Upcoming Events
Mandatory Compliance Date: Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers
May 01, 2022
The OCC, Board, and FDIC are issuing a final rule that requires a banking organization to notify its primary Federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification incident has occurred….
Effective Date: Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers
April 01, 2022
The OCC, Board, and FDIC are issuing a final rule that requires a banking organization to notify its primary Federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification incident has occurred….
Effective Date: FDIC Final Rule Regarding Deposit Insurance Simplification
April 01, 2024
The Federal Deposit Insurance Corporation is amending its regulations governing deposit insurance coverage. The amendments simplify the deposit insurance regulations by establishing a ‘‘trust accounts’’ category that governs coverage of deposits of both revocable trusts and irrevocable trusts using a common calculation, and provide consistent deposit insurance treatment for all mortgage servicing account balances held…
Effective Date: OFAC Final Rule on Chinese Military-Industrial Complex Sanctions
February 16, 2022
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding regulations to implement a November 12, 2020 Executive order related to securities investments that finance Communist Chinese military companies, as amended by a June 3, 2021 Executive order related to the Chinese military-industrial complex and Chinese surveillance technology. OFAC intends to supplement…
Effective Date: NACHA Rule on Micro-Entries Phase 2
March 17, 2023
A new Nacha Rule defining and standardizing Micro-Entry formatting and practices has been passed to improve the effectiveness of Micro-Entries as a means of account validation; to better enable Financial Institutions and other parties to identify and monitor Micro-Entries; to improve ACH Network quality. Effective in two phases, though Nacha encourages all ACH Network participants…
Effective Date: NACHA Rule on Micro-Entries
September 16, 2022
A new Nacha Rule defining and standardizing Micro-Entry formatting and practices has been passed to improve the effectiveness of Micro-Entries as a means of account validation; to better enable Financial Institutions and other parties to identify and monitor Micro-Entries; to improve ACH Network quality. Effective in two phases, though Nacha encourages all ACH Network participants…
Effective Date: Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
February 22, 2022
The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal…
Effective Date: FOMC formally adopts comprehensive new rules for investment and trading activity
May 01, 2022
The Federal Open Market Committee (the “Committee”) is committed to upholding the highest standards of ethical conduct. Public trust is critical to the successful execution of the Committee’s monetary policy responsibilities. The Committee is therefore adopting stringent restrictions on the investment and trading activities of covered individuals to ensure public confidence in the impartiality and…
Mandatory Compliance: Servicer Responsibilities in Public Service Loan Forgiveness Communications
March 01, 2022
The Consumer Financial Protection Bureau (CFPB) is issuing this Compliance Bulletin and Policy Guidance (Bulletin) regarding the servicing of Federal student loans, including Federal Family Education Loan Program and Perkins loans, for borrowers who may be eligible for Public Service Loan Forgiveness (PSLF). The Limited PSLF Waiver announced by the Department of Education on October…
Mandatory Compliance: Russian Harmful Foreign Activities Sanctions Regulations
March 01, 2022
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding regulations to implement an April 15, 2021 Russia-related Executive order. OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.
Mandatory Compliance: Exemptions to Suspicious Activity Report Requirements
May 01, 2022
This final rule modifies the requirements for national banks and Federal savings associations, including Federal branches and agencies of foreign banks licensed or chartered by the OCC, to file suspicious activity reports (SARs). It amends the OCC's SAR regulations to allow the OCC to issue exemptions from the requirements of those regulations upon request from…
Comments Due: Small Business Lending Data Collection Under the Equal Credit Opportunity Act
January 06, 2022
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered…
Comments Due: Request for Information Regarding the HMDA Rule Assessment
January 21, 2022
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the 2015 Home Mortgage Disclosure Act (HMDA) Rule and related amendments in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is requesting public comment on its plans for the assessment as well as…
Comments Due: FinCEN Request for Information on Modernization of U.S. AML/CFT Regulatory Regime
February 14, 2022
The Financial Crimes Enforcement Network (FinCEN) is issuing this request for information (RFI) to solicit comment on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. In particular, FinCEN seeks comment on ways to modernize risk-based AML/CFT regulations and guidance, issued pursuant to…
Comments Due: Beneficial Ownership Information Reporting Requirements Proposed Rule
February 07, 2022
FinCEN is promulgating proposed regulations to require certain entities to file reports with FinCEN that identify two categories of individuals: The beneficial owners of the entity; and individuals who have filed an application with specified governmental authorities to form the entity or register it to do business. The proposed regulations would implement Section 6403 of…
Comments Due: Anti-Money Laundering Regulations for Real Estate Transactions Advance Notice of Proposed Rulemaking
February 21, 2022
On December 8, 2021, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on potential requirements under the Bank Secrecy Act (BSA) for certain persons involved in real estate transactions to collect, report, and retain information. FinCEN is extending the comment period of the ANPRM until February 21, 2022.
Comments Due: Proposed Pilot Program on Sharing of SARs and Related Information With Foreign Branches, Subsidiaries, and Affiliates
March 28, 2022
FinCEN is issuing this notice of proposed rulemaking to seek public comment on the proposed establishment of a limited-duration pilot program, subject to conditions set by FinCEN, to permit a financial institution with a suspicious activity report (SAR) reporting obligation to share SARs and information related to SARs with the institution's foreign branches, subsidiaries, and…
Comments Due: Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services
April 11, 2022
The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees that are not subject to competitive processes that ensure fair pricing. The submissions to this request for information will serve to assist the CFPB and policymakers in exercising its enforcement, supervision, regulatory, and other authorities to create fairer,…
Comments Due: FRB Framework for the Supervision of Insurance Organizations
April 05, 2022
The Board is seeking comment on a new supervisory framework for depository institution holding companies significantly engaged in insurance activities, or supervised insurance organizations. The proposed framework would provide a supervisory approach that is designed specifically to reflect the differences between banking and insurance. Within the framework, the application of supervisory guidance and the assignment…
Comments Due: OCC Request for Comment on renewal of its “Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks” (Guidance)
March 07, 2022
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and respondents are not required to respond…
Comments Due: Guidelines for Evaluating Account and Services Requests
April 22, 2022
The Board of Governors of the Federal Reserve System (Board) is issuing a supplemental notice and request for comment on updates to its proposed guidelines (Account Access Guidelines) for Federal Reserve Banks (Reserve Banks) to utilize in evaluating requests for access to Reserve Bank master accounts and services (accounts and services). The supplemental notice includes…
Live User Walkthrough (03/2022)
March 22, 2022
In this 30-45 minute session, we will demonstrate all the features of the Compliance Alliance website. During this meeting, we encourage our members to ask us about even the site’s most basic functions – after all, there are no bad questions, only bad answers. If you have any areas of focus you would like addressed…
ATR / QM Updates (webinar)
March 17, 2022
Description: The Consumer Financial Protection Bureau (CFPB) issued extensive amendments to the Qualified Mortgage rules in 2021, with some mandatory compliance dates extending well into 2022. This Webinar will take you on a deep dive of these amendments, how they may affect your institution, and how best to comply with the new requirements. We will…
March 2022 Compliance Huddle
March 09, 2022
Every month, Compliance Alliance gathers bankers from our community nationwide and engages them to an open discussion about the issues that their organizations are navigating. We invite our members to share their concerns and experiences with input and guidance from the compliance professionals who host the event. Ways to Participate: Upon registration, you can submit a topic…
Live Membership Demo 03-31-2022
March 31, 2022
Join us for a live demonstration of the benefits of membership with Compliance Alliance. This interactive virtual tour will provide an in-depth look at each of our tool types and resource categories, as well as an overview of all of C/A's additional services. This meeting is presented by our Membership team, and will last about an…