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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Credit card interest rate margins at all-time high

February 22, 2024 / Source: CFPB

By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers….

Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries

February 22, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Board’s Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization….

FinCEN Director Andrea Gacki Travels to Puerto Rico, Holds First FinCEN Exchange with Puerto Rican Financial Institutions and Law Enforcement

February 22, 2024 / Source: FinCEN

SAN JUAN, Puerto Rico—Andrea Gacki, Director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22 to highlight collaborative efforts to combat public corruption, fraud, and drug trafficking. Director Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money…

Acting Comptroller Discusses Banking and Commerce

February 21, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He…

United States and United Kingdom Hold Third Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance

February 21, 2024 / Source: Treasury

On the 20th of February 2024, the United States and the United Kingdom held the third meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force…

United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group

February 20, 2024 / Source: Treasury

WASHINGTON — Today, the United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit. This action is the first in an ongoing collaborative effort with the U.S. Department of Justice, Federal Bureau of Investigation, and our international partners targeting LockBit. “The United States will not tolerate attempts to extort and…

CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

February 20, 2024 / Source: CFPB

WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest…

CFPB Issues Revised Supervisory Appeals Process

February 19, 2024 / Source: CFPB

Streamlined rule details how financial institutions can appeal findings from supervisory examinations WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject…

Agencies issue 2023 Shared National Credit Program report

February 19, 2024 / Source: OCC

Joint Release Federal Reserve BoardFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate. However, the agencies noted declining credit quality trends due to the pressure of higher interest rates…

CFPB to distribute more than $10.9 million to consumers harmed by student loan debt-relief business

February 15, 2024 / Source: CFPB

This month, 8,571 consumers who were charged illegal fees and misled by Performance SLC for their federal student loan debt-relief services will receive checks in the mail. From 2015 to 2022, Performance SLC charged thousands of consumers with federal student loans approximately $9.2 million in illegal upfront fees, violating the Telemarketing Sales Rule, to file…

FDIC Releases Economic Scenarios for 2024 Stress Testing

February 15, 2024 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires certain financial companies, including certain state nonmember banks and state…

Federal Reserve Board releases the hypothetical scenarios for its annual stress test

February 15, 2024 / Source: FRB

The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, for the first time, the Board released four hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking…

Treasury International Capital Data for December

February 15, 2024 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2023.  The next release, which will report on data for January 2024, is scheduled for March 19, 2024. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…

Trade associations sue regulators for exceeding statutory authority in new CRA rules

February 15, 2024 / Source: TBA

The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce today filed a lawsuit in the Northern District of Texas against the Federal Reserve, FDIC and OCC for exceeding their statutory authority and acting…

OCC Hosts Mutual Savings Association Advisory Committee Meeting March 5

February 14, 2024 / Source: OCC

WASHINGTON—The 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, March 5, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Standard Time (EST)….

OCC Opens Registration for Community Bank Director and Senior Management Workshops

February 14, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today opened registration for its 2024 schedule of in-person workshops for board directors and senior management of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings associations…

FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector

February 13, 2024 / Source: FinCEN

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers. This proposed rule, which complements Treasury’s other recent actions to combat the illicit finance risks from anonymous companies and all-cash real…

FinCEN Sees Increase in BSA Reporting Involving the Use of Convertible Virtual Currency for Online Child Sexual Exploitation and Human Trafficking

February 13, 2024 / Source: FinCEN

WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA)  today reflecting an increase in Bank Secrecy Act (BSA) reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking. This FTA is based on BSA reporting filed between January 2020 and…

Fact Sheet: Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers Notice of Proposed Rulemaking (NPRM)

February 13, 2024 / Source: FinCEN

The U.S. investment adviser industry provides an important service to investors in the United States and across the world in driving investment opportunities and supporting innovation, growth, and prosperity in the United States. But investment advisers, in their role as gatekeepers to the U.S. financial system, are at risk of abuse by money launderers, corrupt…

Acting Comptroller Discusses Appraisal Bias

February 13, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee (ASC) Hearing. The ASC is a subcommittee of the Federal Financial Institutions Examination Council, of which the Office of the Comptroller of the Currency is a member. In his…

Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Reports by Financial Institutions of Suspicious Transactions and and FinCEN Form 111 – Suspicious Activity Report

February 12, 2024 / Source: FinCEN

Release Date February 12, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

February 12, 2024 / Source: CFPB

WASHINGTON, D.C. – The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The principles aid member entities in assessing whether their supervised institutions’ compliance and risk management practices are appropriate to identify and…

HUD Calls for Input to Strengthen Domestic Manufacturing for Housing Infrastructure Projects under President Biden’s Investing in America Agenda

February 11, 2024 / Source: HUD

Public Feedback sought to enhance Build America, Buy America implementation, understand market readiness, and foster domestic supply chains in housing infrastructure development. WASHINGTON – Today, the U.S. Department of Housing and Urban Development announced a Request for Information (RFI) regarding infrastructure projects that receive Federal Financial Assistance (FFA) and are or will be subject to the…

CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam

February 8, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties. Consumer First Legal Group, LLC and four attorneys, Thomas G. Macey, Jeffrey J. Aleman, Jason Searns, and Harold E. Stafford, charged millions of dollars in…

Treasury Targets Price Cap Violation Network and Implements G7 Ban on Russian Diamonds

February 8, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking its second price cap enforcement action of 2024, imposing sanctions on four entities and identifying one vessel as blocked property. The network of these entities and the vessel were involved in a price cap violation scheme in late…