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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FDIC Issues CRA Examination Schedules for Third and Fourth Quarter 2018
May 31, 2018 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third and fourth quarters of 2018.
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Proposed rule to simplify and tailor compliance requirements relating to the “Volcker rule”
May 31, 2018 / Source: FRB
Federal Reserve Board asks for comment on proposed rule to simplify and tailor compliance requirements relating to the "Volcker rule"
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FOMC announces tentative meeting schedule for 2019
May 30, 2018 / Source: FRB
The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2019
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Northshore Contractor Charged with Conspiracy to Defraud First NBC Bank
May 30, 2018 / Source: FDICIG
U.S. Attorney Duane A. Evans announced that JEFFREY DUNLAP, age 44, a resident of Slidell, Louisiana and owner of Phoenix Civil Contractors was charged yesterday with conspiracy to defraud First NBC Bank, the New Orleans-based bank that failed in April 2017.
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FinCEN Updates: FinCEN and BCFP Webinar for Financial Institutions and Law Enforcement
May 29, 2018 / Source: FinCEN
Bureau of Consumer Financial Protection and FinCEN to host Webinar on Joint Memorandum on Financial Institution and Law Enforcement Efforts to Combat Elder Financial Exploitation
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FDIC Makes Public April Enforcement Actions
May 29, 2018 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. There are no administrative hearings scheduled for June 2018.
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President Donald J. Trump Signs S. 2155 into Law
May 25, 2018 / Source: WhiteHouse.gov
On Thursday, May 24, 2018, the President signed into law: 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,”
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President Supports Regulatory Reforms For Community Banks, Credit Unions, and Consumers
May 25, 2018 / Source: WhiteHouse.gov
Fact Sheets: "Community banks are the backbone of small business in America. We are going to preserve our community banks."
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OCC Report Highlights Key Risks for Federal Banking System
May 25, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today reported credit, operational, compliance, and interest rate risks are key themes for the federal banking system in its Semiannual Risk Perspective for Spring 2018.
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Minutes of the Federal Open Market Committee, May 1-2, 2018
May 24, 2018 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on May 1-2, 2018.
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Bureau Acting Director Mulvaney Statement on the OCC Short-Term, Small-Dollar Lending Announcement
May 24, 2018 / Source: CFPB
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney issued a statement in response to a bulletin from the Office of the Comptroller of the Currency (OCC) regarding short-term, small-dollar credit.
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Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs
May 24, 2018 / Source: OCC
Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar installment loans.
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House Passes Most Significant Pro-Growth Financial Regulatory Reform in Generation
May 23, 2018 / Source: Financial Services Committee
The House of Representatives voted 258-159 to pass the “Economic Growth, Regulatory Relief and Consumer Protection Act,” which represents the most significant pro-growth financial regulatory reform package since the passage of Gramm-Leach-Bliley nearly a generation ago.
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Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms
May 23, 2018 / Source: OCC
Comptroller of the Currency Joseph M. Otting issued the following statement upon passage by the U.S. House of Representatives of Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”
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Correction to Administrative Ruling FIN-2018-R002
May 23, 2018 / Source: FinCEN
CORRECTION: FinCEN corrects an error in the date in the last paragraph of the original Administrative Ruling, referring to the Rule’s Applicability Date, which was Friday, May 11, 2018.
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Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57
May 22, 2018 / Source: CFPB
The President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.
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President Donald J. Trump Signs S.J.Res. 57 into Law
May 22, 2018 / Source: White House
S.J.Res. 57, which nullifies the Bureau of Consumer Financial Protection bulletin regulating indirect auto lenders for compliance with the Equal Credit Opportunity Act.
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GDPR: The Looming Impact on US Banks
May 21, 2018 / Source: Bankinfo Security
The EU's General Data Protection Regulation, which will be enforced beginning May 25, has significant implications for how financial institutions worldwide handle customer data, says Brett King, CEO of Moven, an all-digital bank, or "neobank."
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Federal Reserve and OCC extend comment period for proposed rule tailoring leverage ratio requirement
May 21, 2018 / Source: FRB
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) on Friday extended until June 25, 2018, the comment period for their proposed rule that would tailor leverage ratio requirements to the business activities and risk profiles of the largest domestic firms.
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Hensarling: Committee Must Examine Allegations of Latest Fannie Mae Backdoor Schemes
May 21, 2018 / Source: Financial Services Committee
Media Reports Raise Serious Questions About America’s Biggest Bailed Out Failed Company
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Last Minute Implementation Concerns - Beneficial Ownership Webinar is Now Available!
May 18, 2018
This webinar, entitled: Last Minute Implementation Concerns - Beneficial Ownership Webinar, was prepared and scheduled in response to hundreds of C/A Hotline questions related to implementing this rule. While Beneficial ownership has been covered in previous webinars, we are going to cover the basics, take a deep dive into FinCEN’s last minute FAQs, and touch on the latest developments; some even a day or so before the scheduled webinar. In addition, we invite members to ask questions related to their first post 5/11 beneficial ownership accounts.
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OCC Enforcement Actions and Terminations for May 2018
May 18, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
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Federal Reserve announces results of offering of seven-day term deposits on May 17
May 18, 2018 / Source: FRB
On May 17, 2018, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility.
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Current Expected Credit Losses: Notice of Proposed Rulemaking
May 17, 2018 / Source: OCC
On May 14, 2018, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (collectively, the agencies) published a notice of proposed rulemaking (NPR) to implement the Financial Accounting Standards Board’s Accounting Standards Update (ASU) 2016-13, “Financial Instruments—Credit Losses,” in their rules.
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Beneficial Ownership Requirements for Products and Services with Automatic Rollover or Renewals
May 17, 2018 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling today to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers (Beneficial Ownership Rule) with respect to certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before the rule’s applicability Date, May 11, 2018.