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 Consolidates Supervision Support Functions, Announces New Units

  July 31, 2019 / Source: OCC

  The Office of the Comptroller of the Currency today announced realignment of approximately 150 staff members to create two new units, consolidating bank supervision support, risk analysis, and oversight of national trust banks and significant service providers.

• FDIC Annual Publication Examines Potential Credit and Market Risks

  July 31, 2019 / Source: FDIC

  The Federal Deposit Insurance Corporation (FDIC) today published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures in the banking system. The publication will be of particular interest to financial institutions, policymakers, analysts, and regulators.

• Minnesota Couple Pleads Guilty for Long-Running Fraud Scheme

  July 30, 2019 / Source: FDICIG

  Detloff Marketing and Asset Management Inc. (Detloff Marketing), a real estate company based in Hopkins, Minnesota; its owner, Jeffery J. Detloff; and its accountant, Lori K. Detloff, pleaded guilty today in the U.S. District Court in St. Paul, Minnesota, for their participation in a long-running fraudulent bidding and kickback scheme in connection with foreclosed properties, the Department of Justice announced.

• Delhi farmer pleads guilty to lying to various business and government entities to steal nearly $17 million

  July 30, 2019 / Source: FDICIG

  A Delhi, Louisiana, farmer pleaded guilty Monday to lying to more than seven financial institutions, insurance providers and government entities in an effort to obtain nearly $17 million illegally, U.S. Attorney David C. Joseph announced.

• Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Missouri Affected by Severe Storms, Tornadoes, and Flooding

  July 29, 2019 / Source: FDIC

  The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Missouri affected by severe storms, tornadoes, and flooding.

• Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Texas Affected by Severe Storms and Flooding

  July 29, 2019 / Source: FDIC

  The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Texas affected by severe storms and flooding.

• Agencies complete resolution plan evaluations and extend deadline for certain firms

  July 29, 2019 / Source: FRB

  The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced several resolution plan actions, including completing their evaluations of the 2018 resolution plans for 82 foreign banks and extending the deadline for the next resolution plans from those firms, as well as 15 domestic banks.

• FDIC Makes Public June Enforcement Actions; No Administrative Hearings Scheduled for August 2019

  July 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 June. There are no administrative hearings scheduled for August 2019.

• Consumer Financial Protection Bureau Releases Qualified Mortgage ANPR

  July 26, 2019 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau) today issued an Advance Notice of Proposed Rulemaking (ANPR) seeking information relating to the expiration of the temporary qualified mortgage provision applicable to certain mortgage loans eligible for purchase or guarantee by the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, in the Bureau’s Ability to Repay/Qualified Mortgage (ATR/QM) Rule.

• CFPB and the New York Attorney General Settle with Debt Collection Group

  July 25, 2019 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau) and the New York Attorney General today filed proposed settlements with debt collectors Douglas MacKinnon, Northern Resolution Group, LLC, Enhanced Acquisitions, LLC, Delray Capital, LLC, and Mark Gray.

• Federal Reserve Board announces termination of enforcement actions with Mesaba Bancshares, Inc. and First National Financial Services, Inc.

  July 25, 2019 / Source: FRB

  Federal Reserve Board announces termination of enforcement actions with Mesaba Bancshares, Inc. and First National Financial Services, Inc.

• FDIC Announces Meeting of Advisory Committee on Community Banking on July 30, 2019

  July 24, 2019 / Source: FDIC

  The Federal Deposit Insurance Corporation (FDIC) today announced that it will hold a meeting of the Advisory Committee on Community Banking on Tuesday, July 30.

• OCC Issues Consent Order of Prohibition and $50,000 Civil Money Penalty Against Former General Counsel of Rabobank N.A.

  July 24, 2019 / Source: OCC

  The Office of the Comptroller of the Currency (OCC) today announced the issuance of a consent order of prohibition and $50,000 civil money penalty against Daniel Weiss, the former General Counsel of Rabobank, N.A., Roseville, Calif. (Bank).

• OCC BULLETIN 2019-36: Lending Standards for Asset Dissipation Underwriting

  July 23, 2019 / Source: OCC

  The OCC is issuing this bulletin to remind bankers and examiners that real estate and mortgage lending activities are subject to specific regulatory standards and guidelines. Banks originating mortgage loans using asset dissipation underwriting (ADU) should develop and implement policies, processes, and control systems for ADU in a manner consistent with safe and sound banking practices set forth in existing regulations.

• Agencies release public sections of resolution plans for eight large banks

  July 23, 2019 / Source: FRB

  The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today released the public sections of eight large domestic firms' resolution plans, which are required by the Dodd-Frank Act and commonly known as living wills.

• Federal Bank Regulatory Agencies and FinCEN Improve Transparency of Risk-Focused BSA/AML Supervision

  July 22, 2019 / Source: OCC

  As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a joint statement as part of continuing efforts to improve transparency into their risk-focused approach to Bank Secrecy Act (BSA)/anti-money laundering (AML) supervision.

• CFPB, FTC and States Announce Settlement with Equifax Over 2017 Data Breach

  July 22, 2019 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau), the Federal Trade Commission (FTC), and 48 states, the District of Columbia and Puerto Rico announced a global settlement today with Equifax that would provide up to $700 million in monetary relief and penalties.

• Interagency Webinar Revisions to the Framework for Margin Requirements for Non-Centrally Cleared Derivatives

  July 22, 2019 / Source: FDIC

  The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency are jointly hosting a webinar on revisions to the framework for margin requirements for non-centrally cleared derivatives that have been adopted by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO).

• FASB STAFF ISSUES Q&A TO HELP ORGANIZATIONS ESTIMATE EXPECTED CREDIT LOSSES ON FINANCIAL ASSETS

  July 19, 2019 / Source: FASB

  Board also authorizes staff to plan CECL workshops around the United States.

• Statement by FinCEN Director Kenneth A. Blanco

  July 19, 2019 / Source: FinCEN

  Statement by FinCEN Director Kenneth A. Blanco in Support of Yesterday's Anti-Terrorism Financing Actions by Argentina and Its Financial Intelligence Unit.

• Consumer Financial Protection Bureau Releases Report on Third-Party Debt Collections

  July 18, 2019 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau) released a report today that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors.

• NR 2019-80: OCC Enforcement Actions and Terminations

  July 18, 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.

• Consumer Financial Protection Bureau Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults

  July 17, 2019 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation.

• Federal Bank Regulatory Agencies Announce Coordination of Reviews for Certain Foreign Funds Under Volcker Rule

  July 17, 2019 / Source: OCC

  The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

• FDIC Board Finalizes Changes to Recordkeeping Requirements for Deposit Insurance Determinations

  July 16, 2019 / Source: FDIC

  The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved amendments to two rules to simplify the process for making insurance determinations in the event a bank is placed into receivership.

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