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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G7 Cyber Expert Group Releases New Reports on Ransomware and Third-Party Risk

December 8, 2022 / Source: Treasury

WASHINGTON—The G7 Cyber Expert Group (CEG) – which U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure (OCCIP) co-chairs alongside the Bank of England – recently released two reports addressing ransomware and third-party risk within the financial sector. These free and publicly available resources are intended to help financial sector entities better understand…

Treasury Targets Sanctions Evasion Network Generating Hundreds of Millions of Dollars for Qods Force Oil Sales

December 8, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a sanctions evasion network led by businessman Sitki Ayan that has facilitated the sale of hundreds of millions of dollars’ worth of oil for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Ayan’s companies have established international sales contracts…

OCC Reports on Key Risks Facing Federal Banking System

December 8, 2022 / Source: OCC

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2022. Economic growth slowed sharply in 2022, while high employment rates supported consumer spending and overall bank performance. Banks, in aggregate, remain well capitalized and with ample liquidity…

United States, Croatia Sign Income Tax Treaty

December 7, 2022 / Source: FinCEN

WASHINGTON — In a ceremony held at the U.S. Department of State today, Under Secretary of State for Economic Growth, Energy and the Environment Jose W. Fernandez and Croatia’s Minister of Finance Dr. Marko Primorac signed a comprehensive income tax treaty between the United States and Croatia.  The new tax treaty is the first of…

Annual FinCEN Program Recognizes Law Enforcement Cases Supported by BSA Data

December 7, 2022 / Source: FinCEN

Contact [email protected] Immediate Release December 07, 2022 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) held its annual ceremony earlier this month to honor the recipients of the FinCEN Director’s Law Enforcement Awards for 2022. The law enforcement agencies and officials who received awards were recognized because of the critical role that Bank Secrecy Act (BSA) data…

CFPB Finds Members of the Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year

December 7, 2022 / Source: CFPB

Companies can take steps to better respect military borrower rights and ease financial burdens, particularly in higher interest rate environment WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are…

Treasury Announces Seven Additional States to Receive up to $1.5 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan

December 6, 2022 / Source: Treasury

lorida, Georgia, Illinois, Louisiana, North Dakota, Oklahoma, and Virginia Approved to Receive Federal Funding Through the State Small Business Credit Initiative   WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of seven additional state plans for up to $1.5 billion in funding under the State Small Business Credit Initiative (SSBCI). Treasury has…

Remarks by Assistant Secretary Elizabeth Rosenberg at the ACI Annual Conference on Economic Sanctions

December 6, 2022 / Source: Treasury

As Prepared for Delivery Good afternoon, everyone. It is my great pleasure to be here with all of you today to discuss the importance and implications of economic sanctions. As you all know, in February of this year, Russia launched an unprovoked war in Europe. To this day, Russia has chosen violence and death. Moscow…

Changes to HMDA’s closed-end loan reporting threshold

December 6, 2022 / Source: CFPB

On September 23, 2022, the United States District Court for the District of Columbia issued an order vacating the 2020 Home Mortgage Disclosure Act (HMDA) Final Rule as to the loan volume reporting threshold for closed-end mortgage loans. The decision means that the threshold for reporting data on closed-end mortgage loans is now 25 loans…

Changes to HMDA’s closed-end loan reporting threshold

December 6, 2022 / Source: CFPB

On September 23, 2022, the United States District Court for the District of Columbia issued an order vacating the 2020 Home Mortgage Disclosure Act (HMDA) Final Rule as to the loan volume reporting threshold for closed-end mortgage loans. The decision means that the threshold for reporting data on closed-end mortgage loans is now 25 loans…

Remarks by Secretary of the Treasury Janet L. Yellen at Inaugural Meeting of Treasury Advisory Committee on Racial Equity

December 5, 2022 / Source: Treasury

WASHINGTON — Today, Secretary of the Treasury Janet L. Yellen delivered opening remarks at the first meeting of the Treasury Advisory Committee on Racial Equity (TACRE). The first-of-its-kind committee aims to provide advice and recommendations to Secretary Yellen and Deputy Secretary Wally Adeyemo on efforts to advance racial equity in the economy and address acute disparities for…

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg ABA-ABA Financial Crimes Enforcement Conference

December 5, 2022 / Source: Treasury

As Prepared for Delivery Thank you for the opportunity to speak with all of you. This is a momentous time for anti-money laundering and countering the financing of terrorism, AML/CFT, policy. Sanctions are frequently on the front page of the major papers, and compliance is receiving unprecedented attention across a number of industries. However, before…

Acting Comptroller Discusses Promoting Prudent Credit Risk Management and Diversity and Inclusion

December 5, 2022 / Source: OCC

WASHINGTON— Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of continued prudent credit risk management and diversity and inclusion, two important safety and soundness topics, at the RMA Risk Management and Internal Audit Virtual Conference. The Acting Comptroller highlighted benefits to banks from the Current Expected Credit Losses standard, and the…

Beige Book – November 30, 2022

December 1, 2022 / Source: FRB

This report was prepared at the Federal Reserve Bank of Boston based on information collected on or before November 23rd, 2022. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials. Federal Reserve Banks collect information for the Beige Book from…

FDIC-Insured Institutions Reported Net Income of $71.7 Billion in Third Quarter 2022

December 1, 2022 / Source: FDIC

For Release Net Income Increased Quarter Over Quarter and Year Over Year Net Interest Margin Widened Unrealized Losses on Securities Increased Loan Growth Was Broad Based Asset Quality Metrics Remained Favorable Despite Growth In Early-Stage Delinquencies Community Banks Also Reported Increased Net Income “The banking industry reported generally positive results in the third quarter as…

The CFPB Ombudsman’s Office shares its FY2022 Annual Report

December 1, 2022 / Source: CFPB

The Ombudsman’s Office annual report, which I delivered to the Director, is available today on our webpage. The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB. As we mark ten fiscal years of advocating for fair…

Office of the Comptroller of the Currency Fees and Assessments: Calendar Year 2023 Fees and Assessments Structure

December 1, 2022 / Source: OCC

Summary This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the Office of the Comptroller of the Currency (OCC) for calendar year 2023. The bulletin becomes effective January 1, 2023. Note for Community Banks This notice applies to all national banks,…

Protecting borrowers’ control over their money

December 1, 2022 / Source: CFPB

As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a…

Statement by Under Secretary Brian Nelson on the FATF Report on Money Laundering from Fentanyl and Synthetic Opioids

November 30, 2022 / Source: Treasury

WASHINGTON – Today, the Financial Action Task Force (FATF) released its first ever report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade, which claims thousands of lives around the world. The report was co-led by the United States and Canada. Below is a statement…

Inflation and the Labor Market

November 30, 2022 / Source: FRB

Chair Jerome H. Powell At the Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington, D.C. Today I will offer a progress report on the Federal Open Market Committee’s (FOMC) efforts to restore price stability to the U.S. economy for the benefit of the American people. The report must begin by acknowledging the reality…

Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers

November 30, 2022 / Source: CFPB

Mortgage interest rates rose sharply over recent months. While we’re beginning to see the impact of these changes on borrowers and potential homebuyers, fresh data can provide valuable and timely insights into the risks and trends in the overall mortgage markets that would otherwise not be available until later time. In accordance with the 2015 HMDA…

Protecting borrowers’ control over their money

November 30, 2022 / Source: CFPB

As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a…

Treasury Announces Guidance on Inflation Reduction Act’s Strong Labor Protections

November 29, 2022 / Source: Treasury

Guidance starts 60-day “clock” for key labor provisions to take effect WASHINGTON – Today, the Treasury Department announced initial guidance on the Inflation Reduction Act’s strong labor standards that firms must meet to qualify for enhanced clean energy and climate tax incentives. The guidance, which can be read in full here and will be published in the…

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2023

November 29, 2022 / Source: FRB

The Federal Reserve Board on Tuesday announced technical details related to reserve requirements for depository institutions. The annual indexation and publication of these amounts are required by law and does not indicate a change in depository institutions’ reserve requirements, which will remain zero. If reserve requirement ratios were not zero, these amounts would be used…

Civil Money Penalties: Revised Policies and Procedures Manual for Civil Money Penalties

November 29, 2022 / Source: OCC

The Office of the Comptroller of the Currency (OCC) today released a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP), which the agency will begin using on January 1, 2023. This version of PPM 5000-7, “Civil Money Penalties,” replaces the November 13, 2018, version conveyed by OCC Bulletin 2018-41, “OCC Enforcement Actions: OCC…