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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U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash

August 8, 2022 / Source: Treaury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of…

OCC Hosts Credit and Operational Risk Workshops in Orlando

August 8, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops September 13-14 in Orlando, Fla., for directors, senior management, and other key executives of national community banks and federal savings associations.  The Credit Risk: Directors Can Make a Difference workshop on September 13 covers the roles of the board and management, credit…

Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1

August 4, 2022 / Source: FRB

Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The “Large Banks Capital Requirements” table…

The Convergence of Payments and Commerce: Implications for Consumers

August 4, 2022 / Source: CFPB

In recent years, the payment space has moved from an ecosystem with clear constraints and established players to a rapidly evolving environment. While there has been significant attention paid to specific technologies and solutions (e.g., blockchain), there has been less attention paid to the broader changes occurring across the ecosystem. Retail banks, established payment networks,…

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

August 3, 2022 / Source: Treasury

Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 0.9% pace in the second quarter of 2022, reflecting weaker demand growth and a 2pp drag from a decline in the pace of inventory accumulation.  Residential investment declined at a 14% annualized rate as rising mortgage rates weighed heavily on the housing sector,…

FDIC Issues List of Banks Examined for CRA Compliance

August 3, 2022 / Source: Treasury

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 May 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…

Treasury Targets Companies Supporting Iranian Petrochemical Conglomerate

August 1, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against companies used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of the nation’s largest petrochemical brokers, to facilitate the sale of tens of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iran…

Treasury Announces Marketable Borrowing Estimates

August 1, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the July – September 2022 and October – December 2022 quarters.[2]   During the July – September 2022 quarter, Treasury expects to borrow $444 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $650 billion.[3] The…

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee August 1, 2022

August 1, 2022 / Source: Treasury

Economic data were mixed in the second quarter of 2022.  Real GDP contracted mildly for a second consecutive quarter, but employment continued to rise.  Firms added an average of 375,000 jobs per month and the unemployment rate remained near a half-century low.  Surging energy and food prices—due in part to Russia’s invasion of Ukraine—pushed up…

Office of Financial Research Pilots Cutting-Edge Data Hub to Assist with Climate-risk Assessments

July 28, 2022 / Source: U.S. Department of the Treasury

WASHINGTON–Today, the Office of Financial Research (OFR) announces the launch of its Climate Data and Analytics Hub pilot, a new tool to help financial regulators assess risks to financial stability stemming from climate change.  This collaborative environment will improve users’ access to public climate and public financial data, high-performance computing tools, and analytical and visualization…

Financial Stability Oversight Council Releases Factsheet on Climate-Related Financial Risk Efforts

July 28, 2022 / Source: U.S. Department of the Treasury

WASHINGTON — The Financial Stability Oversight Council (Council) convened today and received an update on progress made by the Council and its members to identify and address climate-related financial risk. In its October 2021 Report on Climate Related Financial Risk, the FSOC identified climate change as an emerging threat to financial stability and issued over 30…

CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers

July 28, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales…

Joint Statement on the UK-US Financial Regulatory Working Group

July 26, 2022 / Source: US Treasury

UK and U.S. participants held the sixth meeting of the UK-U.S. Financial Regulatory Working Group (the Working Group) virtually on 21 July 2022. The Working Group was formed in 2018 to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation…

CFPB Order Hyundai to pay $19 Million for Widespread Credit Reporting Failures

July 26, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020. The CFPB found that Hyundai used manual and outdated systems, processes, and procedures…

Florida Man Charged with $1.6 Million CARES Act Loan Fraud Scheme

July 26, 2022 / Source: FDIC Office of Inspector General

NEWARK, N.J. – A Florida man will make his initial court appearance today on charges related to his role in a scheme to fraudulently obtain over $1.6 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) payments, U.S. Attorney Philip R. Sellinger announced. Mohamed A. Awad, 60, of Ocala, Florida,…

The Data Underlying America’s Strong Economic Recovery

July 26, 2022 / Source: US Department of the Treasury

By: Assistant Secretary for Economic Policy Ben Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra One of the most important macroeconomic issues surrounds the current state of U.S. growth. Concerns about recession risks largely arise from the 1.6 percent decline in U.S. gross domestic product (GDP) last quarter, largely due to unique and technical factors, and the observation that tracking estimates suggest that GDP may…

OCC Solicits Research on Implications of Financial Technology for Banking

July 25, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…

Joint Statement on the EU-US Joint Financial Regulatory Forum

July 22, 2022 / Source: Treasury

Participants of the EU-US Joint Financial Regulatory Forum met on July 13-14, 2022 to exchange views on topics of mutual interest as part of their regular financial regulatory dialogue. The Forum emphasized close, ongoing EU and US cooperation in  arrange of areas, including on sanction, and focused on six themes: (1) market developments and financial…

Statement by the Group of Creditors of Ukraine

July 22, 2022 / Source: Treasury

The Group of Creditors of Ukraine expressed support over Ukraine’s solicitation to defer debt service due to bondholders from August 1, 2022 and to extend maturity payments. They also expressed their intent to provide a coordinated suspension of debt service from August 1, 2022 until the end of 2023, with the possibility of an additional…

OCC Enforcement Actions and Terminations

July 21, 2022 / Source: OCC

The OCC released its new enforcement actions taken against national banks federal savings associations and individuals currently and formerly affiliated with national banks and federal savings associations.

Federal Reserve Board invites comment on proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year.

July 20, 2022 / Source: Federal Reserve

The Federal Reserve Board invites comment on a proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year. The proposal implements the Adjustable Interest Rate (LIBOR) Act. The proposal would replace references to LIBOR in certain contracts with the applicable Board-selected replacement rate after June…

OCC Seeks Nominations for Minority Depository Institutions Advisory Committee

July 20, 2022 / Source: OCC

The OCC is seeking nominations for members of its Minority Depository Institutions Advisory Committee (MDIAC). This committee assists the OCC in assessing the needs and challenges facing minority depository institutions. Nominations must be received on or before September 6, 2022. https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-86.html

Treasury International Capital Data for May

July 19, 2022 / Source: Treasury

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

Treasury Approves Nine Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative

July 19, 2022 / Source: Treasury

Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont are the latest state plans approved, bringing the total amount approved by Treasury for investments in small businesses to more than $1.5 billion across all approved state programs. WASHINGTON — Today, the U.S. Department of Treasury announced an additional group of nine…

Consolidated Reports of Condition and Income for Second Quarter 2022

July 12, 2022 / Source: FDIC

Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2022, 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…