Compliance Newshub
Federal Legislation

The OCC issued a bulletin announcing sound fraud risk management principles.

A final rule has been published in the Federal Register that simplifies certain aspects of the capital rule.

The final rule

• excludes from the definition of “banking entity” for firms with total consolidated assets equal to or less than $10 billion or less and total trading assets and liabilities equal to 5% or less of total consolidated assets.

• permits with conditions, a hedge fund or private equity fund to share the same name or a variation of the same name with an investment adviser that is not an insured depository institution, company that controls an insured depository institution, or bank holding company.

Housingwire--Jessica Guerin

A federal judge in Utah has granted a motion to delay the implementation of changes to FHA’s down payment assistance rule due to disputes continuing n federal court.

FINCen and its regulatory partners have issued a joint statement outlining common practices for assessing a bank’s money laundering/terrorist financing risk profile, assisting examiners in scoping and planning the examination and initially evaluating the adequacy of the BSA/AML compliance program.

The Rural Housing Service (RHS or Agency) published a proposed rule on June 20, 2018 to amend the current regulation for the Single-Family Housing Guaranteed Loan Program (SFHGLP) Single Close Combination Construction to Permanent Loans (aka “single close loans”), and now adopts the proposed changes in this final rule with some modifications.

Credit Union National Association

Yesterday the NCUA adopted a final rule on real estate appraisals increasing the threshold for requiring appraisals on commercial real estate transactions, as well as a fidelity bonds rule. 

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have announced the delay in applying Volcker Rule restrictions to certain foreign funds for an additional two years. 

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved amendments to two rules to simplify the process for making insurance determinations in the event a bank is placed into receivership.

OFAC has published names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List.

FDIC has released the materials necessary to prepare the June 2019 Consolidated Reports of Condition and Income (Call Reports).

FinCEN has issued an advisory to financial institutions regarding an updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies and relevant actions by the U.S. Government.