Deposits
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$164 Million OFAC Penalty
On April 9, 2019, the Federal Reserve Board (Fed) fined Standard Chartered PLS and Standard Charter Bank (bank) $164 million for Office of Foreign Assets Control (OFAC) sanctions controls violations.
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Examiners Find Technology Contracts Lack Sufficient Detail for Business Continuity and Incident Response
On April 2, 2019, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter (FIL) 19-2019 about technology service provider contracts.
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Bill Would Permit Financial Institutions to Serve Marijuana-Related Businesses
Representative Ed Perlmutter, a Democrat from Colorado, introduced a bill to the U.S. House of Representatives that would allow financial institutions to provide financial services to marijuana-related businesses.
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CFPB Releases Fair Debt Collection Practice Act Report
On March 20, 2019, the Consumer Financial Protection Bureau (CFPB) issued a report to Congress on the Fair Debt Collection Practice Act (FDCPA).
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CFPB Describes New Law Protecting Minors from Identity Theft and Fraud
The Consumer Financial Protection Bureau (CFPB) recently issued a blog post on a new federal law providing more protection to minors under 16 years of age from identity theft and fraud.
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CFPB Releases New Supervisory Highlights
The Consumer Financial Protection Bureau (CFPB) released Issue 18, Winter 2019 of Supervisory Highlights
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Fed Issues Regulation D ANPR
On March 6, 2019, the Federal Reserve Board (Fed) issued an Advance Notice of Proposed Rulemaking (ANPR) on whether to amend Regulation D.
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Exam Procedures for Prepaid Accounts Rule
In a financial institution letter, FIL-9-2019, the Federal Deposit Insurance Corporation (FDIC) announced that it has adopted interagency examination procedures to incorporate the Consumer Financial Protection Bureau’s (CFPB) changes to Regulations E and Z for prepaid accounts.
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Congressional Hearing on Marijuana Banking Services
On February 13, 2019, the U.S. House Committee on Financial Services will hold a hearing titled “Challenges and Solutions: Access to Banking Services for Cannabis Related Businesses.”
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BSA Officers Target of Phishing Campaign
Credit union Bank Secrecy Act (BSA) officers were apparently the target of a recent phishing campaign