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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July 31, 2020 / 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.
July 31, 2020 / Source: CFPB
The Bureau released two HMDA FAQs in response to questions it has received. The FAQs cover reporting requirements for certain data points, and specifically discuss reporting when the information is not the dispositive factor in a credit decision.
July 31, 2020 / Source: OCC
On July 31, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the U.S. Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (collectively, the agencies) published a final rule amending the regulations that implement section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker rule.
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
July 30, 2020 / Source: FDIC
On July 22, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published in the Federal Register for public comment several revisions to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101).
July 30, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic.
Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIM
July 29, 2020 / Source: FRB
The Federal Reserve on Wednesday announced the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021.
Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court
July 29, 2020 / Source: FDIC OIG
A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest.
July 29, 2020 / Source: FRB
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30
July 28, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30.
July 28, 2020 / Source: FDIC
The FDIC encourages banks to work with their customers experiencing financial difficulty, where possible.
Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
July 28, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.
July 27, 2020 / Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today posted to its website its Monthly Volume Summary for June 2020, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments.
July 27, 2020 / Source: FDIC OIG
A Washington tech executive was taken into custody today and charged with fraudulently seeking over $5.5 million in Paycheck Protection Program (PPP) loans and laundering the proceeds, announced Acting Assistant Attorney General Brian C. Rabbitt at of the Justice Department’s Criminal Division and U.S. Attorney Brian T. Moran of the U.S. Attorney’s Office for the Western District of Washington.
Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act
July 27, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation and the Securities and Exchange Commission have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act.
FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records
July 24, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to individuals with certain criminal offenses on their records who seek employment in the banking industry.
July 24, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.
Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory i
July 24, 2020 / Source: FRB
The Federal Reserve Board on Friday finalized a rule that implements technical, clarifying updates to its Freedom of Information Act (FOIA) procedures and changes to its rules for the disclosure of confidential supervisory information (CSI), which is supervisory information belonging to the Board that may include proprietary financial institution-specific information.
Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility
July 23, 2020 / Source: FRB
The Federal Reserve Board on Thursday broadened the set of firms eligible to transact with and provide services in three emergency lending facilities.
Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner
July 23, 2020 / Source: CFPB
On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s (Bureau) allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman).
July 22, 2020 / Source: CFPB
Millions of Americans are facing financial uncertainty during the coronavirus pandemic. For people with student loans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for those with federal student loans, and many private student loan lenders are providing options for reducing or suspending payments as well.
July 22, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020 at 9:30 a.m. The event will be webcast on the Bureau’s website.
July 22, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers.
July 21, 2020 / Source: FHFA
Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020.
Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021
July 21, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced its intent to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions (priced services) in 2021.
July 20, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions.