FRIDAY, April 9, 2021

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
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Missouri bank assessed $11,000 flood penalty
The Federal Reserve Board has announced its assessment of an $11,000 civil money penalty on a Missouri bank for violations of the National Flood Insurance Act.

How to Effectively Manage High-Risk Customers
eBook
This eBook discusses the challenges of conventional approaches to managing high-risk customers and highlights four key areas of focus to strengthen CDD/EDD. Learn how to make high-risk customer management more effective and efficient, and enhance your overall BSA/AML program.
— Verafin

Fed issues consent prohibition order
The Federal Reserve Board has issued a Consent Order of Prohibition against a former loan officer of Farmers Bank of Northern Missouri, Unionville, Missouri, for making internal transfers, deposits, and cash withdrawals totaling over $45,390 from a bank customer's account for his personal benefit and without authorization.

Compliance Resource Center
Helpful Links for Loan Operations
Compliance Resource Center, a new (free) resource from bank tech vendor AccuSystems, provides quick links to important FDIC, OCC, and FFIEC resources for loan administrators. Visit accusystem.com/compliance/ to learn more.
— AccuSystems

Burmese gems enterprise sanctioned
Yesterday, OFAC designated Myanma Gems Enterprise, a Burmese state-owned entity that is responsible for all gemstone activities in Burma. Gemstones are a key economic resource for the Burmese military regime that is violently repressing pro-democracy protests in the country and that is responsible for the ongoing lethal attacks against the people of Burma, including the killing of children. These sanctions are not directed at the people of Burma.

Myanma Gems Enterprise was designated under Executive Order 14014, "Blocking Property with Respect to the Situation in Burma,” for being a political subdivision, agency, or instrumentality of the Government of Burma.

Further identification information on Myanma Gems Enterprise can be found in BankersOnline's OFAC Update.

Fed proposes to automate routine Fed stock adjustments
The Federal Reserve Board has announced it is requesting public comment on a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock. The automated process would eliminate the need for member banks to file applications to adjust their stock subscriptions—except in the context of mergers—and would significantly reduce the annual reporting burden.

Regulation I, which governs the issuance and cancellation of capital stock by the Reserve Banks, currently requires that a member bank apply to adjust its stock subscription at least annually and sometimes quarterly. A member bank determines its required stock subscription based on its capital and surplus (or total deposit liabilities for a mutual savings bank) as reported in the member bank's most recent Call Report. The Reserve Banks are developing software that will automatically pull the information needed to calculate member banks' required stock subscriptions from Call Reports and thereby automate the stock adjustment process. Further, the Board proposes that a Reserve Bank would adjust a member bank's stock subscription each time the member bank files a Call Report.

The proposal would also make certain other technical changes to the regulation. Comments will be accepted for 60 days following publication.

SBA opens Shuttered Venue Operators Grant portal
The U.S. Small Business Administration officially opened the Shuttered Venue Operators Grant (SVOG) application portal yesterday, April 8, 2021, at 12 p.m. EDT, for operators of live venues, live performing arts organizations, museums and movie theaters, as well as live venue promoters, theatrical producers and talent representatives, to apply for critical economic relief, as those eligible entities are some of the first that had to shutter their doors a year ago in response to the COVID-19 pandemic.

The SVOG program was appropriated more than $16.2 billion for grants via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and the American Rescue Plan Act. Of these funds, at least $2 billion is reserved for eligible SVOG applications with up to 50 full-time employees. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue up to a maximum amount of $10 million for a single grant.

FDIC Minority Depository Institutions subcommittee meets Monday
An open meeting of the FDIC Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will be held Monday, April 12, at 1 p.m. EDT. During the public portion of the meeting, the MDI Subcommittee members will share insights into key challenges and opportunities facing their communities and financial institutions.

During the MDI Spotlight feature, Robert James II, Director of Strategic Initiatives and Board Member of Carver State Bank in Savannah, Georgia, will discuss collaboration best practices by a group of Black MDIs that came together to syndicate a $35 million loan to refinance the Atlanta Hawks Emory Sports Medicine Complex.

Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC's strategies to preserve and promote MDIs. Topics include the U.S. Department of the Treasury's new Emergency Capital Investment Program.

The subcommittee meeting will be webcast live at fdic.windrosemedia.com.

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