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 finalizes rule that governs funds transfers over the Federal Reserve Banks’ FedNow Service

May 23, 2022 / Source: FRB

The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks’ FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support…

Minority Depository Institution (MDI) Designations

May 23, 2022 / Source: FDIC

On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statement describes the FDIC’s…

CFPB Bolsters Enforcement Efforts by States

May 23, 2022 / Source: CFPB

Interpretive Rule Seeks to Clarify Scope of States’ Ability to Enforce Federal Consumer Financial Protection Laws Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states…

Mortgage Servicing COVID-19 Pandemic Response Metrics: New Observations from Data Reported by Sixteen Servicers for May-December 2021

May 16, 2022 / Source: CFPB

This is the second metrics report providing the CFPB’s observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021. FULL REPORT…

CFPB Releases Report on Mortgage Servicing Metrics

May 16, 2022 / Source: CFPB

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers. This problem is particularly acute for those…

CFPB launches new system to promote consistent enforcement of consumer financial protections

May 16, 2022 / Source: CFPB

To promote consistency among enforcers and fair competition in the market, the CFPB is launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. The CFPB will issue Consumer Financial Protection Circulars to the broad set of government agencies responsible for…

Treasury International Capital Data for March

May 16, 2022 / Source: Treasury

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2022.  The next release, which will report on data for April, is scheduled for June 15, 2022. The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…

Treasury Announces 2022 National Illicit Finance Strategy

May 15, 2022 / Source: Treasury

Strategy Provides Roadmap to Close Loopholes Exploited by Criminals and Illicit Actors Recommendations Include Increasing Transparency, Leveraging Partnerships, and Addressing Technological Risks WASHINGTON – Today, the U.S. Department of the Treasury issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy), which identifies measures to increase transparency in the U.S. financial…

Improving how the CFPB gathers feedback

May 15, 2022 / Source: CFPB

At the CFPB, we are committed to delivering trustworthy, impartial, accurate and timely information to the people we serve. To maintain this commitment we provide clear, impartial answers to hundreds of financial questions on Ask CFPB. Ask CFPB offers information you can use to make more informed choices about your money. Ask CFPB helps more than…

Deputy Comptroller Testifies on Artificial Intelligence

May 15, 2022 / Source: OCC

WASHINGTON—Deputy Comptroller for Operational Risk Policy Kevin Greenfield today testified during a hearing before the House Financial Services Committee Task Force on Artificial Intelligence (AI). He discussed the Office of the Comptroller of the Currency’s (OCC) approach to responsible innovation and its supervisory expectations for banks’ use of AI, including regulatory compliance. Greenfield also discussed…

Flood Insurance: Revised Interagency Questions and Answers

May 13, 2022 / Source: FDIC

Summary: The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the National Credit Union Administration (NCUA), and the Farm Credit Administration (FCA) (collectively, the Agencies) are issuing the revised Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers)….

Acting Comptroller Discusses Expanding Diversity and Inclusion, Minority Homeownership 

May 12, 2022 / Source: OCC

WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s efforts to reduce barriers to homeownership and promote financial inclusion in remarks at the Asian Real Estate Association of America Diversity and Fair Housing Summit. The Acting Comptroller highlighted the work of Project REACh to support affordable…

Data Spotlight: Profiles of older adults living in mobile homes

May 10, 2022 / Source: CFPB

Where older adults choose to live is often affected by their unique needs and challenges, including having a fixed income, enduring increased medical costs, and needing accommodations that can handle possible physical and cognitive decline. These same factors can influence older adults’ housing experiences. According to the U.S. Census Bureau, about one-third of adults who…

Acting Comptroller Issues Statement on Interagency Proposal to Modernize the Community Reinvestment Act

May 5, 2022 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting to consider the interagency notice of proposed rulemaking (NPR) to strengthen and modernize the Community Reinvestment Act (CRA). Today marks an important milestone in our efforts to expand financial access and inclusion for low-and…

Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations

May 5, 2022 / Source: OCC

Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency WASHINGTON—Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years…

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

May 4, 2022 / Source: Treasury

Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 1.4% pace in the first quarter of 2022, reflecting the large drag from a widening of the trade deficit.  Consumption grew at a 2.7% annualized rate, and private-sector domestic final demand grew 3.7%, despite headwinds from Omicron early in the quarter and reduced…

Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith

May 4, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $47.8 billion of privately-held Treasury notes maturing on May 15, 2022.  This issuance will raise new cash of approximately $55.2 billion.  The securities are: –     A 3-year note in the amount of $45 billion, maturing May 15, 2025;–    …

Plans for Reducing the Size of the Federal Reserve’s Balance Sheet

May 4, 2022 / Source: FRB

Consistent with the Principles for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve’s securities holdings. The Committee intends to reduce the Federal Reserve’s securities holdings over time in a predictable manner primarily by adjusting…

Federal Reserve issues FOMC statement

May 4, 2022 / Source: Federal Reserve

Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of…

OCC to Host Virtual Innovation Office Hours

May 4, 2022 / Source: OCC

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on June 14-15, 2022, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or…

CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments

May 4, 2022 / Source: CFPB

The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customers’ bank accounts. Bank of America unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the…

FDIC Issues List of Banks Examined for CRA Compliance

May 3, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in February 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…

OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations

May 3, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 1, 2022, through April 30, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…

Consumer advisory: Don’t give money or information to scammers promising student loan forgiveness

May 3, 2022 / Source: CFPB

Recognizing student loan scams Our infographic highlights red flags for student loan borrowers to watch out for. Download the infographic Numerous student loan borrowers recently submitted complaints to the Consumer Financial Protection Bureau (CFPB) about companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of…

Remarks by Treasury’s Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan, Puerto Rico

May 3, 2022 / Source: Treasury

Remarks as prepared for delivery: Thank you to Inclusiv CEO Cathie Mahon and Pablo DeFilippi, both of whom I’ve had the pleasure of working with for many years, for inviting me to the Inclusiv Annual Conference. I also want to recognize the important partners here, including CUPride, African American Credit Union Coalition, and the National…