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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FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources
May 28, 2020 / Source: FHFA
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR).
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CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement
May 28, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today released a first of its kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.
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FDIC Extends Comment Period on Proposal to Ensure Safety and Soundness of Industrial Banks
May 28, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) has extended the public comment period for its proposed rule regarding industrial banks and industrial loan companies (industrial banks) by 30 days to July 1, 2020.
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OCC Issues Third and Fourth Quarter 2020 CRA Evaluation Schedule
May 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter and fourth quarter 2020.
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Sampling Methodologies: Revised Comptroller’s Handbook Booklet
May 27, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued the revised “Sampling Methodologies” booklet of the Comptroller’s Handbook.
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Director, Shareholder, and Member Meetings: Interim Final Rule
May 26, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) is issuing an interim final rule that amends 12 CFR 5 and 7 to clarify that national banks and federal savings associations (FSAs) (collectively, banks) may permit telephonic and electronic participation at all board of directors, shareholder, and, as applicable, member meetings.
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Freddie Mac Announces Online Resources to Help Consumers
May 26, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today announced a number of online resources available to help homeowners and renters navigate the relief and support the company has made available in the face of COVID-19. The tools are part of a dedicated effort to raise awareness of the options consumers have to help them stay in their homes.
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Mortgage Rates Decrease May 21, 2020
May 22, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.24 percent.
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Treasury Sanctions Senior Nicaraguan Government Officials, Increasing Pressure on President Ortega’s Regime
May 22, 2020 / Source: OFAC
Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two senior Nicaraguan government officials, Julio Cesar Aviles Castillo and Ivan Adolfo Acosta Montalvan for supporting the corrupt Ortega regime.
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Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020
May 21, 2020 / Source: OCC
Comptroller of the Currency Joseph M. Otting today announced he will step down from office on May 29, 2020, and pursuant to 12 USC 4 as designated by Secretary of the Treasury Steven T. Mnuchin, First Deputy and Chief Operating Officer Brian P. Brooks will become Acting Comptroller of the Currency.
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Consumer Financial Protection Bureau Issues Consumer Complaint Bulletin
May 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today issued a report analyzing the complaints received during the COVID-19 pandemic.
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Minutes of the Federal Open Market Committee, April 28-29, 2020
May 21, 2020 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2020.
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Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans
May 20, 2020 / Source: FDIC
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs.
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CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt
May 20, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for the public to comment on its Supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures.
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OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations
May 20, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).
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Risk Management Manual of Examination Policies May 2020 Update
May 19, 2020 / Source: FDIC
The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices.
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FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings
May 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program. The annual program recognizes law enforcement agencies that used Bank Secrecy Act (BSA) reporting to successfully pursue and prosecute criminal investigations.
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FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions
May 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to rising medical scams related to the COVID-19 pandemic.
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Fannie Mae to Issue Request for Proposals to Hire Financial Advisor
May 18, 2020 / Source: Fannie Mae
Fannie Mae (FNMA/OTCQB) today announced that it will issue a request for proposals to hire an underwriting financial advisor who will assist in developing and implementing a plan for recapitalizing and responsibly ending its conservatorship.
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SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
May 18, 2020 / Source: SBA
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
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Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112—Currency
May 18, 2020 / Source: FinCEN
Notice and Request for Comment, Forms Renewal/Update
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Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions
May 18, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System have published an interim final rule (IFR) that allows for the temporary exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks from the supplementary leverage ratio (SLR).
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CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options
May 15, 2020 / Source: CFPB
To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act.
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Financial Stability Report May 2020
May 15, 2020 / Source: FRB
This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment.
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Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies
May 14, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated final judgment to resolve its allegations in its lawsuit against California mortgage lender Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans), and several individuals and related companies, including Thomas Chou and Sean Cowell.