The Department of the Treasury's Office of Foreign Assets Control amended the Iranian Transactions Regulations to redefine the term entity owned or controlled by the Government of Iran to substantially conform to the definition in the amended Iranian Financial Sanctions Regulations. Read more.
The Financial Crimes Enforcement Network ("FinCEN") has issued guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership. FinCEN received requests from financial institutions for further guidance. In particular, requestors were interested in guidance that addressed common ownership aggregation beyond the limited set of circumstances discussed in FinCEN Ruling 2001-2. That ruling was specific to an individual who owned three incorporated businesses with separate tax identification numbers and accounts, and who made a practice of using funds from one account to pay for the expenses associated with the other businesses.2 FinCEN is supplementing that ruling with the following additional guidance. Read more.
The Treasury Department's Office of Foreign Assets Control (``OFAC'') published the name of one individual whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182).
In the latest legal opinion letter posted to the National Credit Union Administration website, the agency said it is permissible for a federal credit union and an ex-employee to have a contractual agreement that the person will never run for the board of directors or serve on the supervisory committee. More
The Financial Crimes Enforcement Network expressed concern that an increasing number of private parties, who are not authorized to know of the existence of filed Suspicious Activity Report (SARs), are seeking SARs from financial institutions for use in civil litigation and other matters. More
Credit unions can provide their own insights on how the Consumer Financial Protection Bureau's recently released remittance rule would impact their practices, and how compliance burdens caused by the rule could be mitigated, in a new CUNA comment call. More
CUNA in a comment letter has asked the Consumer Financial Protection Bureau to review and suspend the duplicative ATM notice requirements under Regulation E, and revise its Reg E requirements to no longer mandate duplicate ATM notices. More
The National Credit Union Administration could be moving in the right direction with its proposal to eliminate the Regulatory Flexibility program and, instead, allowing federal credit unions to engage in activities permitted by the existing RegFlex rule without the need to apply for RegFlex designation. However, the agency should go further and give credit unions even greater freedom from burdensome regulations, CUNA said. More
Although the Consumer Financial Protection Bureau's interim final rule implementing the Equal Credit Opportunity Act substantially duplicates the Federal Reserve Board's Regulation B, the few changes suggested by the bureau could impose unnecessary reporting burdens on credit unions, CUNA warned the bureau. More