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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FDIC Launches Competition to Modernize Bank Financial Reporting

June 30, 2020 / Source: FDIC

FDIC Launches Competition to Modernize Bank Financial Reporting June 30, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today announced the start of a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks. Twenty technology firms from across the country have been invited to…

Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices:¬†New Comptroller’s Handbook Booklet and Rescissions

June 30, 2020 / Source: OCC

OCC Bulletin 2020-65| June 29, 2020 Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: New Comptroller's Handbook Booklet and Rescissions 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…

CFPB Announces Tech Sprints To Empower Consumers, Reduce Regulatory Burden

June 29, 2020 / Source: CFPB

CFPB Announces Tech Sprints To Empower Consumers, Reduce Regulatory Burden JUN 29, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial…

OCC Highlights Key Risks for Federal Banking System June 29, 2020

June 29, 2020 / Source: OCC

News Release 2020-86 | June 29, 2020 OCC Highlights Key Risks for Federal Banking System WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2020. Banks entered the national health…

FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers

June 29, 2020 / Source: FinCEN

FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers Issued Date June 29, 2020 FinCEN_Hemp_Guidance_508_FINAL.pdf Financial Institution Depository Institutions Money Services Businesses Securities and Futures

FDIC Makes Public May Enforcement Actions

June 26, 2020 / Source: FDIC

Press Release FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2020 June 26, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May. There are no administrative hearings scheduled for July 2020. The FDIC…

OCC Reports First Quarter 2020 Bank Trading Revenue

June 26, 2020 / Source: OCC

News Release 2020-85 | June 26, 2020 OCC Reports First Quarter 2020 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $6.7 billion in the first quarter 2020, which was $505.0 million, or 7.0 percent, less than the previous quarter. In the report, Quarterly…

Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance

June 26, 2020 / Source: FDIC

Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance June 26, 2020 FOR IMMEDIATE RELEASE WASHINGTON—Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011….

FDIC Issues Rule to Codify Permissible Interest on Transferred Loans

June 25, 2020 / Source: FDIC

FDIC Issues Rule to Codify Permissible Interest on Transferred Loans June 25, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today issued a final regulation to codify the agency’s longstanding guidance that the valid interest rate for a loan is determined when the loan is made, and will not be affected by a…

Financial Regulators Modify Volcker Rule

June 25, 2020 / Source: FDIC

Financial Regulators Modify Volcker Rule June 25, 2020 For release at 12:00 p.m. EDT Five federal regulatory agencies today finalized a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The final rule is broadly similar to the proposed rule from January….

FFIEC Announces Availability of 2019 Data on Mortgage Lending

June 24, 2020 / Source: FFIEC

Press Release For Immediate Release June 24, 2020 FFIEC Announces Availability of 2019 Data on Mortgage Lending    The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations,…

Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies June 24, 2020

June 24, 2020 / Source: FFIEC

Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Joint Press Release For Immediate Release June 24, 2020 Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies    The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation,…

Interagency Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on Financial Institutions

June 23, 2020 / Source: FDIC

Financial Institution Letter Interagency Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on Financial Institutions June 23, 2020  |  FIL-64-2020 Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration (federal financial regulatory agencies) in conjunction with the state bank…

Final Rule Mitigating the Deposit Insurance Assessment Effect of Participation in the Paycheck Protection Program (PPP), the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility

June 23, 2020 / Source: FDIC

Financial Institution Letter Final Rule Mitigating the Deposit Insurance Assessment Effect of Participation in the Paycheck Protection Program (PPP), the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility June 22, 2020  |  FIL-63-2020 Summary: On June 22, 2020, the FDIC Board of Directors authorized publication of a final rule that mitigates the deposit insurance…

FDIC Unveils Redesigned Website: New FDIC.gov Offers Easier Access to Information to Bankers, Consumers and Analysts

June 23, 2020 / Source: FDIC

Financial Institution Letter FDIC Unveils Redesigned Website: New FDIC.gov Offers Easier Access to Information to Bankers, Consumers and Analysts June 22, 2020  |  FIL-62-2020 Summary: For the first time in nearly a decade, the FDIC unveiled a comprehensive overhaul of the agency's flagship website. The newly redesigned FDIC.gov offers bankers, consumers, and analysts easier access to the agency's most popular content,…

FDIC Office of Inspector General Press Release June 23, 2020

June 23, 2020 / Source: FDIC OIG

FDIC Office of Inspector General Press Release The following press release, issued by the U.S. Department of Justice, was recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web site: www.fdicoig.gov. Such press releases reflect actions resulting from the OIG’s partnerships with U.S. Attorneys’ Offices throughout the country and other…

Consumer Financial Protection Bureau Takes Steps to Address GSE Patch

June 22, 2020 / Source: CFPB

Consumer Financial Protection Bureau Takes Steps to Address GSE Patch JUN 22, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued two Notices of Proposed Rulemaking (NPRMs) to address the impending expiration of the Government-Sponsored Enterprises Patch (GSE Patch). The GSE Patch is scheduled to expire in January 2021 or when the GSEs…

OCC Interim Final Rule Reduces Assessments in Response to COVID-19

June 22, 2020 / Source: OCC

News Release 2020-79 | June 22, 2020 OCC Interim Final Rule Reduces Assessments in Response to COVID-19 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today approved an interim final rule (IFR) that will reduce assessments due to be paid to the OCC on September 30, 2020. The OCC is providing this relief in response to the…

Federal Complaint Filed Against Austin Man for Multi-Million Dollar Fraud Scheme Related to the SBA Paycheck Protection Program During COVID-19 Pandemic

June 22, 2020 / Source: FDIC OIG

Federal Complaint Filed Against Austin Man for Multi-Million Dollar Fraud Scheme Related to the SBA Paycheck Protection Program During COVID-19 Pandemic In Austin today, federal authorities arrested Michael George McQuarn, 51 of Austin, for allegedly defrauding the U.S. Small Business Administration (SBA) Paycheck Protection Program of more than $2 million. U.S. Attorney John F. Bash;…

Remarks by Director Kraninger During Consumer Data Industry Association Webinar

June 19, 2020 / Source: CFPB

Remarks by Director Kraninger During Consumer Data Industry Association Webinar JUN 19, 2020 As prepared for delivery Good afternoon. Thank you, Francis, for the introduction. I appreciate the opportunity to be with you today and I look forward to the day when we all will be able to meet safely in-person once again. For now,…

The FDIC Updates its Enforcement Actions Manual for Flood Insurance Civil Money Penalties

June 19, 2020 / Source: FDIC

Financial Institution Letters FIL-61-2020 June 18, 2020 The FDIC Updates its Enforcement Actions Manual for Flood Insurance Civil Money Penalties Printable Format: FIL-61-2020 – PDF (PDF Help) Summary: The FDIC has updated its Formal and Informal Enforcement Actions Manual (manual) regarding the assessment of mandatory civil money penalties (CMPs) for certain pattern and practice violations of…

Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments

June 18, 2020 / Source: FRB

Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments The Federal Reserve today published the FraudClassifier model—a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions…

CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PILOT ADVISORY OPINION PROGRAM TO PROVIDE REGULATED ENTITIES CLEAR GUIDANCE AND IMPROVE COMPLIANCE

June 18, 2020 / Source: CFPB

FOR IMMEDIATE RELEASE: June 18, 2020 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PILOT ADVISORY OPINION PROGRAM TO PROVIDE REGULATED ENTITIES CLEAR GUIDANCE AND IMPROVE COMPLIANCE WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the…

CFPB updates the Remittance Transfers Small Entity Compliance Guide June 2020

June 18, 2020 / Source: CFPB

CFPB updates the Remittance Transfers Small Entity Compliance Guide The Bureau has published updates to the Remittance Transfers Small Entity Compliance Guide, reflecting amendments to the Remittance Transfers Rule the Bureau issued on May 11, 2020.  You can access the updated Remittance Transfers Small Entity Compliance Guide here. Thank you, Consumer Financial Protection Bureau   

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

June 17, 2020 / Source: SBA and Treasury

PRESS RELEASES SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program June 17, 2020 Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed…