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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CFPB Announces Additional Member of Taskforce on Federal Consumer Financial Law
January 17, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) today announced an additional member who will serve on the Taskforce on Federal Consumer Financial Law.
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Cybersecurity: Joint Statement on Heightened Cybersecurity Risk
January 17, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) today issued a joint statement on heightened cybersecurity risk to remind supervised financial institutions of sound cybersecurity risk management principles.
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FDIC Updates Money Smart for Small Business Credit and Banking Modules
January 16, 2020 / Source: FDIC
As part of their ongoing commitment to strengthening bank-community partnerships, the Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) today released two updates to the popular Money Smart for Small Business curriculum.
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News Release 2020-4: OCC Enforcement Actions and Terminations
January 16, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
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Former Chief Lending Officer Of a New Jersey Bank Admits Making False Statements To United States In An Effort To Secure Federal Guarantees On Loans
January 15, 2020 / Source: FDICOIG
A Pennsylvania man admitted improperly securing a federal guarantee on a loan by making false statements to the Small Business Administration (SBA) about the creditworthiness of those loans while serving as the chief lending officer of a New Jersey bank, U.S. Attorney Craig Carpenito announced.
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Equifax Settles Mega-Breach Lawsuit for $1.38 Billion
January 15, 2020 / Source: BankInfo Security
A federal judge in Atlanta has given final approval to a settlement that resolves a class action lawsuit against credit bureau Equifax, which in 2017 suffered one of the largest data breaches in history.
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Federal Reserve Board announces members of its Community Depository Institutions Advisory Council for 2020
January 14, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president of the council for 2020.
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IRS Reminds Taxpayers that Direct Deposit is the Fastest Way to Receive a Refund
January 14, 2020 / Source: NACHA
In a recent web post, the IRS reminded taxpayers that with tax season upon us “choosing to have (your) tax refund directly deposited … is the fastest way to get (your) refund.”
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Consolidated Reports of Condition and Income for Fourth Quarter 2019
January 13, 2020 / Source: FDIC
The Consolidated Reports of Condition and Income (Call Report) for the December 31, 2019, report date must be submitted to the agencies' Central Data Repository by Thursday, January 30, 2020.
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Federal Reserve Board announces appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2020
January 13, 2020 / Source: FRB
The Federal Reserve Board on Friday announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2020.
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Consumer Financial Protection Bureau Issues No-Action Letter to Facilitate Housing Counseling Services for Prospective Home Buyers
January 10, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies (HCAs) certified by the U.S.
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Community Reinvestment Act: Notice of Proposed Rulemaking
January 10, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have issued a joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act (CRA).
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Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2019
January 10, 2020 / Source: FRB
The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results.
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Consumer Financial Protection Bureau Announces Action Against Monster Loans, Lend Tech Loans, and Associated Student Loan Debt-Relief Companies
January 09, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct.
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Federal Reserve Board issues enforcement action with United Bank of El Paso del Norte
January 09, 2020 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action.
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A Higher Dollar Limit for Same Day ACH Means a Huge Growth Opportunity for B2B
January 08, 2020 / Source: NACHA
In the first three quarters of 2019 there were 36.8 million Same Day ACH payments used for B2B transactions, transferring $61 billion. Those numbers are up 49.8% and 47.1%, respectively, from the same time in 2018.
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Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2020
January 08, 2020 / Source: OCC
On December 30, 2019, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The adjusted maximum penalties are effective immediately for violations occurring on or after November 2, 2015.
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HUD ISSUES IMPROVED FAIR HOUSING RULE
January 07, 2020 / Source: HUD
he U.S. Housing and Urban Development (HUD) today published its proposed Affirmatively Furthering Fair Housing (AFFH) rule, which offers clearer guidance to states and local governments to help them improve affordable housing choices in their community.
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Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Stephenson National Bank & Trust, Marinette, Wis.
January 07, 2020 / Source: OCC
There are a variety of counterfeit items in circulation, none of which resemble the bank's authentic item. The counterfeit checks may be identified by the following traits:
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Nacha Announces New Officers and Directors for 2020
January 07, 2020 / Source: NACHA
Nacha today announced its new Board Chairperson and Secretary/Treasurer as well as six new directors.
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America Saves Week is Coming; Here’s Why You Need to Be Involved
January 06, 2020 / Source: NACHA
You don’t have to look far to find proof that many Americans aren’t saving enough. And we’re not even talking about retirement. What if the car’s transmission dies? What if the refrigerator is toast?
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US Conflict With Iran Sparks Cybersecurity Concerns
January 06, 2020 / Source: Bank Info Security
After an Iranian general was killed in a U.S. drone strike in Baghdad late Thursday night, security experts and the Department of Homeland Security warned of possible retaliatory cyber strikes from Iran that could target critical infrastructure, government agencies as well as private businesses.
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OCC Releases CRA Evaluations for 24 National Banks and Federal Savings Associations
January 03, 2020 / Source: OCC
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Reopening Comment Period for Proposed Rule to Amend Swap Margin Requirements
January 03, 2020 / Source: FDIC
The FDIC, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, Farm Credit Administration, and Federal Housing Finance Agency (collectively, the agencies) are reopening the comment period for the notice of proposed rulemaking (NPR) that would amend swap margin requirements for a registered swap dealer that is an insured depository institution or is otherwise supervised by one of the agencies.
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OCC Releases 2020 Schedule of Workshops for Directors and Senior Management of National Community Banks and Federal Savings Associations
January 02, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today announced its 2020 schedule of workshops for board directors and bank management of national community banks and federal savings associations.