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Our hard working and very capable compliance specialists are always monitoring the various regulatory agencies to keep you up to date and informed.

Compliance Alert- December 2016

 

OCC

Office of the Comptroller of the Currency (OCC)

OCC To Consider Fintech Charter Applications

The Office of the Comptroller of the Currency (OCC) recently announced its decision to accept applications for special purpose bank status from financial technology companies, also known as ‘fintechs.’ Fintech charter approval will be contingent upon meeting capital liquidity, consumer protection, and risk management requirements.

 

OCC Issues Rules To Relax Regulatory Burden

As required by the 1996 Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), the Office of the Comptroller of the Currency (OCC) issued rules to discontinue or decrease regulatory paperwork requirements as

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Compliance Alert- January 2017

OCC

Office of the Comptroller of the Currency (OCC)

OCC Assesses Civil Penalty Against Foreign Bank

The Office of the Comptroller of the Currency (OCC) recently announced its decision to accept applications for special purpose bank status from financial technology companies, also known as ‘fintechs.’ Fintech charter approval will be contingent upon meeting capital liquidity, consumer protection, and risk management requirements.

 

Financial Crimes Enforcement Network

FBAR Deadline Revised

The Bank Secrecy Act (BSA) requires annual filings of the Report of Foreign Bank and Financial Accounts (FBAR) by U. S. financial institutions. FinCEN has extended the filing deadline for U. S.

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February 2017 - Compliance Alert

Financial Crimes Enforcement Network

FinCEN fines well-known, global money service transmitter for BSA AML violations

Repeated findings of willful non-compliance with the Bank Secrecy Act (BSA) anti-money laundering (AML) requirements for money service transmitters resulted in FinCEN assessing a civil money penalty of 4 million dollars against a popular, international money service transmitter business. Required AML controls, new agent due diligence, transaction monitoring and delayed suspicious activity reporting (SAR) were cited as deficient and the result of a weak compliance culture. FinCEN was joined in this enforcement action by the Department of Justice (DOJ) and the Federal Trade Commission (FTC).

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Compliance Alert- March 2017

OCC

 

Office of the Comptroller of Currency

Counterfeit Cashier’s Checks reported at Florida Bank

A bank in Florida has reported some variations of counterfeit cashier’s checks using a correct routing number. The counterfeit checks are being used nationwide posing as online job opportunities and auction scams.


The counterfeit checks may be identified by some of the following traits:

  • The checks presented are blue with a black and white logo in the upper-left corner.
  • The name “Jake Smith” or “Jim Kirk” appears under the bank logo.
  • “CASHIER’S CHECK” is located in the lower-left portion of the check.

 

The Consumer Financial Read More

Compliance Alert - November 2016

The Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network Issues Cyber-Crime Alert

The Financial Crimes Enforcement Network (FinCEN) disseminated an advisory to financial institutions on the significant threat cyber-enabled crimes and events pose to the U.S. financial system and its customers. Similarly, FinCEN emphasized the important role all financial institutions play in the fight against cyber criminals and cyber-related events and crime.


Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation Issues Final Recordkeeping Rule to Deposit Institutions

The Federal Deposit Insurance Corporation (FDIC) released a final recordkeeping rule for deposit institutions in the event of a

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Compliance Alert - October 2016

 

OCC

Office of the Comptroller of the Currency (OCC)

The Office of the Comptroller of the Currency and The Federal Reserve Board Ban Issue Banking Industry Bans

 

Two former HSBC plc foreign exchange cash trading executives were indicted on criminal wire fraud charges. The indictment alleges the head of the foreign exchange trading desks and his direct report misrepresented details of a large, pending currency transaction to a HSBC client. Additionally, the indictment also alleges that both employees benefitted from a trade at the expense of the same HSBC client. The Federal Reserve Board (FRB) has banned both former

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Compliance Alert - September 2016

CFPB

Consumer Financial Protection Bureau (CFPB)

Several banking trade groups petition for more time to comply with Military Lending Act (MLA) final rule

The Department of Defense’s (DoD) Military Lending Act (MLA) final rule took effect October 1, 2015. Testing of banks’ compliance with this rule was scheduled for early next month. However, several banking trade groups including the American Banker Association are seeking a six-month extension, until March 3, 2017, before federal bank regulators begin testing compliance with this new rule. Late issuance of DoD interpretive guidance is cited as the primary reason for this request. Consequently, the industry contends

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Compliance Alert - August 2016

CFPB

Consumer Financial Protection Bureau (CFPB)

Announces New Rule

According to the CFPB website “the new rule is amending certain mortgage servicing rules that were issued by the bureau in 2013. This new rule will serve to clarify, revise or amend existing legislation regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X. The rule addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act. “

The new rule is also

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