The Office of Comptroller of the Currency on Sept. 15 released its bank supervision operating plan for fiscal year 2017. The operating plan guides the development of supervision strategies for individual national banks and federal savings associations. The agency’s fiscal year begins Oct. 1, 2016 and ends Sept. 30, 2017.
OCC supervisory strategies for 2017 will focus on:
• Commercial and retail loan underwriting;
• Business model sustainability and viability;
• Operational resiliency;
• BSA/AML compliance management; and
• Change management to address new regulatory requirements.
The Financial Crimes Enforcement Network on Sept. 7 issued an advisory on the Financial Action Task Force’s updated list of jurisdictions with strategic anti-money laundering and countering the financing of terrorism deficiencies. The changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions.
NCUA simplifies call reports
The National Credit Union Administration announced that beginning with the Sept. 30 reporting cycle it will require less information from credit unions about credit union service organizations on call reports. In the future, credit unions will only be required to submit aggregate CUSO loan and investment information on the reports.
More compliance news
HUD issues rule on discriminatory harassment violations
The U.S. Department of Housing and Urban Development published a final rule in the Sept. 14 Federal Register amending its fair housing regulations to formalize standards for use in investigations and adjudications involving allegations of harassment on the basis of race, color, religion, national origin, sex, familial status or disability. The rule specifies how HUD will evaluate complaints of quid pro quo harassment and hostile environment harassment under the Fair Housing Act. It also will provide for uniform treatment of Fair Housing Act claims raising allegations of quid pro quo and hostile environment harassment in judicial and administrative forums.
The rule becomes effective Oct. 14.
OFAC ends Côte d’Ivoire sanctions
The Office of Foreign Assets Control has announced the end of the Côte d’Ivoire sanctions program. On Sept. 14, President Obama issued an executive order rescinding a previous executive order in 2006 that declared a national emergency in Côte d’Ivoire due to widespread human rights abuses and significant political violence and unrest in the African country. In lifting the sanctions, President Obama’s executive order indicated significant progress has been achieved in stabilizing the political and security situation that country, including successful presidential elections in 2015 and the removal of U.N. Security Council multilateral sanctions.
FATF releases Canada AML/CFT report
The Financial Action Task Force released a report Sept. 19 indicating that Canada has a strong anti-money laundering and combating the financing of terrorism regime which achieves good results in some areas but requires further improvements to be fully effective.