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.

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Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds

December 31, 2021 / Source: OCC

Highlights Beginning January 1, 2022, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion is a “small bank or savings association” under the CRA regulations. A “small bank or savings association” with assets of at least $346 million as of December 31…

Federal Bank Regulatory Agencies Release 2020 Small Business, Small , Farm and Community Development Lending Data – OCC

December 23, 2021 / Source: OCC

Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small…

Solicitation of Application for Membership on the Bank Secrecy Act Advisory Group (BSAAG)

December 23, 2021 / Source: FinCEN

Release Date December 23, 2021 Solicitation of Application for Membership on the Bank Secrecy Act Advisory Gro… Action Type Notice and Request for Nominations

Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm, and Community Development Lending Data December 2021

December 23, 2021 / Source: FFIEC

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2020. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The…

Making Ends Meet series: Consumer finances during the pandemic

December 22, 2021 / Source: CFPB

By Scott Fulford and Cortnie Shupe – DEC 21, 2021   Before the pandemic, many households were financially fragile. Half of consumers reported they could cover expenses for only two months or fewer if their household lost its main source of income. Nearly 40 percent had difficulty paying a bill or expense in the 12 months before…

Federal Reserve issues update to Payments Study

December 22, 2021 / Source: FRB

The Federal Reserve on Wednesday issued an update to the Federal Reserve Payments Study (FRPS) to include findings from recent survey data. The findings highlight changes in card payments and increased adoption of innovative payment methods following the emergence of COVID-19. For example, the recent data show that the number and value of both in-person…

Bank Secrecy Act Regulations: Reports of Foreign Financial Accounts Civil Penalties

December 22, 2021 / Source: FinCEN

Release Date December 22, 2021 Bank Secrecy Act Regulations: Reports of Foreign Financial Accounts Civil Penal… Action Type Final Rule

Consumer finances during the pandemic: Insights from the Making Ends Meet Survey

December 21, 2021 / Source: CFPB

Despite a massive increase in unemployment starting in March 2020, consumers’ average financial situation improved in the first several months of the pandemic and continued to improve through June 2021. We use three waves of the Bureau’s Making Ends Meet survey and its association with credit bureau data to understand how consumers have managed during…

Community Bank Leverage Ratio Framework: Interagency Statement

December 21, 2021 / Source: OCC

OCC Bulletin 2021-66| December 21, 2021 Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today issued an interagency statement on the optional community bank leverage ratio framework. The temporary relief measures affecting the framework will expire on…

Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm, and Community Development Lending Data

December 21, 2021 / Source: FDIC

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2020. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The…

Interagency Statement on the Community Bank Leverage Ratio Framework

December 21, 2021 / Source: FDIC

December 21, 2021  |  FIL-81-2021   Summary: The federal banking agencies are issuing a statement to provide information and guidance on the use of the two-quarter grace period under the optional community bank leverage ratio (CBLR) framework when the temporary relief measures affecting the framework expire on December 31, 2021. The interagency statement on the community bank…

Other Real Estate Owned: Updated Comptroller’s Handbook Booklet and Rescissions

December 20, 2021 / Source: OCC

OCC Bulletin 2021-65| December 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 issued an updated “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which is…

OCC Reports Third Quarter 2021 Bank Trading Revenue

December 20, 2021 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $6.8 billion in the third quarter of 2021. The third quarter trading revenue was $1.3 billion, or 15.5 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the…

CFPB and DOJ Put Landlords and Mortgage Servicers on Notice About Servicemembers’ and Veterans’ Rights

December 20, 2021 / Source: CFPB

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters today regarding important legal housing protections for military families. One letter was sent to landlords and other housing providers regarding protections for military tenants. A second letter was sent to mortgage servicers regarding military borrowers who have…

FinCEN Analysis Reveals Upward Trend of SARs Related to Wildlife Trafficking

December 20, 2021 / Source: FinCEN

Contact Office of Strategic Communications, [email protected] Immediate Release December 20, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data.  The report aims to further inform efforts to combat wildlife trafficking and the associated movement of illicit proceeds, which…

Home Mortgage Disclosure Act: Interagency Examination Procedures

December 17, 2021 / Source: OCC

OCC Bulletin 2021-63| December 17, 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 issued the revised interagency Home Mortgage Disclosure Act (HMDA)1 examination procedures for determining…

Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulatio

December 17, 2021 / Source: FDIC

Summary: The Board of Governors of the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “federal banking agencies”) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of a no-action position previously…

Financial Stability Oversight Council Releases 2021 Annual Report

December 17, 2021 / Source: Treasury

WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously approved its 2021 annual report.  This year’s report describes activities of the Council over the past year, as the U.S. economy has continued to rebound from the disruptions caused by the COVID-19 pandemic. Monetary and fiscal policy, substantial progress in vaccinations, and broadly accommodative financing conditions…

A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters

December 17, 2021 / Source: FRB

A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters Governor Christopher J. Waller At the Forecasters Club of New York, New York, New York Thank you, Mike, for the introduction. It is a privilege for me to address fellow macroeconomic forecasters, and I thought an appropriate subject would be the challenge of…

Agencies release annual asset-size thresholds under Community Reinvestment Act regulations Federal Deposit Insurance Corporation

December 16, 2021 / Source: FRB

Federal Deposit Insurance Corporation Board of Governors of the Federal Reserve System For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these…

Agencies Release Annual Asset-Size Thresholds Under Community Reinvestment Act Regulations

December 16, 2021 / Source: FDIC

For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price…

Risk Management: Principles for Climate-Related Financial Risk Management for Large Banks; Request for Feedback

December 16, 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 announced draft principles designed to support the identification and management of climate-related financial risks by banks with…

Consumer Financial Protection Bureau Opens Inquiry into “Buy Now, Pay Later” Credit

December 16, 2021 / Source: CFPB

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned about accumulating debt, regulatory arbitrage,…

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Issuance Suspension Period Extension

December 15, 2021 / Source: Treasury

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to members of Congressional leadership regarding an extension of the debt issuance suspension period (DISP).  The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC  20515 Dear Madam Speaker: On…

Federal Reserve issues FOMC statement December 2021

December 15, 2021 / Source: FRB

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. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the…