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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  • The Lack of New Bank Formations is a Significant Issue for the Banking Industry

    October 22, 2021 / Source: FRB

    Good morning. I appreciate the opportunity to be part of this symposium on "Banking on the Future," especially since the future of banking is one of the highest priorities in my work at the Board. Today, I will focus my remarks on the importance of community banks to our financial system and the challenges they face. In particular, I will focus on the formation of new banks and pose two key questions concerning the recent scarcity of these "de novo" banks. The first question: Why have there been so few de novo bank formations over the last decade? And second, what can be done to encourage more de novo banks? I will begin with some background on community banks and bank formations.

  • Remarks by FDIC Chairman Jelena McWilliams at the 2021 Community Bankers Symposium: Banking on the Future

    October 22, 2021 / Source: FDIC

    Thank you for your participation in this symposium. Though I wish we could have held this event in person, I am grateful to everyone who helped to organize and who participated in this event. Especially in times like these, it is critical for us to come together to celebrate the successes of our community banks and address the challenges they face. At the FDIC, we observe in our daily work the vital role that community banks play in their local communities and in the U.S. economy overall. Based on the results of our Community Bank Study, we know community banks held 36 percent of the banking sector’s small business loans as of year-end 2019, despite holding only 12 percent of banking sector assets.1

  • Remarks by Acting Comptroller Michael J. Hsu at the Department of Justice, Combatting Redlining Initiative Announcement

    October 22, 2021 / Source: OCC

    It is an honor to be here today and to share this stage with our great partners at DOJ and CFPB. As the regulator of our nation’s largest banks and of community and midsize banks all across our great country, one of my highest priorities as Acting Comptroller of the Currency is to ensure the banks we regulate provide fair and equitable access to credit - to everyone. Fair access to credit builds wealth, and when those doors are shut, or simply made harder to open or pass through, minority and underrepresented groups can be left behind for generations. This inequality gap, this discrimination, must end.

  • Federal Reserve Board announces it will begin its Survey of Finance Companies this month as part of the Board’s continuing effort to improve its understanding of credit availability to households

    October 21, 2021 / Source: FRB

    Federal Reserve Board announces it will begin its Survey of Finance Companies this month as part of the Board’s continuing effort to improve its understanding of credit availability to households and businesses in the United States - The Federal Reserve Board announced on Thursday that it will begin its Survey of Finance Companies this month as part of the Board's continuing effort to improve its understanding of credit availability to households and businesses in the United States.

  • Payment Systems: Revised Comptroller’s Handbook Booklet and Rescissions

    October 21, 2021 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) issued today the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks).

  • Federal Reserve Board announces a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosu

    October 21, 2021 / Source: FRB

    Following a comprehensive review, the Federal Reserve Board on Thursday announced a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosure by Federal Reserve policymakers and senior staff. As a result of the new policies, senior Federal Reserve officials will be limited to purchasing diversified investment vehicles, like mutual funds.

  • Summary of Commentary on Current Economic Conditions by Federal Reserve District

    October 20, 2021 / Source: FRB

    Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

  • Interest Rate Risk: Interest Rate Risk Statistics Report

    October 20, 2021 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today published the fall 2021 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent OCC-suggested limits or exposures.

  • LIBOR Transition: Joint Statement on Managing the LIBOR Transition

    October 20, 2021 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) and other federal financial institution regulatory agencies (collectively, the agencies),1 in conjunction with the state bank and state credit union regulators, today issued a statement to emphasize the importance of an orderly transition away from the London Interbank Offered Rate (LIBOR).

  • Joint Statement on Managing the LIBOR Transition

    October 20, 2021 / Source: FDIC

    Five federal financial institution regulatory agencies,1 in conjunction with the state bank and state credit union regulators, (collectively, agencies) are jointly issuing this statement to emphasize the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR. Additionally, this statement includes clarification regarding new LIBOR contracts, considerations when assessing appropriateness of alternative reference rates, and expectations for fallback language. Failure to adequately prepare for LIBOR’s discontinuance could undermine financial stability and institutions’ safety and soundness and create litigation, operational, and consumer protection risks.

  • FACT SHEET: Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy

    October 19, 2021 / Source: Treasury

    Rates of tax compliance in the United States are based in large part on the ways taxpayers accrue income. Those who receive their income that is reported on by a third-party source, such as wage earners, exhibit near-perfect compliance rates on their salaries--since the payer of the income also reports the income paid as a deduction.

  • Testimony of Deputy Secretary of the Treasury Wally Adeyemo before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

    October 19, 2021 / Source: Treasury

    As you know, the International Financial Institutions form the core of an international financial architecture that is consistent with our economic interest. It is no accident that the U.S. economy is the largest in the world, that our financial markets are the deepest and the most liquid, and that the dollar is the world’s reserve currency. Our economic success is the result of the policy choices we made coming out of World War II, alongside the hard work and determination of the American people.

  • The Economic Outlook and a Cautionary Tale on “Idiosyncratic” Price Changes and Inflation

    October 19, 2021 / Source: FRB

    Governor Christopher J. Waller - At the Stanford Institute for Economic Policy Research Associates Meeting, Stanford, California (via webcast)- In terms of economic growth, data for the third quarter of 2021 show that the economic recovery slowed as the effects of the Delta variant caused consumers and businesses to start pulling back on some forms of economic activity such as travel and leisure. Measures of consumer mobility, which are a good indicator of spending, grew strongly starting last winter but then started falling in June, around when the effects of Delta started to become significant. I and most other forecasters expected that real GDP would grow close to the very strong rate posted in the first half of the year, but it now appears that GDP growth will be closer to 3 percent at an annual rate.

  • Financial Stability and Coordination in Times of Crisis

    October 18, 2021 / Source: FRB

    I'm here with you today as the Chair of the Financial Stability Board (FSB), and today the FSB stands at an inflection point. From here, we can look back at the events and actions of the last 18 months to see what we have learned. And—in light of that—we can then look forward, to see how the FSB will address ongoing and future financial stability challenges. All of the researchers attending this conference are no doubt doing something similar—looking back to learn so that we can better prepare for the future.

  • LIBOR Transition: Updated Self-Assessment Tool for Banks

    October 18, 2021 / Source: OCC

    This bulletin provides an updated self-assessment tool for banks 1 to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR).

  • Treasury and IRS Disburse Fourth Month of Advance Child Tax Credit Payments

    October 15, 2021 / Source: Treasury

    The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion dollars in payments were made to families that include roughly 61 million eligible children. This is the fourth monthly payment of the expanded and advanceable Child Tax Credit provided in the American Rescue Plan. Since the first payments were sent in July, Treasury and the IRS have delivered more than $61 billion dollars to families across the country. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.

  • FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data

    October 15, 2021 / Source: FinCEN

    FinCEN issued a financial trend analysis on ransomware trends in Bank Secrecy Act reporting filed between January 2021 and June 2021.

  • OCC Releases Bank Supervision Operating Plan for Fiscal Year 2022

    October 15, 2021 / Source: OCC

    News Release 2021-106 | October 15, 2021 The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2022.

  • The View from Here: The Outlook for the U.S. Economy and Implications for Monetary Policy

    October 14, 2021 / Source: FRB

    Governor Michelle W. Bowman - At the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation South Dakota State University, Brookings, South Dakota - Earlier this year, as the economy was reopening, we saw a pronounced pickup in inflation, as prices for motor vehicles, electronics, and other goods rose especially rapidly. Most of these increases could be traced to bottlenecks in global supply chains. The bottlenecks were often the direct result of shortages of labor and key materials used in production and distribution. Demand for semiconductors has surged because of a sharp increase of spending on high-tech equipment and consumer electronics, investment in new wireless networks, and increasing usage of semiconductors in motor vehicles, appliances, and other goods. But throughout the pandemic, the supply of semiconductors has been significantly restrained by pandemic-related production disruptions, most recently in Malaysia and Vietnam. We are seeing shipments at record levels, and more capacity is expected to come on line, but the combination of strong demand and intermittent disruptions to this complex supply chain poses a risk that it could be some time before semiconductor supply issues are resolved.

  • FPB, FTC and North Carolina Department of Justice File Amicus Brief in Henderson v. The Source for Public Data, L.P.

    October 14, 2021 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. The case is currently on appeal before the U.S. 4th Circuit Court of Appeals.

  • How Financial Reporting Helps American Workers and Ensures that Top Earners Pay Their Fair Share

    October 14, 2021 / Source: Treasury

    A centerpiece of the Administration’s tax compliance agenda includes an important reform proposal, known as financial reporting, which would expand the information available to the Internal Revenue Service (IRS). This information will help the IRS determine whether taxpayers with opaque sources of income are meeting their tax obligations.

  • Treasury Launches Effort to Study Impact of Climate Change on Households and Communities

    October 13, 2021 / Source: Treasury

    Financial Literacy and Education Commission Convenes Meeting to Explore Financial Risks to Households and Communities from Climate Change. Today, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired by Under Secretary for Domestic Finance Nellie Liang to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition. The meeting included participation from Adair Morse, Deputy Assistant Secretary for Capital Access, David Uejio, representing the Consumer Financial Protection Bureau, Vice Chair of the Commission, Todd Harper, Chairman, National Credit Union Administration, and Richard Cordray, Chief Operating Officer for Federal Student Aid at the U.S. Department of Education.

  • Financial Inclusion and Economic Challenges in the Shadow of the Pandemic: A Conversation with Tribal Leaders

    October 13, 2021 / Source: FRB

    Governor Lael Brainard I would like to join Esther George in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon's conversation. I also want to thank Governor Anoatubby for hosting us.1 I am humbled to be here at the First Americans Museum, which is promoting a richer understanding of Native American history by sharing the cultural diversity, history, and resilience of the 39 Native nations of Oklahoma. In addition to civic and cultural contributions whose impact reaches far beyond tribal lands, I want to recognize the important economic contributions Native American communities are making, despite daunting impediments that were exacerbated by the COVID-19 pandemic. By working together to address economic challenges and improving access to financial services, we can build a more inclusive economy that supports the economic potential of Native communities here in Oklahoma and across the country.

  • Guidance and Press Schedule for U.S. Secretary of the Treasury Janet L. Yellen and Deputy Secretary of the Treasury Wally Adeyemo

    October 12, 2021 / Source: Treasury

    U.S. Secretary Janet L. Yellen will attend the Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, as well as G7 and G20 Meetings of Finance Ministers and Central Bank Governors in Washington, D.C. from October 12-15, 2021. Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, global health, and an inclusive economic recovery.

  • U.S. Economic Outlook and Monetary Policy 10-12-2021

    October 12, 2021 / Source: FRB

    Vice Chair Richard H. Clarida At the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World, Washington, D.C. (via webcast) It is my pleasure to meet virtually with you today at the 2021 Institute of International Finance Annual Membership Meeting.1 I regret that we are not meeting in person, but I look forward, as always, to a conversation with my good friend and one-time colleague Tim Adams. But first, please allow me to offer a few remarks on the economic outlook and Federal Reserve monetary policy.