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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• Supervisory Highlights, Issue No. 21 (Winter 2020)

  February 14, 2020 / Source: CFPB

  In this issue of Supervisory Highlights, CFPB reports examination findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

• Senator Calls for Creation of Federal Online Privacy Agency

  February 14, 2020 / Source: BankInfoSecurity

  Sen. Kirsten Gillibrand, D-N.Y., is proposing the creation of a new federal agency dedicated to protecting online privacy, taking that task away from the Federal Trade Commission.

• Home Mortgage Disclosure Act (HMDA): FFIEC Issues 2020 Version of A Guide to HMDA Reporting: Getting It Right!

  February 13, 2020 / Source: FDIC

  The Federal Financial Institutions Examination Council (FFIEC) has issued the 2020 edition of A Guide to HMDA Reporting Getting It Right! for Home Mortgage Disclosure Act-related data collected in 2020 and reported in 2021.

• Federal Reserve Board announces termination of enforcement actions with Discover Financial Services, JPMorgan Chase & Co., Deutsche Bank AG, and The Royal Bank of Scotland PLC and RBS Securities, Inc.

  February 13, 2020 / Source: FRB

  The Federal Reserve Board on Thursday announced the termination of the enforcement actions.

• FBI: Business Email Compromise Losses Hit $1.7B in 2019

  February 12, 2020 / Source: NACHA

  Business Email Compromise shows no signs of abating, as the number of complaints—and losses—soared last year, a new federal report shows.

• Household Debt Tops $14 Trillion as Mortgage Originations Reach Highest Volume Since 2005

  February 12, 2020 / Source: New York Fed

  Growth Seen in New Credit Extensions Across Debt Types; Transitions into Delinquency Among Credit Card Borrowers Continue to Rise.

• FinCEN Issues Administrative Ruling on the Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a DBA Name

  February 11, 2020 / Source: FinCEN

  The Financial Crimes Enforcement Network (FinCEN) has issued an administrative ruling regarding the Currency Transaction Report (CTR, FinCEN Form 112).

• 4 in Chinese Army Charged With Breaching Equifax

  February 11, 2020 / Source: BankInfoSecurity

  Four members of China's People's Liberation Army have been indicted for allegedly hacking Equifax in 2017 and stealing the personal data of over 145 million Americans as well as a vast trove of the company's trade secrets and intellectual property, the U.S. Justice Department announced Monday.

• FDIC Issues Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks

  February 10, 2020 / Source: FDIC

  The FDIC has released a supplement to its Deposit Insurance Application Procedures Manual (Procedures Manual) that addresses deposit insurance applications involving unique or complex proposals.

• For the Record: Why Direct Deposit Benefits American Workers

  February 10, 2020 / Source: NACHA

  Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices.

• Federal Reserve Board releases hypothetical scenarios for its 2020 stress test exercises

  February 07, 2020 / Source: FRB

  The Federal Reserve Board on Thursday released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes so that they can continue lending to households and businesses, even during a severe recession.

• OCC Releases Dodd-Frank Act Stress Test Scenarios for 2020

  February 07, 2020 / Source: OCC

  The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.

• Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County

  February 06, 2020 / Source: FRB

  The Federal Reserve Board on Thursday announced the execution of the enforcement action.

• Man Sentenced for Embezzling $3 Million from Employer

  February 06, 2020 / Source: FDICOIG

  A Maryland man was sentenced today to 30 months in prison for embezzling over $3.2 million from his employer.

• News Release 2020-16: OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations

  February 05, 2020 / Source: OCC

  The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of January 1, 2020 through January 31, 2020.

• Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities

  February 05, 2020 / Source: CFPB

  The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with Think Finance, LLC, formerly known as Think Finance, Inc., and six subsidiaries (collectively, the “Think Finance Entities”), to resolve the Bureau’s lawsuit, which the Bureau filed on November 15, 2017.

• FDIC Issues November 2019 List of Banks Examined for CRA Compliance

  February 04, 2020 / Source: FDIC

  The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2019.

• Federal Reserve Board announces it is permanently barring senior executive at Goldman Sachs from banking industry

  February 04, 2020 / Source: FRB

  The Federal Reserve Board on Tuesday announced that it is permanently barring Andrea Vella, a senior executive at Goldman Sachs, from the banking industry for his role in Goldman's financing of a defrauded Malaysian sovereign wealth fund.

• FDIC Publishes Comprehensive History of Risk-Based Pricing

  February 03, 2020 / Source: FDIC

  In the first of a series of staff studies to be released to the public, the Federal Deposit Insurance Corporation (FDIC) today published a comprehensive history of how the agency assessed banks to build FDIC's now 85-year-old Deposit Insurance Fund (DIF) and help achieve its mission of protecting depositors and resolving failed banks.

• Banker Webinar: Community Bank Leverage Ratio Framework

  February 03, 2020 / Source: FDIC

  The FDIC will host a webinar on February 25, 2020, from 2:00 p.m. to 3:30 p.m., Eastern Time (ET) to discuss the optional community bank leverage ratio (CBLR) capital framework for qualifying FDIC-supervised institutions.

• Former Stockman Bank employee sentenced to prison for stealing from customers

  February 03, 2020 / Source: FDICOIG

  A former Stockman Bank commercial loan assistant who admitted stealing money from the accounts of two customers, including a mentally incompetent elderly man, was sentenced today to 57 months in prison and five years of supervised release and ordered to pay $195,949 restitution, U.S. Attorney Kurt Alme said.