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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Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the

October 30, 2020 / Source: FRB

Press Release The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available…

FDIC Makes Public September Enforcement Actions

October 30, 2020 / Source: FDIC

Press Release No Administrative Hearings Scheduled for November 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September.  There are no administrative hearings scheduled for November 2020. The FDIC issued 11 orders in September 2020.  The administrative enforcement actions…

Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act

October 30, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means…

Final Rule: Total Loss Absorbing Capital (TLAC) Holdings

October 29, 2020 / Source: FDIC

Financial Institution Letter FIL-102-2020 Summary: The federal bank regulatory agencies have issued a joint final rule that amends the capital rule to require advanced approaches banking organizations to deduct from regulatory capital certain investments in unsecured debt instruments issued by global systemically important banks (GSIBs) and certain subsidiaries of GSIBs that are issued for the…

Agencies propose regulation on the role of supervisory guidance

October 29, 2020 / Source: FRB

Joint Press Release October 29, 2020 Agencies propose regulation on the role of supervisory guidance Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal financial regulatory agencies today invited comment on a proposal outlining and…

Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank

October 29, 2020 / Source: OCC

News Release 2020-141 WASHINGTON, D.C.—The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the…

Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation

October 29, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s…

CFPB Private Education Loan Ombudsman Issues 2020 Annual Report

October 29, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman (Ombudsman) today issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans. This is an overall decrease from last year and continues a…

Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting

October 28, 2020 / Source: CFPB

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017. Inaccurate HMDA data can make it difficult for the public and regulators…

R.I. Man Admits to Fraudulently Seeking $4.7 Million in COVID-19 Stimulus Loans

October 28, 2020 / Source: FDIC OIG

PRESS RELEASE PROVIDENCE – A Middletown, R.I., man currently serving a term of federal supervised release having been convicted and incarcerated for robbing four banks, admitted in federal court in Providence today to fraudulently seeking more than $4.7 million in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the…

FDIC Risk Management Manual of Examination Policies October 2020

October 28, 2020 / Source: FDIC

The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices.  The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund.  The RMS Manual promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity,…

Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

October 27, 2020 / Source: CFPB

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’…

Interest Rate Risk: Interest Rate Risk Statistics Report

October 27, 2020 / Source: OCC

OCC Bulletin 2020-91 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 published the first semiannual Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered…

OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Zeta to Close SHARE THIS PAGE:

October 27, 2020 / Source: OCC

News Release 2020-140  WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices along the Gulf Coast of the United States and in other areas impacted by Hurricane Zeta at their discretion. In issuing…

Office of the Comptroller of the Currency Issues True Lender Rule

October 27, 2020 / Source: OCC

News Release 2020-139 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can…

Equity Bank of Andover, Kansas Assumes All of the Deposits of Almena State Bank of Almena, Kansas

October 26, 2020 / Source: FDIC

Press Release WASHINGTON – Almena State Bank of Almena, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties unrelated to the current economic conditions resulting from the…

Concentrations of Credit:¬†Revised Comptroller’s Handbook Booklet and Rescissions

October 26, 2020 / Source: OCC

OCC Bulletin 2020-90 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) issued today the revised “Concentrations of Credit” booklet of the Comptroller’s Handbook, which is prepared for use…

FDIC Announces Meeting of Advisory Committee on Community Banking

October 23, 2020 / Source: FDIC

FOR RELEASE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will host a meeting of its Advisory Committee on Community Banking at 1 p.m. ET on Wednesday, October 28, to discuss issues that have particular impact on community banks and the local communities they serve. Committee members will discuss local banking conditions; proposed changes to…

Agencies Invite Comment on Proposed Rule under Bank Secrecy Act

October 23, 2020 / Source: FinCEN

Immediate Release The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act.  FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to…

Federal Reserve Board fines the Goldman Sachs Group, Inc. $154 million for failure to maintain appropriate oversight, internal controls, and risk management with respect to 1Malaysia Development Berha

October 22, 2020 / Source: FRB

Press Release The Federal Reserve Board on Thursday announced it has fined the Goldman Sachs Group, Inc. $154 million for the firm's failure to maintain appropriate oversight, internal controls, and risk management with respect to Goldman's involvement in a far-reaching scheme to defraud a Malaysian state-owned investment and development company, 1Malaysia Development Berhad (1MDB).  …

Consumer Financial Protection Bureau Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records

October 22, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. In issuing the ANPR, the Bureau is asking the public how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides…

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Berkshire Hathaway, Inc.

October 20, 2020 / Source: OFAC

Release date 10/20/2020 The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $4,144,651 settlement with Berkshire Hathaway, Inc. (“Berkshire”), a multinational conglomerate holding company based in Omaha Nebraska, and its foreign subsidiary, Iscar Kesici Takim Ticareti ve Imalati Limited Sirket (“Iscar Turkey”). Berkshire, on behalf of itself and its…

Federal Reserve Board issues enforcement action with employee of First Savings Bank

October 20, 2020 / Source: FRB

Press Release The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Consent cease and desist order against Weldon Riggs, an employee of First Savings Bank, Jeffersonville, Indiana, for engaging in unsafe and unsound practices while supervising a loan production office. Additional enforcement actions can be searched for here. For media…

Consumer Financial Protection Bureau Issues Final Rule Extending the GSE Patch

October 20, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a final rule to extend the Government-Sponsored Enterprise (GSE) Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was scheduled to expire on January 10, 2021. The Bureau is not…

Agencies Issue Final Rule to Strengthen Resilience of Large Banks

October 20, 2020 / Source: FDIC

Press Release The federal bank regulatory agencies on Tuesday finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period.   The net stable funding ratio, or NSFR, final rule will require large banks to maintain a minimum level of stable funding,…