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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. financial services professionals who have FBAR signature authority but no financial interest. The new deadline is now April 15, 2018. This extension was granted in anticipation of a new proposed rule, announced in March of 2016, that will amend the BSA FBAR requirements for this group financial service individuals.


Federal Reserve Board

Comment Period Extended for Proposed Enhanced Cyber Risk Management Standards

Large and interdependent entities under the supervision of the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) have agreed to extend the comment period for the five proposed enhanced cyber risk management standards. The new comment period deadline is now February 17, 2017.



Other Regulatory Bodies


U. S. Commodity Futures Trading Commission

CFTC Levies $900k fine for Supervision Failures

The Commodity Futures Trading Commission (CFTC) fined a global investment bank $900K for clearinghouse exchange and fee reconciliation deficiencies and supervision failures, which resulted in charging customers higher trading and clearing fees for products transacted on several exchanges. Similarly, the CFTC also issued a ‘cease and desist’ order to the firm.


The Federal Trade Commission

The Federal Trade Commission Assesses Revises Antitrust Guidelines

The Federal Trade Commission and the Department of Justice recently published revised antitrust guidelines, Antitrust Guidelines for International Enforcement and Cooperation, for businesses involved in international commerce and operations. This document highlights revised policies and priorities while underscoring the growing importance for cooperation between the international business community and global anti-competition authorities, on antitrust policy, investigations, and enforcement, to better protect the US economy and its consumers.


Department of Housing and Urban Development

HUD Announces Discrimination Charges

The U. S. Department of Housing and Urban Development (HUD) recently announced charges of discrimination against a major American multinational bank. Fairness tests conducted by the National Fair Housing Alliance (NFHA) at the bank’s Charleston, South Carolina branch indicated Hispanic prospective homebuyers were treated disparately in terms of home loan products and mortgage terms and conditions. A federal trial date has been scheduled. A win by NFHA will result in the bank’s payment of NFHA’s attorney fees and civil monetary penalties.


Federal Financial Institutions Examinations Council

Regulatory Notice Issues for Financial Institutions with Assets Less Than $1B

The Federal Financial Institutions Examination Council (FFIEC) issued a regulatory notice that streamlines the ‘Call Report’ for small domestic financial institutions with assets of less than $1B in response to survey comments from this sector. Data from this report aids regulators in monitoring individual small financial institutions as well as the entire industry group.