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‚ÄĒposting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.

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Comptroller’s Handbook Examination Process Series:¬†Updated Booklets and Rescissions

September 30, 2019 / Source: OCC

OCC Bulletin 2019-44| September 30, 2019 Comptroller’s Handbook Examination Process Series: Updated Booklets and Rescissions SHARE THIS PAGE: ·           To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today…

News Release 2019-110 : OCC Reports Slight Improvement in Mortgage Performance

September 30, 2019 / Source: OCC

News Release 2019-110 | September 30, 2019 OCC Reports Slight Improvement in Mortgage Performance SHARE THIS PAGE: ·           WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019. The OCC Mortgage Metrics Report, Second Quarter 2019 showed 96.1 percent…

Federal Banking Agencies Issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements

September 27, 2019 / Source: FDIC

Press Releases Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For Immediate Release September 27, 2019 Federal Banking Agencies Issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements WASHINGTON— The Federal Reserve, the Federal Deposit…

FDIC Makes Public August 2019 Enforcement Actions

September 27, 2019 / Source: FDIC

Press Releases FDIC Makes Public August Enforcement Actions; One Administrative Hearing Scheduled for October 2019 FOR IMMEDIATE RELEASE September 27, 2019 Media contact: LaJuan Williams-Young (202) 898-6876 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. There is one administrative…

Clarification regarding Austin Bank

September 26, 2019

Clarification regarding Austin Bank 9/26/2019 Yesterday we posted an article from the FDIC OIG, that was titled “Former Austin Bank Employee Sentenced to Federal Prison for Stealing over One Million Dollars from Customer.” We want to clarify that Austin Bank did not have an employee that was involved in this crime and that it was a…

Consumer Financial Protection Bureau Files Suit Against Fair Collections & Outsourcing and Michael E. Sobota

September 26, 2019 / Source: CFPB

Consumer Financial Protection Bureau Files Suit Against Fair Collections & Outsourcing and Michael E. Sobota SEP 25, 2019 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit in the federal district court in the District of Maryland against FCO Holding, Inc. and its subsidiaries, Fair Collections & Outsourcing, Inc., Fair Collections &…

9/25/2019: More Than 4.3 Million Homeowners Helped Since Conservatorships

September 25, 2019 / Source: FHFA

News Release More Than 4.3 Million Homeowners Helped Since Conservatorships FOR IMMEDIATE RELEASE 9/25/2019 ​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its second quarter 2019 Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 31,757 foreclosure prevention actions in the second quarter of 2019, bringing the total number of…

Former Austin Capital One Bank Employee Sentenced to Federal Prison for Stealing over One Million Dollars from Customer

September 25, 2019 / Source: FDICOIG

FOR IMMEDIATE RELEASE Thursday, September 19, 2019 Former Austin Bank Employee Sentenced to Federal Prison for Stealing over One Million Dollars from Customer In Austin today, a federal judge sentenced 40–year-old former Austin Capital One bank employee Paola Gallego of Round Rock, TX, to five years in federal prison for stealing over $1 million from…

OCC Reports Second Quarter 2019 Bank Trading Revenue

September 24, 2019 / Source: OCC

News Release 2019-107 | September 24, 2019 OCC Reports Second Quarter 2019 Bank Trading Revenue SHARE THIS PAGE: ·           WASHINGTON — The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $8.0 billion in the second quarter 2019, which was $2.0 billion, or 19.8 percent, less…

FIL: Listening Sessions on Supervisory Appeals and Dispute Resolution Processes

September 24, 2019 / Source: FDIC

Financial Institution Letters FIL-52-2019 September 24, 2019 Listening Sessions on Supervisory Appeals and Dispute Resolution Processes Printable Format: FIL-52-2019 – PDF (PDF Help) Summary: As part of the FDIC's “Trust through Transparency” initiative, the agency will host a series of listening sessions regarding its supervisory appeals and dispute resolution processes for FDIC-supervised financial institutions. The sessions…

FDIC’s Office of the Ombudsman Publishes Its 2018 Annual Report

September 23, 2019 / Source: FDIC

Press Releases FDIC's Office of the Ombudsman Publishes Its 2018 Annual Report FOR IMMEDIATE RELEASE September 23, 2019 Media Contact: David Barr (202) 898-6992 [email protected] The Federal Deposit Insurance Corporation's (FDIC) Office of the Ombudsman, an independent, neutral and confidential liaison between the agency and its stakeholders, published its 2018 Annual Report outlining the office's…

Counterfeit Cashier’s Checks:¬†Counterfeit Cashier’s Checks of Consumers National Bank, Minerva, Ohio

September 23, 2019 / Source: OCC

Alert 2019-8| September 20, 2019 Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Consumers National Bank, Minerva, Ohio SHARE THIS PAGE: ·           To Chief Executive Officers of All National Banks and Federal Savings Associations; All State Banking Authorities; Chair, Board of Governors of the Federal Reserve System; Chair, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy…

Tupelo Loan Officer Sentenced for Bank Fraud

September 20, 2019 / Source: FDICOIG

FOR IMMEDIATE RELEASE Friday, September 13, 2019 Tupelo Loan Officer Sentenced for Bank Fraud OXFORD, Miss. – A Tupelo bank officer and his co-defendant were sentenced today by U.S. District Judge Debra M. Brown in federal court in Greenville, Mississippi for bank fraud.  Both had previously pled guilty before Judge Brown to one count of…

Federal Reserve Board announces termination of enforcement action with Optimumbank Holdings, Inc.

September 20, 2019 / Source: FRB

Press Release September 19, 2019 Federal Reserve Board announces termination of enforcement action with Optimumbank Holdings, Inc. For release at 11:00 a.m. EDT Share The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: Optimumbank Holdings, Inc., Ft. Lauderdale, Florida Written Agreement, dated June 22, 2010 Terminated September 11, 2019…

Changes to the FDIC’s Post-Examination Survey Process

September 20, 2019 / Source: FDIC

Financial Institution Letters FIL-50-2019 September 19, 2019 Changes to the FDIC's Post-Examination Survey Process Printable Format: FIL-50-2019 – PDF (PDF Help) Summary: The Federal Deposit Insurance Corporation (FDIC) is notifying FDIC-supervised financial institutions (banks) that the Office of the Ombudsman — which is independent of the supervisory process, reports directly to the FDIC Chairman's office, and…

News Release 2019-106 | September 19, 2019: OCC Enforcement Actions and Terminations

September 19, 2019 / Source: OCC

News Release 2019-106 | September 19, 2019 OCC Enforcement Actions and Terminations SHARE THIS PAGE: ·           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. All Cease and Desist Orders, Civil Money…

CFPB and FTC to Host December Workshop on Accuracy in Consumer Reporting

September 19, 2019 / Source: CFPB

CFPB and FTC to Host December Workshop on Accuracy in Consumer Reporting SEP 19, 2019 The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). will host a public workshop on December 10, 2019 to discuss issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports.   Since the FTC…

Consumer Financial Protection Bureau to Enhance Consumer Complaint Database

September 18, 2019 / Source: CFPB

Consumer Financial Protection Bureau to Enhance Consumer Complaint Database SEP 18, 2019 WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the information available to users of the database….

CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communities

September 18, 2019 / Source: CDFI

CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communities Tuesday, September 17, 2019 ​Over Half Billion Dollars has now been awarded through the Bank Enterprise Awards Program Washington, DC – Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced over $25.2 million in awards to…

FDIC Finalizes Rules to Simplify Capital Calculation for Qualifying Community Banking Organizations and to Early Adopt Certain Related Simplifications to the Regulatory Capital Requirements

September 17, 2019 / Source: FDIC

Press Releases FDIC Finalizes Rules to Simplify Capital Calculation for Qualifying Community Banking Organizations and to Early Adopt Certain Related Simplifications to the Regulatory Capital Requirements FOR IMMEDIATE RELEASE September 17, 2019 Media Contact: Julianne Fisher Breitbeil (202) 898-6895 [email protected] The FDIC today finalized a rule that introduces an optional simplified measure of capital adequacy…

New report explores the relationship between Financial Well-Being and the contents of and engagement with credit reports

September 17, 2019 / Source: CFPB

New report explores the relationship between Financial Well-Being and the contents of and engagement with credit reports By Éva Nagypál and Jeremy Tobacman – SEP 17, 2019 Today the Consumer Financial Protection Bureau (Bureau) released an Innovation Insight report which describes a first of its kind study exploring the relationship between subjective financial well-being and objective credit report characteristics and consumers’ engagement…

Appraisals: Appraisal Management Company Registration Requirements

September 16, 2019 / Source: OCC

OCC Bulletin 2019-43| September 16, 2019 Appraisals: Appraisal Management Company Registration Requirements SHARE THIS PAGE: ·           To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; All Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) is issuing this…

FHFA Revises Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac

September 16, 2019 / Source: FHFA

News Release FHFA Revises Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac FOR IMMEDIATE RELEASE 9/13/2019 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced a revised cap structure on the multifamily businesses of Fannie Mae and Freddie Mac (the Enterprises).  The new multifamily loan purchase caps will be $100 billion for…

Supervisory Highlights, Issue No. 19 (Summer 2019)

September 13, 2019 / Source: CFPB

Supervisory Highlights Supervisory Highlights, Issue No. 19 (Summer 2019) In this issue of Supervisory Highlights, we report examination findings in the areas of automobile loan origination, credit card account management, debt collection, furnishing, and mortgage origination that were generally completed between December 2018 and March 2019 (unless otherwise stated). The report does not impose any new…

September 13, 2019: FDIC Releases Results of Summary of Deposits Annual Survey

September 13, 2019 / Source: FDIC

Press Releases FDIC Releases Results of Summary of Deposits Annual Survey FOR IMMEDIATE RELEASE September 13, 2019 Media Contact: David Barr (202) 898-6992 [email protected] 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, 2019. The FDIC's Summary of Deposits (SOD) provides…