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 Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
December 30, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Omni Financial of Nevada, Inc. (Omni). The Bureau found that Omni violated the Military Lending Act (MLA), Electronic Fund Transfer Act (EFTA), and Consumer Financial Protection Act of 2010 (CFPA) in connection with making installment loans.
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Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards
December 30, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.”
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Federal Reserve extends termination date of Main Street Lending Program facilities to January 8, 2021 to allow more time to process and fund loans that were submitted to Main Street lender portal on o
December 29, 2020 / Source: FRB
In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021.
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FHFA Issues RFI on Appraisal-Related Policies, Practices, and Processes
December 29, 2020 / Source: FHFA
The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on appraisal-related policies, practices, and processes.
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FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks
December 28, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued a Notice today to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution.
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FDIC Makes Public November Enforcement Actions Monday, December 28, 2020
December 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 November.
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Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
December 23, 2020 / Source: FDIC
On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects.
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Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawfu
December 23, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. (collectively, Discover) based on the Bureau’s findings that Discover violated a prior Bureau order, the Electronic Fund Transfer Act (EFTA), and the Consumer Financial Protection Act of 2010 (CFPA).
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Activities and Operations of National Banks and Federal Savings Associations: Final Rule
December 23, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) has issued a final rule to amend its regulations in 12 CFR 7, “Activities and Operations.”
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Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
December 22, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA).
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Federal Reserve Board invites public comment on proposed amendments to Regulation D and issues final rule amending Regulation D with regard to reserve requirement ratios on transaction accounts
December 22, 2020 / Source: FRB
The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions).
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Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Revised Interagency Statement
December 22, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) today issued a revised statement to supersede the "Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations," which was issued on December 27, 2019, and was set to expire on January 1, 2021.
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Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations
December 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Envios de Valores La Nacional (La Nacional) based on the Bureau’s finding that La Nacional violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA.
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Consumer Financial Protection Bureau Issues Advisory Opinion to Help Expand Fair, Equitable, and Nondiscriminatory Access to Credit
December 21, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs).
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Comptroller’s Handbook: Updated ‘Foreword’ Booklet
December 21, 2020 / Source: OCC
The Office of the Comptroller of the Currency today issued version 2.2 of the updated “Foreword” booklet of the Comptroller’s Handbook. The booklet describes the overall organization and format of the Comptroller’s Handbook and explains the OCC’s process for issuing new booklets, updating booklets, and fully revising booklets.
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Office of the Comptroller of the Currency Issues Interpretation of 12 U.S.C. § 25b
December 21, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued an interpretation of 12 U.S.C. 25b, which codifies preemption standards and establishes procedural requirements for certain preemption actions by the agency.
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Treasury News Release: The Financial Crimes Enforcement Network Proposes Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transact
December 18, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network Proposes Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transact
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Consumer Financial Protection Bureau Settles with Mortgage Servicer for Illegal Practices that Impeded Borrowers’ Attempts to Avoid Foreclosure
December 18, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Seterus, Inc. (Seterus) and Kyanite Services, Inc. (Kyanite), as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 (CFPA) and Regulation X.
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Bank PPP Customers
December 18, 2020
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Consumer Financial Protection Bureau Issues Final Rule on Consumer Disclosures Related to Debt Collection
December 18, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers.
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Agencies Propose Requirement for Computer Security Incident Notification
December 18, 2020 / Source: FDIC
Federal financial regulatory agencies today announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organization’s inability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of a banking organization, or impact the stability of the financial sector.
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Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions December 17, 2020
December 17, 2020 / Source: FDIC
The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the annual adjustment to the asset-size thresholds used to define small bank and intermediate small bank under the Community Reinvestment Act (CRA) regulations.
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OCC Proposes Rule Regarding Exemptions to Suspicious Activity Report Requirements
December 17, 2020
The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to modify the requirements for national banks and federal savings associations to file suspicious activity reports (SARs).
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OCC Enforcement Actions and Terminations December 17, 2020
December 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.
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Federal Reserve issues FOMC statement December 16, 2020
December 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.