The House Financial Services Committee considered an amendment to the Secure and Fair Enforcement Banking Act of 2019 (the "SAFE Banking Act"), which would provide a "safe harbor" for financial institutions and banks that supply financial services to cannabis-related businesses. According to a staff memorandum, the amendment would prohibit federal banking regulators from engaging in legal actions against financial institutions and banks that serve state-authorized cannabis businesses. The amendment adds protections for "ancillary businesses," and requires the Federal Financial Institution

The SEC awarded $50 million to two whistleblowers for providing information that helped the agency to bring a successful enforcement action. According to the SEC Order Determining Whistleblower Award Claims, which redacted many key case facts, one whistleblower received $37 million, while the other received $13 million. The SEC noted that $37 million is the agency's third-highest award to date. Two other whistleblowers were denied awards because their original information, the SEC noted, did not cause the staff to do any of the following: commence an investigation; open or reopen an

The FDIC named Nick Podsiadly as General Counsel, Harrel Pettway as Senior Deputy General Counsel, and Leonard Chanin as Deputy to the Chair. Mr. Podsiadly - currently Deputy General Counsel and Senior VP for Fifth Third Bancorp - will replace Charles Yi as FDIC General Counsel on April 8, 2019. (Mr. Yi previously announced he was planning to step down by the end of March.) Before being promoted to Senior Deputy General Counsel, Mr. Pettway served as Deputy General Counsel in the FDIC's legal division. Mr. Chanin, who joined the FDIC on March 18, 2019 as Deputy to the Chair, will advise on

The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") sanctioned over two dozen individuals and entities for allegedly transferring over a billion dollars and euros to the Islamic Revolutionary Guard Corps ("IRGC") and Iran's Ministry of Defense and Armed Forces Logistics ("MODAFL"). The designated persons include a network of Iran-, United Arab Emirates- and Turkey-based front companies. Pursuant to Executive Order 13224, OFAC also designated MODAFL and an Iranian bank for their assistance to the IRGC-Qods Force. As a result of OFAC's action, all property and interests in the

The Office of the Comptroller of the Currency ("OCC") reminded all national banks and federal savings associations that they are forbidden from disclosing nonpublic OCC information ( e.g., investigatory files) without approval. The OCC said that any improper disclosure or use of nonpublic OCC information without the explicit permission of the OCC may incur criminal penalties pursuant to federal law.