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.
Whitelist info@compliancealliance.com to ensure that you receive your update email.
If you're still having difficulties receiving this Daily Email Campaign, please contact us at once through info@compliancealliance.com.
-
Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank
October 29, 2020 / Source: OCC
The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association.
-
Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation
October 29, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation.
-
CFPB Private Education Loan Ombudsman Issues 2020 Annual Report
October 29, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman (Ombudsman) today issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans.
-
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
October 28, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017.
-
R.I. Man Admits to Fraudulently Seeking $4.7 Million in COVID-19 Stimulus Loans
October 28, 2020 / Source: FDIC OIG
A Middletown, R.I., man currently serving a term of federal supervised release having been convicted and incarcerated for robbing four banks, admitted in federal court in Providence today to fraudulently seeking more than $4.7 million in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
-
FDIC Risk Management Manual of Examination Policies October 2020
October 28, 2020 / Source: FDIC
The FDIC’s Risk Management Manual of Examination Policies (RMS Manual) was updated.
-
Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
October 27, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements.
-
Interest Rate Risk: Interest Rate Risk Statistics Report
October 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today published the first semiannual Interest Rate Risk Statistics Report.
-
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Zeta to Close SHARE THIS PAGE:
October 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices along the Gulf Coast of the United States and in other areas impacted by Hurricane Zeta at their discretion.
-
Office of the Comptroller of the Currency Issues True Lender Rule
October 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party.
-
Equity Bank of Andover, Kansas Assumes All of the Deposits of Almena State Bank of Almena, Kansas
October 26, 2020 / Source: FDIC
Almena State Bank of Almena, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties unrelated to the current economic conditions resulting from the pandemic.
-
Concentrations of Credit: Revised Comptroller’s Handbook Booklet and Rescissions
October 26, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) issued today the revised “Concentrations of Credit” booklet of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks).
-
FDIC Announces Meeting of Advisory Committee on Community Banking
October 23, 2020 / Source: FDIC
-
Agencies Invite Comment on Proposed Rule under Bank Secrecy Act
October 23, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act.
-
Federal Reserve Board fines the Goldman Sachs Group, Inc. $154 million for failure to maintain appropriate oversight, internal controls, and risk management with respect to 1Malaysia Development Berha
October 22, 2020 / Source: FRB
The Federal Reserve Board on Thursday announced it has fined the Goldman Sachs Group, Inc. $154 million for the firm's failure to maintain appropriate oversight, internal controls, and risk management with respect to Goldman's involvement in a far-reaching scheme to defraud a Malaysian state-owned investment and development company, 1Malaysia Development Berhad (1MDB).
-
Consumer Financial Protection Bureau Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records
October 22, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records.
-
Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Berkshire Hathaway, Inc.
October 20, 2020 / Source: OFAC
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $4,144,651 settlement with Berkshire Hathaway, Inc. (“Berkshire”), a multinational conglomerate holding company based in Omaha Nebraska, and its foreign subsidiary, Iscar Kesici Takim Ticareti ve Imalati Limited Sirket (“Iscar Turkey”). Berkshire, on behalf of itself and its subsidiary located in Turkey, has agreed to settle its potential civil liability for 144 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR).
-
Federal Reserve Board issues enforcement action with employee of First Savings Bank
October 20, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced the execution of the enforcement action.
-
Consumer Financial Protection Bureau Issues Final Rule Extending the GSE Patch
October 20, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today issued a final rule to extend the Government-Sponsored Enterprise (GSE) Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z.
-
Agencies Issue Final Rule to Strengthen Resilience of Large Banks
October 20, 2020 / Source: FDIC
The federal bank regulatory agencies on Tuesday finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period.
-
Agencies Finalize Rule to Reduce the Impact of Large Bank Failures
October 20, 2020 / Source: FDIC
The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations.
-
The FDIC Approves Interim Final Rule to Provide Temporary Relief from Part 363 Audit and Reporting Requirements
October 20, 2020 / Source: FDIC
Due to recent disruptions in economic conditions, some insured depository institutions (IDIs) have experienced large cash inflows resulting from participation in the Paycheck Protection Program (PPP), the Money Market Mutual Fund Liquidity Facility (MMLF), and the Paycheck Protection Program Liquidity Facility (PPPLF), or due to other factors such as the effects of other government stimulus efforts.
-
FHFA Further Extends COVID-Related Loan Flexibilities
October 19, 2020 / Source: FHFA
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until November 30, 2020.
-
First Bitcoin “Mixer” Penalized by FinCEN for Violating Anti-Money Laundering Laws
October 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has assessed a $60 million civil money penalty against Larry Dean Harmon, the founder, administrator, and primary operator of Helix and Coin Ninja, convertible virtual currency “mixers,” or “tumblers,” for violations of the Bank Secrecy Act (BSA) and its implementing regulations.
-
FDIC Survey Shows 95 Percent of U.S. Households Were Banked in 2019
October 19, 2020 / Source: FDIC
A record 95 percent of U.S. households had a bank or credit union account in 2019, according to a new biennial survey and report released today by the Federal Deposit Insurance Corporation (FDIC).