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Fed to continue testing of Term Deposit Facility

The Federal Reserve has confirmed plans to continue the previously announced periodic testing of its Term Deposit Facility (TDF). These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The TDF test operations are a matter of prudent planning and have no implications for the near-term conduct of monetary policy. The Federal Reserve plans to conduct a routine TDF test operation each quarter in 2017, starting with one to be conducted on February 23, 2017, with a floating-rate offering of term deposits with an early withdrawal feature. The schedule and terms for future test operations will be announced later.


Two removed from OFAC list

OFAC has posted a notice that the names of two individuals linked to transnational criminal organizations have been deleted from the OFAC SDN List. See BankersOnline's OFAC update for the details.


FTC reins in money mule

The Federal Trade Commission has announced that a Florida man charged with helping telemarketers in India defraud cash-strapped American consumers will be banned from aiding any telemarketers in a settlement with the Commission. The proposed settlement resolves an FTC complaint against Joel S. Treuhaft and his company, PHLG Enterprises, LLC, who collected more than $1.5 million from about 3,000 consumers in a scheme that helped Indian call centers collect money from victims of IRS tax scams, government grant scams and advance-fee loan scams, among others.


February FedFlash posted

Federal Reserve Financial Services has posted the February 2017 issue of FedFlash, featuring articles on:

  • Changes to check adjustment case requirements and edits
  • Effective date (9/15/17) of Phase 2 of the NACHA Same Day ACH program
  • Reminder that revisions to contaminated current guidance are effective immediately
  • Enhancement of Fedwire Securities Service Automated Claim Adjustment process to occur in 2018


December TIC data released

Treasury has released Treasury International Capital (TIC) data for December 2016. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $42.8 billion. Of this, net foreign private outflows were $57.1 billion, and net foreign official inflows were $14.3 billion. Foreign residents decreased their holdings of long-term U.S. securities in December; net sales were $13.9 billion. Net sales by private foreign investors were $32.0 billion, while net purchases by foreign official institutions were $18.1 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $1.1 billion.


FDIC regulatory relief for Louisiana

The FDIC has issued FIL-9-2017 announcing steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Louisiana affected by severe weather.


FinCEN proposing SAR data fields revisions

FinCEN has published at 82 FR 9109 in the Federal Register a notice and request for comments on a proposed update and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (“BSA”). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. Most of the proposed changes would alter the "checklist" of violations in Part II of the filings, including the addition of several fields related to cyber events. Comments are due by April 3, 2017.


FRB branches updating cash processing

The Federal Reserve Bank of Cleveland has announced that the Cincinnati Branch will upgrade its cash processing systems over the weekend starting at the close of business on Friday, February 17. The Federal Reserve Bank of Richmond has announced that the Baltimore Branch will make the same upgrade over the weekend starting at the close of business on Friday, February 24. Financial institutions served by the Cincinnati and Baltimore branches will experience a new look and feel to the Federal Reserve's cash order paperwork beginning the Monday following those upgrades.


Venezuelan drug traffickers targeted

OFAC has designated Venezuelan national Tareck Zaidan El Aissami Maddah (El Aissami) as a Specially Designated Narcotics Trafficker (SDNT) pursuant to the Kingpin Act for playing a significant role in international narcotics trafficking. El Aissami is the Executive Vice President of Venezuela. El Aissami's primary frontman, Venezuelan national Samark Jose Lopez Bello (Lopez Bello), was also designated. OFAC further designated or identified as blocked property 13 companies owned or controlled by Lopez Bello or other designated parties that comprise an international network spanning the British Virgin Islands, Panama, the United Kingdom, the United States, and Venezuela. Five of those entities are LLCs registered in Florida. See our OFAC Update for additional information.


Early bond redemptions for parts of Louisiana

Federal Reserve Bank Services has reported that Treasury has authorized early savings bond redemptions in areas of Louisiana recently affected by severe weather.


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