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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Changes in consumer financial status during the early months of the pandemic

April 30, 2021 / Source: CFPB

Data point A new analysis in our Making Ends Meet survey series looks at the early impact of COVID-19 on the financial status of consumers. The results show that fewer consumers had difficulty paying a bill in the initial months of the COVID-19 pandemic than one year earlier and that both credit scores and CFPB…

Credit Card Lending:¬†Revised Comptroller’s Handbook Booklet and Rescissions

April 30, 2021 / Source: OCC

OCC Bulletin 2021-22| April 29, 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 “Credit Card Lending” booklet of the Comptroller’s Handbook, which is prepared for…

Federal Reserve issues FOMC statement April 28, 2021

April 29, 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. Amid progress on vaccinations and…

Federal Reserve Board issues enforcement actions with former employee of Barclays Bank PLC and former employee of Texas Community Bank

April 29, 2021 / Source: FRB

Press Release April 29, 2021   The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: Consent cease and desist order and civil money penalty against Peter Little Former employee of Barclays Bank PLC, New York, New York Engaging in manipulative and collusive foreign exchange trading practices Consent prohibition against…

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas April 29, 2021

April 29, 2021 / Source: FinCEN

Immediate Release April 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 GTOs are identical to the November 2020 GTOs.  The purchase amount threshold…

CFPB Consumer Complaint Bulletin Examines County-Level Demographic Data

April 28, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a bulletin today analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage…

CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

April 28, 2021 / Source: CFPB

APR 27, 2021 SHARE & PRINT                     WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help…

FHFA House Price Index Up 0.9 Percent in February; Up 12.2 Percent from Last Year

April 27, 2021 / Source: FHFA

FOR IMMEDIATE RELEASE 4/27/2021 ​​Washington, D.C. – House prices rose nationwide in February, up 0.9 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®).  House prices rose 12.2 percent from February 2020 to February 2021. The previously reported 1.0 percent price change for January 2021 remained unchanged. For the…

CFPB Takes Action Against Reverse Mortgage Lender for Deceptive Advertising

April 27, 2021 / Source: CFPB

Nationwide Equities Corporation Sent Misleading Ads to Hundreds of Thousands of Older Borrowers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Nationwide Equities Corporation for sending deceptive loan advertisements to hundreds of thousands of older borrowers. The Bureau found that advertisements from Nationwide Equities misled consumers about how much money they…

California Man Charged with COVID-Relief Fraud Scheme

April 27, 2021 / Source: FDIC OIG

PRESS RELEASE A federal grand jury in Los Angeles, California, returned an indictment on April 13, charging a California man with stealing hundreds of thousands of dollars from the Paycheck Protection Program (PPP). According to court documents, Oumar Sissoko, 59, of Temecula, submitted a PPP loan application on behalf of his company, Road Doctor California…

Innovation and collaboration: Tech sprints support improvements in consumer notifications and data collection and processing

April 27, 2021 / Source: CFPB

​​​​​​Today, I’m excited to share the team presentations from the Bureau’s first two tech sprints. Our tech sprint program emphasizes a “technology first” approach that asks, across a range of challenges, what role advanced technology can play to strengthen compliance, encourage innovation, drive down cost and burden, and promote transparency. The tech sprint model recognizes…

CFPB and New York Attorney General File Suit to Seize Hidden Assets from Operator of Shuttered Debt Collection Scheme

April 23, 2021 / Source: CFPB

​​​​​​​WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James today filed a complaint in federal court to seize a $1.6 million home, the ownership of which the complaint alleges was fraudulently transferred by the operator of a massive and now-defunct debt-collection scheme. Douglas MacKinnon transferred ownership of his home…

OCC Conditionally Approves Chartering of Paxos National Trust

April 23, 2021

News Release 2021-49 | April 23, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced preliminary conditional approval of the application to charter Paxos National Trust, New York. The OCC granted a national trust bank charter to Paxos after thorough review of the company and its current operations. In granting this charter, the OCC applied…

Agencies Invite Comment on Proposed Rule for Income Tax Allocation Agreements

April 22, 2021 / Source: FDIC

For release  The federal bank regulatory agencies today invited comment on a proposed rule that updates and codifies existing guidance on income tax allocation agreements involving depository institutions and their affiliates.   Under the proposed rule, banks that file tax returns as part of a consolidated tax filing group would be required to enter into…

FDIC Issues Proposed Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo

April 22, 2021 / Source: FDIC

For Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued a proposed rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. This statutory authority allows the FDIC to bring formal enforcement actions, such as cease and desist…

Business Email Compromise and Check Fraud Continue to Hit U.S. Businesses, Report Finds

April 21, 2021 / Source: NACHA

Nacha Business Email Compromise and check fraud continued to give U.S. companies major headaches in 2020, a new report from the Association for Financial Professionals (AFP) found. More than three-quarters of organizations were targeted by Business Email Compromise (BEC) attacks, according to the “2021 AFP Payments Fraud and Control Survey Report.” BEC typically involves scammers…

FHFA Announces Extension of COVID-Related Loan Flexibilities

April 21, 2021 / Source: FHFA

Flexibilities to retire at the end of May due to low usage FOR IMMEDIATE RELEASE ​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30,…

SUNY-Geneseo Wins FDIC’s Inaugural Academic Challenge

April 20, 2021 / Source: FDIC

Undergraduate team selected for examination of community banks’ impact on local economies For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a four-member team of undergraduate students from the State University of New York College at Geneseo won the agency’s inaugural FDIC Academic Challenge, a competition among university and college students concerning the…

OCC Releases CRA Evaluations for 15 National Banks and Federal Savings Associations April 20, 2021

April 20, 2021 / Source: OCC

News Release 2021-47 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 1, 2021 through March 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…

CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions

April 19, 2021 / Source: CFPB

Bureau Issues Interim Final Rule on Fair Debt Collection Practices Act WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the…

Credit Risk: Termination of Portfolio Stress Test Tool for Income-Producing Commercial Real Estate

April 19, 2021 / Source: OCC

OCC Bulletin 2021-21 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 Effective immediately, the Office of the Comptroller of the Currency (OCC) has terminated its Portfolio Stress Test Tool for Income-Producing Commercial Real Estate on BankNet….

Debt Collection Small Entity Compliance Guide April 16

April 16, 2021 / Source: CFPB

Today, the Bureau updated the Debt Collection Small Entity Compliance Guide to include discussion of the December 2020 Final Rule. You can access the updated Small Entity Compliance Guide here:

FDIC Consumer Compliance Examination Manual Update April 15, 2021

April 16, 2021 / Source: FDIC

The CEM provides supervisory information regarding consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities.  It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations.  The CEM is designed to promote consistency and efficiency in the examination process and compliance with applicable laws…

Risk Management Manual of Examination Policies April 16, 2021

April 16, 2021 / Source: FDIC

The RMS Manual provides information relating to FDIC examination activities and supervisory practices.  The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund.  The RMS Manual promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity, sensitivity…

Deputy Comptroller for Market Risk Policy Testifies on LIBOR Transition

April 16, 2021 / Source: OCC

News Release 2021-46 | April 15, 2021 WASHINGTON—Deputy Comptroller for Market Risk Policy Kevin Walsh today testified during a hearing before the U.S. House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets regarding the upcoming cessation of the London Interbank Offered Rates (LIBOR). Related Links Oral Statement (PDF) Written Testimony (PDF) Media Contact Stephanie Collins (202) 649-6870 Topic(s):…