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10/22/2019

OCC streamlining OREO regs

The Office of the Comptroller of the Currency is publishing in the Federal Register for Tuesday, October 22, 2019, a final rule to clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations. The OCC is also removing outdated capital rules for national banks and Federal savings associations, which include provisions related to OREO, and making conforming edits to other rules that reference those capital rules.

The final rule, which will amend OCC regulations at 12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167, will be effective December 1, 2019.

10/21/2019

OCC announces enforcement actions

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • Bank civil money penalty orders were issued to:
    • Midsouth Bank, N.A., Lafayette, Louisiana, for payment of $108,796, for a pattern or practice of violations of the Flood Disaster Protection Act
    • Citibank, N.A. Sioux Falls, South Dakota (previously announced), for payment of $30 million, for engaging in repeated violations of the statutory holding period for OREO
  • A removal/prohibition order was issued to a former teller at U.S. Bank, N.A., Cincinnati, Ohio, after finding that she misappropriated $5,000 in cash while balancing ATMs at two Las Vegas, Nevada, branches.

10/21/2019

FATF meeting concluded

The Treasury Department has reported that the Financial Action Task Force (FAFT) has concluded its 31st plenary meeting and issued a public statement that, among other things, reiterates terrorist financing risks emanating from Iran. The FATF also clarified guidance on “stablecoins” and adopted virtual assets changes, among other reports related to anti-money laundering/countering the financing of terrorism (AML/CFT).

10/21/2019

NCUA Board to meet Thursday

The NCUA has published [84 FR 56206] a notice that the NCUA Board will meet in open session at 10 a.m., Thursday, October 24, 2019, in the NCUA Board Room in Alexandria, Virginia. The agenda includes discussion of amendments to the NCUA's Rules and Regulations on Public Unit and Nonmember Shares and on Chartering and Field of Membership. A closed-door session is scheduled to follow at 11:15 a.m.

10/21/2019

Comments requested on use of CAMELS ratings

The FDIC and the Federal Reserve Board are inviting public comment on their use of the Uniform Financial Institutions Rating System, also known as the CAMELS rating system. Comments are requested on the consistency of the assigned ratings and how the agencies use CAMELS ratings in enforcement actions and in reviewing bank applications. There will be a 60-day comment period following publication of the request in the Federal Register.

10/21/2019

G.20 Finance Companies report

The Federal Reserve Board has released August 2019 G.20 Owned and Managed Receivables Outstanding data.

10/21/2019

Treasury launches CHIP

The Treasury Department has reported it has convened the first meeting of the Counter-Hizballah International Partnership (CHIP) to build multilateral cooperation for targeting Hizballah’s global financial networks. Over 30 countries representing the Middle East, the Western Hemisphere, Europe, Asia, and Africa participated in this event, which was held on the sidelines of the World Bank/International Monetary Fund Fall Meetings. At the meeting, the United States condemned Hizballah’s abuse of the international financial system and identified impact-oriented steps countries should take to stem this abuse, including information sharing among financial intelligence units, strengthening terrorism finance risk assessments, developing targeted financial sanctions regimes, and prosecuting terrorists and their financial facilitators.

The next steps for meeting participants will be to send technical experts to the Law Enforcement Coordination Group (LECG), which will next convene December 16-17 in The Hague, Netherlands.

10/21/2019

NCUA posts 2020 Board meeting dates

The NCUA Board has posted its monthly meeting schedule for 2020.

10/21/2019

Small business and small farm Call Report information

The OCC, the Fed, and the FDIC have published a Federal Register notice requesting comment on ways to modify the current requirements for reporting data on loans to small businesses and small farms in the Call Report so that the reported data better reflect lending to these sectors of the U.S. economy. Comments will be accepted through December 16, 2019.

10/18/2019

2019 Do Not Call Registry Data Book

The FTC has issued the National Do Not Call Registry Data Book for Fiscal Year 2019. At the end of FY 2019, the DNC Registry contained 239.5 million actively registered phone numbers, up from 235.3 million at the end of FY 2018. The number of consumer complaints about unwanted telemarketing calls decreased, from 5.8 million in FY 2018 to 5.4 million in FY 2019. Consumers most frequently reported robocalls about imposter scams, with more than 574,000 complaints received.

10/18/2019

Preparing for LIBOR's end

The CFPB has posted a consumer-oriented article discussing the expected discontinuation of LIBOR sometime after 2021. The change will affect some adjustable (or variable) rate loans and lines of credit like adjustable-rate mortgages (ARMs), reverse mortgages, home equity lines of credit, credit cards, auto loans, student loans, and any other personal loans that use LIBOR as a variable rate index.

10/18/2019

Fed Board issues prohibition order

The Federal Reserve Board has announced the execution of a consent order of prohibition against a former employee of Southern Bancorp Bank, Arkadelphia, Arkansas, for embezzling bank funds for his own benefit.

10/18/2019

Survey on bank reserve balances strategies and practices

The Federal Reserve Board has released results of an August 2019 survey of senior financial officers (SFOS) at banks about their strategies and practices for managing reserve balances.

10/18/2019

OFAC amends Venezuela-related general license

OFAC has posted a notice that it has issued amended General License 13D, "Authorizing Certain Activities Involving Nynas AB," with regard to Venezuela-related Executive Orders 13850 and 13884.

10/18/2019

G.17 Industrial production and capacity utilization

The Federal Reserve Board has released its G.17 Industrial Production and Capacity Utilization September 2019 data. Industrial production fell back 0.4 percent in September after advancing 0.8 percent in August. For the third quarter, industrial production rose at an annual rate of 1.2 percent following declines of about 2 percent in both the first and the second quarters. Manufacturing production decreased 0.5 percent in September, with output reduced by the General Motors strike. Excluding motor vehicles and parts, the overall index and the manufacturing index each moved down 0.2 percent. Mining production fell 1.3 percent, while utilities output rose 1.4 percent. At 109.5 percent of its 2012 average, total industrial production was 0.1 percent lower in September than it was a year earlier. Capacity utilization for the industrial sector decreased 0.4 percentage point in September to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2018) average.

10/18/2019

FTC extends COPPA comment deadline

The Federal Trade Commission is extending the deadline to submit comments on the effectiveness of the amendments the agency made to the Children’s Online Privacy Protection Rule (COPPA Rule) in 2013 and whether additional changes are needed. The deadline was originally October 23, 2019; it is now December 9, 2019.

10/17/2019

Proposed policy statement on allowances for credit losses

The OCC, Federal Reserve, FDIC, and NCUA have published [84 FR 55510] in today's Federal Register a proposed interagency policy statement and request for comment on Allowances for Credit Losses. The statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale (AFS) debt securities in accordance with FASB ASC Topic 326; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

Comments on the proposed policy statement must be received by December 16, 2019.

10/17/2019

Kraninger submits report to House committee

The CFPB has released written testimony of CFPB Director Kathleen Kraninger before the House Committee on Financial Services, presented with the Bureau's Spring 2019 Semi-Annual Report to Congress.

10/17/2019

Fed announces inaugural members of IPAC

The Federal Reserve Board has announced the names of the 21 inaugural members of the Board's Insurance Policy Advisory Committee (IPAC). The IPAC provides information, advice, and recommendations to the Federal Reserve Board on domestic and international insurance issues, including negotiations at the International Association of Insurance Supervisors (IAIS).

  • Keith Bell, Travelers, Senior Vice President, Corporate Finance
  • Birny Birnbaum, Center for Economic Justice, Executive Director
  • John Bruno, The Auto Club Group, Executive Vice President, General Counsel, Secretary & Chief Human Resources Officer
  • Joseph Engelhard, MetLife, Senior Vice President, Head of Regulatory Policy Group
  • Bridget Hagan, The Cypress Group, Partner, Head of Insurance Practice Group
  • Halina von dem Hagen, Manulife, Global Treasurer and Head of Capital Management
  • Michael Ferik, Guardian, Chief Financial Officer
  • Tom Finnell, Finnell & Co. LLC, Owner, Former Vice Chair of the IAIS's Capital Solvency and Field Testing Working Group
  • William Hines, Milliman, Principal & Consulting Actuary
  • Laura Lazarczyk, Zurich Insurance, Chief Legal Officer of Zurich North America
  • Michael Lockerman, PricewaterhouseCoopers LLP, Principal
  • Patricia McCoy, Boston College Law School, Liberty Mutual Insurance Professor of Law
  • Julie Mix McPeak, Greenberg Traurig, LLP, Former President of the NAIC and Vice Chair of IAIS's Executive Committee
  • Wayne Peacock, USAA, President, Property & Casualty Group
  • Maurice Perkins, Aegon, Senior Vice President, Global Head of Government & Policy Affairs
  • Pooja Rahman, New York Life, Vice President and Head of Financial Risk Management
  • Angela Ripley, VW Brown Insurance Service, President
  • Kevin Root, Church Mutual, Executive Vice President, Operations
  • Aaron Sarfatti, AXA Equitable Life, Chief Risk Officer
  • Gray Schweitzer, HSBC, Head of U.S. Financial Institutions Group Debt Capital Markets
  • Joseph Sieverling, Reinsurance Association of America, Senior Vice President and Director of Financial Services

10/17/2019

18 stock traders charged by SEC

The SEC announced it has filed an emergency action complaint and obtained an asset freeze against 18 traders in a scheme to manipulate the prices of more than 3,000 U.S.-listed securities for over $31 million in illicit profits. The SEC alleges that the traders, who are primarily based in China, manipulated the prices of thousands of thinly traded securities by creating the false appearance of trading interest and activity in those stocks, thereby enabling them to reap illicit profits by artificially boosting or depressing stock prices.

10/17/2019

October Beige Book published

The October 16, 2019, edition of the Beige Book has been published by the Federal Reserve Board. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector eight times each year. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis. This month's summary was prepared by the Federal Reserve Bank of Cleveland, based on information gathered before October 7, 2019.

  • Overall Economic Activity - The U.S. economy expanded at a slight to modest pace since the September report as business activity varied across the country.
  • Employment and Wages - On balance, employment rose slightly amid reports of persistent worker shortages.
  • Prices - Most Reserve Bank districts characterized the recent pace of price increases as modest. Both retailers and manufacturers noted rising input costs, often for items subject to new tariffs, but retailers had relatively more success passing through these cost increases to their customers.

10/17/2019

Hundreds charged worldwide in takedown of child porn network

U.S. Immigration and Customs Enforcement has reported that Jong Woo Son, 23, a South Korean national, was indicted by a federal grand jury in the District of Columbia for his operation of Welcome To Video, the largest child sexual exploitation market by volume of content. The nine-count indictment was unsealed Wednesday along with a parallel civil forfeiture action. Son has also been charged and convicted in South Korea and is currently in custody serving his sentence in South Korea. An additional 337 site users residing in 23 states and D.C. as well as the United Kingdom, South Korea, Germany, Saudi Arabia, the United Arab Emirates, the Czech Republic, Canada, Ireland, Spain, Brazil and Australia have been arrested and charged. Two of those charged were Homeland Security employees—a Homeland Security Investigations special agent and a U.S. Border Patrol agent..

This Darknet website is among the first of its kind to monetize child exploitation videos using bitcoin. In fact, the site itself boasted over one million downloads of child exploitation videos by users. Each user received a unique bitcoin address when the user created an account on the website. An analysis of the server revealed that the website had more than one million bitcoin addresses, signifying that the website had capacity for at least one million users. The law enforcement operation is responsible for the rescue of at least 23 minor victims residing in the United States, Spain and the United Kingdom, who were being actively abused by the users of the site.

10/17/2019

August TIC data released

Treasury has released Treasury International Capital (TIC) data for August 2019. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $70.5 billion. Of this, net foreign private inflows were $121.5 billion, and net foreign official outflows were $51.0 billion. Foreign residents decreased their holdings of long-term U.S. securities in August; net sales were $41.9 billion. Net purchases by private foreign investors were $0.4 billion, while net sales by foreign official institutions were $42.3 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $0.8 billion.

10/16/2019

Nine new members of IRS ETAAC

The IRS has announced its selection of nine new members of its Electronic Tax Administration Advisory Committee (ETAAC), a public form for the discussion of issues in electronic tax administration. The new members are:

  • Latryna Carlton, Waverly, FL
  • Daniel Eubanks, Alexandria, VA
  • Larry Gray, Rolla, MO
  • John Kreger, Minneapolis, MN
  • Laura Macca, Fairfield, CT
  • Julie Magee, Santa Rosa Beach, FL
  • Ada Navarro, Wolcott, CT
  • Cynthia Rowley, Maplewood, MN
  • Matthew Vickers, Brooklyn, NY

10/16/2019

Federal Reserve Section 19 letters

The Federal Reserve Board indicates it issued four “Section 19" letters during the third quarter of 2019. The letters notified individuals who have pleaded guilty to or been found guilty of a crime involving dishonesty or breach of trust that they are legally prohibited under section 19 of the Federal Deposit Insurance Act and section 205 of the National Credit Union Act from becoming or continuing as an institution-affiliated party with respect to any federally-insured financial organization (and certain other organizations) without permission.

The letters were issued to former institution-affiliated parties of:

  • American State Bank and Trust Company, Great Bend, Kansas (conviction for theft of property worth at least worth $1,500, but less than $24,999)
  • Regions Bank, Boca Raton, Florida (entered into a pretrial diversion or similar program in connection with the resolution of an indictment that charged her in connection with an “organized scheme to defraud”)
  • Alamerica Bancorp. Inc, Birmingham, Alabama (father and son who were convicted of conspiracy to commit wire fraud and of wire fraud)

10/16/2019

Treasury proposes changes to agency disbursements reg

Treasury's Fiscal Service Bureau has published [84 FR 55267] in this morning's Federal Register a notice and request for comments on proposed amendments to its regulation that requires electronic delivery of all Federal payments aside from tax payments. The proposed rule would eliminate obsolete references in the regulation, including references to the Electronic Transfer Account (program ended in 2017). In addition, the proposed rule would provide for the disbursement of non-benefit payments, including tax payments, through Treasury-sponsored accounts, such as the U.S. Debit Card. The proposed rule would not mandate the electronic delivery of tax payments or affect the Direct Express program, which will continue to be available to recipients of benefit payments.

The proposal would reflect the evolution of the Fiscal Service's payment technologies and eliminate outdated references and EFT waiver categories. Payments made by the IRS would be added to the definition of "federal payment" to support the delivery of tax refunds via Treasury-sponsored accounts, but tax refund payments would continue to be excluded from the EFT mandate that applies to other federal payments.

Comments on the proposal are due by December 16, 2019.

10/16/2019

Paulson named Senior Deputy Comptroller

The Office of the Comptroller of the Currency has announced that Blake Paulson will become the next Senior Deputy Comptroller for Midsize and Community Bank Supervision in December 2019 and will oversee the team of more than 1,500 employees responsible for supervising approximately 1,100 community and midsize national banks and federal savings associations that provide banking services to consumers, business, and communities.

Paulson currently serves as Deputy Comptroller for the Central District. In that role, he oversees approximately 330 community banks and savings associations and manages a staff of 450 bank examiners and other professional and support personnel in the Central District that includes Illinois, Indiana, Kentucky, Michigan, North Dakota, Ohio, and Wisconsin and parts of Minnesota and Missouri.

10/16/2019

CFPB 2019 Annual Report on Student Loans

The CFPB has announced that its Private Education Loan Ombudsman has issued the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints. The report also provides policymakers with a series of recommendations.

10/16/2019

Brokerage firm supervisor charged for mishandling of ADRs

The Securities and Exchange Commission has announced that Domenick Migliorato, a former supervisor of the securities lending desk at Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), has agreed to settle charges for his supervisory failures involving the improper handling of transactions involving American Depositary Receipts (ADRs). Earlier this year, ICBCFS agreed to pay more than $42 million to settle SEC charges. Migliorato has agreed to settle without admitting or denying the charges and to pay a $150,000 penalty. He also is prohibited from acting in a supervisory capacity for at least three years.

10/15/2019

FATF Week

Starting Sunday October 13, representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organizations, are meeting for FATF Week in Paris, France. Six days of meetings will focus on disrupting financial flows linked to crime and terrorism and discuss ways to contribute to global safety and security.

The FATF has announced the release of a consolidated table of assessment ratings received by the 205 FATF-member jurisdictions in their peer reviews of the effectiveness of their technical compliance with the FATF recommendations for effective AML/CFT systems.

10/15/2019

Turkish ministries and officials sanctioned

The Treasury Department announced yesterday that OFAC has taken action against two Turkish ministries and three senior Turkish government officials in response to Turkey’s military operations in Syria. The Ministry of National Defence and the Ministry of Energy and Natural Resources, as well as the Minister of National Defence, Minister of Energy and Natural Resources, and the Minister of the Interior have been blocked. Persons that engage in certain transactions with the designated persons may themselves be exposed to designation. Furthermore, any foreign financial institution that knowingly facilitates any significant financial transactions for or on behalf of the persons designated today could be subject to U.S. correspondent or payable through account sanctions.

For identifying information on the designated ministries and officials, see BankersOnline's OFAC Update.

10/15/2019

SEC videos explain how investor fraud works

The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force have released new videos and Investor Alerts to help show investors what fraud looks like.

10/15/2019

FOMC statement on monetary policy implementation

The Federal Open Market Committee (FOMC) has reaffirmed its intention to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve's administered rates, and in which active management of the supply of reserves is not required. The FOMC reports it has taken the following steps:

  • In light of recent and expected increases in the Federal Reserve's non-reserve liabilities, the Federal Reserve will purchase Treasury bills at least into the second quarter of next year in order to maintain over time ample reserve balances at or above the level that prevailed in early September 2019.
  • In addition, the Federal Reserve will conduct term and overnight repurchase agreement operations at least through January of next year to ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation.

The Committee said these actions are purely technical measures to support the effective implementation of the FOMC's monetary policy, and do not represent a change in the stance of monetary policy. The FOMC statement concluded with its most recent domestic policy directive to the Trading Desk at the Federal Reserve Bank of New York with regard to open market operations.

10/15/2019

$1.7B digital token scam stopped by SEC

The Securities and Exchange Commission reports it has filed an emergency complaint and obtained a temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.

10/15/2019

CFPB financial law task force announced

The Consumer Financial Protection Bureau has announced that it will establish a task force to examine ways to harmonize and modernize federal consumer financial laws. The Task Force on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for ways to improve and strengthen consumer financial laws and regulations.

10/15/2019

Treasury targets corruption in South Sudan

On Friday, Treasury announced that OFAC had sanctioned Ashraf Seed Ahmed Al-Cardinal and Kur Ajing Ater for their involvement in bribery, kickbacks and procurement fraud with senior government officials in South Sudan. OFAC is also designating five companies determined to be owned or controlled by Al-Cardinal, and one company owned or controlled by Ajing.

As a result of Friday’s action, all property and interests in property of the designated individuals and entities, and of any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other designated persons, that are in the United States or in the possession or control of U.S. persons, are blocked and must be reported to OFAC.

For identification information on Al-Cardinal, Aijing, and the six entities, see BankersOnline's OFAC Update.

10/15/2019

Regulators issue joint statement on digital assets

The U.S. Commodity Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN) and the SEC have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA):

  • AML/CFT obligations apply to entities that the BSA defines as “financial institutions,” such as futures commission merchants and introducing brokers obligated to register with the CFTC, money services businesses (MSBs) as defined by FinCEN, and broker-dealers and mutual funds obligated to register with the SEC. Among those AML/CFT obligations are the requirement to establish and implement an effective anti-money laundering program (AML Program) and recordkeeping and reporting requirements, including suspicious activity reporting (SAR) requirements.

10/15/2019

Citibank fined $30 million for OREO violations

The OCC announced on Friday a $30 million civil money penalty against Citibank, N.A., Sioux Falls, South Dakota, for violations related to the holding period for other real estate owned (OREO). Although the bank has repeatedly committed to implementing corrective actions, it has failed to do so, and violations have continued to occur.

For additional information, see "Citibank pays $30 million for OREO violations," in BankersOnline's Penalty pages.

10/11/2019

Fed announces intent to ban California banker

The Federal Reserve Board announced yesterday it has filed a Notice of Intent to prohibit and to issue a cease and desist order requiring restitution or reimbursement against Mai Ly-Vu, a former branch manager and vice president of Pacific Premier Bank, Irvine, California. If finalized, the Fed would ban her from the banking industry and require her to pay $18,700 in restitution to the bank. Ly-Vu is alleged to have engaged in unsafe or unsound banking practices and breach of fiduciary duty by failing to disclose her personal financial interests in extensions of credit by the bank to companies owned by her husband and other members of her immediate family.

10/11/2019

Federal Reserve to match regs to bank risk profiles

The Federal Reserve Board has finalized rules that tailor its regulations for domestic and foreign banks to more closely match their risk profiles. The rules reduce compliance requirements for firms with less risk while maintaining the most stringent requirements for the largest and most complex banks. The rules also establish a framework that sorts banks with $100 billion or more in total assets into four different categories based on several factors, including asset size, cross-jurisdictional activity, reliance on short-term wholesale funding, nonbank assets, and off-balance sheet exposure. Significant levels of these factors result in risk and complexity to a bank and can in turn bring risk to the financial system and broader economy.

These rules will become effective 60 days after Federal Register publication.

10/11/2019

CFPB issues final HMDA rule for relief to smaller institutions

The Consumer Financial Protection Bureau has announced its approval of a rule that finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements that Congress added in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The rule will be effective in two stages, on January 1, 2020, and January 1, 2022.

The CFPB intends to issue a separate final rule next year addressing changes to the permanent thresholds for closed-end and open-end transactions.

10/11/2019

ITIN expiration alert

The IRS has issued a reminder that taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their them renewed more quickly and avoid refund delays next year by submitting their renewal application now. An ITIN is a tax ID number used by taxpayers who don't qualify to get a Social Security number. Any ITIN with middle digits 83, 84, 85, 86 or 87 will expire at the end of this year. In addition, any ITIN not used on a tax return in the past three years will expire. As a reminder, ITINs with middle digits 70 through 82 that expired in 2016, 2017 or 2018 can also be renewed.

10/11/2019

FDIC guidance for institutions affected by Tropical Storm Imelda

The FDIC has posted FIL-56-2019, which provides guidance on steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Texas affected by Tropical Storm Imelda.

10/11/2019

Members of South African corruption network sanctioned

Treasury announced yesterday that OFAC has sanctioned members of a significant corruption network in South Africa that leveraged overpayments on government contracts, bribery, and other corrupt acts to fund political contributions and influence government actions. For identification information on the four individuals sanctioned and on two updates of existing listings, see BankersOnline's OFAC Update.

10/10/2019

Executive order on agency guidance documents

On October 9, 2019, the president issued an Executive Order on "Promoting the Rule of Law Through Improved Agency Guidance Documents." The Order declares that "it is the policy of the executive branch, to the extent consistent with applicable law, to require that agencies treat guidance documents as non-binding both in law and in practice, except as incorporated into a contract, take public input into account when appropriate in formulating guidance documents, and make guidance documents readily available to the public. Agencies may impose legally binding requirements on the public only through regulations and on parties on a case-by-case basis through adjudications, and only after appropriate process, except as authorized by law or as incorporated into a contract."

The Order also provides that each affected agency or agency component "shall establish or maintain on its website a single, searchable, indexed database that contains or links to all guidance documents in effect from such agency or component."

10/10/2019

September FOMC minutes released

The Federal Reserve Board has released the minutes of the Federal Open Market Committee meeting held on September 17-18, 2019. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting was included. The Committee decided to lower the target range for the federal funds rate to 1-3/4 to 2 percent.

10/10/2019

SEC forms Asset Management Advisory Committee

The Securities and Exchange Commission announced yesterday it has formed an Asset Management Advisory Committee to provide the Commission with diverse perspectives on asset management and related advice and recommendations. Topics the committee may address include trends and developments affecting investors and market participants, the effects of globalization, and changes in the role of technology and service providers. The committee is comprised of a group of outside experts, including individuals representing the views of retail and institutional investors, small and large funds, intermediaries, and other market participants.

10/10/2019

FinCEN adjusts penalty caps

FinCEN has published a final rule [84 FR 54495] in the October 10, 2019, Federal Register making inflation adjustments of civil money penalties, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. The rule adjusts certain penalties within the jurisdiction of FinCEN to the maximum amount required by the Act. The amendments are effective on publication, and have been posted to 31 CFR 1010.821 (Penalty adjustment and table) in BankersOnline's Regulations pages.

10/10/2019

FEMA to suspend communities from flood program

FEMA has published a notice [84 FR 54520] in this morning's Federal Register identifying communities in four states that are scheduled for suspension from the National Flood Insurance Program on October 18, 2019, due to their noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to October 18, the suspension will not occur.

  • Mississippi: Columbia, Tylertown, and unincorporated areas of Lamar, Marion, and Walthall counties
  • Oregon: Depoe Bay, Newport, Salem, Siletz, Toledo, Turner, Waldport, Yachats, and unincorporated areas of Lincoln and Marion counties
  • South Carolina: Hardeeville and unincorporated areas of Jasper County
  • Texas: San Felipe, Sealy, and unincorporated areas of Austin County

10/10/2019

$112M available for housing for disabled

HUD has announced that $112 million is available to expand the supply of permanent affordable housing for very low-income persons with disabilities through its Section 811 Program - traditional Section 811 Supportive Housing for Persons with Disabilities and Section 811 Project Rental Assistance. The available funding includes $75 million in capital advances for the development of new supportive housing for this vulnerable population.

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