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Free Webinar: The State of Sanctions
Thursday, June 8th - 1:00 PM CT

The sanctions landscape is evolving - exposing institutions to greater sanctions risks, operational and oversight challenges, and obligations to comply with sanctions administered by OFAC and other agencies. OFAC expert, Tim White, will address these issues and what you need to be aware of moving forward. (Register here.)

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FRB/US model packages updated

The Federal Reserve has posted an update of its main FRB/US model package, a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure.


FCC proposes changes to TCPA rules

The Federal Communications Commission has published [82 FR 22625] a proposed rule that would amend the FCC's rules implementing the Telephone Consumer Protection Act and the agency's call completion rules. The Commission's proposal would codify the clarification contained in 2016 Guidance that providers may block calls when the subscriber to a particular telephone number requests that calls originating from that number be blocked; and would permit providers to block calls under a number of other circumstances. These efforts would augment providers' ability to prevent unwanted robocalls. Comments on the proposal will be accepted for 75 days, through July 31, 2017.


NYDFS challenges OCC fintech charter plan

The New York State Department of Financial Services (NYDFS) has announced it has filed suit in federal court challenge the decision of the OCC to grant special-purpose national bank charters to undefined "fintech" companies. The NYDFS "seeks to stop the OCC from granting charters to institutions subject to New York State law that provide financial services to New York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC."


President issues EO on cybersecurity of federal networks

President Trump has signed an executive order directing federal agencies to improve the cybersecurity of federal networks. Federal agencies are ordered to follow the framework for cybersecurity of the National Institute of Standards and Technology (NIST), and must submit a risk management report to the Department of Homeland Security (DHS) within 90 days. The order also calls for DHS, collaborating with the Defense Department, FBI and others, to identify ways to support the cybersecurity of key infrastructure entities.


New NMLS website launched

The Conference of State Bank Supervisors (CSBS) has launched a new website dedicated to the NMLS 2.0 initiative to provide updates, engagement opportunities, and progress on the new NMLS.


FTC launches new small business web site

The Federal Trade Commission has announced the launch of, a new website with articles, videos, and other information aimed at helping small business owners avoid scams and protect their computers and networks from cyber attacks and other threats.


Agenda for ID theft conference announced

The Federal Trade Commission has released the final agenda for its May 24, 2017, conference examining the state of identity theft now and how it may evolve in the future. The daylong conference will include panel discussions on how identity thieves acquire and use consumer information, how websites trade in stolen consumer information, the impact of identity theft on financial services, health care and other sectors, the challenges that identity theft victims face, and resources available to identity theft victims. In addition, FTC technical experts will give a presentation describing how consumer data available online is used by malicious actors. The conference, which is free and open to the public, will be held at the FTC's Constitution Center, 400 7th St., SW, Washington, DC 20024. It will also be webcast live.


CSBS files suit over OCC plan for fintech charters

The Conference of State Bank Supervisors has filed a complaint in the U.S. District Court for the District of Columbia against the OCC and Comptroller Curry to challenge the OCC's recent decision to create a new special-purpose national bank charter for financial technology and other nonbank companies, arguing that the OCC's licensing of such companies would go "far beyond the limited authority granted to it by Congress under the National Bank Act and other federal banking laws." The CSBS also alleges in its complaint that the OCC's decision to offer these special-purpose charters was in violation of the Administrative Procedure Act. The suit seeks declaratory and injunctive relief declaring the OCC's creation of the nonbank charter to be unlawful and enjoining the OCC from pursuing it.


Curry discusses future of finance and responsible innovation

In remarks at an event sponsored by Northwestern University’s Kellogg School of Management, Comptroller Curry discussed the state of financial innovation and its potential to improve the lives of ordinary Americans and the bottom lines of businesses. He also highlighted what the OCC is doing to encourage responsible innovation within the federal banking system.


FedFlash for April

The April 2017 issue of FedFlash has been posted. It features an article on the new currency education resources now available from FedCash Services. Other articles regard the availability of revised Check Adjustment forms with instructions and examples, changes to Check Adjustment case requirements and edits, same day ACH stale-dated debit entries, a summary of monthly ACH volume, and automatic notice of returns and NOCs to ACH originators.


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We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

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