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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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Xerox to pay $1.1M for faulty credit reporting

The CFPB has announced it has issued a Consent Order to Xerox Business Services, LLC, now known as Conduent Business Services, for software errors that led to incorrect consumer information about more than one million borrowers being sent to credit reporting agencies. The company also failed to notify all of its auto lender clients about known flaws in its software that led to the errors. The consent order requires Xerox to pay a $1.1 million civil penalty, explain its mistakes to its lender clients, and fix its faulty software. See "Xerox fined for erroneous reports to credit reporting agencies" in our Penalties pages, for additional information.


Haiti’s progress on addressing AML/CFT deficiencies

The Financial Action Task Force (FATF) has posted a public statement issued by the Caribbean Financial Action Task Force (CFATF) on Haiti's progress to address strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regime. Haiti is no longer subject to the CFATF-ICRG review process.


AMEX-related card company settles OFAC violations

OFAC has announced that BCC Corporate SA ("BCCC") has settled potential liability for apparent violations of the Cuban Assets Control Regulations. BCCC is a Belgium-based credit card issuer and corporate service company that issues various payment products, such as credit cards, to its European-based corporate customers. At the time of the apparent violations, BCCC was a wholly owned subsidiary of Alpha Card Group, which in turn was owned 50 percent by American Express Company (AMEX), a U.S. financial institution. AMEX has agreed to remit $204,277 to settle potential civil liability for 1,818 apparent violations of the Cuban Assets Control Regulations.


OFAC FAQ regarding Iran earthquake relief

OFAC has published an FAQ concerning humanitarian assistance to the people of Iran following the November 12, 2017, earthquake.


OCC announces enforcement actions

The OCC has issued a news release announcing new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • A savings and loan association in Pascagoula, Mississippi, was ordered to pay a civil money penalty (CMP) of $35,000 to the National Flood Insurance Program for a pattern or practice of violations of the Flood Act and its implementing regulations relating to the requirement to purchase flood insurance when available and to the forced placement of flood insurance.
  • Three former officials of a failed Texas bank were ordered to pay CMPs totaling $203,000; two of those officials were issued prohibition orders.
  • The former vice president and head bookkeeper of a Lebanon, Kentucky, bank was assessed a $5,000 CMP and issued an order of prohibition for concealing a shortfall in the bank's cashier's check account and for making unauthorized transfers from customer accounts to the cashier's check account in further efforts to conceal the shortfall.
  • The former head teller of Minnesota bank was issued an order of prohibition, having been found to have misappropriated approximately $81,501 from customers' accounts at the bank and to have made false entries into bank records (she made full restitution, plus interest).
  • The former regional president of a Meridian, Mississippi, bank was issued a prohibition order for obtaining a loan by forging the name of a bank customer, resulting in the charge-off of $72,000 (some of which has been repaid).


FDIC teleconference on small business resources for community banks

FDIC FIL-59-2107 announces a teleconference to discuss small business resources and research pertinent to community banks, including the Money Smart for Small Businesses financial education program; the FDIC's Small Business Lending Survey; and Community Reinvestment Act consideration for small business lending, services, and investments. The teleconference is scheduled for December 12, 2017, from 2:00 p.m. to 3:30 p.m. EST.


Comptroller’s Licensing Manual booklet revised

OCC Bulletin 2017-54, issued yesterday, announced the revision of the “Branches and Relocations” booklet of the Comptroller's Licensing Manual. The revised booklet incorporates branching and relocation procedures and requirements updated following the integration of the functions of the Office of Thrift Supervision into the OCC in 2011 and the issuance of revised regulations (12 CFR part 5) that became effective July 1, 2015, addressing branching and relocations for both national banks and federal savings associations (FSA).


CFPB proposes testing overdraft disclosures

The Bureau is seeking approval from the Office of Management and Budget for, and comments on, its plans to conduct online testing of ATM/debit card overdraft disclosures with 8,000 individuals. The testing will explore consumer comprehension and decision-making in response to overdraft disclosure forms. It will also explore financial product usage, behavioral traits, and other consumer characteristics that may interact with a consumer's experiences with overdraft programs and related disclosure forms. Comments on the CFPB's notice and request for comment will be accepted through January 16, 2018.


2017 Census Data fields updated

The FFIEC has updated two fields in the 2017 Census Data: the FFIEC Estimated MSA/MD non-MSA/MD Median Family Income and Estimated Tract Median Family Income. As a result, these data fields have been updated in the 2017 Census Data Products and Geocoding System.


2018 FRB services fee schedule approved

The Federal Reserve Board has announced its approval of fee schedules, effective January 2, 2018, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks estimate that price changes will result in a 1.4 percent average increase, with an increase for check services fees at 0.4 percent.


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