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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OCC Solicits Public Comment on Proposed Innovation Pilot Program
April 30, 2019 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today opened a 45-day public comment period on a proposed Innovation Pilot Program (the program).
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New Jersey Man Pleads Guilty to Federal Charges for $3.5 Million Bank Fraud Scheme
April 30, 2019 / Source: FDICIG
Mehul Khatiwala, age 37, of Voorhees, New Jersey, pleaded guilty today to conspiracy to commit bank fraud and to three counts of bank fraud, in connection with a scheme to fraudulently obtain loans from Cecil Bank to purchase hotels and a multifamily residential property, resulting in losses of more than $3.5 million.
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Fiduciary Regulations; Non-Fiduciary Custody Activities: Advance Notice of Proposed Rulemaking
April 29, 2019 / Source: OCC
On April 29, 2019, the Office of the Comptroller of the Currency (OCC) published an advance notice of proposed rulemaking (ANPR) inviting comment on possible revisions to the OCC’s fiduciary regulations, 12 CFR 9 and 150. Specifically, the ANPR requests comment on whether the OCC should update the regulatory definition of “fiduciary capacity” to make it more consistent with recent developments under state laws.
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Bureau offers a lifeline (of sorts) to prepaid issuers in submitting agreements through Collect
April 29, 2019 / Source: Regulatory Report
Prepaid account issuers get some help in using Collect, the federal consumer financial protection agency’s online channel for submitting account agreements by Wednesday, May 1, the deadline for making first submissions under new rules, according to an announcement by the agency.
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FDIC Makes Public March 2019 Enforcement Actions
April 26, 2019 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March. There is one administrative hearing scheduled for May 2019.
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Other Real Estate Owned: Notice of Proposed Rulemaking
April 26, 2019 / Source: OCC
On April 24, 2019, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (NPR) on other real estate owned (OREO) activities for national banks and federal savings associations. OREO refers to real estate acquired in satisfaction of debts previously contracted and real estate no longer used or planned to be used to conduct banking activities.
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CFPB Issues Request for Information on Remittance Rule
April 25, 2019 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) issued a Request for Information (RFI) on its Remittance Rule. The RFI includes a consideration of issues discussed in the Bureau’s assessment of the Rule, which examined if the Rule had been effective in achieving its goals.
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Federal Reserve Board issues enforcement action with Sumitomo Mitsui Banking Corporation
April 25, 2019 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action.
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Federal Reserve Board invites public comment on proposal to simplify and increase the transparency of rules for determining control of a banking organization
April 24, 2019 / Source: FRB
The Federal Reserve Board on Tuesday invited public comment on a proposal that would simplify and increase the transparency of the Board's rules for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations.
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OCC proposes update of ‘other real estate owned’ rules for national banks, savings associations
April 24, 2019 / Source: Regulatory Report
A proposal to clarify and streamline the regulation of banks’ other real estate owned (OREO) activities and update the OREO regulatory framework for federal savings associations (FSA) is being issued by the Office of the Comptroller of the Currency (OCC) for a 60-day comment period.
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CFPB Announces Policy Change Regarding Bureau Civil Investigative Demands
April 23, 2019 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.
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Deposit Insurance Coverage Seminars: Free Nationwide Seminars for Bank Officers and Employees
April 23, 2019 / Source: FDIC
The FDIC will conduct four identical live seminars on FDIC deposit insurance coverage for bank employees and bank officers between May 15, 2019, and December 9, 2019.
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FIL: Consolidated Reports of Condition and Income
April 22, 2019 / Source: FDIC
The Consolidated Reports of Condition and Income (Call Report) for the March 31, 2019, report date must be submitted to the agencies' Central Data Repository (CDR) by Tuesday, April 30, 2019.
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Mortgage Rates Continue to Rise
April 22, 2019 / Source: Freddie Mac
Freddie Mac(OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing that fixed mortgage rates rose for the third consecutive week.
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OCC Enforcement Actions and Terminations for April 2019
April 19, 2019 / 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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Agencies Seek Comments on Revisions to the Supplementary Leverage Ratio as Required by Economic Growth, Regulatory Relief, and Consumer Protection Act
April 19, 2019 / Source: FDIC
The federal bank regulatory agencies on Thursday requested comment on a proposal to modify a capital requirement for U.S. banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
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Consumer Financial Protection Bureau Announces Symposia Series
April 19, 2019 / Source: CFPB
Consumer Financial Protection Bureau Director Kathleen L. Kraninger announced a symposia series exploring consumer protections in today’s dynamic financial services marketplace.
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Federal Reserve Board announces termination of enforcement action with BB&T Corporation
April 18, 2019 / Source: FRB
The Federal Reserve Board on Thursday announced the termination of the enforcement action.
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Beige Book - April 17, 2019
April 18, 2019 / Source: FRB
This report was prepared at the Federal Reserve Bank of St. Louis based on information collected on or before April 8, 2019. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
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Agencies Invite Comment on Modifications to Resolution Plan Requirements; Proposal Keeps Existing Requirements for Largest Firms and Reduces Requirements for Firms with Less Risk
April 17, 2019 / Source: FDIC
The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday invited public comment on a proposal modifying their resolution plan requirements for large banking firms.
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FDIC Seeks Comment on New Approaches to Insured Depository Institution Resolution Planning
April 17, 2019 / Source: FDIC
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on ways to tailor and improve the agency's rule requiring certain insured depository institutions (IDIs) to submit resolution plans (the "IDI Rule").
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Board of Directors: Roles and Responsibilities Webinar is Now Available!
April 16, 2019
This presentation covers the first step in having a strong compliance management system, strong BSA program and strong business operations in general: the role of the board of directors and each individual director’s responsibility to the bank’s employees, shareholders and the communities the bank serves. This presentation will discuss the board’s composition, ethics responsibilities, legal and regulatory compliance, risk management, operations monitoring and the oversight responsibilities of everything from the CMS, to the BSA program to general risk management.
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Federal Reserve Board issues enforcement action with Princeton Capital Holdings LLC, Princeton Capital LLC, and Princap Holdings One LLC
April 16, 2019 / Source: FRB
The Federal Reserve Board on Tuesday announced the execution of the enforcement action.
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Dr. Mark Calabria Sworn In as Director of the Federal Housing Finance Agency
April 16, 2019 / Source: FHFA
In an Agency ceremony, Dr. Mark A. Calabria was sworn in to a five-year term as the second Senate-confirmed Director of the Federal Housing Finance Agency (FHFA).
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Federal Reserve fines UniCredit $158 million for firm’s unsafe and unsound practices related to inadequate sanctions controls and supervision of subsidiary banks
April 15, 2019 / Source: FRB
The Federal Reserve Board on Monday announced it has fined UniCredit, S.p.A., a foreign bank operating in the United States and headquartered in Italy, and two of its subsidiaries $158 million for the firm's unsafe and unsound practices related to inadequate sanctions controls and supervision of its subsidiary banks.