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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Shared National Credit Review Finds Risk Remains Elevated in Leveraged Loans

January 31, 2020 / Source: OCC

News Release 2020-15 | January 31, 2020 Shared National Credit Review Finds Risk Remains Elevated in Leveraged Loans Joint Release Federal Deposit Insurance Corporation Federal Reserve Board of Governors Office of Comptroller of the Currency WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and…

FDIC Makes Public December Enforcement Actions

January 31, 2020 / Source: FDIC

Press Releases FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled for February 2020 FOR IMMEDIATE RELEASE January 31, 2020 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 December. There are no administrative…

Federal Reserve finalizes rule to simplify and increase the transparency of the Board’s rules for determining control of a banking organization

January 30, 2020 / Source: FRB

Press Release January 30, 2020 Federal Reserve finalizes rule to simplify and increase the transparency of the Board's rules for determining control of a banking organization For release at 12:00 p.m. EST Share The Federal Reserve Board on Thursday finalized a rule to simplify and increase the transparency of the Board's rules for determining control…

Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule

January 30, 2020 / Source: OCC

News Release 2020-11 | January 30, 2020 Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule Joint Release Board of Governors of the Federal Reserve System Commodity Futures Trading Commission Federal Deposit Insurance Corporation Office of Comptroller of the Currency Securities and Exchange Commission Five federal financial regulatory agencies on Thursday invited public comment on a…

Comptroller of the Currency Approves Proposal to Revise Volcker Rule Covered Funds Provisions

January 30, 2020 / Source: OCC

News Release 2020-10 | January 30, 2020 Comptroller of the Currency Approves Proposal to Revise Volcker Rule Covered Funds Provisions   WASHINGTON—The Comptroller of the Currency today approved a proposed rule to revise the “covered funds” provisions in the regulations implementing Section 13 of the Bank Holding Company Act of 1956 (BHC Act), also known as the Volcker…

Federal Reserve issues FOMC statement

January 29, 2020 / Source: Federal Reserve

January 29, 2020 Federal Reserve issues FOMC statement For release at 2:00 p.m. EST Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the…

Comptroller of the Currency Discusses Efforts to Strengthen Community Reinvestment Act Regulations, Condition of the Federal Banking System

January 29, 2020 / Source: OCC

News Release 2020-9 | January 29, 2020 Comptroller of the Currency Discusses Efforts to Strengthen Community Reinvestment Act Regulations, Condition of the Federal Banking System WASHINGTON—Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the House Financial Services Committee. The Comptroller’s testimony discussed efforts to strengthen and modernize Community Reinvestment Act regulations, the…

OCC Hosts Credit Risk and Operational Risk Workshops in New Orleans

January 28, 2020 / Source: OCC

OCC Hosts Credit Risk and Operational Risk Workshops in New Orleans    WASHINGTON — The Office of the Comptroller of the Currency will host two workshops at the Embassy Suites by Hilton in New Orleans, March 3-4, for directors of national community banks and federal savings associations supervised by the OCC. The Credit Risk workshop…

Advisory: Prudent Management of Agricultural Lending During Economic Cycles

January 28, 2020 / Source: FDIC

FIL-5-2020 January 28, 2020 Advisory: Prudent Management of Agricultural Lending During Economic Cycles Summary: Between 2010 and 2015, the U.S. agricultural industry enjoyed generally robust economic conditions. More recently, the industry has been experiencing low commodity prices, trade and tariff uncertainties, impacts from adverse weather conditions, and global supply and demand issues. This advisory reminds…

Stolen Payment Card Trafficking Mastermind Pleads Guilty

January 27, 2020 / Source: Bank Info Security

Stolen Payment Card Trafficking Mastermind Pleads Guilty Aleksey Burkov's 'Cardplanet' Site Sold Card Data, Prosecutors SayScott Ferguson (@Ferguson_Writes) • January 24, 2020     Aleksey Burkov, a Russian national who was extradited to the U.S. from Israel in November, pleaded guilty Thursday to federal charges related to owning and operating a site called “Cardplanet,” which trafficked in stolen…

Making ACH Even Easier: Why We Need to Reduce Friction

January 27, 2020 / Source: NACHA

January 24, 2020 AUTHOR: Jane Larimer President and CEO, Nacha Easy is in the eye of the beholder. Assembling Ikea furniture is a piece of cake for some; others think it takes a master’s in engineering.  While we hope using the ACH Network is nowhere near as challenging, we know there can be friction for…

CFPB Announces Policy Regarding Prohibition on Abusive Acts of Practices

January 24, 2020 / Source: CFPB

CFPB Announces Policy Regarding Prohibition on Abusive Acts of Practices JAN 24, 2020   WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a policy statement providing a common-sense framework on how it intends to apply the “abusiveness” standard in supervision and enforcement matters.  The Dodd-Frank Act is the first Federal law to broadly…

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Earthquakes

January 24, 2020 / Source: FDIC

Financial Institution Letters FIL-4-2020 January 24, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Earthquakes Printable Format: FIL-4-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto…

OCC Issues Notice of Charges Against Five Former Senior Wells Fargo Bank Executives, Announces Settlement With Others

January 23, 2020 / Source: OCC

News Release 2020-6 | January 23, 2020 OCC Issues Notice of Charges Against Five Former Senior Wells Fargo Bank Executives, Announces Settlement With Others   WASHINGTON – The Office of the Comptroller of the Currency (OCC) today issued a notice of charges against five former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, and announced…

Minnesota Couple Sentenced to Prison for Long-Running Fraud Scheme

January 23, 2020 / Source: FDICOIG

FOR IMMEDIATE RELEASE Tuesday, January 21, 2020 Minnesota Couple Sentenced to Prison for Long-Running Fraud Scheme Real Estate Company Ordered to Pay Criminal Fine and Restitution Detloff Marketing and Asset Management Inc. (Detloff Marketing), a real estate company based in Hopkins, Minnesota; its owner, Jeffrey J. Detloff; and its accountant, Lori K. Detloff, were sentenced…

ACH Network Volume Grows 8.1% in Final Quarter of 2019

January 22, 2020 / Source: NACHA

ACH Network Volume Grows 8.1% in Final Quarter of 2019 HERNDON, Va., Jan. 22, 2020 – The ACH Network closed out 2019 with a strong final quarter featuring impressive growth across several areas, particularly Same Day ACH. Fourth quarter ACH Network volume was 6.4 billion payments. That’s an increase of 482 million, or 8.1%, from…

FHFA House Price Index Up 0.2 Percent in November; Up 4.9 Percent from Last Year

January 22, 2020 / Source: FHFA

News Release FHFA House Price Index Up 0.2 Percent in November; Up 4.9 Percent from Last Year FOR IMMEDIATE RELEASE 1/22/2020 Washington, D.C. – U.S. house prices rose in November, up 0.2 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).  House prices rose 4.9 percent from November 2018 to November 2019. …

OCC Fines Citibank More Than $17 Million for Violating the Flood Disaster Protection Act

January 21, 2020 / Source: OCC

News Release 2020-5 | January 21, 2020 OCC Fines Citibank More Than $17 Million for Violating the Flood Disaster Protection Act WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $17,998,510 civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, for violating the Flood Disaster Protection Act of 1973 (FDPA) and its implementing…

ODFIs Should Talk to Customers Now About the Higher Same Day ACH Dollar Limit

January 21, 2020 / Source: NACHA

ODFIs Should Talk to Customers Now About the Higher Same Day ACH Dollar Limit Michael W. Kahn Editor’s Note: This is the second in a three-part series on an upcoming enhancement to Same Day ACH. On March 20, 2020, the dollar amount limit per payment increases from $25,000 to $100,000. Today we look at what…

CFPB Announces Additional Member of Taskforce on Federal Consumer Financial Law

January 17, 2020 / Source: CFPB

CFPB Announces Additional Member of Taskforce on Federal Consumer Financial Law JAN 17, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced an additional member who will serve on the Taskforce on Federal Consumer Financial Law.  The addition is:  William MacLeod, partner at Kelley Drye & Warren, LLP, Past Chair of the Antitrust…

Cybersecurity: Joint Statement on Heightened Cybersecurity Risk

January 17, 2020 / Source: OCC

OCC Bulletin 2020-5| January 16, 2020 Cybersecurity: Joint Statement on Heightened Cybersecurity Risk 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) and the Federal Deposit Insurance Corporation (FDIC) today…

FDIC Updates Money Smart for Small Business Credit and Banking Modules

January 16, 2020 / Source: FDIC

Press Releases FDIC Updates Money Smart for Small Business Credit and Banking Modules Enhanced tools can help banks support small businesses FOR IMMEDIATE RELEASE January 16, 2020 Media contact: LaJuan Williams-Young 202-898-3876 [email protected] As part of their ongoing commitment to strengthening bank-community partnerships, the Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) today released…

News Release 2020-4: OCC Enforcement Actions and Terminations

January 16, 2020 / Source: OCC

News Release 2020-4 | January 16, 2020 OCC Enforcement Actions and Terminations 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 Penalty Orders, and Removal/Prohibition Orders…

Former Chief Lending Officer Of a New Jersey Bank Admits Making False Statements To United States In An Effort To Secure Federal Guarantees On Loans

January 15, 2020 / Source: FDICOIG

FOR IMMEDIATE RELEASE Wednesday, January 8, 2020 Former Chief Lending Officer Of a New Jersey Bank Admits Making False Statements To United States In An Effort To Secure Federal Guarantees On Loans TRENTON, N.J. – A Pennsylvania man today admitted improperly securing a federal guarantee on a loan by making false statements to the Small…

Equifax Settles Mega-Breach Lawsuit for $1.38 Billion

January 15, 2020 / Source: BankInfo Security

Equifax Settles Mega-Breach Lawsuit for $1.38 Billion Federal Judge Gives Final Approval to Class Action Settlement Over 2017 BreachJeremy Kirk (jeremy_kirk) • January 15, 2020       A federal judge in Atlanta has given final approval to a settlement that resolves a class action lawsuit against credit bureau Equifax, which in 2017 suffered one of the largest…