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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.

 

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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 - June 2017

FDIC

 

Federal Deposit Insurance Corporation (FDIC)

FDIC Adopts New Guidance on Model Risk Management 

The FDIC is introducing New Guidance on Model Risk Management featuring information on technical conforming changes. The guidance addresses supervisory expectations for model risk management, including: model development, implementation, and use; model validation; and governance, policies, and controls.

The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency operate using the same guidance. The FDIC is adopting this guidance to facilitate consistent model risk-management expectations across the banking agencies and industry.

OCC

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Compliance Alert - July 2017

SEC

Securities and Exchange Commission (SEC)

Insider Trading Charges Brought Against Scientist 

This month, The Securities and Exchange Commission announced insider trading charges against a research scientist who searched the internet for “how sec detect unusual trade” before making a trade that was flagged as suspicious.

The charges suggest that Fei Yan bought stocks and options in advance of two corporate acquisitions late last year based on confidential information that he received through his wife, an associate at a law firm that worked on the deals. 

Apparently, Yan made approximately 0,000 in illicit profits by selling his holdings in Mattress Firm Holding

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