C&D – Regulatory Report

What's up

[ October 23, 2020 ] $70 million KS bank closed; FDIC pegs insurance fund cost at $18.3 million Federal financial regulation
[ October 23, 2020 ] Proposal would amend recordkeeping, travel rules under BSA, lowering international transaction base The Fed
[ October 23, 2020 ] Five who sought $1.1 million+ in COVID-relief loans charged with bank fraud, money laundering FDIC
[ October 23, 2020 ] FDIC announces relief available for institutions affected by CA wildfires, Hurricane Delta FDIC
[ October 23, 2020 ] Supervisory appeals process, rapid prototyping competition slated for next week’s FDIC advisory panel discussion FDIC

C&D order with Barclays over OFAC violations, enforcement against OK bank terminated, Fed announces

May 15, 2018 0

A 2010 cease-and-desist order against Barclays Bank plc (London, England) and its branch in New York City over violations of Office of Foreign Assets Control (OFAC) requirements was terminated by the Federal Reserve Board May […]

$70 million KS bank closed; FDIC pegs insurance fund cost at $18.3 million

October 23, 2020 0

Financial difficulties unrelated to the COVID-19 pandemic led to the demise of Almena State Bank of Almena, Kan., which on Friday became the fourth federally insured bank to fail in 2020, according to Federal Deposit Insurance Corp. (FDIC) data. The [...]
Proposal would amend recordkeeping, travel rules under BSA, lowering international transaction base

October 23, 2020 0

Amending the recordkeeping and travel rule regulations under the Bank Secrecy Act is the focus of a proposed rule issued Friday by the Federal Reserve and the Treasury’s financial law enforcement arm. The Fed and the Financial Crimes Enforcement Network [...]
Five who sought $1.1 million+ in COVID-relief loans charged with bank fraud, money laundering

October 23, 2020 0

Five individuals – three from Milwaukee, Wis., and two from Chicago – have been indicted for their alleged participation in a scheme to file fraudulent loan applications seeking more than $1.1 million in forgivable Paycheck Protection Program (PPP) loans available [...]
FDIC announces relief available for institutions affected by CA wildfires, Hurricane Delta

October 23, 2020 0

The Federal Deposit Insurance Corp. (FDIC) has deployed its regulatory relief measures to help institutions deal with the fallout from Hurricane Delta in Louisiana and the wildfires that have plagued areas of California since early September. The FDIC issued two [...]
Supervisory appeals process, rapid prototyping competition slated for next week’s FDIC advisory panel discussion

October 23, 2020 0

A meeting next Wednesday of the panel that advises the federal bank deposit insurer on community banking concerns will discuss proposed supervisory appeals process changes, the agency’s ongoing tech sprint on financial reporting, a potential voluntary certification program to promote [...]
UPDATED: Credit union regulator sets unusual late-month meeting to consider proposal codifying limits to ‘supervisory guidance’; new date for December meeting

October 22, 2020 0

A proposed rule to “codify” in regulation a statement that supervisory guidance issued by federal regulators does not have the force of law will be considered by the board for the federal credit union regulator Oct. 28. The agency also [...]