In an executive order issued Feb. 3, President Donald Trump declared seven core principles for regulation of the U.S. financial system. These include empowering independent consumer choices, preventing taxpayer-funded bailouts, fostering economic growth, promoting international competitiveness, advancing U.S. interests in international financial regulatory negotiations, tailoring regulations and ensuring public accountability by regulatory agencies.
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Treasury adjusts civil monetary penalties for inflation
The U.S. Treasury Department on Feb. 10 issued a final rule to adjust for inflation the Office of the Foreign Assets Control-enforced civil monetary penalties. It also issued a final rule to adjust for inflation the Financial Crimes Enforcement Network’s maximum civil money penalties for Bank Secrecy Act violations. The rules can be applied retroactively to violations since Jan. 15.
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FinCEN proposes suspicious activity report data filing changes
The Financial Crimes Enforcement Network published on Feb. 2 a notice and request for comments on its proposed update and revisions to the collection of information filings by financial institutions that are required to file such reports under the Bank Secrecy Act. Most of the proposed changes would alter the checklist of violations in Part II of the filings, including the addition of several fields related to cyberevents. For more information, click here.
CSBS provides BSA/AML self-assessment tool
The Conference of State Bank Supervisors has released a self-assessment compliance tool that can be used by financial institutions to help ensure they are properly following the Bank Secrecy Act and anti-money laundering regulations.
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Credit unions
NCUA seeks comment on alternative capital forms
The National Credit Union Administration is asking stakeholders to comment on alternative forms that could be used to meet required capital standards put in place by the Credit Union Membership Access Act. The act defines a credit union’s capital level based on a net worth ratio requirement for all credit unions, and also provides the NCUA Board with broad discretion to design the risk-based net worth requirement.
Comments must be received within 90 days of publication in the Federal Register. For more information, click here.
More compliance news
OFAC publishes cyber-related FAQs on Russian sanctions
The Office of the Foreign Assets Control has issued four frequently asked questions related to the recently imposed sanctions on the Russian Federation’s Federal Security Service. For details, click here.
CFPB adds HMDA resources
The Consumer Financial Protection Bureau has updated the compliance resources available on Home Mortgage Disclosure Act filing requirements. New resources include a webinar discussing identifiers and other data points, and a chart that illustrates banks’ options for collecting and reporting ethnicity and race information.
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FTC releases report on illegal debt collection practices
The Federal Trade Commission has released its 2016 report on debt collection practices for inclusion in the Consumer Financial Protection Bureaus’ annual report to Congress on the Fair Debt Collection Practices Act as required by the Dodd-Frank Act. In 2016, the commission obtained nearly $70 million in judgments and banned 44 companies and individuals from ever working in debt collection again, among other actions.
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