FinCEN SAR Filings

Adam Witmer
Regulatory Update, BSA

FinCEN has updated its “SAR Filings by Industry” webpage to include data from 2021. In addition to this webpage, FinCEN has an interactive map and and Interactive SAR Stats which allow BSA professionals to analyze what types of suspicious activity are being reported in their areas. As this data allows specific sorting of the data, BSA professionals are able to sort by many different fields including primary regulator, county, etc.

OFAC Issues New Russia-related Sanctions

Adam Witmer
Regulatory Update

On March 24, 2022, the OFAC designated dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia’s largest financial institution. This is in line with OFAC’s actions to impose severe costs on the Russian Federation for its illegal, unwarranted, and baseless war against Ukraine. The European Union, the United Kingdom, and Canada have also taken similar actions which reflects continued unity to hold Putin accountable for the war that he started.

VIDEO: HMDA Income & Property Value in Credit Decisions

VIDEO: HMDA Income & Property Value in Credit Decisions

Adam Witmer
HMDA

In this Compliance Clip, Adam answers a HMDA question on whether income and property value should be included in the HMDA LAR when they are not the deciding factor, but are used in determining a credit decision. In other words, when income and property value were factors in the credit decision, but they're just a partial factor, should they be reported?

CFPB Issues Policy Guidance on Consumer Reviews

Adam Witmer
Regulatory Update

On March 22, 2022, the CFPB issued policy guidance regarding potentially illegal practices related to consumer reviews. Through the guidance, the CFPB aims to ensure that customers can write reviews, including those posted online, about financial products and services that accurately reflect their opinions and experiences. The guidance also emphasized that practices such as posting fake reviews or inserting clauses that forbid a customer from publishing an honest review may violate the Consumer Financial Protection Act.

OCC Issues Civil Money Penalty Against a Bank Officer

Adam Witmer
Regulatory Update, Regulation CC

On February, 2022, the OCC issued a consent order against Craig Meader of the First National Bank of Kansas. This is one of the enforcement actions that OCC has taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. The OCC issued a civil money penalty proceeding against Meader on the basis of his activities while serving as the President and member of the Board of the bank.

FinCEN Announces $140 Million Penalty Against USAA FSB for BSA Violations

Adam Witmer
Regulatory Update, BSA

On March 17, 2022, FinCEN announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. This is after FinCEN conducted a civil enforcement investigation and determined that grounds exist to impose a Civil Money Penalty against USAA FSB for violations of the BSA. According to the FinCEN’s press release, USAA FSB admitted that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the BSA from at least January 2016 through April 2021.

EARN CRCM CREDITS: Fair Lending Bootcamp!

Adam Witmer

Our Fair Lending Bootcamp is now on sale in our store. This program, which is designed as a full-day virtual seminar, takes an in-depth look at what financial institutions need to consider in regards to fair lending. The program includes an introduction to fair lending, a review of Regulation B, a look at some of the applicable aspects of the Fair Housing Act, and a review of fair lending risk indicators. The program even discusses a few fair lending hot topics. The full curriculum for our Fair Lending Bootcamp can be found at www.compliancecohort.com/fair-lending-bootcamp.

CFPB Focuses on Unfair Discrimination

Adam Witmer
Regulatory Update, UDAAP

On March 16, 2022, the CFPB announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. According to the CFPB, the Bureau will closely examine discriminatory practices that violates the rules against unfair practices. Specifically, the CFPB will focus on financial institutions’ decision-making in advertising, pricing, and other areas to ensure that companies are appropriately testing for and eliminating illegal discrimination.

Treasury Issues Sanctions for Enabling Putin’s War Against Ukraine

Adam Witmer
Regulatory Update

On March 11, 2022, the OFAC issued a new round of sanctions targeting Russian and Kremlin elites, oligarchs, and Russia’s political and national security leaders who have supported Russian President Vladimir Putin’s brutal and illegal invasion of Ukraine. The OFAC designated regime elites and business executives who are associates and facilitators of the Russian regime, including three immediate family members of President Putin’s spokesperson, Dmitriy Sergeevich Peskov; Russian tycoon and Kremlin insider Viktor Vekselberg; and the Management Board of the sanctioned VTB Bank. Additionally, the OFAC designated 12 members of the Russian State Duma, including Vyacheslav Victorovich Volodin, who is also a permanent member of Russia’s Security Council.

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