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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Federal Reserve Board invites public comment on proposed changes to its Policy on Payment System Risk that governs the provision of intraday credit

May 28, 2021 / Source: FRB

Press Release May 28, 2021 The Federal Reserve Board on Friday requested public comment on proposed changes to its Policy on Payment System Risk (PSR policy) that governs the provision of intraday credit, or daylight overdrafts, to healthy depository institutions with accounts at the Federal Reserve Banks. The PSR policy establishes limits on the value…

FDIC Issues CRA Examination Schedules for Third Quarter 2021 and Fourth Quarter 2021

May 28, 2021 / Source: FDIC

Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter 2021 and fourth quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the…

FDIC Makes Public April 2021 Enforcement Actions

May 28, 2021 / Source: FDIC

Press Release No Administrative Hearings Scheduled for June 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 April. There are no administrative hearings scheduled for June 2021. The FDIC issued five orders in April 2021. The administrative…

Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks, and Barriers to Credit, New CFPB Report Finds

May 27, 2021 / Source: CFPB

Consumers tend to be rural and lower income, and those who do not own the underlying land have the greatest challenges WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners. Manufactured housing is…

Agencies Extend Period for CRA Consideration Given to Community Development Activities in Response to Hurricane Maria Disaster in Puerto Rico and the U.S. Virgin Islands

May 27, 2021 / Source: FDIC

Financial Institution Letter FIL-37-2021 Summary: 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 (OCC) (collectively, the agencies) are granting a 36–month extension to the original period provided in the January 2018 Interagency Statement on CRA Consideration for Community Development…

Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) Related to FDIC Assessments, Brokered Deposits and Sweep Deposits

May 26, 2021 / Source: FDIC

Financial Institution Letter FIL-36-2021 On May 24, 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), published the attached final regulatory reporting changes in the Federal…

FinCEN to Host Innovation Hours Program Workshop on Privacy Enhancing Technologies

May 26, 2021 / Source: FinCEN

Contact Office of Strategic Communications, 703-905-3770 Immediate Release May 26, 2021 WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on September 9, 2021, focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks…

Financial Coaching Initiative: Results and Lessons Learned

May 26, 2021 / Source: CFPB

Consumer education and empowerment In 2015, the Consumer Financial Protection Bureau launched the Financial Coaching Initiative, a pilot program that provided financial coaching services to veterans and economically vulnerable consumers. Professional coaches were embedded into 60 host sites across the country, where they provided free, one-on-one help to consumers to address their personal financial goals….

Executive Order on Climate-Related Financial Risk

May 26, 2021 / Source: The White House

MAY 20, 2021 • PRESIDENTIAL ACTIONS By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1.  Policy.  The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments, and companies — such as increased extreme…

OCC Issues Third and Fourth Quarter 2021 CRA Evaluation Schedule

May 25, 2021 / Source: OCC

News Release 2021-60 | May 25, 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 third quarter and fourth quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public…

Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated

May 25, 2021 / Source: FRB

Press Release The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Huntington Bancshares Incorporated, Columbus, Ohio, to acquire TCF Financial Corporation, Detroit, Michigan, and thereby indirectly acquire TCF's subsidiary national bank, TCF National Bank, Sioux Falls, South Dakota. Attached is…

Two Camden County Residents Charged with Conspiracy to Defraud Victims of More Than $1.4 Million in Coronavirus Relief Fraud Scheme

May 24, 2021 / Source: FDIC OIG

PRESS RELEASE CAMDEN, N.J. – Two Camden County, New Jersey, residents were charged for their role in fraudulently obtaining federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL) totaling $1.4 million, Acting U.S. Attorney Rachael A. Honig announced today. Stephen Bennett, 45, of Berlin, New Jersey, and Rhonda Thomas, 36, of Sicklerville,…

Federal Reserve Board announces approval of application by Adyen, N.V.

May 24, 2021 / Source: FRB

Press Release The Federal Reserve Board on Monday announced its approval of the application by Adyen, N.V., Amsterdam, The Netherlands, to establish a federally-licensed branch in San Francisco, California. Attached is the Board's order relating to this action. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: May 24, 2021

CFPB Takes Action Against Auto Lender for Unfair Loss Damage Waiver Practices

May 21, 2021 / Source: CFPB

California Auto Finance to Provide Refunds and Credits, Correct Credit Records, and Pay a Civil Money Penalty WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW)…

Community Reinvestment Act: Implementation of the June 2020 Final Rule

May 21, 2021 / Source: OCC

OCC Bulletin 2021-24 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) published in the Federal Register on June 5, 2020, a final rule (June 2020 rule) to modernize the agency’s…

Agencies issue host state loan-to-deposit ratios May 21, 2021

May 21, 2021 / Source: FRB

Joint Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios…

OCC Enforcement Actions and Terminations May 20, 2021

May 21, 2021 / Source: OCC

News Release 2021-57  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 Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances May 20, 2021

May 21, 2021 / Source: FRB

Press Release The Federal Reserve Board on Thursday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and…

FHFA Announces Fannie Mae’s and Freddie Mac’s Proposed Duty to Serve Underserved Markets Plans for 2022-2024

May 19, 2021 / Source: FHFA

News Release ​​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today published the proposed 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program.  The proposed Plans cover the period from January 1, 2022 to December 31, 2024. FHFA issued a final rule in 2016 that implemented…

Minutes of the Federal Open Market Committee, April 27-28, 2021

May 19, 2021 / Source: FRB

Press Release May 19, 2021 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 27–28, 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…

Acting Comptroller of the Currency Testifies on the Condition of the Federal Banking System

May 19, 2021 / Source: OCC

News Release 2021-56  WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House Financial Services Committee on the condition of the federal bankings system, the agency’s response to the COVID-19 pandemic, and its efforts to promote diversity and inclusion. Mr. Hsu’s testimony also included a description of his priorities as head of…

OCC Report Examines Key Risks, Effects of COVID-19 Pandemic on Federal Banking System

May 18, 2021 / Source: OCC

News Release 2021-55  WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2021.  Banks maintained sound capital and liquidity levels but profitability remains stressed due to…

CFPB Takes Action Against Debt-Settlement Company for Charging Consumers Unlawful Fees

May 18, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4 million for charging unlawful fees and failing to provide required disclosures to its customers, and a civil…

FDIC Issues Request for Information on Digital Assets

May 17, 2021 / Source: FDIC

Press Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today announced that it is gathering information and soliciting comments from interested parties about insured depository institution’ current and potential digital asset activities. The FDIC recognizes that there are novel and unique considerations related to digital assets. Given that banks are increasingly exploring the emerging…

Tax Allocation Agreements: Notice of Proposed Rulemaking

May 17, 2021 / Source: OCC

OCC Bulletin 2021-23| May 17, 2021 To: Chief Executive Officers of National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On May 10, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation…