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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HUD Approves Agreement with Michigan Housing Provider Resolving Allegations of Discrimination Under the Violence Against Women Act and the Fair Housing Act

June 23, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Conciliation Agreement with Michigan housing provider, Czapp Real Estate, LLC., resolving allegations that the Respondent denied housing to a woman because of her disability and status as a survivor under the Violence Against Women Act (VAWA). The…

Agencies Announce Results of Resolution Plan Review for Largest and Most Complex Banks

June 23, 2024 / Source: FDIC

The Federal Deposit Insurance Corporation and Federal Reserve Board today announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.  The agencies did not identify any weaknesses…

Federal Reserve Board announces it will extend until September 6, 2024, the comment period on proposal to expand operating days of the Federal Reserve Banks’ two large-value payments services, Fedwire Funds Service and the National Settlement Service

June 23, 2024 / Source: FRB

The Federal Reserve Board on Friday announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, FedwireÂŽ Funds Service and the National Settlement Service (NSS), to include weekends and holidays. The Board extended the comment period to…

Treasury Issues Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern

June 23, 2024 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury (Treasury) today issued a Notice of Proposed Rulemaking (NPRM) to implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Outbound Order). The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM)…

OCC Approves Final Rule on Automated Valuation Models

June 20, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…

FDIC Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks

June 20, 2024 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the FDIC issued a final rule that incorporates several changes from the agency’s proposed rule published…

FinCEN Issues Supplemental Advisory on the Illicit Procurement of Fentanyl Precursor Chemicals and Manufacturing Equipment

June 20, 2024 / Source: FinCEN

Immediate Release June 20, 2024 Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and…

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Avoid Costly Megamergers

June 20, 2024 / Source: CFPB

Today, the FDIC is considering amendments to its rules regarding the resolution plans required of very large banks with $50 billion or more in assets.1 The rules will require these banks to submit plans to the FDIC demonstrating how they could be wound down without a costly megamerger.2 When a community bank fails, the FDIC can…

OCC Report Highlights Key Risks in Federal Banking System

June 19, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2024. The OCC reported that the overall condition of the federal banking system remains sound. However, the maturing economic cycle may cause consumer headwinds. It is important for banks to…

CFPB Takes Action Against Repeat Offender Freedom Mortgage Corporation for Violating Law Enforcement Order and for Housing Data Errors

June 19, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators. In October 2023, the CFPB sued the nonbank mortgage company for violating both the Home Mortgage Disclosure Act (HMDA) and a 2019 CFPB order. In addition…

CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures

June 19, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting…

Home Mortgage Disclosure Act: FFIEC’s 2024 ‘A Guide to HMDA Reporting: Getting It Right!’

June 17, 2024 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting it Right!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12…

HUD Awards $10 Million in Grants to Combat the Homeownership Gap Through Housing Counseling

June 17, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling is announcing the award of $10 million in grant funding under its Homeownership Initiative to 23 HUD-approved housing counseling agencies. The funding will support activities by these agencies to prepare and equip prospective homebuyers to successfully navigate the homebuying process…

Negative Equity Findings from the Auto Finance Data Pilot

June 17, 2024 / Source: CFPB

Americans owed more than $1.6 trillion on auto loans through the fourth quarter of 2023, with more than 100 million active auto finance accounts. Despite the size and prominence of this market, detailed information about the market is limited or non-existent. In February 2023, the CFPB launched the Auto Finance Data Pilot and issued nine…

FinCEN Reminds Financial Institutions to Remain Vigilant to Elder Financial Exploitation

June 16, 2024 / Source: FinCEN

WASHINGTON—As the nation recognizes World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation (EFE). EFE-related losses affect personal savings, checking accounts, retirement savings, and investments, and can severely impact victims’ well-being and financial security as they…

New protections for payday and installment loans slated to take effect next year

June 16, 2024 / Source: CFPB

Several years ago, the CFPB issued a rule to end an unfair and abusive practice in payday and installment lending. After a thorough review of the market, the CFPB found that even after a consumer’s account had been shown to be empty, lenders would keep trying to withdraw money from the account to pay off…

FTC Data Shows Major Increases in Cash Payments to Government Impersonation Scammers

June 16, 2024 / Source: FTC

New Federal Trade Commission data reveals that government impersonation scammers are targeting consumers for payments in cash, with the amount of cash reported lost to these scams nearly doubling from 2022 to 2023. The FTC data shows that consumers reported losing $76 million when paying cash to government impersonation scammers in 2023, up from $40…

Federal Reserve Board issues an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for deficiencies in the bank’s anti-money laundering, risk management, and consumer compliance programs

June 16, 2024 / Source: FRB

The Federal Reserve Board on Friday issued an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust, both of West Memphis, Arkansas, for deficiencies in the bank’s anti-money laundering, risk management, and consumer compliance programs. Evolve partners with various financial technology companies that, in turn, provide access to banking products and services to…

OCC Bulletin 2024-14 – Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios

June 13, 2024 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued on May 31, 2024, the host state loan-to-deposit (LTD) ratios. The OCC is issuing this bulletin to inform banks1 about how these ratios are used to determine…

Opening Statement of Director Rohit Chopra before the House Financial Services Committee

June 13, 2024 / Source: CFPB

Chairman McHenry, Ranking Member Waters, and Members of the Committee, thank you for inviting me to this hearing. Since its creation, the CFPB has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans and honest businesses harmed by the illegal practices that we have stopped….

READOUT: FinCEN Director Gacki’s Travel to Arizona for Engagements on Beneficial Ownership Information Reporting and FinCEN Exchange to Fight Fentanyl Trafficking

June 13, 2024 / Source: FinCEN

TUCSON and PHOENIX, Ariz.—On June 11 and 12, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders traveled to Arizona where they participated in two beneficial ownership reporting outreach events and led a counter-fentanyl FinCEN Exchange. Over the last two days, Director Gacki participated in beneficial ownership outreach events in Tucson and Phoenix to…

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 11-12 FOMC meeting

June 12, 2024 / Source: FRB

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 11-12 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials

Treasury Releases New Analysis Showing Historically Strong U.S. Business Investment in the Post-COVID Expansion

June 12, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office Economic Policy released an analysis that shows American businesses are doing well not simply because their earnings are high, but because they are investing those earnings productively. The Biden Administration has made creating favorable conditions for business investment a critical competent of the post-COVID economic…

FACT SHEET: Biden-Harris Administration Promotes Community Development and Business Growth

June 12, 2024 / Source: HUD

WASHINGTON – The Interagency Community Investment Committee, currently chaired by Adrianne Todman, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD), hosted a Roundtable and Listening Session to highlight the Administration’s accomplishments of place-based investments, boosting housing supply across the federal government, and small business investments. “Over the past year, it was my…

CFPB Proposes to Ban Medical Bills from Credit Reports

June 11, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The proposal would stop credit reporting companies from…