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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Message from the FinCEN Director: 180-Day Update on AML Act Implementation

June 30, 2021 / Source: FinCEN

Message from the FinCEN Director: 180-Day Update on AML Act Implementation Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced FinCEN’s delivery of two key requirements pursuant to the Anti-Money Laundering of 2020 (the “AML Act”), which includes the Corporate Transparency Act….

FinCEN Completes Assessment on the Use of No-Action Letters

June 30, 2021 / Source: FinCEN

FinCEN Completes Assessment on the Use of No-Action Letters Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act…

FinCEN Issues First National AML/CFT Priorities and Accompanying Statements

June 30, 2021 / Source: FinCEN

FinCEN Issues First National AML/CFT Priorities and Accompanying Statements Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices,…

Dedicating July to military consumer protection JUN 30, 2021

June 30, 2021 / Source: CFPB

Dedicating July to military consumer protection By Jim Rice – JUN 30, 2021 July is recognized as Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for servicemembers, veterans, and military families. Military families make enormous sacrifices for our nation, but as a result of their service, they often face some unique…

Commercial Credit on Consumer Credit Reports JUN 30, 2021

June 30, 2021 / Source: CFPB

Industry and markets Commercial Credit on Consumer Credit Reports JUN 30, 2021 This is part of a series of reports of consumer credit trends produced by the Consumer Financial Protection Bureau using a longitudinal sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies. This report explores…

Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations ¬†¬†

June 30, 2021 / Source: FFIEC

Press Release The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations  The booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of…

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020

June 29, 2021 / Source: CFPB

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020 Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior…

CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services

June 29, 2021 / Source: CFPB

CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services Proposed order would ban Burlington Financial Group and its owners and executives from future telemarketing and impose civil money penalties payable to the CFPB and the State of Georgia WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed…

OCC Reports First Quarter 2021 Bank Trading Revenue

June 29, 2021 / Source: OCC

News Release 2021-70  OCC Reports First Quarter 2021 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $10.5 billion in the first quarter of 2021. The first quarter trading revenue was $4.2 billion, or 65.9 percent, more than the previous quarter. In…

Mortgage Performance Declines in First Quarter 2021

June 29, 2021 / Source: OCC

News Release 2021-71  Mortgage Performance Declines in First Quarter 2021 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 first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current…

Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservati

June 28, 2021 / Source: Treasury

PRESS RELEASES Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservation Crime WASHINGTON – Today the Financial Action Task Force (FATF) concluded its fourth virtual plenary since the start of the ongoing COVID-19 pandemic. The FATF advanced…

CFPB Issues Rules to Facilitate Smooth Transition as Federal Foreclosure Protections Expire

June 28, 2021 / Source: CFPB

CFPB Issues Rules to Facilitate Smooth Transition as Federal Foreclosure Protections Expire Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and…

Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021

June 25, 2021 / Source: FRB

Press Release Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021 The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month…

Federal Reserve Board releases results of annual bank stress tests, which show that large banks continue to have strong capital levels and could continue lending to households and businesses during a

June 25, 2021 / Source: FRB

Press Release   Federal Reserve Board releases results of annual bank stress tests, which show that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession The Federal Reserve Board on Thursday released the results of its annual bank stress tests, which showed that large…

FDIC Outlines Modified Approach for Insured Depository Institution Resolution Planning Rule

June 25, 2021 / Source: FDIC

Press Release FDIC Outlines Modified Approach for Insured Depository Institution Resolution Planning Rule For Release WASHINGTON – The Federal Deposit Insurance Corporation today outlined a modified approach to implementing its rule requiring certain insured depository institutions (IDIs) to submit resolution plans to facilitate resolution under the Federal Deposit Insurance Act. The modified approach applies to IDIs with…

Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies June 25, 2021

June 25, 2021 / Source: FDIC

Press Release Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive…

Joint Readout of Principals Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution

June 25, 2021 / Source: FDIC

Press Release Joint Readout of Principals Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution LONDON AND WASHINGTON – Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a virtual meeting today to discuss certain issues relating to the concept…

FDIC Makes Public May 2021 Enforcement Actions

June 25, 2021 / Source: FDIC

Press Release FDIC Makes Public May Enforcement Actions No Administrative Hearings Scheduled for July 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 May. There are no administrative hearings scheduled for July 2021. The FDIC issued 10…

Acting Comptroller Statement on the Vote to Overturn OCC True Lender Rule

June 25, 2021 / Source: OCC

News Release 2021-69  Acting Comptroller Statement on the Vote to Overturn OCC True Lender Rule WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender…

CDC Eviction Moratorium Extended by One Month!

June 25, 2021 / Source: CFPB

CDC Eviction Moratorium Extended by One Month! The CDC just extended the CDC eviction moratorium until July 31, 2021. The moratorium was set to expire on June 30, 2021. Here’s what you need to know now: If you already gave your landlord a copy of the CDC declaration form If you’ve already submitted the form…

FinCEN Recognizes the Significant Impact of Bank Secrecy Act Data on Law Enforcement Efforts

June 24, 2021 / Source: FinCEN

FinCEN Recognizes the Significant Impact of Bank Secrecy Act Data on Law Enforcement Efforts Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 24, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) held a virtual ceremony today to honor the recipients of the 2021 FinCEN Director’s Law Enforcement Awards Program.  The annual program accepts nominations from…

FDIC Presents “Fintech: A Bridge to Economic Inclusion”¬Ě

June 24, 2021 / Source: FDIC

Press Release FDIC Presents “Fintech: A Bridge to Economic Inclusion” June 29th event to address how technology can create greater opportunities For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive…

Bank Secrecy Act/Anti-Money Laundering Examination Manual Update June 23, 2021

June 23, 2021 / Source: FDIC

Financial Institution Letter Bank Secrecy Act/Anti-Money Laundering Examination Manual Update June 23, 2021  |  FIL-45-2021 Summary: The Federal Financial Institutions Examination Council (FFIEC) is updating sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Statement of Applicability: This Financial Institution Letter (FIL) applies to FDIC-supervised institutions. Highlights: The FFIEC BSA/AML Examination Manual…

Federal Reserve announces it will continue its Fed Listens initiative in 2021 to learn from a broad range of individuals, households, and communities about the economic recovery from the COVID-19 pand

June 23, 2021 / Source: FRB

Press Release June 23, 2021 Federal Reserve announces it will continue its Fed Listens initiative in 2021 to learn from a broad range of individuals, households, and communities about the economic recovery from the COVID-19 pandemic For release at 9:45 a.m. EDT Share The Federal Reserve on Wednesday announced that it would continue its Fed Listens initiative…

Jefferson County Engineer Sentenced for $13 Million COVID-Relief Fraud

June 22, 2021 / Source: FDIC OIG

PRESS RELEASE FOR IMMEDIATE RELEASE Thursday, June 17, 2021 Jefferson County Engineer Sentenced for $13 Million COVID-Relief Fraud BEAUMONT, Texas – A Beaumont engineer has been sentenced for his participation in a scheme to file two fraudulent loan applications seeking more than $13 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small…