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‚ÄĒposting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.

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CFPB Kicks Off Rulemaking to Remove Medical Bills from Credit Reports

September 21, 2023 / Source: CFPB

Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans‚Äô credit reports. The CFPB outlined proposals under consideration that would help families financially recover…

Prepared Remarks of CFPB Director Rohit Chopra on Medical Debt at a Press Call Hosted by Vice President Kamala Harris

September 21, 2023 / Source: CFPB

Thank you, Vice President Harris. Today, the Consumer Financial Protection Bureau is launching a rulemaking to block medical debt collectors from weaponizing the credit reporting system to coerce patients into paying bills they may not even owe. We are also kicking off a rulemaking process to prohibit lenders from using certain medical billing information in…

Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria

September 20, 2023 / Source: FDIC

The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under their Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined…

Federal Reserve issues FOMC statement

September 20, 2023 / Source: FRB

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity,…

Financial Crimes Conference Aims to Give Law Enforcement Tools to Better Fight Internet Crime

September 20, 2023 / Source: FDIC OIG

MIAMI ‚Äď Last week, the U.S. Attorney‚Äôs Office for the Southern District of Florida recently convened a financial crimes training entitled ‚ÄúTaking the Byte out of Crime‚ÄĒTools and Techniques for Fighting Internet Crimes Targeting Businesses and Individuals.‚ÄĚ More than 90 law enforcement officers and federal agents from Key West to Palm Beach met at Broward…

Treasury Sanctions Multinational Network Supporting Iran’s UAV and Military Aircraft Production

September 19, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) sanctioned seven individuals and four entities based in Iran, the People‚Äôs Republic of China (PRC), Russia, and T√ľrkiye in connection with Iran‚Äôs unmanned aerial vehicle (UAV) and military aircraft development. This network has facilitated shipments and financial transactions in support…

Treasury Releases Principles for Net-Zero Financing & Investment, Applauds $340 Million Philanthropic Commitment and Other Pledges

September 19, 2023 / Source: Treasury

WASHINGTON¬†‚Äď Today,¬†the U.S. Department of the Treasury published‚ÄĮthe¬†Principles for Net-Zero Financing & Investment¬†(the¬†Principles).¬†The¬†voluntary¬†Principles highlight emerging best practices¬†for private¬†sector¬†financial institutions that have made net-zero commitments and promote¬†consistency and credibility¬†in approaches to implementing them.¬†With the Principles, the Treasury Department is supporting the mobilization of¬†more private sector capital to address the physical and economic impacts of climate change…

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

September 19, 2023 / Source: CFPB

Consumers must receive accurate and specific reasons for credit denials WASHINGTON, D.C.¬†‚Äď Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers….

Treasury International Capital Data for July

September 18, 2023 / Source: Treasury

WASHINGTON ‚Äď The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2023. ¬†The next release, which will report on data for August 2023, is scheduled for October 18, 2023. The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…

Treasury Designates Former President of Iran

September 18, 2023 / Source: Treasury

Action to Promote Accountability for Wrongful Detentions of U.S. Nationals WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) designated Mahmoud Ahmadinejad, the former president of Iran, for having provided material support to the Iranian Ministry of Intelligence and Security (MOIS), an entity concurrently designated by the Department of…

FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

September 18, 2023 / Source: FinCen

WASHINGTON‚ÄĒToday, the U.S. Department of the Treasury‚Äôs Financial Crimes Enforcement Network (FinCEN) published a¬†Small Entity Compliance Guide¬†to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. ¬†Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about…

FinCEN Announces $15 Million Civil Money Penalty against Bancrédito International Bank and Trust Corporation for Violations of the Bank Secrecy Act

September 17, 2023 / Source: FinCen

WASHINGTON‚ÄĒThe Financial Crimes Enforcement Network (FinCEN) assessed a $15 million¬†civil money penalty¬†against Bancr√©dito International Bank and Trust Corporation (Bancr√©dito) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. ¬†This is FinCEN‚Äôs first enforcement action against a Puerto Rican International Banking Entity (IBE), and includes the first violation for failure to implement…

Treasury Sanctions Iranian Officials and Companies Connected to Repression in Advance of the Anniversary of Mahsa ‚ÄúZhina‚ÄĚ Amini‚Äôs Death

September 17, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) is designating 29 individuals and entities in connection with the Iranian regime‚Äôs violent suppression of nationwide protests following the death of Mahsa ‚ÄúZhina‚ÄĚ Amini in custody of its ‚ÄėMorality Police,‚Äô and the regime‚Äôs continued efforts to detain dissenting voices and…

FDIC Efforts to Increase Consumer Participation in the Insured Banking System

September 14, 2023 / Source: OIG

The FDIC Office of Inspector General has issued its report on¬†FDIC Efforts to Increase Consumer Participation in the Insured Banking System.¬† By way of background, the FDIC‚Äôs¬†2021 FDIC National Survey of Unbanked and Underbanked Households¬†found that an estimated 4.5 percent of U.S. households were unbanked‚ÄĒmeaning no one in the household had a checking or savings…

With Wide-Ranging New Sanctions, Treasury Targets Russian Military-Linked Elites and Industrial Base

September 14, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) is imposing nearly 100 sanctions on Russian elites and Russia‚Äôs industrial base, financial institutions, and technology suppliers as the United States continues to leverage sanctions and economic restrictions to undermine Russia‚Äôs capacity to wage its war against Ukraine.¬†The Department of…

CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk

September 14, 2023 / Source: CFPB

WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures…

OCC Hosts Mutual Savings Association Advisory Committee Meeting October 3

September 13, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, October 3, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….

Treasury Designates Hizballah Operatives and Financial Facilitators in South America and Lebanon

September 12, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC), in coordination with the¬†Drug Enforcement Administration,designated key Hizballah operatives and financial facilitators in South America and Lebanon. This action includes¬†Amer Mohamed Akil Rada, who in addition to his role as a senior Hizballah operative, was one of the operational members…

CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms

September 11, 2023 / Source: CFPB

WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) today took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. Forty-one states and the District of Columbia are entering into a parallel multi-state settlement addressing the same conduct. Tempoe offered…

United States Signs $20 Million Debt Swap Agreement with Peru to Support Amazon Conservation

September 11, 2023 / Source: Treasury

LIMA ‚Äď The United States of America, the Republic of Peru, and four non-governmental organizations‚ÄĒConservation International (CI), The Nature Conservancy (TNC), Wildlife Conservation Society (WCS), and World Wildlife Fund (WWF)‚ÄĒ have finalized debt-for-nature swap and forest conservation agreements under the Tropical Forest and Coral Reef Conservation Act (TFCCA). The agreements will reduce Peru’s debt payments…

OCC Hosts Risk Governance and Capital Markets Workshops in Dallas

September 11, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) will host two workshops October 24-25 in Dallas for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on October 24 combines lectures, discussion, and exercises to provide practical information for participants to effectively…

FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as ‚ÄúPig Butchering‚ÄĚ

September 10, 2023 / Source: FinCEN

WASHINGTON‚ÄĒToday, the Financial Crimes Enforcement Network (FinCEN) issued an¬†alert¬†to highlight a prominent virtual currency investment scam known as ‚Äúpig butchering.‚ÄĚ ¬†Multiple U.S. law enforcement sources estimate victims in the United States have lost billions of dollars to these scams and other virtual currency investment frauds. ‚ÄúThis scam has impacted far too many Americans, which is…

FinCEN Analysis Reveals Trends and Patterns in Suspicious Activity Potentially Tied to Evasion of Russia-Related Export Controls

September 10, 2023 / Source: FinCEN

WASHINGTON‚ÄĒToday, the Financial Crimes Enforcement Network (FinCEN) issued a¬†Financial Trend Analysis (FTA)¬†on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity….

The Federal Reserve’s Role in Supporting Responsible Innovation

September 10, 2023 / Source: FRB

Thank you for the opportunity to speak today, in the midst of a wave of innovation in the payments system. There are a range of important players in the payments system and the Federal Reserve has important roles as a supervisor as well as a payments operator. Regardless of who is providing the service, our…

FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California

September 10, 2023 / Source: FDIC

WASHINGTON ‚Äď Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released¬†FDIC‚Äôs Supervision of First Republic Bank, an internal review evaluating the agency‚Äôs supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank‚Äôs failure and evaluates…