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.
Whitelist info@compliancealliance.com to ensure that you receive your update email.
If you're still having difficulties receiving this Daily Email Campaign, please contact us at once through info@compliancealliance.com.
-
FDIC Systemic Resolution Advisory Committee to Discuss the FDIC’s Progress on Systemic Resolution
September 24, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation's Systemic Resolution Advisory Committee will meet on Thursday, October 1 at 9:00 am ET. FDIC’s advisory committee members will discuss and receive updates on resolution planning in bankruptcy and pursuant to the Orderly Liquidation Authority.
-
Preparedness means rebuilding toward a brighter future with emergency savings
September 24, 2020 / Source: CFPB
September is National Preparedness Month , which is aimed at promoting family and community disaster planning, including financial preparedness. This year, for many Americans who experienced financial challenges as a result of the coronavirus pandemic, preparedness means taking small steps toward rebuilding and resilience.
-
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Hurricane Sally
September 23, 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 Alabama affected by Hurricane Sally.
-
OCC Reports Decline in Mortgage Performance
September 23, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020.
-
FHFA Requests Input on Strategic Plan For Fiscal Years 2021-2024
September 22, 2020 / Source: FHFA
The Federal Housing Finance Agency (FHFA) is requesting input on its Strategic Plan: Fiscal Years 2021-2024 (the Plan), which establishes new goals that are necessary for FHFA to fulfill its statutory duties, including responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises).
-
Reminder for the Annual Report of Blocked Property
September 22, 2020 / Source: OFAC
On July 1, 2020, the Office of Foreign Assets Control (OFAC) issued a recent action notice, reminding holders of property blocked pursuant to OFAC sanctions regulations published in Chapter V of Title 31 of the Code of Federal Regulations (C.F.R.) of the requirement to provide OFAC with an Annual Report of Blocked Property (ARBP).
-
Federal Reserve Board issues Advance Notice of Proposed Rulemaking on an approach to modernize regulations that implement the Community Reinvestment Act
September 21, 2020 / Source: FRB
The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA.
-
Standardized Approach for Counterparty Credit Risk; Correction: Final Rule
September 21, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies), published a final rule in the Federal Register on September 17, 2020, that makes technical corrections to certain provisions of the capital rule related to the standardized approach for counterparty credit risk (SA-CCR), which is used for calculating the exposure amount of derivative contracts. The final rule is effective as of September 17, 2020.
-
Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities
September 21, 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 hold "reserves" on behalf of customers who issue certain stablecoins.
-
Consumer Financial Protection Bureau Settles with Auto Lender for Unfair Loss Damage Waiver Practices
September 21, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) settled with Lobel Financial Corporation, an auto-loan servicer based in Anaheim, California.
-
CFPB to Extend Comment Period for Notice of Proposed Rulemaking on New Category of Qualified Mortgages
September 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) is extending the comment period on its notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) by three days, from September 28, 2020 to October 1, 2020 in order to accommodate for the Yom Kippur Jewish holiday.
-
Federal Reserve Board updates frequently asked questions to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program
September 18, 2020 / Source: FRB
The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury's expectations regarding lender underwriting for the Main Street Lending Program.
-
Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oregon Affected by Wildfires and Straight-Line Winds
September 18, 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 Oregon affected by wildfires and straight-line winds.
-
FDIC Academic Challenge 2020-2021
September 18, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s first-ever Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector.
-
FDIC Releases Results of Summary of Deposits Annual Survey
September 18, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2020.
-
Consumer Financial Protection Bureau Announces Advisory Committee Members
September 17, 2020 / Source: CFPB
Consumer Financial Protection Bureau Director Kathleen L. Kraninger has announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC).
-
OCC Enforcement Actions September 17, 2020
September 17, 2020 / 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.
-
Federal Reserve issues FOMC statement September 16, 2020
September 16, 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.
-
OCC Reports Second Quarter 2020 Bank Trading Revenue
September 16, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $14.7 billion in the second quarter 2020, which was $8.0 billion, or 119.3 percent, more than the previous quarter.
-
FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs
September 16, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA).
-
Restoration Plan for the FDIC Deposit Insurance Fund
September 15, 2020 / Source: FDIC
On September 15, 2020, the Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) voted to adopt a Restoration Plan to restore the Deposit Insurance Fund (DIF) reserve ratio to at least 1.35 percent within 8 years, as required by the Federal Deposit Insurance Act.
-
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Sally to Close
September 15, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Sally at their discretion.
-
Consumer Financial Protection Bureau and Multiple States Enter Into Settlement with Owner of ITT Private Loans for Substantially Assisting ITT in Unfair Practices
September 15, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated judgment against PEAKS Trust 2009-1, along with Deutsche Bank National Trust Company, Deutsche Bank Trust Company Delaware, and Deutsche Bank Trust Company Americas, in their capacity as trustees to PEAKS Trust 2009-1 (collectively, “PEAKS”).
-
Consumer Financial Protection Bureau Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements
September 15, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) released its Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting.
-
Consumer Financial Protection Bureau Settles with Eighth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 14, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against ClearPath Lending, Inc. (ClearPath), a California corporation that is licensed as a mortgage broker or lender in about 22 states.