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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Consumer Financial Protection Bureau Issues No Action Letter to Facilitate the Use of Artificial Intelligence for Pricing and Underwriting Loans

November 30, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement…

Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31

November 30, 2020 / Source: FRB

Press Release The Federal Reserve Board on Monday announced an extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31. By backstopping critical short-term funding markets, these facilities are supporting market functioning and enhancing the flow of credit to the economy. The extension,…

FDIC Issues CRA Examination Schedules for First Quarter 2021 and Second Quarter 2021

November 30, 2020 / Source: FDIC

Press Release The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2021 and second quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…

Consumer Financial Protection Bureau Finalizes Advisory Opinions Policy and Announces Two New Advisory Opinions

November 30, 2020 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued its final Advisory Opinions Policy (Policy) to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to entities on outstanding regulatory uncertainty. Under the final Policy, entities seeking to comply with regulatory requirements can submit a request to the Bureau where uncertainty…

OCC Issues First Quarter and Second Quarter 2021 CRA Evaluation Schedule

November 30, 2020

News Release 2020-162    WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first quarter and second quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public comments…

Agencies Issue Statement on LIBOR Transition

November 30, 2020 / Source: OCC

News Release 2020-161  Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR…

FHFA Announces Conforming Loan Limits for 2021

November 25, 2020 / Source: FHFA

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 FOR IMMEDIATE RELEASE 11/24/2020 ​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021.  In most of the U.S., the 2021 maximum conforming loan limit (CLL)…

Minutes of the Federal Open Market Committee, November 4-5, 2020

November 25, 2020 / Source: FRB

Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on November 4-5, 2020. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in…

OCC Proposes Rule Regarding the CRA General Performance Standards

November 24, 2020 / Source: OCC

News Release 2020-160 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to…

OCC Assesses $250 Million Civil Money Penalty Against JPMorgan Chase Bank, N.A.

November 24, 2020 / Source: OCC

News Release 2020-159  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A. The OCC took this action based on the bank’s failure to maintain adequate internal controls and internal audit over its fiduciary business. The OCC found the bank’s risk management practices were…

OCC Finalizes Update to Activities and Operations Rule

November 24, 2020 / Source: OCC

News Release 2020-158  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule that updates its rules for national bank and federal savings association activities and operations. The rule is part of the OCC’s continuous effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encourage economic…

Consumer Financial Protection Bureau Sues Debt Settlement Company FDATR, Inc., and Owners Dean Tucci and Kenneth Wayne Halverson

November 23, 2020 / Source: CFPB

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson. The Bureau alleges that FDATR, Tucci, and Halverson violated the Telemarketing Sales Rule (TSR) by engaging in deceptive and abusive telemarketing acts or practices and the Consumer Financial Protection Act of…

Consumer Financial Protection Bureau Settles with U.S. Equity Advantage, Inc. and Its Owner, Robert M. Steenbergh, for Deceptive Sales Practices

November 23, 2020 / Source: CFPB

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against U.S. Equity Advantage, Inc. (“USEA”) and its owner, Robert M. Steenbergh. The Bureau found that the company’s disclosures and advertisements of its auto loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition…

Mutual to Stock Conversions:¬†New Comptroller’s Licensing Manual Booklet

November 23, 2020 / Source: OCC

OCC Bulletin 2020-102 To Chief Executive Officers of All Federal Savings Associations; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) issued today the “Mutual to Stock Conversions” booklet of the Comptroller’s Licensing Manual. The new booklet incorporates provisions of the revised regulation (12 CFR…

Agencies Provide Temporary Relief to Community Banking Organizations

November 21, 2020 / Source: OCC

News Release 2020-157  Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies on Friday announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in…

Proposed Rule Would Ensure Fair Access to Bank Services, Capital, and Credit

November 21, 2020 / Source: OCC

News Release 2020-156  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today proposed a rule to ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The proposal would codify more than a decade of OCC guidance stating that banks should provide access…

Federal Reserve Board issues final rule modifying the annual assessment fees for its supervision and regulation of large financial companies

November 19, 2020 / Source: FRB

Press Release The Federal Reserve Board on Thursday issued a final rule modifying the annual assessment fees for its supervision and regulation of large financial companies, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is nearly identical to the proposal issued in November 2019. The final rule…

Agencies Release Fact Sheet to Clarify Bank Secrecy Act Due Diligence Requirements for Banks and Credit Unions that Offer Services to Charities and Non-Profits

November 19, 2020 / Source: FDIC

Press Release Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit unions compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights…

OCC Enforcement Actions and Terminations November 2020

November 19, 2020 / Source: OCC

News Release 2020-154 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 are issued with the consent of the…

Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions 11/18/20

November 19, 2020 / Source: CFPB

WASHINGTON, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act…

Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans 11/18/20

November 19, 2020 / Source: OCC

News Release 2020-153  Joint Release Federal Reserve Board of Governors Consumer Financial Protection Bureau Office of the Comptroller of the Currency WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021…

Seven Charged in Connection with a COVID-Relief Fraud Scheme Involving more than 80 Fraudulent Loan Applications Worth Approximately $16 Million

November 17, 2020 / Source: DOJ

Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Tuesday, November 17, 2020 Seven individuals across two states were charged in an indictment unsealed today for their alleged participation in a scheme to obtain approximately $16 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus…

FHFA Releases FY 2020 Performance and Accountability Report

November 17, 2020 / Source: FHFA

News Release FOR IMMEDIATE RELEASE ​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2020. For the twelfth consecutive year, FHFA…

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding

November 16, 2020 / Source: FDIC

Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding FIL-105-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms and…

Bureau seeks formal comments to inform forthcoming guidance on serving LEP consumers

November 16, 2020 / Source: CFPB

Over 65 million people, or about 21 percent of the U.S. population over the age of five, speak a language other than English at home and two-fifths of these have limited proficiency in English. Limited English Proficient (LEP) consumers often face numerous obstacles to accessing financial products and services, many stemming from language barriers. Financial…