CUNA Regulatory Comment Call


July 1, 2002

Disclosure of OFAC Penalties

(NOT A MAJOR RULE)

EXECUTIVE SUMMARY

Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Associate General Counsel Mary Dunn at mdunn@cuna.com and to Assistant General Counsel Jeffrey Bloch at jbloch@cuna.com; or mail them to Mary and Jeff in c/o CUNA’s Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, Suite 600, Washington, DC 20004-2601. You may also contact us at 800-356-9655, ext. 6032, if you would like a copy of the rules, or you may access them on the Internet at the following address:

http://www.treas.gov/offices/enforcement/ofac/civpen/availinf.pdf

BACKGROUND

OFAC has decided to provide more information to the public in order to promote greater awareness of its enforcement activities and to encourage greater compliance with the OFAC sanctions program. This proposed rule is intended to achieve that goal, consistent with statutory and regulatory requirements.

DESCRIPTION OF THE PROPOSED RULE

OFAC will now disclose to the public information on civil penalties on a periodic basis, which will be at least quarterly and will be available on the OFAC website at www.treas.gov/offices/enforcement/ofac/index.html. Specifically, in proceedings against an entity that results in a civil penalty or informal settlement, OFAC will release the following information:

For now, OFAC will not release names of individuals, but is seeking comment on possible disclosure of individual names in the future. Currently, penalties and settlements involving individuals will be released periodically on an aggregate basis.

The following types of information will not be disclosed under this rule:

QUESTIONS TO CONSIDER REGARDING THE OFAC PROPOSED RULE

  1. Should OFAC civil penalty information be disclosed, as described in the proposed rule? Other than the exceptions listed above, are there any other types of information that should not be disclosed?













  2. The rule will only include names of entities, not individuals. Should the names of individuals be disclosed?













  3. Other comments?
















Eric Richard • General Counsel • (202) 508-6742 • erichard@cuna.com
Mary Mitchell Dunn • SVP & Associate General Counsel • (202) 508-6736 • mdunn@cuna.com
Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 • jbloch@cuna.com
Catherine Orr • Senior Regulatory Counsel • (202) 508-6743 • corr@cuna.com