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Exception Tracking Spreadsheet (TicklerTrax™)
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02/07/2020

Mali Sanctions regulations published

OFAC has published regulations [85 FR 7223, 2/7/2020] to implement Executive Order 13882 of July 26, 2019, "Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Mali."

02/06/2020

Court halts scheme deceiving consumers about government services

The Federal Trade Commission has announced that a court has granted the Commission's request to preliminarily halt a scheme in which the defendants operated hundreds of websites that promised a quick and easy government service, such as renewing a driver’s license, or eligibility determinations for public benefits. Following an evidentiary hearing, the court held that the FTC was likely to prevail in proving that “the websites were patently misleading.”

The FTC’s complaint in the case alleges that consumers provided their information because they believe the websites will actually provide these services. Instead, consumers received only a PDF containing publicly available, general information about the service they sought.

An ex parte motion filed by the FTC alleges that the defendants’ sites employed similar branding, language, and functionality to induce consumers to relinquish their credit card information, personal data, or both.

02/05/2020

Fed Board bars Goldman Sachs exec from banking

The Federal Reserve Board has announced it is permanently barring Andrea Vella, a senior executive at Goldman Sachs, from the banking industry for his role in Goldman's financing of a defrauded Malaysian sovereign wealth fund.

02/05/2020

Fed bars and fines former Mississippi bank employee

The Federal Reserve Board has announced it has issued an order of prohibition and for restitution and a civil money penalty against a former teller and vault custodian for Farmers & Merchants Bank, Baldwyn, Mississippi, for embezzlement of funds. The order directed the former employee to make restitution to the bank in the amount of $20,264.27, and to pay a civil monetary penalty of $10,067. For further information, see the BankersOnline Penalty Page, "Former Mississippi teller banned and fined."

02/03/2020

NCUA prohibition actions

The National Credit Union Administration has announced it issued six prohibition notices and one prohibition order in January. The recipients of those enforcement actions, who are prohibited from participating in the affairs of any federally insured financial institution, were former employees of:

  • Tucson Old Pueblo Credit Union, Tucson, Arizona
  • St. Francis Campus Employees Credit Union, Little Falls, Minnesota
  • Hanscom Federal Credit Union, Littleton, Massachusetts
  • Pinpoint Federal Credit Union, Milton, Pennsylvania
  • Citizens Community Credit Union, Devils Lake, North Dakota
  • Space City Credit Union, Houston, Texas (two individuals)

02/03/2020

FDIC lists enforcement actions

The FDIC has released a a list of orders of administrative enforcement actions taken against banks and individuals in December.

  • The Bancorp Bank, Wilmington, Delaware, was ordered to pay a $7.5 million civil money penalty for BSA/AML violations
  • A former market president and director of Frontier Bank, Omaha, Nebraska, was assessed a civil money penalty of $25,000 and issued a prohibition order for making loans to uncreditworthy borrowers, diverting funds loaned to one customer to the use of another bank customer, and extending credit in excess of his authority.
  • a former branch president and loan officer of People's Bank and Trust Company, McPherson, Kansas, was issued a cease and desist order after the FDIC determined she manipulated payment due dates on loans and overdraft lines to herself and immediate family members, concealing delinquencies from senior management of the bank.

01/31/2020

OFAC designations and updates

OFAC has posted an SDN List Update adding one individual and updating an entity listing, both designated under the non-proliferation and Iran-related sanctions programs. For identification details see BankersOnline's OFAC Update

01/30/2020

OFAC targets Russian aggression toward Ukraine

Treasury has announced OFAC's designation of eight individuals and one entity in response to Russia’s continued aggression toward Ukraine and attempted occupation of Crimea. Seven of these individuals were also designated yesterday by the European Union (EU). In addition to the United States, Canada designated these same individuals today as part of a coordinated action in a strong demonstration of the international community’s continued condemnation of Russia’s interference in Crimean politics. Additionally, OFAC designated one individual and one entity providing rail services in support of Russia’s efforts to deepen the economic integration of Russia and Crimea.

Identifying information on the individuals and entity designated by OFAC can be found in BankersOnline's OFAC Update.

01/28/2020

OCC workshops in New Orleans

The OCC has announced it will host two workshops at the Embassy Suites by Hilton in New Orleans, March 3-4, for directors of national community banks and federal savings associations.

  • The Credit Risk workshop on March 3 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The Operational Risk workshop on March 4 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

The fee for each workshop is $99, and each session is limited to 35 registrants. Online registration is available.

01/28/2020

Shipping company pays $1.125M to settle OFAC violations

OFAC has announced that Eagle Shipping International (USA) LLC, a Marshall Islands company with its headquarters in Stamford, Connecticut, has agreed to pay $1,125,000 to settle its potential civil liability for 36 apparent violations of the Burmese Sanctions Regulations. The alleged violations involve Eagle Shipping’s dealings in the property interests of Myawaddy Trading Limited, which at all relevant times was identified on OFAC’s SDN list, and the provision of transportation services from Burma to Singapore for a land reclamation project for the benefit of Myawaddy, in apparent violation of the regulations.

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