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 Makes Public November 2018 Enforcement Actions
December 28, 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 November. There are no administrative hearings scheduled for January 2019.
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Comptroller’s Handbook: Updated Booklets and Rescissions December 28, 2018
December 28, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued updates to the “Bank Premises and Equipment,” “Consigned Items and Other Customer Services,” and “Litigation and Other Legal Matters” booklets of the Comptroller’s Handbook.
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Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule
December 27, 2018 / Source: OCC
Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
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Consumer Financial Protection Bureau Announces Policy Guidance on Disclosure of Home Mortgage Data
December 27, 2018 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau intends to make available to the public beginning in 2019, including modifications to protect consumers’ privacy.
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Agencies Issue Final Rules Expanding Examination Cycles for Qualifying Small Banks and U.S. Branches and Agencies of Foreign Banks
December 21, 2018 / Source: OCC
The Federal banking agencies today issued final rules that adopt without change the interim final rules issued in August that expanded the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle, rather than a 12-month cycle.
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Agencies Allow Three-Year Regulatory Capital Phase In for New Current Expected Credit Losses (CECL) Accounting Standard
December 21, 2018 / Source: OCC
The federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of the update to the accounting standard known as the “Current Expected Credit Losses” (CECL) methodology.
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Federal Reserve Board will maintain current modeling framework for loan allowances in its supervisory stress test through 2021
December 21, 2018 / Source: FRB
The Federal Reserve Board announced on Friday that it will maintain the current modeling framework for loan allowances in its supervisory stress test through 2021.
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2018 Compliance Wrap-up Webinar is Now Available!
December 21, 2018
2018 was another crazy year in compliance. This presentation will act as a wrap-up covering the major compliance changes of 2018 and information on what were the most frequently-asked about topics across our nationwide membership. It may come as no secret that the top topic of 2018 was beneficial ownership followed by the Economic Growth Act whose changes will impact the industry for years to come. We’ll also discuss the changes to HMDA, Reg CC, TRID 2.0, the Blackhole, Mortgage Servicing, as well as, things to look out for 2019 like Prepaid Cards.
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Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
December 20, 2018 / Source: FDIC
The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
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Agencies Propose to Update Management Interlock Rules
December 20, 2018 / Source: FDIC
The federal banking agencies on Thursday invited public comment on a proposal to update rules restricting the ability of a director or other management official to serve at more than one depository institution or depository holding company. The proposed changes would provide relief for community banks and better align with other rules.
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FDIC Issues Final Rule on Reciprocal Deposits and Seeks Comments on Brokered Deposits and Interest Rate Restrictions
December 19, 2018 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) took two actions related to brokered deposits. The FDIC adopted a final rule related to the treatment of reciprocal deposits, and it also issued an advance notice of proposed rulemaking (ANPR) related to brokered deposits and the interest rate restrictions.
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OCC Issues Notice of Proposed Rulemaking Amending Stress Testing Rules for National Banks and Federal Savings Associations
December 19, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a notice of proposed rulemaking to amend the OCC’s stress testing rule at 12 CFR 46 (which implements the stress testing requirements of section 165(i)(2) of the Dodd–Frank Wall Street Reform and Consumer Protection Act), consistent with requirements imposed by section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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FDIC Issues Notice of Proposed Rulemaking: Company-Run Stress Testing Requirements for FDIC-supervised State Nonmember Banks and State Savings Associations
December 18, 2018 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued a notice of proposed rulemaking that would revise the FDIC's requirements for stress testing by FDIC-supervised institutions, consistent with changes made by Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
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Former Bank President Sentenced to Prison and Ordered to Pay $137 Million
December 18, 2018 / Source: FDICIG
JOHN ARNOLD SHELLEY, 68, of Oklahoma City, has been sentenced to four years in federal prison for making a false statement to the Federal Deposit Insurance Corporation, announced Robert J. Troester of the U.S. Attorney’s Office.
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FDIC Board Approves 2019 Operating Budget
December 18, 2018 / Source: FDIC
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a $2.04 billion operating budget for 2019, down 2.3 percent from 2018 and 49 percent lower than its peak at the height of the financial crisis in 2010.
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Capital: Notice of Proposed Rulemaking
December 17, 2018 / Source: OCC
On December 17, 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 provide an updated framework for measuring derivative counterparty credit exposure.
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FFIEC HMDA Alert- HMDA Platform available for beta testing
December 17, 2018 / Source: FFIEC
The FFIEC is pleased to announce the beta launch of the HMDA Platform for data collected in 2018. The beta release provides financial institutions an opportunity to become familiar with the HMDA Platform and, in particular, determine whether their sample LAR data complies with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2018.
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Former Senior Employee at FDIC Convicted of Embezzling Confidential Documents
December 14, 2018 / Source: FDICIG
Following six days of trial, a federal jury in Brooklyn returned a guilty verdict today against Allison Aytes on both counts of an indictment charging her with theft of government property in the possession of the Federal Deposit Insurance Corporation (FDIC).
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Financial Well-being of Older Americans Report
December 14, 2018 / Source: CFPB
The report describes the distribution of financial well-being scores for adults ages 62 and older in the United States, and the relationship between financial well-being and age.
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Federal Reserve Board prohibits former president and CEO and executive vice president of Farmers State Bank from participating in the banking industry
December 13, 2018 / Source: FRB
Federal Reserve Board approves the initiation of an action to prohibit president and CEO and executive vice president of Farmers State Bank from participating in the banking industry
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FILs Banker Teleconference: Regulatory Capital Rule: Capital Simplification for Qualifying Comm…
December 13, 2018 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (the Agencies) will host an interagency conference call for bankers on December 18, 2018, to discuss the optional community bank leverage ratio (CBLR) framework.
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OCC Reports Third Quarter 2018 Bank Trading Revenue
December 12, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.1 billion in the third quarter 2018, which was $0.2 billion, 2.7 percent, more than the previous quarter.
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OCC Reports Slight Improvement in Mortgage Performance
December 12, 2018 / Source: OCC
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the third quarter of 2018.
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CFPB Releases Beta Version of 2018 HMDA Data Platform
December 11, 2018 / Source: JDSUPRA
The CFPB has made available a beta version of its 2018 HMDA data platform. The platform is for the reporting of data collected in 2018 that must be reported in 2019.
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BCFP proposes revision to no-action letter policy and creation of new product sandbox
December 11, 2018 / Source: CFPB MONITOR
The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.” Comments will be due no later than 60 days after the date the proposals are published in the Federal Register.