WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Vice President of the Nicaraguan Supreme Court of Justice, Marvin Ramiro Aguilar Garcia; a Deputy of the National Assembly, Walmaro Antonio Gutierrez Mercado; and a Chief of the Nicaraguan National Police in Leon, Fidel De Jesus Dominguez Alvarez, […]
Monthly Archives: December 2020
Office of the Comptroller of the Currency Issues Interpretation of 12 U.S.C. § 25b
News Release 2020-176 | December 18, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an interpretation of 12 U.S.C. 25b, which codifies preemption standards and establishes procedural requirements for certain preemption actions by the agency. Federal preemption derives from the Supremacy Clause of the U.S. Constitution and has been […]
Agencies Propose Requirement for Computer Security Incident Notification
News Release 2020-175 | December 18, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal financial regulatory agencies today announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer […]
Treasury Continues Pressure on Maduro Regime for Role in Fraudulent Elections
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Ex-Cle Soluciones Biometricas C.A. (Ex-Cle C.A.) for materially supporting the illegitimate President of Venezuela Nicolas Maduro Moros, including by providing goods and services that the Maduro regime used to carry out the fraudulent December 6, 2020 parliamentary elections. In […]
The Financial Crimes Enforcement Network Proposes Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transactions
The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury, is requesting comments on proposed requirements for certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM) submitted to the Federal Register today, banks and money services businesses […]
OCC Proposes Rule Regarding Exemptions to Suspicious Activity Report Requirements
News Release 2020-174 | December 17, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to modify the requirements for national banks and federal savings associations to file suspicious activity reports (SARs). The proposed rule would amend the agency’s SAR regulations to allow […]
Can-Am Completed Record-Breaking Racing Year in 2020
Can-Am Maverick pilot, Casey Currie, took first place in the side-by-side category at the renowned Dakar Rally in January, marking the third consecutive year a Can-Am Off-Road vehicle crossed the finish line first at the World’s Toughest Race. ©BRP 2020 Valcourt, Quebec, Canada, December 17, 2020 – BRP (TSX: DOO; NASDAQ: DOOO) saw Can-Am Off-Road […]
OCC Reports Third Quarter 2020 Bank Trading Revenue
News Release 2020-171 | December 16, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $9.0 billion in the third quarter of 2020. The third quarter trading revenue was $5.7 billion, or 38.9 percent, less than the previous quarter. In the […]
Treasury Sanctions Companies for Supporting the Sale of Iranian Petrochemicals
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities for facilitating the export of Iranian petrochemical products by Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury in January 2020. These China- and United Arab Emirates-based companies have provided Triliance with critical shipping services or […]
New Brokered Deposits Rule Promotes Bank-Fintech Partnerships
News Release 2020-170 | December 15, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today issued the following statement with his vote to support the Federal Deposit Insurance Corporation’s (FDIC) new brokered deposits rule. The rule regarding brokered deposits approved today by the FDIC Board helps modernize the concept of brokered deposits […]