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 announces it is expanding the scope and eligibility for the Main Street Lending Program

April 30, 2020 / Source: FRB

Press Release April 30, 2020 Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve…

FFIEC Joint Statement on Risk Management for Cloud Computing Services

April 30, 2020 / Source: FDIC

Financial Institution Letters FIL-52-2020 April 30, 2020 FFIEC Joint Statement on Risk Management for Cloud Computing Services Printable Format: FIL-52-2020 – PDF (PDF Help) Summary: The FDIC, as a member of the Federal Financial Institutions Examination Council (FFIEC), is issuing the attached statement addressing the use of cloud computing services and security risk management principles in the…

CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly

April 29, 2020 / Source: CFPB

CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly APR 29, 2020 WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic….

Fannie Mae Announces Scheduled Release of First Quarter 2020 Financial Results

April 29, 2020 / Source: Fannie Mae

April 29, 2020 Fannie Mae Announces Scheduled Release of First Quarter 2020 Financial Results Company to Host Conference Call WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its first quarter 2020 financial results on Friday morning, May 1, 2020, before the opening of U.S. financial markets. Fannie Mae will host a conference…

Federal Reserve issues FOMC statement April 2020

April 29, 2020 / Source: FRB

Press Release April 29, 2020 Federal Reserve issues FOMC statement 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 coronavirus outbreak is causing tremendous human and economic hardship across the United States and…

The importance of fair and equitable access to credit for minority and women-owned businesses

April 28, 2020 / Source: CFPB

The importance of fair and equitable access to credit for minority and women-owned businesses By Patrice Alexander Ficklin, Grady Hedgespeth, and Lora McCray – APR 27, 2020 Small businesses, including minority and women-owned businesses, are the cornerstone of the American economy and have been hit particularly hard during the COVID-19 pandemic. Congress passed and amended the Coronavirus Aid, Relief, and…

Consumer Financial Protection Bureau Adds Enhancements to Consumer Complaint Database

April 28, 2020 / Source: CFPB

Consumer Financial Protection Bureau Adds Enhancements to Consumer Complaint Database APR 27, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced the addition of a geospatial view to the Consumer Complaint Database. With this addition, consumers will now be able to view complaints by state with a U.S. map visualization. Consumers have been…

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding

April 28, 2020 / Source: FDIC

Financial Institution Letters FIL-51-2020 April 28, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding Printable Format: FIL-51-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate…

Small Business Administration (SBA) and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans

April 28, 2020 / Source: FDIC

Financial Institution Letters FIL-50-2020 April 25, 2020 Small Business Administration (SBA) and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans Printable Format: FIL-50-2020 – PDF (PDF Help) Summary: The Small Business Administration (SBA) together with the U.S. Department of Treasury announced on April 24, 2020 that the SBA will resume taking applications…

Credit Administration: Documentation of SBA Paycheck Protection Program Loans

April 28, 2020 / Source: OCC

OCC Bulletin 2020-44| April 25, 2020 Credit Administration: Documentation of SBA Paycheck Protection Program Loans 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) is encouraging banks1 providing loans under the…

No Lump Sum Required at the End of Forbearance

April 27, 2020 / Source: FHFA

News Release “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria FOR IMMEDIATE RELEASE 4/27/2020 Washington, D.C. – To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one…

FDIC Makes Public March Enforcement Actions

April 24, 2020 / Source: FDIC

Press Releases FDIC Makes Public March Enforcement Actions; No Administrative Hearings Scheduled for May 2020 FOR IMMEDIATE RELEASE April 24, 2020 Media Contact: Julianne Fisher Breitbeil 202-898-6895 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March 2020. There are no…

Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the “savings deposit” definition in Regulation D

April 24, 2020 / Source: FRB

Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the “savings deposit” definition in Regulation D The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit”…

The State of Nacha and ACH

April 23, 2020 / Source: NACHA

The State of Nacha and ACH Life really can—and does—change in the blink of an eye.  Not long ago, we created a video that we were excited to share at Smarter Faster Payments 2020. Unfortunately, that wasn’t possible. But at Nacha we’re nothing if not nimble. In fact, Nacha’s Core Values make clear that we…

Mortgage Rates Increase Slightly

April 23, 2020 / Source: FHLMC

Mortgage Rates Increase Slightly Supporting Materials: Primary Mortgage Market Survey® PDF Version MCLEAN, Va., April 23, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.33 percent, up slightly from last week. “Mortgage rates have stabilized over the last few weeks…

FHFA Supports Small Business by Allowing Federal Home Loan Banks to Accept Paycheck Protection Program Loans as Collateral

April 23, 2020 / Source: FHFA

News Release FHFA Supports Small Business by Allowing Federal Home Loan Banks to Accept Paycheck Protection Program Loans as Collateral FOR IMMEDIATE RELEASE 4/23/2020 ​Washington, D.C. – To support small and community banks, the Federal Housing Finance Agency announced that Federal Home Loan Banks (FHLBanks) can accept Paycheck Protection Program (PPP) loans as collateral when making loans,…

Banker Webinar: How to Become a Paycheck Protection Program (PPP) Lender

April 22, 2020 / Source: FDIC

Financial Institution Letters FIL-49-2020 April 22, 2020 Banker Webinar: How to Become a Paycheck Protection Program (PPP) Lender Printable Format: FIL-49-2020 – PDF (PDF Help) Summary: The FDIC, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the agencies) will host a webinar…

Technical Corrections to the Revised Transition of the Current Expected Credit Losses Methodology for Allowances

April 22, 2020 / Source: FDIC

Financial Institution Letters FIL-48-2020 April 22, 2020 Technical Corrections to the Revised Transition of the Current Expected Credit Losses Methodology for Allowances Printable Format: FIL-48-2020 – PDF (PDF Help) Summary: The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System (the agencies) published a technical…

FHFA Announces that Enterprises will Purchase Qualified Loans in Forbearance to Keep Lending Flowing

April 22, 2020 / Source: FHFA

FHFA Announces that Enterprises will Purchase Qualified Loans in Forbearance to Keep Lending Flowing FOR IMMEDIATE RELEASE 4/22/2020 ​Washington, D.C. – To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises). “We…

Media Advisory: Consumer Financial Protection Bureau Releases Video for Non-Filers on Economic Impact Payments

April 21, 2020 / Source: CFPB

Media Advisory: Consumer Financial Protection Bureau Releases Video for Non-Filers on Economic Impact Payments WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) has released a video outlining the steps that non-filers need to take in order to receive their economic impact payments authorized by the CARES Act. Additionally, the Bureau published a blog with FAQs…

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Mississippi Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding

April 21, 2020 / Source: FDIC

Financial Institution Letters FIL-47-2020 April 21, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Mississippi Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding Printable Format: FIL-47-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate…

The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19)

April 20, 2020 / Source: OFAC

The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19) 4/20/2020 On March 13, 2020, President Trump declared a National Emergency in response to COVID-19.  On April 16, 2020, OFAC published a fact sheet that summarizes existing exemptions and authorizations to provide humanitarian assistance in the context of…

Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020

April 20, 2020 / Source: CFPB

Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), the Credit Union Advisory Council (CUAC), and the Academic Research Council (ARC) will meet jointly on May 1st from 2:00 to 4:15…

Banker Webinar: Revised Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus

April 17, 2020 / Source: FDIC

Financial Institution Letters FIL-46-2020 April 16, 2020 Banker Webinar: Revised Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus Printable Format: FIL-46-2020 – PDF (PDF Help) Summary: The FDIC, Board of Governors of the Federal Reserve, Office of the Comptroller of the Currency, and National Credit Union Administration (the agencies)…

Statement from Secretary Steven T. Mnuchin and Administrator Jovita Carranza on the Success of the Paycheck Protection Program

April 17, 2020 / Source: Treasury

Statement from Secretary Steven T. Mnuchin and Administrator Jovita Carranza on the Success of the Paycheck Protection Program Release Date:  Friday, April 17, 2020 Release Number:  20-33 Contact:  [email protected], (202) 205-7036 WASHINGTON – Today, U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement regarding the success of…