Bankers Compliance Task Force Current News Archive - January 2005
January 26, 2005 The Federal Trade Commission (FTC) has issued a final regulation, under the 2003 Fair and Accurate Credit Transaction Act, intended to improve required notices in prescreened offers for credit or insurance. The notices, among other things, inform consumers about their right to opt out of future prescreened offers. The final rule, which is to be published in the Federal Register, is similar to the proposed rule and requires a "layered" notice in all pre-screened solicitations such as pre-approved credit card offers. It will consist of a short, prominent notice informing consumers that they have the right to opt out, along with a toll-free telephone number, and a longer notice informing them of additional related rights. Copies of the FTC's final rule are available from the FTC's web site at http://www.ftc.gov/.
January 18, 2005 The FDIC recently produced a comprehensive video-seminar for bankers on the FDIC's rules and requirements for deposit insurance coverage. The video explains in detail the rules and requirements for all account ownership categories, with illustrated examples. For more information on this new video, visit http://www.fdic.gov/.
January 18, 2005 FinCEN recently announced plans to implement a modernized, web-based USA PATRIOT Act, Section 314(a), delivery and reporting system in February 2005. In the new system, FinCEN will e-mail a secure web page location to all 314(a) points of contact. The web page will contain 314(a) lists posted in various file formats (MS Word, MS Excell, etc.) that can be downloaded and searched, with positive or inconclusive hits returned to FinCEN. FinCEN is currently in the process of testing this web-based system through a pilot program. Additional information can be found at http://www.occ.treas.gov/ and http://www.occ.treas.gov/.
January 13, 2005 ABA and the state bankers associations are concerned about the lack of consistency in anti-money laundering and Bank Secrecy Act examination oversight and compliance guidance, they said in a letter to the federal banking regulators, the Treasury Department and the Financial Crimes Enforcement Network. "[The industry's] compliance professionals ... are being overwhelmed by the sheer volume of obligations for regulatory compliance," the associations said. They stressed the need for guidance in filing Suspicious Activity Reports, and also urged all parties to consider joint industry/government training of bankers and examiners when exam procedures are released; centralized regulatory guidance to achieve consistency in interpretations; and the establishment of a Bank Secrecy Act Advisory Group subcommittee to look at issues arising from the SAR process, particularly the problem of defensive filing. For more information, visit http://www.aba.com/.
January 11, 2005 A revised MSB Registration form, FinCEN Form 107, is now available and should be used effective immediately. Previous editions will not be accepted after June 30, 2005. The revised FinCEN Form 107, MSB Registration, is in "fill-in" format using Adobe Reader or Acrobat at http://www.fincen.gov/.
January 4, 2005 FinCEN is proposing changes to the current Designation of Exempt Person (DOEP), FinCEN Form 110. The request for public comment appeared in the Federal Register December 27, 2004. The 60-day review and comment period ends February 25, 2004. Written comments are invited and should be submitted according to the instructions in the Federal Register notice. The proposed changes remove or reformat several data boxes, expand and clarify instructions, modify the signature statement and include new wording in the Biennial Renewal certification statement. The form has been renumbered under the FinCEN form numbering system. You can review the changes at the following URL: http://www.fincen.gov/.
January 3, 2005 FinCEN has issued an updated list of registered MSBs from December 2001 through December 2004. FinCEN will continue to update this list periodically. The list can be viewed at www.msb.gov.
