• FinCEN Issues Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies.

On December 4th, FinCEN issued Advisory FIN-2013-A008 on Financial Action Task Force ("FATF") jurisdictions with strategic AML/CFT deficiencies. The FATF updated its lists of jurisdictions that appear in two documents: (I) jurisdictions that are subject to the FATF's call for countermeasures or are subject to enhanced due diligence due to their AML/CFT deficiencies (referred to by the FATF as the 'FATF Public Statement') and (II) jurisdictions identified by the FATF to have AML/CFT deficiencies (referred to by the FATF as ‘Improving Global AML/CFT Compliance: On-going Process'). FinCEN Advisory FIN-2013-A008.

  • CFPB to Oversee Nonbank Student Loan Servicers.

On December 3rd, the Consumer Financial Protection Board ("CFPB") issued a new final rule allowing the CFPB to supervise nonbank student loan servicers. The new rule expands the oversight from banks to include any non-bank student loan servicer that handles more than one million borrower accounts. A factsheet on the student loan servicing rule is available hereCFPB Final Rule.

  • CFPB Issues Updates to Rulemaking Agenda.

On December 3rd, the CFPB posted a semi-annual update to its rulemaking agenda. The fall 2013 agenda reflects continuing work on rulemakings mandated by the Dodd-Frank Act in addition to other significant issues in major markets for consumer financial products and services. CFPB Rule List — Fall 2013.

  • OCC Issues Notice of Proposed Rulemaking on Quantitative Liquidity Requirements.

On November 29th, the Office of the Comptroller of the Currency ("OCC") issued a notice of proposed rulemaking that would implement a quantitative liquidity requirement consistent with the liquidity coverage ratio established by the Basel Committee on Banking Supervision. The proposal would apply to internationally active banking organizations—generally, those with $250 billion or more in total consolidated assets or $10 billion or more in on-balance-sheet foreign exposure; to systemically important nonbank financial institutions; and to any consolidated bank or savings association subsidiary of one of these companies that, at the bank level, has total consolidated assets of $10 billion or more. OCC Bulletin.

  • OCC Releases Peer International Review of OCC Supervision of Large and Midsize Institutions.

On December 5th, the OCC released a report prepared by a team of international regulators on the OCC's approach to the supervision of large and midsize banks and thrifts. Press Release.

  • U.S. Signs Historic Agreements With Cayman Islands and Costa Rica To Fight Offshore Tax Evasion.

On November 29th, the Treasury Department announced that the United States has signed intergovernmental agreements ("IGAs") with the Cayman Islands and Costa Rica to implement the Foreign Account Tax Compliance Act ("FATCA"). The Cayman Islands IGA is a Model 1B agreement, meaning that foreign financial institutions in the Cayman Islands will be required to report tax information about U.S. account holders directly to the Cayman Islands Tax Information Authority. The Costa Rica IGA is a Model 1A agreement, meaning that the United States will also provide tax information to the Costa Rican government regarding Costa Rican individuals with accounts in the United States. Treasury Press Release.