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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Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers
June 03, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer.
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FHFA Publishes Final Rule on the FHLBanks’ Housing Goals
June 03, 2020 / Source: FHFA
To help underserved borrowers, the Federal Housing Finance Agency (FHFA) today sent to the Federal Register for publication a final rule on the Federal Home Loan Banks’ (FHLBanks) Housing Goals. The new goals take effect in 2021 and enforcement of the rule will be phased in over three years.
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Consumer Compliance Examination Manual May 2020 Update
June 03, 2020 / Source: FDIC
The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities.
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Consumer Financial Protection Bureau Settles with Short-term Lenders for Engaging in Unfair and Deceptive Acts and Practices
June 02, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Main Street Personal Finance, Inc. and its subsidiaries—ACAC, Inc., which conducts business under the name Approved Cash Advance, and Quik Lend, Inc.—(collectively, Approved Cash).
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OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations June 2020
June 02, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 1, 2020 through May 31, 2020.
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FHFA Announces Public Webinar on Re-Proposed Capital Rule for the Enterprises
June 01, 2020 / Source: FHFA
To provide transparency and better inform public comment and the housing finance market, the Federal Housing Finance Agency (FHFA) will host a webinar on the re-proposed capital rule for Fannie Mae and Freddie Mac (the Enterprises) on June 4 from 2pm to 3pm EDT.
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OCC Sounds Warning About Effects of COVID-19 ‘Lockdowns’ on Banking System
June 01, 2020 / Source: OCC
Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system.
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Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances Feb 2020
May 29, 2020 / Source: FRB
The Federal Reserve Board on Friday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.
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Acting Comptroller of the Currency Statement Regarding the ‘Madden’ Rule
May 29, 2020 / Source: OCC
Acting Comptroller of the Currency Brian P. Brooks today released the following statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible before the transfer continues to be permissible after the transfer.
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FDIC Issues CRA Examination Schedules for Third and Fourth Quarter 2020
May 29, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third and fourth quarter 2020.
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FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources
May 28, 2020 / Source: FHFA
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR).
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CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement
May 28, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today released a first of its kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.
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FDIC Extends Comment Period on Proposal to Ensure Safety and Soundness of Industrial Banks
May 28, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) has extended the public comment period for its proposed rule regarding industrial banks and industrial loan companies (industrial banks) by 30 days to July 1, 2020.
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OCC Issues Third and Fourth Quarter 2020 CRA Evaluation Schedule
May 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter and fourth quarter 2020.
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Sampling Methodologies: Revised Comptroller’s Handbook Booklet
May 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued the revised “Sampling Methodologies” booklet of the Comptroller’s Handbook.
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Director, Shareholder, and Member Meetings: Interim Final Rule
May 26, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) is issuing an interim final rule that amends 12 CFR 5 and 7 to clarify that national banks and federal savings associations (FSAs) (collectively, banks) may permit telephonic and electronic participation at all board of directors, shareholder, and, as applicable, member meetings.
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Freddie Mac Announces Online Resources to Help Consumers
May 26, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today announced a number of online resources available to help homeowners and renters navigate the relief and support the company has made available in the face of COVID-19. The tools are part of a dedicated effort to raise awareness of the options consumers have to help them stay in their homes.
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Mortgage Rates Decrease May 21, 2020
May 22, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.24 percent.
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Treasury Sanctions Senior Nicaraguan Government Officials, Increasing Pressure on President Ortega’s Regime
May 22, 2020 / Source: OFAC
Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two senior Nicaraguan government officials, Julio Cesar Aviles Castillo and Ivan Adolfo Acosta Montalvan for supporting the corrupt Ortega regime.
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Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020
May 21, 2020 / Source: OCC
Comptroller of the Currency Joseph M. Otting today announced he will step down from office on May 29, 2020, and pursuant to 12 USC 4 as designated by Secretary of the Treasury Steven T. Mnuchin, First Deputy and Chief Operating Officer Brian P. Brooks will become Acting Comptroller of the Currency.
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Consumer Financial Protection Bureau Issues Consumer Complaint Bulletin
May 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today issued a report analyzing the complaints received during the COVID-19 pandemic.
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Minutes of the Federal Open Market Committee, April 28-29, 2020
May 21, 2020 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2020.
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Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans
May 20, 2020 / Source: FDIC
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs.
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CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt
May 20, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for the public to comment on its Supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures.
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OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations
May 20, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).