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—posting 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].

Report on U.S. Portfolio Holdings of Foreign Securities at End-Year 2020

October 29, 2021 / Source: Treasury

WASHINGTON – The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2020 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of…

The Substantial Revenue-Raising Potential of Tax Compliance Efforts

October 29, 2021 / Source: Treasury

By: Natasha Sarin, Deputy Assistant Secretary for Economic Policy Today, the “tax gap”—the difference between taxes owed to the federal government and taxes collected totals around $600 billion annually. Over a decade, left unaddressed, we will lose $7 trillion from those who fail to pay what they owe. This tax gap is not distributed evenly: unpaid…

FinCEN Renews Real Estate Geographic Targeting Orders for 12 Metropolitan Areas

October 29, 2021 / Source: FinCEN

October 29, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.  The purchase amount threshold remains $300,000 for each covered metropolitan area. The terms of…

Retail Lending: Revised Comptroller’s Handbook Booklet and Rescissions

October 28, 2021 / Source: OCC

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 version 2.0 of the “Retail Lending” booklet of the Comptroller’s Handbook. This booklet discusses risks associated with retail…

Truth in Lending Act: Revised Interagency Examination Procedures and Rescissions

October 28, 2021 / Source: OCC

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 Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council1 (FFIEC) has adopted revised interagency examination procedures for the Truth in Lending Act (TILA), implemented…

Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC’s June 2020 CRA Rule

October 27, 2021 / Source: OCC

To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about a notice of proposed rulemaking soliciting comments on the proposal to…

OCC Issues Consent Order Against Cenlar FSB

October 27, 2021 / Source: OCC

The Office of the Comptroller of the Currency (OCC) today issued a Consent Order against Cenlar FSB of Ewing, N.J. The OCC took this action based on the bank’s failure to establish effective controls and risk management practices related to its mortgage servicing and subservicing activities. The order requires the bank to take comprehensive corrective…

Treasury Sanctions Libyan Individual for Serious Human Rights Abuse of African Migrants

October 26, 2021 / Source: Treasury

Corresponding UN Security Council Designation Highlights Focus on Abuse of Migrants WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), corresponding with an action by the United Nations Security Council, sanctioned Libyan national Osama Al Kuni Ibrahim (Al Kuni), who is responsible for serious human rights abuse against migrants…

Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies October 26, 2021

October 26, 2021 / Source: FinCEN

Immediate Release October 26, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists…

Acting Comptroller Discusses LIBOR Cessation and Replacement

October 26, 2021 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of maintaining trust in the banking system during the transition from LIBOR to replacement rates at the Alternative Reference Rates Committee (ARRC) Symposium. His remarks highlighted the importance of a smooth transition away from LIBOR and the potential negative effects that complacency by…

More than 510,000 Households Received Emergency Rental Assistance in September, Totaling Nearly $2.8 Billion in Payments

October 25, 2021 / Source: Treasury

WASHINGTON — State and local governments distributed nearly $2.8 billion from the Department of Treasury’s Emergency Rental Assistance (ERA) program to more than 510,000 households in September, up from 459,000[1] in August. Through September 30, state, local, and Tribal governments have made over 2 million payments to households and distributed over $10 billion. The September data…

A Coordinated Strategy to Advance Racial Equity at Treasury

October 25, 2021 / Source: Treasury

By Deputy Secretary of the Treasury Wally Adeyemo President Biden has made clear since Day One that advancing racial equity is not just a moral priority for our country—it is also critical to our economic success. Taking steps to unlock the unrealized potential of underserved communities makes our economy stronger and benefits all Americans. This…

The Lack of New Bank Formations is a Significant Issue for the Banking Industry

October 22, 2021 / Source: FRB

Governor Michelle W. Bowman At the 2021 Community Bankers Symposium: Banking on the Future, Federal Reserve Bank of Chicago, Chicago, Illinois Good morning. I appreciate the opportunity to be part of this symposium on “Banking on the Future,” especially since the future of banking is one of the highest priorities in my work at the…

Remarks by FDIC Chairman Jelena McWilliams at the 2021 Community Bankers Symposium: Banking on the Future

October 22, 2021 / Source: FDIC

Thank you for your participation in this symposium.  Though I wish we could have held this event in person, I am grateful to everyone who helped to organize and who participated in this event.  Especially in times like these, it is critical for us to come together to celebrate the successes of our community banks…

Remarks by Acting Comptroller Michael J. Hsu at the Department of Justice, Combatting Redlining Initiative Announcement

October 22, 2021 / Source: OCC

October 22, 2021 It is an honor to be here today and to share this stage with our great partners at DOJ and CFPB. As the regulator of our nation’s largest banks and of community and midsize banks all across our great country, one of my highest priorities as Acting Comptroller of the Currency is…

Federal Reserve Board announces it will begin its Survey of Finance Companies this month as part of the Board’s continuing effort to improve its understanding of credit availability to households

October 21, 2021 / Source: FRB

The Federal Reserve Board announced on Thursday that it will begin its Survey of Finance Companies this month as part of the Board's continuing effort to improve its understanding of credit availability to households and businesses in the United States. “These data improve our understanding of credit availability in our economy and the particular role…

Payment Systems: Revised Comptroller’s Handbook Booklet and Rescissions

October 21, 2021 / Source: OCC

OCC Bulletin 2021-49| October 21, 2021   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) issued today the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared…

Federal Reserve Board announces a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosu

October 21, 2021 / Source: FRB

Following a comprehensive review, the Federal Reserve Board on Thursday announced a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosure by Federal Reserve policymakers and senior staff. As a result of the new policies, senior Federal Reserve officials…

Summary of Commentary on Current Economic Conditions by Federal Reserve District

October 20, 2021 / Source: FRB

Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…

Interest Rate Risk: Interest Rate Risk Statistics Report

October 20, 2021 / Source: OCC

OCC Bulletin 2021-47| October 20, 2021 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 published the fall 2021 edition of the Interest Rate Risk Statistics Report. The report…

LIBOR Transition: Joint Statement on Managing the LIBOR Transition

October 20, 2021 / Source: OCC

OCC Bulletin 2021-48| October 20, 2021   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) and other federal financial institution regulatory agencies (collectively, the agencies),1 in conjunction with the…

Joint Statement on Managing the LIBOR Transition

October 20, 2021 / Source: FDIC

FIL-70-2021   Purpose Five federal financial institution regulatory agencies,1 in conjunction with the state bank and state credit union regulators, (collectively, agencies) are jointly issuing this statement to emphasize the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR.  Additionally, this statement includes clarification regarding new LIBOR contracts,…

FACT SHEET: Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy

October 19, 2021 / Source: Treasury

WASHINGTON — Rates of tax compliance in the United States are based in large part on the ways taxpayers accrue income. Those who receive their income that is reported on by a third-party source, such as wage earners, exhibit near-perfect compliance rates on their salaries–since the payer of the income also reports the income paid as…

Testimony of Deputy Secretary of the Treasury Wally Adeyemo before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

October 19, 2021 / Source: Treasury

As delivered: Chairman Brown, Ranking Member Toomey, and Members of the Committee, thank you for giving me the opportunity to speak to you today about the National Advisory Council on International Monetary and Financial Policies (NAC) report to Congress, the Treasury Department’s priorities, and our outlook for the global financial system. As you know, the…

The Economic Outlook and a Cautionary Tale on “Idiosyncratic” Price Changes and Inflation

October 19, 2021 / Source: FRB

Governor Christopher J. Waller At the Stanford Institute for Economic Policy Research Associates Meeting, Stanford, California (via webcast) Thank you to the institute for the opportunity to speak to you. Today my goal is to explain my outlook for the U.S. economy as well as how that perspective shapes my views on the appropriate approach…