Alerts Now Service




  

 

FinCEN Releases Test Site for the New CTR and SAR

Issue Date:
2/17/2012
 
Agency:
FinCEN
 
Highlights:
• Updated BSA E-Filing System’s User Test System website to allow for testing submissions of batch and computer-to-computer filings of new CTR and SAR

• Site offers a preview of the future PDF versions of these new reports, which enable filing individual reports

• BSA E-Filing System itself will begin accepting these new reports at a later date
 
Action:
Test Site
 
Reference:
Press Release 2/17/12
 
 
Detail

Consumer Financial Protection Bureau proposes rule to supervise larger participants in consumer debt collection and consumer reporting markets

Issue Date:
2/16/2012
 
Agency:
CFPB
 
Highlights:
• Would include debt collectors and consumer-reporting agencies under CFPB’s nonbank supervision program

• Debt collectors with more than $10 million in annual receipts (about 175 firms); consumer reporting agencies with more than $7 million in annual receipts (30 firms)
 
Action:
Proposed Rule
 
Reference:
Press Release 2/16/12
 
 
Detail

FATF steps up the fight against money laundering and terrorist financing

Issue Date:
2/16/2012
 
Agency:
FinCEN, FATF
 
Highlights:
• Revised FATF Recommendations to integrate counter-terrorist financing measures with AML controls, introduce measures to counter financing of the WMD proliferation and address corruption and tax crime laundering

• Strengthen requirements for higher risk situations and allow countries to take a more targeted risk-based approach
 
Action:
Revisions
 
Reference:

FinCEN FATF Site

FATF Press Release 2/16/12

 
 
Detail

Treasury Designates Iranian Ministry of Intellligence and Security for Human Rights Abuses and Support for Terrorism

Issue Date:
2/16/2012
 
Agency:
Treasury, OFAC
 
Highlights:
• Designated Iranian Ministry of Intelligence and Security, Iran's intelligence agency, for its support to terrorist groups as well as its central role in perpetrating human rights abuses against the citizens of Iran and its role in supporting the Syrian regime
 
Action:
Additions to SDN List
 
Reference:

Treasury Press Release tg-1424

OFAC Recent Actions 2/16/12

 
 
Detail

We want to make it easier for you to submit comments on streamlining regulations

Issue Date:
2/16/2012
 
Agency:
CFPB
 
Highlights:
• Online web tool for the public to suggest ways to streamline regulations CFPB inherited from other federal agencies

• Contains drop-down menus and links to regulation text
 
Action:
Web-based Tool
 
Reference:

CFPB Blog Posting 2/16/12

Regulatory Streamlining Tool

 
 
Detail

CRA/HMDA Reporter

Issue Date:
2/15/2012
 
Agency:
FFIEC
 
Highlights:
• FFIEC's monthly publication on HMDA and CRA issues published for January

• Issues on edits, errors, geocoding, and CFPB changeover
 
Action:
Report
 
Reference:
CRA/HMDA Reporter January 2012
 
 
Detail

Deadline to Request Review Under the Independent Foreclosure Review Extended to July 31

Issue Date:
2/15/2012
 
Agency:
OCC, Federal Reserve
 
Highlights:
• Deadline extended 90 days from 4/30/12 to 7/31/12 for borrowers to request an independent foreclosure review under the consent orders 14 mortgage servicers signed in April of 2010
 
Action:
Extension
 
Reference:

OCC NR 2012-25

Fed Press Release 2/15/12

 
 
Detail

Discontinuance of the National Monthly Median Cost of Funds Index

Issue Date:
2/15/2012
 
Agency:
Fannie Mae
 
Highlights:
• With discontinuance of the NMMC by OTS on 7/8/11, servicers must use Federal Cost of Funds Index (Federal COFI) from Freddie Mac; servicers will be required to use Fannie Mae Index Code 76 instead of Index Code 14

• Fannie Mae Quarterly Average Index Code 47 will no longer be available; Fannie Mae will calculate a simple quarterly average based on the rate published by the Federal COFI
 
Action:
Revised Handbook
 
Reference:
Servicing Notice 2/15/12
 
 
Detail

FCC Adopts Rules to Strengthen Consumer Protections Against Unwanted Telemarketing "Robocalls" to Wireline and Wireless Phones

Issue Date:
2/15/2012
 
Agency:
FCC
 
Highlights:
• Requires telemarketers to obtain prior written consent from consumers before placing autodialed or prerecorded telemarketing calls

• Eliminates “established business relationship” exemption
 
Action:
Final Rule
 
Reference:
News Release 2/15/12
 
 
Detail

Guidance to Financial Institutions on Providing Financial Services to Foreign-Located MSBs

Issue Date:
2/15/2012
 
Agency:
FinCEN
 
Highlights:
• Guidance to institutions on obligations when providing services to foreign-located money services businesses

• Foreign MSBs must appoint a US person as agent for service of legal process with respect to compliance with BSA
 
Action:
Guidance
 
Reference:
FIN-2012-A001
 
 
Detail