Banker Compliance News
Banking compliance professionals require hot-topic news on consumer and regulatory compliance updates, decisions, amendments, changes and launches from across a wide spectrum of news agencies and federal websites. Not only do we update our News pages with individual news items and their links, but these are sent to members in a Daily Bank Compliance email that can be signed up for once new members log-in. Compliance Alliance monitors these agencies for bank compliance news updates throughout the day—posting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.
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Federal Reserve announces details of new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States
August 06, 2020 / Source: FRB
The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.
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OCC Assesses $80 Million Civil Money Penalty Against Capital One
August 06, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A.
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Additional Loan Accommodations Related to COVID-19 Event
August 05, 2020 / Source: FDIC
The Federal Financial Institutions Examination Council (FFIEC) on behalf of its members issued a statement to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of the initial loan accommodation periods provided during the Coronavirus Disease 2019 (COVID-19 event). The statement also addresses issues relative to accounting and regulatory reporting and internal control systems.
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Troubled Debt Restructurings: Joint Statement on Additional Loan Accommodations Related to COVID-19
August 05, 2020 / Source: OCC
The Federal Financial Institutions Examination Council on behalf of its members1 today issued a joint statement to provide prudent risk management principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable during the coronavirus disease 2019 (COVID-19) outbreak.
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FDIC Issues List of Banks Examined for CRA Compliance August 4, 2020
August 04, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).
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OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19
August 04, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued an interim final rule clarifying rules regarding account withdrawals from collective investment funds (CIF).
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Boulder Man Pleads Guilty To Nearly $32 Million Bank Fraud Scheme
August 03, 2020 / Source: FDIC OIG
United States Attorney Jason R. Dunn announced today that Michael Scott Leslie, age 57, of Boulder, Colorado, pleaded guilty to federal bank fraud and aggravated identity theft charges.
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Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions.
August 03, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, today issued responses to three frequently asked questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions.
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FDIC Makes Public June 2020 Enforcement Actions
July 31, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June.
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CFPB issues HMDA FAQs - Multiple Data Points
July 31, 2020 / Source: CFPB
The Bureau released two HMDA FAQs in response to questions it has received. The FAQs cover reporting requirements for certain data points, and specifically discuss reporting when the information is not the dispositive factor in a credit decision.
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Volcker Rule Covered Funds: Final Rule
July 31, 2020 / Source: OCC
On July 31, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the U.S. Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (collectively, the agencies) published a final rule amending the regulations that implement section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker rule.
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Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
July 30, 2020 / Source: FDIC
On July 22, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published in the Federal Register for public comment several revisions to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101).
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FinCEN Issues Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic
July 30, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic.
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Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIM
July 29, 2020 / Source: FRB
The Federal Reserve on Wednesday announced the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021.
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Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court
July 29, 2020 / Source: FDIC OIG
A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest.
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Federal Reserve issues FOMC statement July 29, 2020
July 29, 2020 / Source: FRB
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
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Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30
July 28, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30.
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FDIC Consumer News: Working Through Financial Difficulty
July 28, 2020 / Source: FDIC
The FDIC encourages banks to work with their customers experiencing financial difficulty, where possible.
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Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
July 28, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.
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Freddie Mac Issues Monthly Volume Summary for June 2020
July 27, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today posted to its website its Monthly Volume Summary for June 2020, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments.
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Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering
July 27, 2020 / Source: FDIC OIG
A Washington tech executive was taken into custody today and charged with fraudulently seeking over $5.5 million in Paycheck Protection Program (PPP) loans and laundering the proceeds, announced Acting Assistant Attorney General Brian C. Rabbitt at of the Justice Department’s Criminal Division and U.S. Attorney Brian T. Moran of the U.S. Attorney’s Office for the Western District of Washington.
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Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act
July 27, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation and the Securities and Exchange Commission have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act.
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FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records
July 24, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to individuals with certain criminal offenses on their records who seek employment in the banking industry.
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CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data
July 24, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.
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Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory i
July 24, 2020 / Source: FRB
The Federal Reserve Board on Friday finalized a rule that implements technical, clarifying updates to its Freedom of Information Act (FOIA) procedures and changes to its rules for the disclosure of confidential supervisory information (CSI), which is supervisory information belonging to the Board that may include proprietary financial institution-specific information.