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 Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act

December 30, 2020 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Omni Financial of Nevada, Inc. (Omni). The Bureau found that Omni violated the Military Lending Act (MLA), Electronic Fund Transfer Act (EFTA), and Consumer Financial Protection Act of 2010 (CFPA) in connection with making installment loans. Omni, which has its principal…

Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards

December 30, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.” The card is designed for consumers with a limited or damaged credit history as a tool that can be used to establish or reestablish a favorable credit history….

Federal Reserve extends termination date of Main Street Lending Program facilities to January 8, 2021 to allow more time to process and fund loans that were submitted to Main Street lender portal on o

December 29, 2020 / Source: FRB

For release at 11:00 a.m. EST In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021. As described…

FHFA Issues RFI on Appraisal-Related Policies, Practices, and Processes

December 29, 2020 / Source: FHFA

News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on appraisal-related policies, practices, and processes. The input received in response to the RFI will be used by FHFA to determine the necessary modifications needed to ensure Fannie Mae and Freddie Mac (the Enterprises) operate in a safe…

FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks

December 28, 2020 / Source: FinCEN

Immediate Release December 28, 2020 The Financial Crimes Enforcement Network (FinCEN) issued a Notice today to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution. This Notice also provides specific instructions for filing Suspicious Activity Reports (SARs) regarding such suspicious activity…

FDIC Makes Public November Enforcement Actions Monday, December 28, 2020

December 28, 2020 / Source: FDIC

Press Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November.  There are no administrative hearings scheduled for January 2021. The FDIC issued 10 orders in November 2020.  The administrative enforcement actions in those orders consisted of two civil money penalties,…

Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)

December 23, 2020 / Source: FDIC

FIL-116-2020 Summary: On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the…

Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawfu

December 23, 2020 / Source: CFPB

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. (collectively, Discover) based on the Bureau’s findings that Discover violated a prior Bureau order, the Electronic Fund Transfer Act (EFTA), and the Consumer Financial Protection Act of 2010 (CFPA). Discover Bank,…

Activities and Operations of National Banks and Federal Savings Associations: Final Rule

December 23, 2020 / Source: OCC

OCC Bulletin 2020-111 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) has issued a final rule to amend its regulations in 12 CFR 7, “Activities and Operations.”…

Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans

December 22, 2020 / Source: CFPB

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary…

Federal Reserve Board invites public comment on proposed amendments to Regulation D and issues final rule amending Regulation D with regard to reserve requirement ratios on transaction accounts

December 22, 2020 / Source: FRB

Press Release December 22, 2020 The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an “interest on required reserves” (“IORR”) rate and to an “interest on excess reserves” (“IOER”) rate would be…

Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Revised Interagency Statement

December 22, 2020 / Source: OCC

OCC Bulletin 2020-110 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), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation…

Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations

December 21, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Envios de Valores La Nacional (La Nacional) based on the Bureau’s finding that La Nacional violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA. La Nacional is a large remittance transfer provider incorporated in New York…

Consumer Financial Protection Bureau Issues Advisory Opinion to Help Expand Fair, Equitable, and Nondiscriminatory Access to Credit

December 21, 2020 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs). The ECOA and Regulation B prohibit discrimination on certain prohibited bases in any aspect of…

Comptroller’s Handbook:¬†Updated ‘Foreword’ Booklet

December 21, 2020 / Source: OCC

OCC Bulletin 2020-109 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 today issued version 2.2 of the updated “Foreword” booklet of the Comptroller’s Handbook. The booklet describes the overall organization…

Office of the Comptroller of the Currency Issues Interpretation of 12 U.S.C. § 25b

December 21, 2020 / Source: OCC

News Release 2020-176  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an interpretation of 12 U.S.C. 25b, which codifies preemption standards and establishes procedural requirements for certain preemption actions by the agency. Federal preemption derives from the Supremacy Clause of the U.S. Constitution and has been recognized as fundamental to the federal government…

Treasury News Release: The Financial Crimes Enforcement Network Proposes Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transact

December 18, 2020 / Source: FinCEN

Immediate Release December 18, 2020 External Link https://home.treasury.gov/news/press-releases/sm1216 Financial Institution Depository Institutions Money Services Businesses

Consumer Financial Protection Bureau Settles with Mortgage Servicer for Illegal Practices that Impeded Borrowers’ Attempts to Avoid Foreclosure

December 18, 2020 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Seterus, Inc. (Seterus) and Kyanite Services, Inc. (Kyanite), as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 (CFPA) and Regulation X. The Bureau found that Seterus’s actions resulted in delaying…

Bank PPP Customers

December 18, 2020

As a result of the court-ordered SBA data dump earlier this month, banks’ PPP customers are now being directly solicited by an entity offering to help with forgiveness.  SBA Procedural Notice PPP Loan Forgiveness

Consumer Financial Protection Bureau Issues Final Rule on Consumer Disclosures Related to Debt Collection

December 18, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers. The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along with information to…

Agencies Propose Requirement for Computer Security Incident Notification

December 18, 2020 / Source: FDIC

Press Release Federal financial regulatory agencies today announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organization’s inability to deliver services to a material portion of…

Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions December 17, 2020

December 17, 2020 / Source: FDIC

Press Release FOR IMMEDIATE RELEASE WASHINGTON—The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the annual adjustment to the asset-size thresholds used to define small bank and intermediate small bank under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial…

OCC Proposes Rule Regarding Exemptions to Suspicious Activity Report Requirements

December 17, 2020

News Release 2020-174 | December 17, 2020 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to modify the requirements for national banks and federal savings associations to file suspicious activity reports (SARs). The proposed rule would amend the agency’s SAR regulations to allow the OCC to issue exemptions…

OCC Enforcement Actions and Terminations December 17, 2020

December 17, 2020 / Source: OCC

News Release 2020-173   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…

Federal Reserve issues FOMC statement December 16, 2020

December 16, 2020 / Source: FRB

Press Release The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have…