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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Home Mortgage Disclosure Act:¬†FFIEC’s 2021 ‘A Guide to HMDA Reporting: Getting It Right!’

March 31, 2021 / Source: OCC

OCC Bulletin 2021-16| March 30, 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) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A…

SBA Administrator Isabella Casillas Guzman’s Statement on President Biden signing the PPP Extension Act of 2021 into law

March 31, 2021 / Source: SBA

PRESS RELEASE March 30, 2021 | Release Number 21-25 Contact U.S. Small Business Administration at [email protected] WASHINGTON – As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still…

CFPB Acting Director Uejio and FTC Acting Chairwoman Slaughter Issue Joint Statement on Preventing Illegal Evictions

March 29, 2021 / Source: CFPB

WASHINGTON, D.C. – Consumer Financial Protection Bureau Acting Director Dave Uejio and Federal Trade Commission Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect American consumers facing economic hardship due to COVID-19. CFPB Acting Director Dave Uejio and FTC Acting Chairwoman Rebecca Slaughter: “Staff at both…

Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence

March 29, 2021 / Source: OCC

News Release 2021-39 | March 29, 2021 Joint Release Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the…

FDIC’s Rapid Phased Prototyping Initiative

March 26, 2021 / Source: FDIC

Financial Institution Letter March 26, 2021  |  FIL-19-2021 Summary: The Federal Deposit Insurance Corporation (FDIC) is providing information and clarification for FDIC-supervised financial institutions on the FDIC’s Rapid Phased Prototyping (RPP) initiative. The RPP initiative is a competition designed to accelerate the adoption of modern technological solutions to help the FDIC fulfill its mission.  In particular, the…

FDIC Makes Public February Enforcement Actions Friday, March 26, 2021

March 26, 2021 / Source: FDIC

Press Release FDIC Makes Public February Enforcement Actions No Administrative Hearings Scheduled for April 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February. There are no administrative hearings scheduled for April 2021. The FDIC issued nine…

OCC Reports Decline in Mortgage Performance for Fourth Quarter 2020

March 26, 2021 / Source: OCC

News Release 2021-38  WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the fourth quarter of 2020. The OCC Mortgage Metrics Report, Fourth Quarter 2020 showed that 93.3 percent of mortgages included in the report were current and performing at the end of the…

Federal Reserve announces temporary and additional restrictions on bank holding company dividends and share repurchases currently in place will end for most firms after June 30, based on results from

March 26, 2021 / Source: FRB

The Federal Reserve Board on Thursday announced that the temporary and additional restrictions on bank holding company dividends and share repurchases currently in place will end for most firms after June 30, after completion of the current round of stress tests. Firms with capital levels above those required by the stress test will no longer…

COVID-19 One Year Later

March 25, 2021 / Source: FDIC

FDIC Consumer News Thriving in a Socially Distanced Banking Environment In April 2020, the FDIC published a special edition of Consumer News, “COVID-19 and Your Financial Health,” with information to help keep consumers and their money safe by banking remotely. One year later, both banks and consumers have adapted. More financial institutions are offering consumers…

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020

March 25, 2021 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately 542,300 complaints last year—a nearly 54% increase over the approximately…

OCC Hosts Minority Depository Institutions Advisory Committee Meeting April 13 Via Webinar

March 23, 2021 / Source: OCC

News Release 2021-36 | March 23, 2021 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, April 13, 2021, via webinar. The meeting is open to the public and will begin at 1:00 p.m. Eastern Daylight Time (EDT)….

OCC Reports Fourth Quarter 2020 Bank Trading Revenue

March 23, 2021 / Source: OCC

News Release 2021-37 | March 23, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $6.3 billion in the fourth quarter of 2020. The fourth quarter trading revenue was $588.0 million, or 8.5 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading…

FinCEN Exchange Brings Together Public and Private Stakeholders to Discuss Bank Secrecy Act Suspicious Activity Reporting Statistics

March 23, 2021 / Source: FinCEN

Immediate Release March 23, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange event to discuss Bank Secrecy Act (BSA) filing statistics for low-dollar, voluntarily-filed suspicious activity reports (SARs) that contain a transaction nexus to Arizona, New Mexico, Texas, Oklahoma, and Louisiana.   During today’s event, representatives from depository institutions, money…

Emergency Capital Investment Program: Regulatory Capital Treatment of Instruments Issued Under the Emergency Capital Investment Program: Interim Final Rule

March 22, 2021 / Source: OCC

OCC Bulletin 2021-14| March 22, 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 On March 22, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and…

CFPB Submits 2020 Report to Congress on the Administration of the Fair Debt Collection Practices Act

March 22, 2021 / Source: CFPB

Report highlights commitment to protect consumers during the COVID-19 Pandemic WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who…

Federal Reserve System publishes annual financial statements March 22, 2021

March 22, 2021 / Source: FRB

Press Release The Federal Reserve System on Monday released the 2020 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, the Board of Governors, and five limited liability companies (LLC's) that manage and operate some of the credit facilities established by the Board…

Severe Weather in February Temporarily Dampens the Pace of Recovery

March 19, 2021 / Source: Fannie Mae

Economic & Housing Weekly Note March 19, 2021 Key Takeaways: The Federal Open Market Committee (FOMC) kept the target rate for the federal funds rate unchanged at 0.0 to 0.25 percent at its March 16-17 meeting, while also keeping the pace of asset purchases unchanged. The FOMC released new economic projections, showing a more positive…

Temporary Supplementary Leverage Ratio Changes to Expire as Scheduled

March 19, 2021 / Source: OCC

News Release 2021-35 | March 19, 2021 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March…

OCC Appoints Five New Members to Mutual Savings Association Advisory Committee

March 18, 2021 / Source: OCC

News Release 2021-34 | March 18, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today appointed five new members to its Mutual Savings Association Advisory Committee (MSAAC). The MSAAC's role includes assessing the condition of mutual savings associations, considering regulatory changes, and recommending steps the OCC may take to ensure the health and vitality of the…

OCC Appoints Seven New Members to Minority Depository Institutions Advisory Committee

March 18, 2021 / Source: OCC

News Release 2021-33 | March 18, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today named seven new members to its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC advises the OCC on steps it can take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions….

OCC Enforcement Actions and Terminations March 18, 2021

March 18, 2021 / Source: OCC

News Release 2021-32 |  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 the…

Federal Reserve issues FOMC statement March 17, 2021

March 18, 2021 / Source: FRB

Press Release 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 COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the…

Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers

March 18, 2021 / Source: CFPB

WASHINGTON, D.C. – Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued the following statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American Rescue Plan: “The Consumer Financial Protection Bureau is squarely focused on addressing the impact of the COVID-19 pandemic on economically vulnerable consumers and is looking carefully at…

Implementation of the Federal Civil Penalties Inflation Adjustment Act

March 16, 2021 / Source: OFAC

Release date The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2021 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  This regulatory amendment adjusts for inflation the maximum amount of the civil monetary…

CFPB Takes Action Against Operators of An Unlawful Student Loan Debt-Relief Scheme

March 16, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued a student loan debt relief company, its owner, and manager for allegedly charging thousands of consumers more than $3.5 million in illegal upfront fees. The lawsuit filed in federal district court accuses California-based Student Loan Pro, Judith Noh, and Syed Gilani of violating the Telemarketing…