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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- April 2017

 

The Consumer Financial Protection Bureau CFPB

CFPB Issues Fine to Auto Lender for Violating Consent Order

The Consumer Financial Protection Bureau (CFPB) imposed a fine against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to military servicemembers, for violating a Bureau consent order. In 2015, the CFPB ordered SNAAC to pay a civil penalty due to illegal debt collection tactics. SNAAC violated the 2015 order by failing to provide more than 290 million in refunds and credits. This error has affected more than 1,000 consumers. The consent order requires SNAAC to pay the money it

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Compliance Alert- May 2017

 

The Consumer Financial Protection Bureau CFPB

CFPB released an analysis of student loan industry data 

This month the CFPB released an analysis of one student loan industry data sample which shows that 9 in 10 of the highest-risk borrowers are not enrolled in federal affordable repayment plans. This data is significant because student loan providers are obligated to inform borrowers about any affordable repayment options that they may qualify for.

From the point of view of the CFPB, this data offers new evidence that borrowers, taxpayers, and student loan companies would benefit from a clearer, more streamlined process to

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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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