prices, that would not be honored and subsequently increasing the price before closing the loan; misrepresenting to consumers that they could skip two months of mortgage payments; and misrepresenting to consumers his and the Bank’s affiliation with the Department of Veterans Affairs. CMP $15,000
      • Zach Jabro, for failing, as the branch manager of the office, in certain aspects, to manage, monitor, and oversee the sales operations of the branch. CMP $110,000
      • Maria Abdulnoor, for luring consumers to apply for mortgage loans with low, unavailable loan prices that would not be honored and subsequently increasing the price before closing the loan, and misrepresenting to consumers that they could skip two months of mortgage payments. CMP $35,000.
    • Cease and desist orders were issued to Lamont Kennedy and Oday Sessi.
  • An order to pay a civil money penalty of $2,000 was issued to Collins State Bank, Collins, Wisconsin, for violations of the Flood Disaster Protection Act, National Flood Insurance Act, and Part 339 of the FDIC's Rules and Regulations, by failing to obtain adequate flood insurance at the time of making, increasing, renewing, or extending four (4) loans.
  • Removal/prohibition orders were issued to:
    • Laura Ellen Ellison, formerly a loan operations specialist for CommerceOne Bank, Birmingham, Alabama, for executing nine unauthorized wire transfers from accounts of two bank customers to her personal bank account at another bank, and creating false documentation to make the transfers appear to have been authorized.
    • Bonnie A. Kirkpatrick, formerly employed by First Farmers & Merchants State Bank, Brownsdale, Minnesota, after a finding that she forged withdrawal slips, took various amounts of money from multiple consumer accounts without permission or authority, and removed Bank funds from the cash drawer, all for her own personal gain.
  • Consent orders were issued to First Farmers & Commercial Bank, Pikeville, Tennessee, and Lineage Bank, Franklin, Tennessee
  • A consent order issued in September 2022 to Union Savings Bank, Cincinnati, Ohio, was terminated.

02/23/2024

President announces more sanctions against Russia

The White House has released a statement in which President Biden announced “more than 500 new sanctions against Russia for its ongoing war of conquest on Ukraine and for the death of Aleksey Navalny, who was a courageous anti-corruption activist and Putin’s fiercest opposition leader. These sanctions will target individuals connected to Navalny’s imprisonment as well as Russia’s financial sector, defense industrial base, procurement networks and sanctions evaders across multiple continents. They will ensure Putin pays an even steeper price for his aggression abroad and repression at home.”

The U.S. is also “imposing new export restrictions on nearly 100 entities for providing backdoor support for Russia’s war machine [and] taking action to further reduce Russia’s energy revenues.”

Specifics of the sanctions will be announced by the Treasury Department's Office of Foreign Assets Control.

02/23/2024

Bureau publishes proposal to limit OD fees at very large banks

The CFPB has published [89 FR 13852] its previously announced proposed rule on overdraft lending at very large financial institutions in today's Federal Register. Comments are due by April 1, 2024,

02/23/2024

Hsu discusses consolidated supervision of crypto-asset intermediaries

The OCC reports that Acting Comptroller of the Currency Michael J. Hsu yesterday offered remarks to the Financial Stability Board’s Crypto Working Group.

In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization.

02/22/2024

Hsu on banking and commerce

Acting Comptroller of the Currency Michael J. Hsu yesterday discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tennessee.

In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He also offered thoughts on the potential for the Financial Stability Oversight Council’s recently adopted analytic framework to identify and address financial stability risks as they emerge.

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