CUNA Regulatory Comment Call

February 25, 2003

OFAC Updated Internal Economic Sanctions Enforcement Guidelines



  1. Are there additional situations besides the examples enumerated in the Guidelines in which credit unions and other financial institutions should be issued a warning letter instead of a proposed civil penalty?

    Yes ______ No ______

    If so, please describe those additional situations.

  2. Are there factors you believe should serve to mitigate a proposed OFAC penalty that are not included in the list in the Guidelines?

    Yes ______ No ______

    If yes, please indicate those additional factors.

  3. Do you agree with the list of aggravating factors that would increase a proposed penalty?

    Yes ______ No ______

    Please explain why or why not.

  4. OFAC indicates that the voluntary disclosure mitigation provision (the proposed penalty will be mitigated by at least 50%) provides an incentive for institutions that have violated economic sanctions laws to come forward a provide OFAC with information it can use to better enforce its economic sanctions programs. Do you feel the voluntary disclosure provision serves as an effective incentive?

    Please explain why or why not.

  5. Do you feel these Guidelines are sufficiently flexible?

    Yes ______ No ______

    If not, please explain in what way(s) they should be made more flexible.

  6. Other comments?

Eric Richard • General Counsel • (202) 508-6742 •
Mary Mitchell Dunn • SVP & Associate General Counsel • (202) 508-6736 •
Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 •
Catherine Orr • Senior Regulatory Counsel • (202) 508-6743 •