Compliance News
Fed Delays Reg. D Final Rules | Wednesday, 07 November 2012
The Federal Reserve Board announced that it is delaying the effective date for implementation of certain provisions of its final rule amending the Board’s Regulation D (Reserve Requirements of Depository Institutions) published in the Federal Register on April 12, 2012. The final rule’s effective date is being delayed to allow for further development and testing of the automated systems necessary to support the implementation of certain provisions.  The  effective date for certain amendments to the regulation is delayed from January 24, 2013 to July 27, 2013.  Read more.
NCUA Announces Sweeping Changes to Call Reporting Requirements | Tuesday, 30 October 2012
The NCUA has announced new call reporting requirements for credit unions that includes the recent troubled debt restructuring regulations and helps the agency keep closer tabs on delinquent auto and business loans.  Read More
OFAC Adds Name to Blocked Persons List | Tuesday, 30 October 2012

Yesterday, the Treasury Department's Office of Foreign Assets Control ("OFAC") published the name of an individual designated on October 18, 2012 as a person whose property and interests in property is blocked pursuant to Executive Order 13566 of February 25, 2011 “Blocking Property and Prohibiting Certain Transactions Related to Libya.” Read more.

OFAC Updates SDN/Blocked Persons Lists | Tuesday, 23 October 2012
The Treasury Department's Office of Foreign Assets Control (``OFAC'') published the names of 3 individuals whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support terrorism.''  Read More
Details Shared on DDoS Cyber Attacks Against Banks | Thursday, 18 October 2012
A new twist in the distributed denial of service attacks against a dozen large financial institutions surfaced Tuesday, according to BITS, the technology division of the Financial Services Roundtable. Cyber criminals hit one of the previously attacked institutions a second time.  Read More
CUNA Seeks Significant MLO Proposal Changes | Thursday, 18 October 2012
CUNA in a Wednesday comment letter suggested several significant changes to the Consumer Financial Protection Bureau's plans to introduce additional standards for mortgage loan originator compensation, and urged the agency to shield credit unions from the impact of the proposal, where possible. Read More
OFAC Updates Lists | Tuesday, 16 October 2012
The U.S. Department of the Treasury's Office of Foreign Assets Control (``OFAC'') published the names of two entities 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 addition, OFAC has published additions to the identifying information for two individuals previously designated pursuant to the Kingpin Act.  Read more.
CUNA Urges CFPB to Shield CUs From Mortgage Regs | Thursday, 11 October 2012
CUNA in a pair of comment letters pressed the Consumer Financial Protection Bureau to exempt credit unions from many provisions of proposed mortgage servicing rules, or to refrain from applying provisions to credit unions in the proposals that do not implement a specific statutory requirement.  Read More
FinCEN Issues Mortgage Loan Fraud Update for 2012 Q2 | Wednesday, 10 October 2012
SARs Regarding Foreclosure Rescue Scams Increase
Suspicious activity reports (SARs) regarding foreclosure rescue scams continued to grow in the first half of 2012, even as the total number of SARs indicating mortgage loan fraud declined, the Financial Crimes Enforcement Network (FinCEN) announced today in its latest Mortgage Loan Fraud Update. This update to FinCEN’s prior reports looks at SAR filings from April through June 2012 (2012 Q2).  For more information see links below:

• News Release
• Mortgage Fraud SAR Datasets 
• Mortgage Loan Fraud Update
FinCEN Issues Updated Technical Specifications for FinCEN's New SAR, CTR, and DOEP | Wednesday, 10 October 2012
The Financial Crimes Enforcement Network (FinCEN) has issued updates to the Electronic Filing Requirements For FinCEN's Currency Transaction Report (CTR), the Electronic Filing Requirements For FinCEN's Suspicious Activity Report (SAR), and the Electronic Filing Requirements for FinCEN's Form 110, Designation of Exempt Person (DOEP). For more information Read Here.
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