Alerts Now

Our Alerts Now service can help you keep track of the most recent regulatory updates being made in the compliance world. We review major announcements from 8 regulatory agencies on a weekly basis.

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Expanded Examination Cycle Eligibility: Final Rule

Issue Date:January 6, 2017
Agency:OCC
Highlights:

The agencies jointly have released a final rule that adopts the changes set forth in the interim final rule released February 29, 2016 regarding eligibility for an 18-month exam cycle. Qualifying 1 and 2 rated banks with assets less than $1billion are eligible for the longer exam cycle. Other requirements include the institution be well-capitalized, not subject to a formal enforcement action, and not have experienced a change in control during the previous 12 month period.

Reference:

https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-3.html

Personnel Affected:Qualifying 1- and 2-rated banks with less than $1 billion in total assets
Status:Final Rule
Keywords:Exam Cycle
Effective Date:09/25/2022
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Publication of New Cuba-Related Frequently Asked Questions; Cuba Designations Removals

Issue Date:January 6, 2017
Agency:OFAC
Highlights:

OFAC issued 5 new FAQs regarding transactions with Cuba. In addition, a number of deletions have been made to the SDN List.

Reference:

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20170106.aspx

Personnel Affected:OFAC Officer
Status:SDN List
Keywords:SDN List
Effective Date:09/25/2022
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Hungary’s measures to combat money laundering and terrorist financing

Issue Date:January 6, 2017
Agency:FATF
Highlights:

The regional body Moneyval conducted an assessment of Hungary’s AML/CFT framework and how it meets FATF’s 40 recommendations as of March 18, 2016. The full report is available on the FATF website.

Reference:

https://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-hungary-2016.html

Personnel Affected:BSA Officer
Status:Report
Keywords:FATF 40
Effective Date:09/25/2022
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OCC Report Discusses Risks Facing National Banks and Federal Savings Associations

Issue Date:January 5, 2017
Agency:OCC
Highlights:

The OCC released its Semiannual Risk Perspective for Fall 2016. The report concluded that strategic, credit, operational and compliance risk all remain top concerns. The report is based on data through June 30, 2016, and is intended to be used as a resource.

Reference:

https://www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-4.html

Personnel Affected:CEO, Board, Compliance Officer
Status:Report
Keywords:Risk Strategy
Effective Date:09/25/2022
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NCUA Consulting Will Help 153 Small Credit Unions Improve Services

Issue Date:January 5, 2017
Agency:NCUA
Highlights:

During the first half of 2017, the NCUA will provide consulting services to 153 small, federally insured credit unions. The service provides assistance on developing growth strategies, product planning and succession planning at no charge to the credit union. The NCUA is currently accepting nominations for credit unions to receive these services for the second half of the year. To qualify, it must have less than $100 million in assets, chartered for fewer than 10 years, and have a low-income designation or be a minority depository institution.

Reference:

https://www.ncua.gov/newsroom/Pages/news-2017-jan-ncua-consulting-help-153-small-credit-unions-improve-services.aspx

Personnel Affected:Small credit unions designated as Low-Income or Minority depository institutions
Status:Announcement
Keywords:NCUA Consulting Services
Effective Date:09/25/2022
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Snapshot of older consumers and student loan debt

Issue Date:January 5, 2017
Agency:CFPB
Highlights:

The CFPB released a report highlighting the increasing trend of consumers aged 60 and over with student loan debt. The snapshot describes how this trend is impacting borrower’s financial security, as well as the complaints older consumers have submitted to the CFPB about student loans from March 2012 through December 2016.

Reference:

https://www.consumerfinance.gov/data-research/research-reports/snapshot-older-consumers-and-student-loan-debt/

Personnel Affected:Student Loans Officers, Compliance Officers, CRA Officers
Status:Report
Keywords:Student Loans
Effective Date:09/25/2022
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Counter Terrorism Designations

Issue Date:January 5, 2017
Agency:OFAC
Highlights:

OFAC added two individuals to its SDN List.

Reference:

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20170105.aspx

Personnel Affected:OFAC Officer
Status:SDN List
Keywords:SDN List
Effective Date:09/25/2022
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Publication of Kingpin Act/Panama-related General License; Update to Frequently Asked Questions Regarding Kingpin Act/Panama-related General Licenses

Issue Date:January 5, 2017
Agency:OFAC
Highlights:

OFAC published two Kingpin Act General Licenses authorizing certain transactions and activities that would otherwise be prohibited. The FAQs have been amended accordingly.

Reference:

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20170105_33.aspx

Personnel Affected:OFAC Officer
Status:Publication
Keywords:Kingpin Act
Effective Date:09/25/2022
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Community Banking Conference 2016 Highlights

Issue Date:January 5, 2017
Agency:FDIC
Highlights:

The FDIC provided highlights from the conference held on 4/6/16 for community banks entitled Strategies for Long-Term Success. The conference focused on topics such as the viability of the community banking model, regulatory developments, technology, and ownership structure and succession planning.

Reference:

https://www.fdic.gov/news/news/financial/2017/fil17003.html

Personnel Affected:FDIC institutions' Board of Directors
Status:Announcement
Keywords:Community Banks
Effective Date:09/25/2022
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OCC Releases CRA Evaluations for 18 National Banks and Federal Savings Associations

Issue Date:January 4, 2017
Agency:OCC
Highlights:

The OCC released the CRA Public Evaluations for 18 institutions that became public in December 2016. Eight are rated outstanding and 10 are rated satisfactory. The evaluations are available on the OCC’s website.

Reference:

https://www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-2.html

Personnel Affected:CRA Officer
Status:Announcement
Keywords:CRA Pes
Effective Date:09/25/2022