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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Federal Reserve to study payments fraud and security vulnerabilities

March 30, 2018 / Source: FRB

Press Release March 29, 2018 Federal Reserve to study payments fraud and security vulnerabilities For release at 1:00 p.m. EDT The Federal Reserve announced today that work will begin this month on a new study that will measure fraud and associated costs in the U.S. payments system and identify the causes and contributing factors to…

FHFA Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac

March 30, 2018 / Source: FHFA

FHFA Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac FOR IMMEDIATE RELEASE 3/29/2018 Washington, D.C. – The Federal Housing Finance Agency (FHFA) issued a Progress Report today summarizing the 2017 activities of Fannie Mae and Freddie Mac (the Enterprises) to further FHFA's three strategic objectives as conservator: Maintain, Reduce, and Build….

CFPB Issues Request For Information On Its Guidance and Implementation Support

March 29, 2018 / Source: CFPB

CFPB Issues Request For Information On Its Guidance and Implementation Support MAR 28, 2018   WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on the Bureau’s guidance and implementation support. The Bureau is seeking comments and information from interested parties to assist in assessing the overall effectiveness and…

FDIC Announces Settlement with Cross River Bank, Teaneck, New Jersey, and Freedom Financia…

March 29, 2018 / Source: FDIC

Press Releases FDIC Announces Settlement with Cross River Bank, Teaneck, New Jersey, and Freedom Financial Asset Management, LLC, San Mateo, California, for Unfair and Deceptive Practices Settlement awards restitution to harmed consumers and requires the bank to provide increased oversight of third-party providers FOR IMMEDIATE RELEASE March 28, 2018 Media contact: David Barr (202) 898-6992…

PRs FDIC Announces Retirement of Barbara A. Ryan, Deputy to the Chairman and Chief Operating O…

March 28, 2018 / Source: FDIC

Press Releases FDIC Announces Retirement of Barbara A. Ryan, Deputy to the Chairman and Chief Operating Officer/Chief of Staff FOR IMMEDIATE RELEASE March 27, 2018 Media contact: David Barr (202) 898-6992 [email protected] Barbara A. Ryan, Deputy to the Chairman and Chief Operating Officer/Chief of Staff, has announced that she will retire from the Federal Deposit…

FTC Files Comment to CFPB on CID Processes

March 28, 2018 / Source: FTC

FTC Files Comment to CFPB on CID Processes The Federal Trade Commission’s Bureau of Consumer Protection (BCP) has filed a comment to the Bureau of Consumer Financial Protection in response to that agency’s request for information to help it assess the process it uses to issue Civil Investigative Demands (CIDs). CIDs are a key tool in investigating…

FRB announces it is seeking to fine, permanently bar 2 former Regions Bank employees

March 27, 2018 / Source: FRB

Press Release March 26, 2018 Federal Reserve Board announces it is seeking to fine, permanently bar 2 former Regions Bank employees from banking industry For release at 2:30 p.m. EDT The Federal Reserve Board on Monday announced that it is seeking to permanently bar Nathaniel Frazier and Jeffrey Garrison, former employees of Regions Bank, Birmingham,…

Call for nominations: Academic expert for infrastructure investment finance study

March 27, 2018 / Source: FSB

Call for nominations: Academic expert for infrastructure investment finance study Available as: PDF 26 March 2018 Call for nominations Appointment as academic expert to the FSB evaluation of the effects of financial reforms on the financing of infrastructure investment The Financial Stability Board (FSB) is undertaking an evaluation of the effects of the post-crisis G20 regulatory…

OCC Reports Fourth Quarter 2017 Bank Trading Revenue

March 26, 2018 / Source: OCC

NR 2018-30 FOR IMMEDIATE RELEASE March 23, 2018 Contact: William Grassano (202) 649-6870 OCC Reports Fourth Quarter 2017 Bank Trading Revenue WASHINGTON — The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $5 billion in the fourth quarter 2017, $1.4 billion, or 21.2…

Federal Reserve System publishes annual financial statements

March 26, 2018 / Source: FRB

Press Release March 23, 2018 Federal Reserve System publishes annual financial statements For release at 12:00 p.m. EDT The Federal Reserve System on Friday released the 2017 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent…

CFPB Issues Request For Information On Inherited Regulations and Inherited Rulemaking Authorities

March 23, 2018 / Source: CFPB

CFPB Issues Request For Information On Inherited Regulations and Inherited Rulemaking Authorities MAR 22, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on the Bureau’s inherited regulations and inherited rulemaking authorities. The Bureau is seeking comments and information from interested parties to assist the Bureau in considering…

FFIEC Provides Update on Examination Modernization Project

March 23, 2018 / Source: FDIC

Financial Institution Letters FIL-11-2018 March 22, 2018 FFIEC Provides Update on Examination Modernization Project Printable Format: FIL-11-2018 – PDF (PDF Help) Summary: The Federal Financial Institutions Examination Council (FFIEC) has announced an update on the status of its Examination Modernization Project. The objective of the project is to identify and assess ways to improve the community…

Fair Debt Collection Practices Act Annual Report 2018

March 22, 2018 / Source: CFPB

To Congress Fair Debt Collection Practices Act Annual Report 2018 MAR 20, 2018 The Bureau is pleased to submit to Congress its seventh annual report summarizing its activities, along with those of the Federal Trade Commission (FTC), to administer the Fair Debt Collection Practices Act (“FDCPA”). This year’s report describes activities conducted by the Bureau…

Federal Reserve issues FOMC statement

March 22, 2018 / Source: FRB

Press Release March 21, 2018 Federal Reserve issues FOMC statement For release at 2:00 p.m. EDT Information received since the Federal Open Market Committee met in January indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong in recent months,…

CFPB And FTC Partner To Report On 2017 Activities To Combat Illegal Debt Collection Practices

March 21, 2018 / Source: CFPB

CFPB And FTC Partner To Report On 2017 Activities To Combat Illegal Debt Collection Practices Report Provides Annual Summary of Actions Under the Fair Debt Collection Practices Act MAR 20, 2018 WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a report on the 2017 activities of the Bureau and the Federal Trade Commission…

CFPB is accepting applications for our Advisory Board and Councils (ABC)

March 21, 2018 / Source: CFPB

We are accepting applications for our Advisory Board and Councils (ABC) By Delicia Hand – MAR 19, 2018   To be sure that we hear from a variety of experts with diverse viewpoints, we set up the Consumer Advisory Board, the Community Bank Advisory Council, and the Credit Union Advisory Council. These advisory groups provide us with information…

Fifth Circuit Vacates Controversial DOL Fiduciary Rule

March 20, 2018 / Source: LEXOLOGY

McGuireWoods LLP- Alexander Martin Madrid On March 15, the U.S. Court of Appeals for the Fifth Circuit issued a decision vacating the Department of Labor’s Fiduciary Rule, the controversial measure requiring brokers and other financial professionals to adopt a “best interest” standard for their clients with ERISA or IRA accounts. The decision in Chamber of Commerce v….

Court Limits 2015 Text Marketing Rules, Gives New FCC an Opportunity to Provide Clarity

March 20, 2018 / Source: JDSUPRA

Baker Hostetler On March 16, the D.C. Circuit issued a long-awaited decision in a challenge to the Federal Communications Commission’s July 10, 2015 Declaratory Ruling and Order regarding the Telephone Consumer Protection Act (the July 2015 Order). We have previously explained the challenges created by the July 2015 Order here and here. On the whole, the unanimous 3-0 Decision offers some good news…

NACHA Marks the Completion of the Third Phase of Same Day ACH

March 19, 2018 / Source: NACHA

NACHA Marks the Completion of the Third Phase of Same Day ACH POSTED MARCH 16, 2018 Additional Same Day ACH Enhancements Are Under Development HERNDON, Va., March 16, 2018 – NACHA—The Electronic Payments Association® today marks the “go live” date of the third phase of Same Day ACH. Under this latest phase, banks and credit…

OCC Enforcement Actions and Terminations for March 2018

March 19, 2018 / Source: OCC

NR 2018-29 FOR IMMEDIATE RELEASE March 16, 2018 Contact: (202) 649-6870 OCC Enforcement Actions and Terminations for March 2018 WASHINGTON — 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….

Mortgage Servicing Webinar is Now Available!

March 16, 2018 / Source:

Mortgage Servicing Webinar is now available! It can be found under “News & Events” “Past Events” “Past Webinars.” View Webinar Here

Progress report on addressing declines in correspondent banking and recommendations on remittances

March 16, 2018 / Source: FSB

FSB publishes progress report on addressing declines in correspondent banking and recommendations on remittances 16 March 2018 Press enquiries: +41 61 280 8138 [email protected]    Ref no: 9/2018 The Financial Stability Board (FSB) today published two reports as part of its work to assess and address the decline in correspondent banking relationships (1) a progress report on the…

OCC Reports Mortgage Performance Unchanged

March 16, 2018 / Source: OCC

NR 2018-28 FOR IMMEDIATE RELEASE March 15, 2018 Contact: Stephanie Collins (202) 649-6870 OCC Reports Mortgage Performance Unchanged WASHINGTON—Performance of first-lien mortgages remained largely unchanged during the fourth quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report,…

CFPB Issues Request For Information On Adopted Regulations and New Rulemaking Authorities

March 15, 2018 / Source: CFPB

CFPB Issues Request For Information On Adopted Regulations and New Rulemaking Authorities MAR 14, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on the Bureau’s adopted regulations and new rulemaking authorities. The Bureau is seeking comments and information from interested parties to assist the Bureau in considering…

House Acts to Tailor Regulation

March 15, 2018 / Source: Financial Services Committee

Press Releases House Acts to Tailor Regulation  Washington, March 14, 2018 – On Wednesday, the House voted 247-169 to pass a bill that would ease some of the one-size-fits-all regulations that are crippling community financial institutions. H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 – sponsored by Representative Scott…