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E.g., Mar 29 2024

02/07/2024

FEMA proposes revised homeowner flood policy form

Yesterday, the Federal Emergency Management Agency published [89 FR 8282] a notice of proposed rulemaking that would revise the Standard Flood Insurance Policy by adding a new Homeowner Flood Form and five accompanying endorsements — increased cost of compliance coverage, actual cash value loss settlement, temporary housing expense, basement coverage and builder’s risk.

The new Homeowner Flood Form would replace the Dwelling Form as a source of coverage for homeowners of one-to-four family residences. Together, the new Homeowner Flood Form and endorsements would more closely align with property and casualty homeowners insurance and provide increased options and coverage in a more user-friendly and comprehensible format.

Comments on the proposal will be accepted through April 8, 2024.

02/07/2024

SEC adopts rules covering dealers and government securities dealers

The Securities and Exchange Commission yesterday announced its adoption of two rules that require market participants who engage in certain dealer roles, in particular those who take on significant liquidity-providing roles in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations.

The final rules, Exchange Act Rules 3a5-4 and 3a44-2, further define the phrase “as a part of a regular business” in Sections 3(a)(5) and 3(a)(44) of the Securities Exchange Act of 1934 to identify certain activities that would cause persons engaging in such activities to be “dealers” or “government securities dealers” and be subject to the registration requirements of Sections 15 and 15C of the Act, respectively, in connection with certain liquidity-providing roles.

Under the final rules, any person that engages in activities as described in the rules is a “dealer” or “government securities dealer” and, absent an exception or exemption, required to: register with the Commission under Section 15(a) or Section 15C, as applicable; become a member of an SRO; and comply with federal securities laws and regulatory obligations and applicable SRO and Treasury rules and requirements.

The rules will become effective 60 days after they are published in the Federal Register, and compliance will be required one year later.

02/06/2024

FDIC regulatory relief for West Virginia and Maine banks

Yesterday, the FDIC issued FIL-4-2024 to announce regulatory relief and facilitate recovery in areas of West Virginia affected by severe storms, flooding, landslides, and mudslides from August 28 to August 30, 2023; and FIL-5-2024 to announce regulatory relief and facilitate recovery in areas of Maine affected by severe storms and flooding from December 17 to December 21, 2023.

02/06/2024

FinCEN seeks comments on renewal of CTR filing requirements

FinCEN has published [89 FR 7767] a notice and request for comments on its proposal to renew without changes, its existing information collection requirements relating to Currency Transaction Reports (CTRs). Comments will be accepted though April 5, 2024.

02/06/2024

Trade associations sue regulators over new CRA regulations

The American Banker reports that the ABA, Independent Community Bankers of America, U.S. Chamber of Commerce, Texas Bankers Association and other trade associations have filed suit in the Northern District of Texas against the OCC, Federal Reserve, and FDIC, in an attempt to stop the recently finalized Community Reinvestment Act regulations reforms.

The suit argues that the agencies arbitrarily exceeded their statutory authority when they finalized their amendments to the CRA rules in October. The suit also calls on the court to stay the rules pending the outcome of the suit. The complaint argues that the October 2023 update works "a wholesale and unlawful change to a statutory and regulatory regime that, for nearly five decades, has successfully encouraged lending in low- and moderate-income neighborhoods throughout the United States."

02/06/2024

Reserve Banks publish 31 CRA evaluation ratings

The Federal Reserve Banks published 31 Community Reinvestment Act evaluation ratings in January. Twenty-four of the listed banks earned Satisfactory ratings. We congratulate the following seven banks for receiving Satisfactory ratings:

02/06/2024

January SLOOS on bank lending practices

The Federal Reserve Board has posted the results of the January 2024 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the fourth quarter of 2023.

Regarding loans to businesses, survey respondents, on balance, reported tighter standards and weaker demand for commercial and industrial (C&I) loans to firms of all sizes over the fourth quarter. Furthermore, banks reported tighter standards and weaker demand for all commercial real estate (CRE) loan categories.

For loans to households, banks, on balance, reported that lending standards tightened across all categories of residential real estate (RRE) loans other than government residential mortgages and government-sponsored enterprise (GSE)-eligible residential mortgages, for which standards remained basically unchanged. Meanwhile, demand weakened for all RRE loan categories. In addition, banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Moreover, for credit card, auto, and other consumer loans, standards reportedly tightened, and demand weakened on balance.

While banks, on balance, reported having tightened lending standards further for most loan categories in the fourth quarter, lower net shares of banks reported tightening lending standards than in the third quarter across all loan categories.

The January SLOOS also included a set of special questions inquiring about banks’ expectations for changes in lending standards, borrower demand, and loan performance over 2024. Banks, on balance, reported expecting lending standards to remain basically unchanged for C&I and RRE loans, but to tighten further for CRE, credit card, and auto loans. In addition, banks reported expecting loan demand to strengthen across all loan categories, and loan quality to deteriorate across most loan types.

02/06/2024

Agencies publish EGRPRA reg review schedule

The OCC, FDIC, and Federal Reserve Board have published [89 FR 8084] a notice of regulatory review and request for comments. As required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), the agencies are reviewing agency regulations to identify outdated or otherwise unnecessary regulatory requirements on insured depository institutions and their holding companies. The agencies divided their regulations into 12 categories. Over the next two years, the agencies will publish four Federal Register documents requesting comment on multiple categories.

This first Federal Register document requests comment on regulations concerning the following three categories: Applications and Reporting, Powers and Activities, and International Operations. Comments will be accepted through May 6, 2024.

02/06/2024

FDIC Consumer News features info on student loans

The FDIC has released its February issue of FDIC Consumer News, featuring guidance and strategies concerning student loans.

02/06/2024

Updated NMLS modernization web page available

The Conference of Banking Supervisors has launched an updated NMLS Modernization web page, which has been redesigned to make it easy for NMLS users, the public, and other stakeholders to stay abreast of key NMLS enhancements underway now and in the future.

02/05/2024

OFAC targets Iranian procurement network and malicious cyber actors

The Treasury Department on Friday announced sanctions against a transnational procurement network supporting Iran's ballistic missile and unmanned aerial vehicle (UAV) programs.

In a separate release, Treasury announced sanctions against actors responsible for malicious cyber activities on critical infrastructure in the U.S. and other countries.

For the names and identification information of the designated individuals and entities, see BankersOnline's February 2, 2024, OFAC Update.

02/05/2024

FDIC releases list of 56 banks examined for CRA compliance

The FDIC has released a list of 56 banks examined for CRA compliance whose evaluation ratings were assigned in November 2023. Of the banks listed, Norway Savings Bank, Norway, Maine, received the only Outstanding rating. The other 55 banks' evaluations were rated Satisfactory.

02/02/2024

New Executive Order and sanctions program announced

OFAC has announced that the president has signed a new Executive Order, “Imposing Certain Sanctions on Persons Undermining Peace, Security, and Stability in the West Bank.”

Under the authority of the new Executive Order, OFAC added four Israeli nationals to its SDN List, with the new "Middle-East-EO" sanctions program tag. For identification information on those individuals, see BankersOnline's February 1, 2024, OFAC Update.

02/02/2024

FinCEN alert on Israeli extremist settler violence against Palestinians

FinCEN, in an announcement coordinated with OFAC's reporting of a new Executive Order and sanctions program, reported it had issued an Alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence.

While the alert highlights the potential involvement of certain nonprofit organizations (NPOs) in facilitating payments to fund violence in the West Bank, FinCEN continues to emphasize that legitimate charities should have access to financial services and can transmit funds through legitimate and transparent channels. FinCEN is also reminding financial institutions to apply a risk-based approach to Customer Due Diligence requirements when developing the risk profiles of charities and other non-profit customers. No specific customer types, including charities and NPOs, automatically present a higher risk of illicit activity.

The Alert cited red flag indicators to help detect, prevent, and report potential suspicious activity related to the financing of Israeli extremist settler violence against Palestinians in the West Bank, but advised that "no single red flag is necessarily indicative of illicit or suspicious activity, U.S. financial institutions are encouraged to consider all the surrounding facts and circumstances before determining whether a specific transaction is suspicious or associated with potential Israeli violent extremist groups or campaigns."

FinCEN asked that financial institutions reference the alert in SAR field 2 and the narrative by including the key term "FIN-2024-WBEXTREMISM."

02/02/2024

OCC CRA evaluations for 18 institutions

The OCC has released a list of Community Reinvestment Act performance evaluations that became public in January, 2024.

Of the 18 evaluations made public this month, three are rated needs to improve, nine are rated satisfactory, and six are rated outstanding. We congratulate these institutions for their outstanding ratings:

02/02/2024

Another proposal for Call Report revisions

The FDIC has issued FIN-3-2024 announcing a recent joint notice and request for comment by the FDIC, OCC, and Federal Reserve Board on a proposal to revise certain FFIEC reports, including the Call Report, consistent with proposed changes to the agencies’ regulatory capital rule published by the agencies in the Federal Register on September 18, 2023 (proposed capital rule). The comment period for the proposed capital rule ended on January 16, 2024. The agencies are proposing substantive changes for banks currently filing the FFIEC 031 or banks that would be subject to the expanded risk-based approach under the proposed capital rule, and only making technical revisions to the FFIEC 041 and FFIEC 051.

The proposal would—

  • Revise the FFIEC 041 and FFIEC 051, Schedule RC-R, Part I, to remove items that are no longer relevant and make other technical edits;
  • Revise the FFIEC 031 instructions to require all banks subject to the expanded risk–based approach under the proposed capital rule to file the FFIEC 031; and
  • Revise the FFIEC 031, Schedule RC–R, Part I, Regulatory Capital Components and Ratios, to align the calculation of regulatory capital for institutions subject to Category III or Category IV standards with the calculation used for institutions subject to Category I and Category II standards.

The agencies propose to make these reporting changes effective for the third quarter of 2025 (as of the September 30, 2025, report date), consistent with the proposed July 1, 2025, effective date for the proposed capital rule. For modifications made to the proposed capital rule when the rule is adopted in final form, the agencies would modify the Call Report proposal to incorporate such changes.

Comments will be accepted through March 26, 2024.

02/01/2024

January 31 FOMC Statement released

The Federal Reserve Board has issued the Federal Open Market Committee (FOMC) statement following the committee meeting of January 30–31, 2024.

The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

The FOMC also reaffirmed its Statement on Longer-Run Goals and Monetary Policy Strategy, unchanged from the version adopted in August 2020.

The Implementation Note issued with the Statement indicates that the Board of Governors voted to maintain the interest rate paid on reserve balances at 5.4 percent, and to approve the establishment of the primary credit rate at the existing rate of 5.5 percent.

The FOMC also announced updates effective June 30, 2024, that further enhance its policy on investment and trading. The policy, which was first adopted in 2022, aims to support public confidence in the impartiality and integrity of the Committee's work by guarding against even the appearance of any conflict of interest.

The updates will increase the number of Federal Reserve System staff who will be covered by the most stringent restrictions on investment and trading activities and will tighten restrictions on all staff with access to confidential FOMC information. Additionally, the updated policy supports a new compliance regime where staff with access to the most sensitive FOMC information may be directed to submit brokerage statements or other securities transaction statements to verify the accuracy of their financial disclosures.

02/01/2024

Agencies publish CRA regulations update

The Federal Reserve Board, OCC, and FDIC published [89 FR 6574] the previously announced joint final rule updating their Community Reinvestment Act regulations.

02/01/2024

NCUA bars former Virginia CU employee from industry

The NCUA has reported it has issued a consent prohibition notice against Kelly Givens, a former employee of FedStar Federal Credit Union, Salem, Virginia, after determining that she made unauthorized personal purchases using the Credit Union’s corporate credit card and caused the Credit Union to pay the card balances.

A prohibition order bars its recipient from participating in any way in the business of any insured depository institution or federal depository institution regulatory agency or the Federal Housing Finance Agency or any federal home loan bank without prior written consent of both the NCUA Board and the institution's appropriate regulatory agency.

02/01/2024

FinCEN fines former CU BSA officer and bans him for five years

FinCEN has announced it has assessed a $100,000 civil money penalty on Gyanendra Kumar Asre for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCEN’s action also imposes a five-year ban on Asre’s participation in the conduct of the affairs of any financial institution subject to the BSA.

Asre admitted to willfully violating the BSA. He failed to register his money services business (MSB) with FinCEN and, in his capacity as the BSA Compliance Officer of a credit union, failed to maintain an effective AML program and failed to detect and report suspicious transactions. During Asre’s tenure as BSA Compliance Officer, the credit union’s risk profile drastically increased, including by providing services to Asre’s unregistered MSB. Despite these elevated risks, Asre failed to implement adequate AML controls. As a result, hundreds of millions of dollars in high-risk and suspicious funds—including substantial bulk cash deposits—moved through the credit union without proper monitoring or reporting to FinCEN.

A Justice Department press release reported Asre has pleaded guilty to "failure to maintain an anti-money laundering program in violation of the Bank Secrecy Act as part of a scheme to bring lucrative and high-risk international financial business to a small, unsophisticated credit union." He is scheduled to be sentenced on May 3.

02/01/2024

Latest Consumer Compliance Outlook available

The Federal Reserve has announced the availability of the latest issue of Consumer Compliance Outlook. The fourth issue of 2023 includes the following articles and features:

  • Top Federal Reserve Compliance Violations in 2022 Under the Fair Credit Reporting Act and the Equal Credit Opportunity Act
  • Top Federal Reserve System Violations in 2022: Regulation E Error Resolution Requirements and Regulation X Escrow Account Requirements
  • Interagency Overview of the Community Reinvestment Act Final Rule
  • Regulatory Calendar
  • Calendar of Events

02/01/2024

Treasury announces three OFAC actions

On Wednesday, January 31, 2024, the Department of the Treasury announced three OFAC actions.

  • Sanctioning of Iranian IRGC-QF and Hizballah Financial Network: OFAC sanctioned three entities — Mira Ihracat Ithalat Petrol, Yara Offshore SAL, and Hydro Company for Drilling Equipment Rental — and one individual — Ibrahim Talal al-Uwayr — located in Lebanon and Türkiye for providing critical financial support to an Iranian Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah financial network.
  • Sanctioning of three entities — Alkhaleej Bank Co Ltd., Zadna International Co for Development Ltd., and Al-Fakher Advanced Works Co. Ltd. — for their role in undermining the peace, security, and stability of Sudan.
  • Designation of two entities closely associated with Burma’s military regime — the Shwe Byain Phyu Group of Companies and Myanma Five Star Line Company Limited — and four cronies — Tin Latt Min, Theint Win Htet, Win Paing Kyaw, and Thein Win Zaw,

For identification information on the entities and individuals designated in the three OFAC actions, see BankersOnline's January 31, 2023, OFAC Update.

02/01/2024

OCC fines City National Bank $65 million for deficiencies

The Office of the Comptroller of the Currency yesterday announced it has assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls.

The OCC found that the bank engaged in unsafe or unsound practices, including its failure to establish effective risk management and internal controls. This failure also resulted in noncompliance with 12 CFR Part 30, Appendix D, “OCC Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.” The bank also violated the Bank Secrecy Act (BSA) and 12 CFR Part 9 – Fiduciary Activities of National Banks.

The OCC also issued a consent order requiring the bank to take broad and comprehensive corrective actions to improve its strategic plan, operational risk management, including internal controls; compliance risk management, including BSA/anti-money laundering and fair lending; strategic risk management; and investment management practices.

01/31/2024

FHFA house price index up 0.3 percent in November 2023

The Federal Housing Finance Agency has announced that U.S. house prices rose in November, up 0.3 percent from October, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). House prices rose 6.6 percent from November 2022 to November 2023. The previously reported 0.3 percent price increase in October remained unchanged.

For the nine census divisions, seasonally adjusted monthly price changes from October 2023 to November 2023 ranged from -0.2 percent in the New England division to +0.7 percent in the Mountain division. The 12-month changes ranged from +3.1 percent in the West South Central division to +9.8 percent in the New England division.

01/31/2024

FHFA releases 2024 Scorecard for Enterprises and CSS

Yesterday, the Federal Housing Finance Agency released the 2024 Scorecard for Fannie Mae and Freddie Mac (together, the Enterprises) and their joint venture, Common Securitization Solutions, LLC (CSS). Annually, FHFA releases a Scorecard to communicate and provide public awareness of its priorities and expectations for the Enterprises and CSS.

The 2024 Scorecard articulates specific Enterprise objectives that address multifamily rental housing needs, explore opportunities to mitigate risk in the evolving single-family property insurance market, and promote efficiency in the mortgage market. The Scorecard also identifies objectives for the Enterprises to continue to transfer meaningful credit risk to private investors and explore opportunities to harmonize their processes supporting the Single-Family Selling Representations and Warranties Framework. Further, the Scorecard directs that the Enterprises consider the impact of their objectives in all geographies, including rural areas.

01/31/2024

MLA system release scheduled

The Department of Defense's Military Lending Act (MLA) website has added a notice that its next system release (version 5.18) is scheduled for Thursday, February 15, 2024. It will include security and performance enhancements. The MLA website will be unavailable from 6:00 PM until 9:00 PM PST (9 PM to midnight, EST) on February 15.

01/31/2024

Treasury designates ISIS cyber facilitators and trainers

Yesterday, the Treasury Department reported that OFAC designated two cybersecurity experts — Mu’min Al-Mawji Mahmud Salim and Sarah Jamal Muhammad Al-Sayyid — affiliated with the Islamic State of Iraq and Syria (ISIS) for providing ISIS leadership and supporters with cybersecurity training, enabling their use of virtual currency, and supporting the terrorist group’s recruitment. Additionally, OFAC designated Faruk Guzel, an ISIS financial facilitator involved in transferring funds to ISIS-affiliated individuals in Syria.

For identification information on the three designated individuals, see BankersOnline's January 30, 2024, OFAC Update.

01/30/2024

OCC proposal and policy statement on bank mergers

On January 29, the Office of the Comptroller of the Currency requested comment on a proposed rulemaking that would update the OCC’s rules under 12 C.F.R. § 5.33 for business combinations involving national banks and federal savings associations. The proposal also includes a policy statement to clarify the OCC’s review of applications under the Bank Merger Act (BMA).

The proposed rulemaking is part of the OCC’s effort to enhance transparency around its process of reviewing transactions under the BMA. It would also serve to provide additional guidance to stakeholders around the OCC’s review of applications. The proposed policy statement specifically would discuss:

  • General principles for the OCC’s review of applications under the BMA, including indicators for applications likely consistent with approval and applications that raise supervisory or regulatory concerns
  • The OCC’s consideration of the financial stability; managerial and financial resources and future prospects; and convenience and needs statutory factors under the BMA
  • The OCC’s decision process for extending the public comment period or holding a public meeting

A comment period of 60 days will open when the notice of proposed rulemaking is published.

01/30/2024

FinCEN seeks comment on info to be collected to get BOI data response

FinCEN has published [89 FR 5995] in the January 30, 2024, Federal Register a Notice and Request for Comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule.

Included in the notice are FinCEN's estimates of the burden to state, local and tribal law enforcement agencies, and for financial institutions. An appendix to the Notice and Request for Comments summarizes the proposed data fields to be submitted by authorized recipients. Financial institutions would submit the reporting company name, TIN type, and TIN, and a check mark agreeing to a system-provided certification of compliance statement.

Comments will be accepted through April 1, 2024.

Note: This proposal does not in any way change the current rule in 31 C.F.R. § 1010.230 requiring financial institutions to obtain certification of beneficial ownership information from its customers. Amendments to that rule are not expected until at least the end of 2024.

01/30/2024

FinCEN identifies Iraqi bank as institution of primary money laundering concern

On January 29, 2024, FinCEN announced it had issued a finding and notice of proposed rulemaking that identifies Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern. Along with its finding, FinCEN proposed imposing a special measure that would sever the bank from the U.S. financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank.

UPDATED: Comments on the notice of proposed rulemaking will be accepted for 30 days (through March 1, 2024) following its January 31, 2024. publication at 89 FR 6074 in the Federal Register.

In a coordinated action, OFAC designated Hamad al-Moussawi, owner and chairman of Al-Huda Bank, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF. His identifying information can be found in this BankersOnline OFAC Update.

01/30/2024

CFPB agrees to pay $6M to settle discrimination claims

Ballard Spahr, LLC, reported in its January 25, 2024, Consumer Finance Monitor that the U.S. District Court for the District of Columbia has approved the Consumer Financial Protection Bureau’s $6.0 million settlement of class claims of alleged discrimination by the CFPB against 85 Black and Hispanic employees. The class consists of all “minority employees and women who work or worked as Consumer Response Specialists and have been subjected to and harmed by the Bureau’s agency-wide pattern or practice of discrimination and retaliation and discriminatory policies and practices,” according to the complaint.

The settlement fund will be distributed to the 85 class members. In addition to the $6.0 million settlement fund, the settlement provides for an award of $1.5 million in attorney’s fees for class counsel. The class action lawsuit was filed in 2018 against the CFPB’s former Acting Director Mick Mulvaney. Class representatives alleged that they were consistently paid less than their White male colleagues, unfairly denied promotions since 2011, and faced retaliation for making discrimination complaints.

01/29/2024

FDIC enforcement actions released

The FDIC has released a list of orders of 13 administrative enforcement actions taken against banks and individuals in December 2023, including 12 orders and one Decision and Order. There were four orders of termination of deposit insurance; three orders terminating consent orders; two consent orders; one order terminating supervisory prompt corrective action directive; one order of prohibition from further participation; one order to pay a civil money penalty (CMP); and one Decision and Order to Prohibit from Further Participation and Assessment of Civil Money Penalty.

  • Bank of Morton, Morton, Mississippi, received an order to pay a civil money penalty of $600,000 for Bank Secrecy Act violations and failure to comply with a June 30, 2020, consent order.
  • A decision and order for assessment of a $175,000 civil money penalty and for removal and prohibition was issued to Diana Yeats, formerly the chief financial officer of The Bank of Oswego, Lake Oswego, Oregon.
  • A removal/prohibition order was issued to Rickey S. Carter, formerly a director of Bank of Alapaha, Alapaha, Georgia, following a determination that she obtained extensions of credit totaling about $1.6 million for the benefit of his personal business interests by submitting fraudulent financial information to the bank and to Ameris Bank, Atlanta, Georgia.
  • Consent orders were issued to Choice Financial Group, Fargo, North Dakota, and to First & Peoples Bank and Trust Company, Russell, Kentucky

    Update: The orders issued to Choice Financial Group and to First & Peoples Bank and Trust Company have been correctly labeled as consent orders.

  • 01/29/2024

    FHFA house price index up 0.3 percent in October 2023

    The Federal Housing Finance Agency has reported that U.S. house prices rose in October, up 0.3 percent from September, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index. House prices rose 6.3 percent from October 2022 to October 2023. The previously reported 0.6 percent price increase in September was revised to a 0.7 percent increase.

    For the nine census divisions, seasonally adjusted monthly price changes from September 2023 to October 2023 ranged from -0.3 percent in the New England division to +1.1 percent in the Middle Atlantic division. The 12-month changes ranged from +2.6 percent in the Mountain division to +9.9 percent in the Middle Atlantic division.

    01/29/2024

    U.S. and UK target Iranian transnational assassinations network

    The Treasury Department has reported the OFAC and the United Kingdom have taken joint action against a network of individuals that targeted Iranian dissidents and opposition activists for assassination at the direction of the Iranian regime. The network is led by Iranian narcotics trafficker Naji Ibrahim Sharifi-Zindashti (Zindashti) and operates at the behest of Iran’s Ministry of Intelligence and Security (MOIS). Treasury reports that Zindashti’s network has carried out numerous acts of transnational repression including assassinations and kidnappings across multiple jurisdictions in an attempt to silence the Iranian regime’s perceived critics. The network has also plotted operations in the United States.

    For identification information on the targeted individuals, see this BankersOnline's OFAC Update.

    01/26/2024

    U.S. and UK target Houthi military officials

    The Treasury Department reported yesterday that OFAC has imposed sanctions on key officials of the forces of Ansarallah, commonly known as the Houthis, for their support of acts of terrorism targeting commercial shipping. Yesterday’s action targets four individuals who have supported the Houthis’ recent attacks against commercial vessels in the Red Sea and Gulf of Aden, including holding civilian crews hostage. Concurrent with OFAC’s designations, the United Kingdom also imposed sanctions on these key figures of Houthi forces.

    For the names and identification information of the four individuals, see yesterday's BankersOnline OFAC Update.

    01/26/2024

    HUD and Tennessee housing providers reach agreement

    The U.S. Department of Housing and Urban Development has announced that it has entered into a Voluntary Compliance Agreement (VCA) with HUD-funded Tennessee housing providers Alco Greenbriar Partners LP, Alco Properties, Inc., and Alco Management, Inc., requiring the respondents to pay $50,000 in compensation to aggrieved parties. The VCA resolves findings of noncompliance related to Section 504 of the Rehabilitation Act of 1973 and Title II of the Americans with Disabilities Act, as identified in a Letter of Findings of Noncompliance, as well as findings of noncompliance related to the Violence Against Women Act.

    01/26/2024

    FRB Financial Services adds ACH risk management service

    Federal Reserve Financial Services has announced its launch of FedDetect Anomaly Notification for FedACH Services, a new risk management service that helps financial institutions identify anomalous activity and supplement their fraud detection and alerting tools. This new addition to FedACH Risk Management Services allows financial institutions to receive notifications via secure email when anomalous FedACH activity is detected.

    The new service can help financial institutions catch potential fraud attempts with account verification through micro-entry return and forward-entry monitoring. It can also help originating financial institutions adhere to Nacha rules around notifications of change and avoid future rule violations.

    01/25/2024

    Fed ending Bank Term Funding Program March 11

    The Federal Reserve Board announced yesterday that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions. After March 11, banks and other depository institutions will continue to have ready access to the discount window to meet liquidity needs, said the Board.

    As the program ends, the interest rate applicable to new BTFP loans has been adjusted such that the rate on new loans extended from now through program expiration will be no lower than the interest rate on reserve balances in effect on the day the loan is made. This rate adjustment ensures that the BTFP continues to support the goals of the program in the current interest rate environment. This change is effective immediately. All other terms of the program are unchanged.

    01/25/2024

    FinCEN adjusts CMP caps

    This morning, FinCEN published [89 FR 4820] a final rule to reflect inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by that Act.

    The rule amends 31 CFR 1010.821 and is effective today.

    01/25/2024

    CFPB proposes rule to prohibit potential new NSF fees

    In anticipation of potential new NSF fees for transactions rejected "right at the swipe, tap, or click," the CFPB has announced a proposed new rule that would prevent non-sufficient funds fees on transactions that financial institutions decline in real time. These types of transactions include declined debit card purchases and ATM withdrawals, as well as some declined peer-to-peer payments. The proposed rule would cover banks, credit unions, and certain peer-to-peer payment companies.

    Financial institutions almost never charge fees for transactions that are declined in real time at the swipe, tap, or click. For example, a $100 grocery purchase with a debit card may be declined in real time when the account only has $90. These types of transactions are not processed like Automated Clearing House transactions, and are generally not assessed fees. The CFPB said it is taking proactive steps to ensure that financial institutions do not impose these fees, which can occur for a host of reasons that are out of the consumer’s control. Specifically, as technology advances, financial institutions may be able to decline more transactions right at the swipe, tap, or click. These transactions include ATM, debit or prepaid card, online transfer, in-person bank teller, and certain person-to-person transactions. The CFPB’s proposed rule would consider fees for transactions declined in real time to be abusive and unlawful under the Consumer Financial Protection Act.

    The proposal would add new Part 1042, "Nonsufficient Funds Fees," to Chapter X of Title 12 of the Code of Federal Regulations. Comments on the proposal will be accepted through March 25, 2024.

    PUBLICATION UPDATE: Published at 89 FR 6031 in the January 31, 2024, Federal Register.

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