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.

Whitelist¬†[email protected]¬†to ensure that you receive your update email.

If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through¬†[email protected].

FDIC Makes Public June 2020 Enforcement Actions

July 31, 2020 / Source: FDIC

FDIC Makes Public June Enforcement Actions No Administrative Hearings Scheduled for August 2020 July 31, 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June. There are no administrative hearings scheduled for August 2020. The FDIC issued 25 orders…

CFPB issues HMDA FAQs – Multiple Data Points

July 31, 2020 / Source: CFPB

CFPB issues HMDA FAQs – Multiple Data Points Today, the Bureau released two HMDA FAQs in response to questions it has received. The FAQs cover reporting requirements for certain data points, and specifically discuss reporting when the information is not the dispositive factor in a credit decision. You can access the FAQs here:https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/hmda-reporting-requirements/home-mortgage-disclosure-act-faqs/.

Volcker Rule Covered Funds: Final Rule

July 31, 2020 / Source: OCC

Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report

July 30, 2020 / Source: FDIC

Financial Institution Letter Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report July 30, 2020  |  FIL-73-2020 Summary: On July 22, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the…

FinCEN Issues Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic

July 30, 2020 / Source: FinCEN

FinCEN Issues Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. The advisory contains descriptions of COVID-19-related malicious cyber activity and scams, associated financial red flag indicators,…

Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIM

July 29, 2020 / Source: FRB

Press Release July 29, 2020 Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021 The Federal Reserve on Wednesday announced the extensions of its temporary U.S. dollar liquidity swap lines and…

Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court

July 29, 2020 / Source: FDIC OIG

PRESS RELEASE FOR IMMEDIATE RELEASE Monday, July 27, 2020 Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for…

Federal Reserve issues FOMC statement July 29, 2020

July 29, 2020 / Source: FRB

Press Release July 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…

Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30

July 28, 2020 / Source: FRB

Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30. The three-month extension will facilitate planning…

FDIC Consumer News: Working Through Financial Difficulty

July 28, 2020 / Source: FDIC

FDIC Consumer News: Working Through Financial Difficulty Printable Version July 2020 – PDF Version imprimible en Español Julio 2020 – PDF Overcoming budgetary setbacks The FDIC encourages banks to work with their customers experiencing financial difficulty, where possible. This may include delaying loan payments, extending the terms of a loan, or restructuring loan agreements. It…

Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System

July 28, 2020 / Source: CFPB

Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all…

Freddie Mac Issues Monthly Volume Summary for June 2020

July 27, 2020 / Source: Freddie Mac

Freddie Mac Issues Monthly Volume Summary for June 2020 PDF Version MCLEAN, Va., July 27, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today posted to its website its Monthly Volume Summary for June 2020, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments. Freddie Mac makes home…

Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering

July 27, 2020 / Source: FDIC OIG

Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering A Washington tech executive was taken into custody today and charged with fraudulently seeking over $5.5 million in Paycheck Protection Program (PPP) loans and laundering the proceeds, announced Acting Assistant Attorney General Brian C. Rabbitt at of the Justice Department’s Criminal Division and U.S. Attorney…

Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act

July 27, 2020 / Source: FDIC

Press Release Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act The Federal Deposit Insurance Corporation and the Securities and Exchange Commission have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers…

FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records

July 24, 2020 / Source: FDIC

FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records July 24, 2020 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to…

CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data

July 24, 2020 / Source: CFPB

CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data JUL 24, 2020 Washington, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier…

Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory i

July 24, 2020 / Source: FRB

Press Release July 24, 2020 Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory information (CSI) The Federal Reserve Board on Friday finalized a rule that implements technical, clarifying updates to its Freedom of Information Act (FOIA)…

Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility

July 23, 2020 / Source: FRB

Press Release July 23, 2020 Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility The Federal Reserve Board on Thursday broadened the set of firms eligible to transact with and provide services in three emergency lending facilities. Encouraging a broader…

Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner

July 23, 2020 / Source: CFPB

Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner WASHINGTON, D.C. – On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s (Bureau) allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman)….

Co-signed a private student loan? Here are tips to protect yourself during COVID-19

July 22, 2020 / Source: CFPB

Co-signed a private student loan? Here are tips to protect yourself during COVID-19 By Cora Hume and Kate Mullan – JUL 22, 2020 Millions of Americans are facing financial uncertainty during the coronavirus pandemic. For people with student loans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for those with federal student loans, and many private student loan…

CFPB to Host Symposium July 29

July 22, 2020 / Source: CFPB

CFPB to Host Symposium July 29 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020 at 9:30 a.m. The event will be webcast on the Bureau’s website. The symposium is intended to seek…

Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets

July 22, 2020 / Source: OCC

News Release 2020-98 | July 22, 2020 Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. National and state banks and thrifts have long provided safekeeping and…

FHFA Proposes 2021 Housing Goals for Fannie Mae and Freddie Mac

July 21, 2020 / Source: FHFA

News Release FHFA Proposes 2021 Housing Goals for Fannie Mae and Freddie Mac Current Housing Goals Expire at the end of 2020 Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic,…

Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021

July 21, 2020 / Source: FRB

Press Release Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021 The Federal Reserve Board on Tuesday announced its intent to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository…

FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies

July 20, 2020 / Source: FDIC

Press Release FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies Public/Private standard-setting partnership could foster innovation and cut costs July 20, 2020 FOR RELEASE The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to…