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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OCC Publication Focuses on Bank Investments in Opportunity Zones
January 20, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.”
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Federal Reserve Board finalizes a rule that updates the Board’s capital planning requirements to be consistent with other Board rules that were recently modified
January 20, 2021 / Source: FRB
The Federal Reserve Board on Tuesday finalized a rule that updates the Board's capital planning requirements to be consistent with other Board rules that were recently modified. The final rule is generally similar to the proposal.
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Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations
January 20, 2021 / Source: FDIC
The FDIC, Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency have issued responses to frequently asked questions (FAQs) regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports (SARs).
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Revised Guidelines for Appeals of Material Supervisory Determinations January 19, 2021
January 20, 2021 / Source: FDIC
On January 19, 2021, the FDIC’s Board of Directors adopted revised Guidelines for Appeals of Material Supervisory Determinations.
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Supervisory Highlights, COVID-19 Prioritized Assessments Special Edition (Issue 23)
January 19, 2021 / Source: CFPB
This is a special edition of Supervisory Highlights that details the Bureau’s Prioritized Assessment (PA) work. PA observations are described in the areas of mortgage, auto and student loan servicing, credit card account management, consumer reporting-furnishing, debt collection, deposits, prepaid cards, and small business lending.
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Consumer Financial Protection Bureau Issues Final Rule on the Role of Supervisory Guidance
January 19, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions.
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Consumer Financial Protection Bureau Issues Rule on Higher-Priced Mortgage Loan Escrow Exemption
January 19, 2021 / Source: CFPB
The Bureau of Consumer Financial Protection (Bureau) today issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
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FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act
January 15, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations.
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Consolidated Reports of Condition and Income for Fourth Quarter 2020
January 15, 2021 / Source: FDIC
The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. 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).
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Computer-Security Incident Notification: Notice of Proposed Rulemaking SHARE THIS PAGE:
January 15, 2021 / Source: OCC
On January 12, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a notice of proposed rulemaking (NPR) that would require a covered entity to provide its primary federal regulator with prompt notification of any “computer-security incident” that rises to the level of a “notification incident,” as defined in the NPR.
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OCC Releases 2021 Schedule of Virtual Bank Director Workshops
January 15, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today announced its 2021 schedule of free, virtual workshops for board of directors of national banks and federal savings associations.
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OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit
January 15, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.
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FinCEN Extends Comment Period for Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transactions
January 14, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA).
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SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19
January 14, 2021 / Source: SBA and Treasury
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET.
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Bureau takes additional steps to foster an inclusive financial system
January 13, 2021 / Source: CFPB
I am pleased to announce that the Bureau has published the "Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency."
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Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2021
January 13, 2021 / Source: OCC
On December 31, 2020, 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).
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OCC Conditionally Approves Conversion of Anchorage Digital Bank
January 13, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association.
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Changes Ahead Mean a Better Experience on the Modern ACH Network
January 12, 2021 / Source: NACHA
Moving the modern ACH Network forward to provide users with the best possible experience is one of Nacha’s most important goals. That’s why the ACH Network is always evolving, and this year will be no different.
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What you should know about tech support scams
January 12, 2021 / Source: CFPB
During the pandemic, we’re doing more online – working, connecting with family and friends, shopping, and banking. So, if something goes wrong with your device, you want to fix it right away. Scammers are preying on this, offering phony tech support services. Here’s what you should know about tech support scams.
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Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2020
January 11, 2021 / Source: FRB
The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury.
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Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs
January 11, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors will host a webinar for bankers on Monday, January 11, 2021 from 2:00 p.m. to 3:00 p.m., ET, to discuss recent changes to the Paycheck Protection Program (PPP).
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FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint Monday, January 11, 2021
January 11, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks.
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We are accepting applications for our Advisory Committees
January 11, 2021 / Source: CFPB
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council.
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U.S. Economic Outlook and Monetary Policy
January 08, 2021 / Source: FRB
Vice Chair Richard H. Clarida at the C. Peter McColough Series on International Economics Council on Foreign Relations, New York, New York (via webcast)
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SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
January 08, 2021 / Source: SBA
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.