With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records administration and its whistleblower program. It has also introduced a new project to evaluate its system of rules to see where simplification is warranted. FinCEN is moving against a Chinese bank that helps North Korea.
The BCFP published a Compliance Bulletin to remind banks that they must have reasonable written policies and procedures to insure that any consumer reporting data they pass on to consumer reporting agencies is accurate and complete. This has been a requirement for some time, but the BCFP has notice an uptick in inaccurate date, particularly with regard to deposit account data. Banks can expect increased focus on these procedures during the next consumer compliance examination. After 7 years of review, the CFTC has determined that Korea has sufficient supervisory systems in place to permit certain Korean swaps entities to do business with U.S. persons. OFAC is abandoning certain reporting requirements in connection with remittance transactions with Cuba.