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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HUD Makes $26 Million Available to Promote Fair Housing and Root Out Discrimination

May 26, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is awarding $26 million in non-competitive funding available to HUD’s state and local fair housing enforcement agencies across the country under its Fair Housing Assistance Program (FHAP). The FHAP is an intergovernmental partnership between the federal government and state and local agencies to provide protection…

New FTC Data Shed Light on Companies Most Frequently Impersonated by Scammers

May 26, 2024 / Source: FTC

New data from the Federal Trade Commission shows that Best Buy/Geek Squad, Amazon, and PayPal are the companies people report scammers impersonate most often. A newly released data spotlight shows that consumers in 2023 submitted about 52,000 reports about scammers impersonating Best Buy or its Geek Squad tech support brand, followed by about 34,000 reports about scammers…

HUD Finalizes Deal to Promote Energy Efficiency Climate Resilience and Housing Affordability for California Families as Part of President Biden’s Investing in America Agenda

May 26, 2024 / Source: HUD

GLENDALE – Today, the U.S. Department of Housing and Urban Development (HUD)’s Office of Multifamily Housing Programs announced the completion of a $363,131 loan transaction under the Green and Resilient Retrofit Program (GRRP) with Palmer Park Housing Partners, LP as part of President Biden’s Investing in America Agenda. This funding from the Inflation Reduction Act—the largest…

OCC Announces Enforcement Actions for May 2024

May 23, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the…

The CFPB is protecting the military community and providing relief

May 23, 2024 / Source: CFPB

Complaints to CFPB from servicemembers, veterans, and their families just crossed the 400,000 mark. Last year, the CFPB saw total complaints from the military community increase by 27% from 2022 and 98% compared to 2021—with complaints ranging from credit reporting errors to mortgage problems to financial fraud and scams. Each of these complaints represents a…

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN APRIL 2024

May 23, 2024 / Source: HUD

WASHINGTON â€“ The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for April 2024: New Home SalesSales of new single‐family houses in April 2024 were at a seasonally adjusted annual rate of 634,000, according to estimates released jointly today by the U.S. Census…

FDIC Publishes 2024 Risk Review

May 22, 2024 / Source: FDIC

Report highlights risks in banking system including Commercial Real Estate and Consumer Loans WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry.  The FDIC’s Risk Review is an annual publication and based on year-end banking data from the…

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

May 22, 2024 / Source: CFPB

WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. These include a right to dispute charges and demand a refund…

Federal Reserve Board issues Economic Well-Being of U.S. Households in 2023 report

May 21, 2024 / Source: FRB

The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as higher prices remained a challenge for most households and workers continued to benefit from a strong labor…

HUD Makes $5 Million Available for Historically Black Colleges and Universities to Conduct Housing and Community Development Research

May 21, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released a $5 million notice of funding opportunity (NOFO) to fund research at one or more Research Centers of Excellence at Historically Black Colleges and Universities (HBCUs). The funded Centers will conduct research projects on topics of strategic interest to HUD and produce research that provides evidence-based…

Biden-Harris Administration Announces Nearly $67 Million in New Funding to Make Homes More Energy Efficient and Climate Resilient

May 21, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $67 million in new grant and loan awards for 12 properties under its Green and Resilient Retrofit Program (GRRP) as part of President Biden’s Investing in America agenda, bringing the total funding awarded under this program to more than $610 million. These grants and…

Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers

May 21, 2024 / Source: FinCEN

Release Date May 21, 2024 Customer Identification Programs for Registered Investment Advisers and Exempt … Action Type Notice of Proposed Rulemaking (NPRM)

CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers

May 20, 2024 / Source: CFPB

WASHINGTON, D.C. â€“ Today, the Consumer Financial Protection Bureau (CFPB) took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. The CFPB found Western Benefits also misrepresented that it was affiliated with and endorsed by…

Speech – U.S. Economic Outlook and Housing Price Dynamics

May 20, 2024 / Source: FRB

Vice Chair Philip N. Jefferson At the Mortgage Bankers Association’s Secondary and Capital Markets Conference and Expo 2024 New York, New York Thank you, Mark, for the kind introduction, and good morning to all of you.1 I am happy to be here. Today, I will do three things. First, I’ll share with you my current outlook…

In Boston, Treasury Launches New Public-Private FinCEN Exchange Series to Fight Fentanyl Trafficking

May 20, 2024 / Source: FinCEN

BOSTON—Today, as part of the Treasury Department’s Counter-Fentanyl Strike Force, the Financial Crimes Enforcement Network (FinCEN), in partnership with IRS Criminal Investigation (CI), announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (or PROTECT) series of FinCEN Exchange…

FDIC Announces Settlement with an Arkansas Bank and Nine Former Employees for Violations of Consumer Protection Laws

May 19, 2024 / Source: FDIC

The Federal Deposit Insurance Corporation (FDIC) today announces a settlement with Bank of England, England, Arkansas, for violations of Section 5 of the Federal Trade Commission Act (Section 5), the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Home Mortgage Disclosure Act (HMDA).  The bank has stipulated to the…

Brief Remarks on the Economy, Monetary Policy, and Bank Regulation

May 19, 2024 / Source: FRB

Governor Michelle W. Bowman I would like to thank the Pennsylvania Bankers Association for the invitation to join you today.1 I appreciate the opportunity to engage with you on matters that affect the banking industry. Before sharing my thoughts about the current bank regulatory environment, I will discuss my views on the economy and monetary policy….

CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

May 19, 2024 / Source: CFPB

WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans. The CFPB alleges that SoLo markets itself as a consumer-friendly alternative to high-cost, short-term loans. Despite advertising zero-interest loans or 0% APR loans, SoLo’s use of dark patterns ensures that almost every…

The CFPB will distribute more than $384 million to consumers deceived by Think Finance, LLC

May 16, 2024 / Source: CFPB

The CFPB is compensating consumers who it alleged were deceived by Think Finance, LLC, into repaying loans they did not legally owe. Think Finance, LLC, made false demands and illegally took money from consumers’ bank accounts for debts that were not owed under laws in 17 states, according to the CFPB’s lawsuit. Many states have…

Biden-Harris Administration Awards Nearly $40 Million to Expand Housing Counseling for Underserved Communities

May 16, 2024 / Source: HUD

WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding nearly $40 million to expand comprehensive housing counseling services for homebuyers, homeowners, and renters throughout America. These awards – through the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling – will fund…

Statement on Supreme Court Decision in CFPB v. CFSA

May 16, 2024 / Source: CFPB

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America: “For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial…

Acting Comptroller Testifies on Agency Activities

May 16, 2024 / Source: OCC

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) activities and four critical agency priorities before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. In his testimony, Mr. Hsu discussed the condition of the federal banking system and recent regulatory initiatives. He also…

Treasury Announces 2024 National Illicit Finance Strategy

May 16, 2024 / Source: Treasury

WASHINGTON â€“ Today, the U.S. Department of the Treasury issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), which provides a blueprint of the U.S. government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities. The 2024 Strategy addresses the key risks from the 2024 National Money Laundering, Terrorist Financing, and…

Innovation and the Evolving Financial Landscape

May 15, 2024 / Source: FRB

Governor Michelle W. Bowman At The Digital Chamber DC Blockchain Summit 2024, Washington, D.C. I would like to thank the Digital Chamber for the invitation to share my perspectives on innovation in the financial system.1 I welcome opportunities like this to engage in discussions that include both the public and private sector on this important topic….

Acting Comptroller Testifies on Agency Priorities

May 15, 2024 / Source: OCC

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the Office of the Comptroller of the Currency’s (OCC) priorities before the Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Hsu discussed the OCC’s work to guard against complacency, adapt to digitalization, manage climate-related financial risk, and promote fairness in banking….