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 releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances Feb 2020

May 29, 2020 / Source: FRB

Press Release May 29, 2020 Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances For release at 2:00 p.m. EDT The Federal Reserve Board on Friday released results of a survey of senior financial officers at banks about their strategies and practices…

Acting Comptroller of the Currency Statement Regarding the ‘Madden’ Rule

May 29, 2020 / Source: OCC

News Release 2020-72 | May 29, 2020 Acting Comptroller of the Currency Statement Regarding the ‘Madden’ Rule WASHINGTON, D.C.—Acting Comptroller of the Currency Brian P. Brooks today released the following statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule to clarify that when a national bank or savings association sells, assigns, or otherwise transfers…

FDIC Issues CRA Examination Schedules for Third and Fourth Quarter 2020

May 29, 2020 / Source: FDIC

Press Releases FDIC Issues CRA Examination Schedules for Third and Fourth Quarter 2020 FOR IMMEDIATE RELEASE May 29, 2020 Media contact: Brian Sullivan (202) 898-6534 [email protected] The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third and fourth quarter 2020. CRA regulations…

FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources

May 28, 2020 / Source: FHFA

News Release FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources Joint Enterprise LIBOR Transition Playbook and Frequently Asked Questions Now Online FOR IMMEDIATE RELEASE 5/28/2020 ​​​​​​Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for…

CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement

May 28, 2020 / Source: CFPB

CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement MAY 27, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released a first of its kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and…

FDIC Extends Comment Period on Proposal to Ensure Safety and Soundness of Industrial Banks

May 28, 2020 / Source: FDIC

Press Releases FDIC Extends Comment Period on Proposal to Ensure Safety and Soundness of Industrial Banks FOR IMMEDIATE RELEASE May 27, 2020 Media Contact: Julianne Fisher Breitbeil (202) 898-6895 [email protected] WASHINGTON –The Federal Deposit Insurance Corporation (FDIC) has extended the public comment period for its proposed rule regarding industrial banks and industrial loan companies (industrial banks) by…

OCC Issues Third and Fourth Quarter 2020 CRA Evaluation Schedule

May 27, 2020 / Source: OCC

News Release 2020-68 | May 27, 2020 OCC Issues Third and Fourth Quarter 2020 CRA Evaluation Schedule 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 third quarter and fourth quarter 2020. The OCC encourages public comment on the national banks and federal…

Sampling Methodologies:¬†Revised Comptroller’s Handbook Booklet

May 27, 2020 / Source: OCC

OCC Bulletin 2020-56| May 26, 2020 Sampling Methodologies: Revised Comptroller’s Handbook Booklet 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 issued the revised “Sampling Methodologies” booklet of the Comptroller’s…

Director, Shareholder, and Member Meetings: Interim Final Rule

May 26, 2020 / Source: OCC

Director, Shareholder, and Member Meetings: Interim Final Rule 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 issuing an interim final rule that amends 12 CFR 5…

Freddie Mac Announces Online Resources to Help Consumers

May 26, 2020 / Source: Freddie Mac

Freddie Mac Announces Online Resources to Help Consumers PDF Version New digital tools help consumers know their options and get help MCLEAN, Va., May 26, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today announced a number of online resources available to help homeowners and renters navigate the relief and support the company has made…

Mortgage Rates Decrease May 21, 2020

May 22, 2020 / Source: Freddie Mac

Mortgage Rates Decrease Supporting Materials: Primary Mortgage Market Survey® PDF Version MCLEAN, Va., May 21, 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 3.24 percent. “For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving…

Treasury Sanctions Senior Nicaraguan Government Officials, Increasing Pressure on President Ortega’s Regime

May 22, 2020 / Source: OFAC

PRESS RELEASES Treasury Sanctions Senior Nicaraguan Government Officials, Increasing Pressure on President Ortega’s Regime WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two senior Nicaraguan government officials, Julio Cesar Aviles Castillo and Ivan Adolfo Acosta Montalvan for supporting the corrupt Ortega regime. Since April 2018, the Ortega…

Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020

May 21, 2020 / Source: OCC

Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020 WASHINGTON—Comptroller of the Currency Joseph M. Otting today announced he will step down from office on May 29, 2020, and pursuant to 12 USC 4 as designated by Secretary of the Treasury…

Consumer Financial Protection Bureau Issues Consumer Complaint Bulletin

May 21, 2020 / Source: CFPB

Consumer Financial Protection Bureau Issues Consumer Complaint Bulletin MAY 21, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a report analyzing the complaints received during the COVID-19 pandemic. The bulletin shows that mortgage and credit card complaints top the list of complaints the Bureau has received that mention coronavirus or related terms. In…

Minutes of the Federal Open Market Committee, April 28-29, 2020

May 21, 2020 / Source: FRB

Press Release May 20, 2020 Minutes of the Federal Open Market Committee, April 28-29, 2020 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2020. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three…

Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans

May 20, 2020 / Source: FDIC

Press Releases Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For Immediate Release May 20, 2020 Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans The federal financial institution regulatory agencies today issued principles for offering small-dollar loans…

CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt

May 20, 2020 / Source: CFPB

CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for the public to comment on its Supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures. The extension…

OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations

May 20, 2020 / Source: OCC

News Release 2020-63 | May 20, 2020 OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and…

Risk Management Manual of Examination Policies May 2020 Update

May 19, 2020 / Source: FDIC

Risk Management Manual of Examination Policies May 2020 Update 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…

FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings

May 19, 2020 / Source: FinCEN

FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings Contact Office of Strategic Communications, 703-905-3770 Immediate Release May 19, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program.  The annual program recognizes law enforcement agencies that used Bank Secrecy Act…

FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions

May 19, 2020 / Source: FinCEN

FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting…

Fannie Mae to Issue Request for Proposals to Hire Financial Advisor

May 18, 2020 / Source: Fannie Mae

Fannie Mae to Issue Request for Proposals to Hire Financial Advisor Announcement Represents Significant Milestone for the Company, Housing Finance System WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced that it will issue a request for proposals to hire an underwriting financial advisor who will assist in developing and implementing a plan for recapitalizing and…

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

May 18, 2020 / Source: SBA

PRESS RELEASES SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application WASHINGTON—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.  The form and instructions inform borrowers how to apply for forgiveness of their PPP…

Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112”‚ÄĚCurren

May 18, 2020 / Source: FinCEN

Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112—Currency Transaction Report Release Date May 14, 2020 Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Curre… Action Type Notice and…

Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions

May 18, 2020 / Source: FDIC

Financial Institution Letters Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions Printable Format: FIL-57-2020 – 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 have published an interim…