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].
FDIC Issues CRA Examination Schedules for Second Quarter 2021 and Third Quarter 2021
February 27, 2021 / Source: FDIC
For Release The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2021 and third quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
February 27, 2021 / Source: FFIEC
WASHINGTON – The Federal Financial Institutions Examination Council (FFIEC) today released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). Today’s updates affect the following Manual sections: Introduction – Assessing Compliance with Bank Secrecy Act Regulatory Requirements Customer Identification Program Currency Transaction Reporting Transactions of Exempt Persons The updates should not be…
FDIC Makes Public January Enforcement Actions Friday, February 26, 2021
February 27, 2021 / Source: FDIC
Press Release No Administrative Hearings Scheduled for March 2021 The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. There are no administrative hearings scheduled for March 2021. The FDIC issued 11 orders in January 2021. The administrative enforcement actions in those…
FDIC-Insured Institutions Reported Net Income of $59.9 Billion In Fourth Quarter 2020
February 25, 2021 / Source: FDIC
For Release Full-Year 2020 Net Income Declined 36.5 Percent to $147.9 Billion Quarterly Net Income Increased 9.1 Percent from a Year Ago Net Interest Margin Remained Unchanged from Third Quarter at a Record Low Level Loan Balances Declined from the Previous Quarter, Led by Lower Commercial and Industrial Lending Activity Asset Quality Metrics Remained Stable…
Agencies Issue Shared National Credit Review
February 25, 2021 / Source: OCC
News Release 2021-26 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Credit risk for large, syndicated loans has increased over the last year, according to the 2020 Shared National Credit (SNC) Review released by federal bank regulatory agencies today. The elevated risk is…
Technical Assistance Videos on Fair Lending
February 24, 2021 / Source: FDIC
Financial Institution Letter FIL-10-2021 Summary: The FDIC has released nine technical assistance videos on fair lending. The information in the videos is intended as a high-level overview to help FDIC-supervised institutions assess and mitigate fair lending risk, and to understand how FDIC examiners evaluate fair lending compliance. Statement of Applicability: This Financial Institution Letter applies to…
OCC Issues Second and Third Quarter 2021 CRA Evaluation Schedule
February 24, 2021 / Source: OCC
News Release 2021-25 | February 24, 2021 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 second quarter and third quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public…
FinCEN Issues Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments and a Companion Notice Providing Filing Instructions for Financial Institutions
February 24, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to fraud and other financial crimes related to Economic Impact Payments (EIPs), authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The advisory contains descriptions of EIP fraud,…
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) Related to Brokered Deposits and Sweep Deposits
February 23, 2021 / Source: FDIC
Financial Institution Letter FIL-11-2021 The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), are requesting comment on proposed revisions affecting reporting forms and instructions for the…
Making our housing market work better for all Americans
February 23, 2021 / Source: CFPB
By Dave Uejio – FEB 23, 2021 The COVID-19 pandemic has left almost 3 million American homeowners behind on their mortgages. Black and Hispanic communities, in particular, have still not recovered from the impact of the Great Recession and bear the heaviest burden of job losses under COVID-19. With so much economic hardship and uncertainty, the CFPB must…
CFPB Updates Guidance for the ATR/QM Rule
February 23, 2021 / Source: CFPB
The Bureau has updated the small entity compliance guide and other compliance aids related to the ATR/QM Rule. The updated guide and compliance aids are available here. The Bureau has also issued a statement regarding the mandatory compliance date for the General QM Final Rule and possible reconsideration of the General QM Final Rule and…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Texas Winter Storms
February 23, 2021 / Source: OCC
News Release 2021-24 Joint Release Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the…
FDIC Publishes 2020 Annual Report
February 22, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation released its 2020 Annual Report. The report opens with a message from FDIC Chairman Jelena McWilliams highlighting the Corporation’s accomplishments in 2020, including: Swift, decisive actions that helped maintain stability in financial markets during the COVID-19 pandemic, including targeted regulatory changes to facilitate lending to consumers and small businesses; Efforts…
Consumer Financial Protection Bureau and Virginia, Massachusetts, and New York Attorneys General Sue Libre for Predatory Immigrant-Services Scam
February 22, 2021 / Source: CFPB
Bureau and States Accuse Company of Luring Non-English-Speaking Immigrants into Abusive, English-Only Contracts WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), in partnership with Virginia, Massachusetts, and New York, is suing Libre by Nexus, Inc. (Libre) and its owners for a predatory immigrant-services scam that traps victims into paying expensive, long-term fees. The CFPB…
Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation
February 19, 2021 / Source: FDIC OIG
Thursday, February 18, 2021 The Office of Inspector General (OIG) at the Federal Deposit insurance Corporation (FDIC) has issued its report identifying the Top Management and Performance Challenges (TMPC) facing the FDIC. The purpose of this document is to summarize the most serious challenges facing the agency, and to briefly assess its progress to address…
Monetary Policy Report February 19, 2021
February 19, 2021 / Source: FRB
Current Report: February 19, 2021 HTML The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.” This report—called the Monetary Policy Report—is submitted semiannually to the Senate Committee on Banking, Housing, and Urban Affairs and…
Revisions to the Consolidated Reports of Condition and Income (Call Report) Related to Asset Threshold Relief February 19, 2021 ”ƒ
February 19, 2021 / Source: FDIC
Financial Institution Letter FIL-8-2021 Summary: On February 18, 2021, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached final regulatory reporting changes…
FHFA Releases Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions
February 18, 2021 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the 2021 Scorecard for Fannie Mae, Freddie Mac (the Enterprises), and Common Securitization Solutions. The 2021 Scorecard aligns the 2019 Strategic Plan with the Enterprises’ tactical priorities and operations, serving as an essential tool to hold the Enterprises accountable. “The 2021 Scorecard will…
Federal Reserve Board announces final rule intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions
February 18, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation…
OCC Enforcement Actions and Terminations February 18, 2021
February 18, 2021 / Source: OCC
News Release 2021-23 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of…
Final Rule to Address the Temporary Deposit Insurance Assessment Effects of the Optional Regulatory Capital Transitions for Implementing the Current Expected Credit Losses (CECL) Methodology
February 17, 2021 / Source: FDIC
Financial Institution Letter FIL-7-2021 Summary: On February 16, 2021, the FDIC Board of Directors adopted a final rule addressing the temporary deposit insurance assessment effects resulting from certain optional regulatory capital transition provisions relating to the implementation of the current expected credit losses (CECL) methodology. The final rule removes the double counting of a specified…
Role of Supervisory Guidance: Final Rule
February 17, 2021 / Source: OCC
OCC Bulletin 2021-8 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) has approved a final rule which confirms that supervisory guidance does not create binding legal obligations…
Minutes of the Federal Open Market Committee, January 26-27, 2021
February 17, 2021 / Source: FRB
Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 26-27, 2021. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in…
OCC Allows National Banks and Federal Savings Associations Affected by Winter Storm Uri to Close
February 17, 2021 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by emergency weather conditions associated with Winter Storm Uri at their discretion. In issuing the proclamation, the OCC expects that only those…
Homeowners have expanded access to protections
February 17, 2021 / Source: CFPB
If you’re struggling to pay your mortgage during the COVID-19 pandemic, you’re not alone. Millions of Americans are behind on mortgage payments. But help is available to most homeowners: Most homes are protected from foreclosure through at least March 31, 2021 – though many are protected through June 30, 2021. Most homeowners now have until…