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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Consumer Financial Protection Bureau Settles with Remittance Transfer Providers for Remittance Transfer Rule Violations
August 31, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) entered into settlements with Trans-Fast Remittance LLC and Sigue Corporation and its subsidiaries, SGS Corporation and GroupEx Corporation.
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Consumer Financial Protection Bureau Report Examines Early Impact of Pandemic on Consumer Credit
August 31, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued a report today examining the early effects of the COVID-19 pandemic on consumer credit.
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FDIC Issues CRA Examination Schedules for Fourth Quarter 2020 and First Quarter 2021
August 31, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter 2020 and first quarter 2021.
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North Carolina Man Charged with COVID-19 Relief Fraud
August 28, 2020 / Source: FDIC OIG
A North Carolina man was charged by criminal complaint unsealed today for fraudulently seeking more than $414,000 in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
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Regulatory Relief FIL-85-2020
August 28, 2020 / Source: FDIC
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Wildfires
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FDIC Makes Public July Enforcement Actions 2020
August 28, 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 July.
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Bureau adopts new procedures for external peer review of important research
August 28, 2020 / Source: CFPB
Bureau experts conduct various types of research to develop evidence that can inform the decisions policymakers face. The strength of that evidence depends on the quality of the research.
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Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy
August 27, 2020 / Source: FRB
Following an extensive review that included numerous public events across the country, the Federal Open Market Committee (FOMC) on Thursday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates its approach to monetary policy and serves as the foundation for its policy actions.
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New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments
August 27, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs).
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Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points
August 27, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data.
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Consumer Financial Protection Bureau Settles with Fourth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
August 27, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against PHLoans.com, Inc. (PHLoans), a California corporation that is licensed as a mortgage broker or lender in about 11 states. Until at least April 2019, PHLoans was known as Pacific Home Loans, Inc. PHLoans offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA).
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OCC Allows National Banks and Federal Savings Associations Along U.S. Gulf Coast to Close
August 26, 2020 / Source: OCC
The Office of the Comptroller of the Currency today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by severe weather along the U.S. Gulf Coast at their discretion.
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SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY SEVERE WEATHER IN IOWA
August 26, 2020 / Source: FDIC
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Iowa affected by severe storms.
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Agencies Issue Three Final Rules
August 26, 2020 / Source: FDIC
The federal bank regulatory agencies today finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year.
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Consumer Financial Protection Bureau Requests Information on the Impact of the CARD Act Regulations on Small Entities and the Consumer Credit Card Market
August 26, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules).
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Minnesota Man Charged with COVID-Relief Fraud and Money Laundering
August 25, 2020 / Source: DOJ
A Minnesota man was charged in an indictment unsealed today for allegedly fraudulently obtaining approximately $841,000 from the Paycheck Protection Program (PPP).
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U.S. House Prices Up 5.4 Percent from Last Year; Prices Rise 0.8 Percent in Second Quarter Despite COVID
August 25, 2020 / Source: FHFA
U.S. house prices rose 5.4 percent from the second quarter of 2019 to the second quarter of 2020 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).
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FDIC-Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
August 25, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today reported that commercial banks and savings institutions saw a decrease in net income of 70 percent from a year ago, while liquidity and capital levels remained very strong to meet loan demand and absorb any losses in the future.
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Federal Reserve will co-host a research conference on bank supervision on December 11, 2020
August 24, 2020 / Source: FRB
The Federal Reserve Board in December will co-host a research conference on bank supervision.
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Proposed Revisions to Statement of Policy Regarding Minority Depository Institutions
August 24, 2020 / Source: FDIC
The FDIC Board of Directors (Board) has proposed revisions to its Statement of Policy Regarding Minority Depository Institutions (MDIs).
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FDIC Proposes Changes to Its Supervisory Appeals Process
August 24, 2020 / Source: FDIC
The FDIC is seeking comments on proposed amendments to its Guidelines for Appeals of Material Supervisory Determinations (Guidelines).
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Consumer Financial Protection Bureau Announces Settlement with TD Bank for Illegal Overdraft Practices
August 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance (DCA).
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Bank Secrecy Act: Joint Statement on Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons
August 21, 2020 / Source: FDIC
The FDIC, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) are issuing a joint statement on Bank Secrecy Act due diligence requirements for customers whom banks may consider to be politically exposed persons (PEPs).
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Banker Webinar: Loan Forgiveness and Other Matters Relative to the Paycheck Protection Program
August 20, 2020 / Source: FDIC
The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the agencies), as well as the Conference of State Bank Supervisors will host a webinar for bankers on Thursday, August 27 from 11:00 a.m. to 12:00 p.m., Eastern Daylight Time to discuss the loan forgiveness process and recent changes in the Paycheck Protection Program (PPP).
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CFPB Extends Comment Period on Request for Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
August 20, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) 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.