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 Board releases discussion paper that examines pros and cons of a potential U.S. central bank digital currency (CBDC)

    January 20, 2022 / Source: FRB

    The Federal Reserve Board on Thursday released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome.

  • Consumer Financial Protection Bureau to Examine Colleges’ In-House Lending Practices

    January 20, 2022 / Source: CFPB

    CFPB Publishes Oversight Protocols for Institutional Student Lending

  • CFPB Releases Report on Diversity and Inclusion within Financial Services

    January 19, 2022 / Source: CFPB

    Today the Bureau’s Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau’s Office of Minority and Women Inclusion (OMWI) is charged with developing standards for assessing diversity and inclusion at the financial entities the Bureau regulates. To further that effort, CFPB engaged in analysis of public data to gain a better understanding of diversity and inclusion within the financial services sector and compiled a report to share its findings. The Report can help industry understand more about diversity and inclusion initiatives that their peers are undertaking and the various options available to entities of different sizes.

  • Americans pay $120 billion in credit card interest and fees each year

    January 19, 2022 / Source: CFPB

    At almost a trillion dollars outstanding, credit cards are the largest consumer lending product by number of users – over 175 million consumers have at least one credit card – and one of the largest sources of consumer debt.1 From 2018 to 2020, the CFPB estimates that Americans paid roughly $120 billion per year in credit card interest and fees.2 That works out to about $1,000 per year for every American household. During the pandemic, credit card debt started to decline as many households reduced their borrowing and paid down more. But, as the economy has improved, credit card debt is on the rise again.

  • Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2022

    January 19, 2022 / Source: OCC

    On January 12, 2022, 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 as of January 12, 2022, for violations occurring on or after November 2, 2015.

  • Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Straight-line Winds and Tornadoes

    January 19, 2022 / Source: FDIC

    The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, straight-line winds and tornadoes.

  • Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances Jan 2022

    January 18, 2022 / Source: FRB

    The Federal Reserve Board on Tuesday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. The most recent survey was conducted in collaboration with the Federal Reserve Bank of New York between November 5, 2021, and November 19, 2021, and includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey.

  • Federal Reserve Board issues enforcement action with Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc, and announces termination of enforcement actions with Iowa Prairie Ba

    January 18, 2022 / Source: FRB

    The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Allegiant United Holdings, LLC, Irvine, California; Nano Financial Holdings, Inc., Irvine, California; and Nano Banc, Irvine, California Cease and Desist Order dated January 18, 2022

  • CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law

    January 14, 2022 / Source: CFPB

    Today, the Consumer Financial Protection Bureau (CFPB) announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act (FACA).

  • It’s illegal to penalize borrowers for being religious

    January 14, 2022 / Source: CFPB

    The First Amendment to the U.S. Constitution guarantees the free exercise of religion. Many of our nation’s laws, like the Equal Credit Opportunity Act, protect individuals from discrimination based on their religious beliefs.

  • Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2021

    January 14, 2022 / Source: FRB

    The Federal Reserve Board on Friday announced preliminary financial information indicating that the Reserve Banks had estimated net income of $107.8 billion during 2021, of which $107.4 billion was remitted to the U.S. Treasury as required under the Federal Reserve Act. The Federal Reserve Act requires the Reserve Banks to remit excess earnings to the U.S. Treasury after providing for operating expenses, payment of dividends, and the amount necessary to maintain surplus. The 2021 audited Reserve Bank financial statements are expected to be published later this year and may include adjustments to these preliminary unaudited results.

  • Acting Comptroller Discusses Crypto-Assets and Regulation

    January 13, 2022 / Source: OCC

    Acting Comptroller of the Currency Michael J. Hsu today discussed the regulation of stablecoins and other crypto-assets before the BritishAmerican Business Transatlantic Finance Forum 2021-2022 Executive Roundtable.

  • CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting

    January 13, 2022 / Source: CFPB

    New Law Limits Surprise Medical Bills

  • Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Washington Affected by Flooding and Mudslides

    January 12, 2022 / Source: FDIC

    The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Washington affected by flooding and mudslides.

  • Summary of Commentary on Current Economic Conditions by Federal Reserve District Jan 2022

    January 12, 2022 / Source: FRB

    Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

  • Our public inquiry on buy now, pay later

    January 12, 2022 / Source: CFPB

    Several weeks ago, we issued a market-monitoring inquiry into “buy now, pay later” (BNPL) products and business practices. Now we are inviting anyone interested in this market to submit comments -- including families, small businesses, and international regulators.

  • CFPB Sues United Holding Group, Its Affiliates, and Its Owners for Illegal Debt Collection Practices

    January 11, 2022 / Source: CFPB

    The debt collection company and its owners knowingly used third-party collectors that engaged in unlawful and deceptive tactics

  • FDIC and FinCEN Launch Digital Identity Tech Sprint FDIC

    January 11, 2022 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.

  • FDIC and FinCEN Launch Digital Identity Tech Sprint FinCEN

    January 11, 2022 / Source: FinCEN

    The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.

  • Tax Filing Season Begins January 24

    January 10, 2022 / Source: Treasury

    The Internal Revenue Service (IRS) announced today that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

  • Federal Reserve Board finalizes technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock

    January 10, 2022 / Source: FRB

    The Federal Reserve Board on Monday finalized a technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock. The final rule is substantially similar to the proposal.

  • November Sets New Record for Emergency Rental Assistance Disbursed—$2.9 Billion to Aid 665,000 Households—As Eviction Filings Remain Below Pre-Pandemic Levels Nationally

    January 07, 2022 / Source: Treasury

    Treasury shifting more than $1 billion within states or to high-demand programs in first round of reallocation.

  • Consolidated Reports of Condition and Income for Fourth Quarter 2021

    January 07, 2022 / Source: FDIC

    The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2021, report date and provide guidance on certain reporting issues. This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR). Starting your preparation early will help you identify and resolve any edit exceptions before the submission deadline. If you later find that certain information needs to be revised, please make the appropriate changes to your Call Report data and promptly submit the revised data file to the CDR.

  • Protecting servicemembers from predatory lending

    January 07, 2022 / Source: CFPB

    Financial readiness is military readiness. A servicemember who is focused on repaying a predatory loan is not focused on her mission. And a servicemember who loses his security clearance as a result of a default or other credit issue may not be able to serve at all. Protecting American servicemembers and their families is a core part of the Consumer Financial Protection Bureau’s mission, and it is work that we take very seriously. That is why, this week, the Bureau partnered with the Department of Defense and the Department of Justice to ensure that military families enjoy the full protections of federal law.

  • Hold credit reporting companies accountable for incorrect reports and shoddy service

    January 06, 2022 / Source: CFPB

    “This is an unfair system …” “This is predatory and life ruining and preventing me from purchasing a home.” “The credit reporting system is broken.” In less than two years, we have received more than 800,000 credit or consumer reporting complaints. That averages out to more than a thousand complaints every single day. Consumers have described the obstacles they encounter when incorrect or incomplete information persists on their reports: difficulties seeking new credit, moving into a new home, or landing a new job. When information is wrong or incomplete, consumers have the right to get that information corrected. But in their complaints to the CFPB, consumers talked about a system by which the nationwide consumer reporting agencies (NCRAs)—Equifax, Experian, and TransUnion—put up barriers, hampering their ability to exercise their rights.