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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New rule ensures mortgage servicers provide options to potentially vulnerable borrowers exiting forbearance

September 30, 2021 / Source: CFPB

New rule ensures mortgage servicers provide options to potentially vulnerable borrowers exiting forbearance SEP 30, 2021 As of September, approximately 1.6 million borrowers are exiting mortgage forbearance programs. As servicers expand their operations to match the surge of forbearance exits, servicers should remember that not all borrowers are similarly situated. Many borrowers may be vulnerable…

Comparing auto loans for borrowers with subprime credit scores

September 30, 2021 / Source: CFPB

Comparing auto loans for borrowers with subprime credit scores By David Low – SEP 30, 2021 Americans owe auto lenders well over a trillion dollars. Consumers with subprime credit scores ─ i.e. scores that are significantly lower than average ─ are especially likely to need loans to purchase vehicles. But they also pay the highest interest…

Treasury’s Federal Insurance Office Releases Annual Report on the Insurance Industry

September 30, 2021 / Source: Treasury

PRESS RELEASES Treasury’s Federal Insurance Office Releases Annual Report on the Insurance Industry September 30, 2021 WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its Annual Report on the Insurance Industry.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), FIO must report annually to the…

The United States and Qatar Take Coordinated Action Against Hizballah Financiers

September 29, 2021 / Source: Treasury

PRESS RELEASES The United States and Qatar Take Coordinated Action Against Hizballah Financiers September 29, 2021 WASHINGTON — Today, the United States, through the Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the Government of Qatar both designated in coordinated actions a major Hizballah financial network based in the Arabian Peninsula.  “Hizballah…

CFPB Report Finds Declines in Credit Card Debt, New Applications and Increases in Digital Engagement in 2020

September 29, 2021 / Source: CFPB

FOR IMMEDIATE RELEASE: September 29, 2021 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CFPB Report Finds Declines in Credit Card Debt, New Applications and Increases in Digital Engagement in 2020  As Public and Private Relief Ends, Consumer Credit Card Use Trends in 2020 began to Return to Pre-Pandemic Levels WASHINGTON, D.C. — The Consumer Financial…

Creating a New Model for the Future of Supervision

September 28, 2021 / Source: FRB

Speech   PDF September 28, 2021 Creating a New Model for the Future of Supervision Governor Michelle W. Bowman At the Community Banking in the 21st Century Research and Policy Conference, St. Louis, Missouri (virtual conference) Good afternoon. I'm pleased to be able to join you again virtually for this year's Community Banking in the 21st…

OCC Reports Improvement in Mortgage Performance 2021-103

September 28, 2021 / Source: OCC

News Release 2021-103 | September 28, 2021 OCC Reports Improvement in Mortgage Performance WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2021. The OCC Mortgage Metrics Report, Second Quarter 2021 showed that 95.0 percent of mortgages included in the report were…

Maryland Man Facing Federal Indictment For Fraudulently Obtaining $3.5 Millions In COVID Relief Funds

September 27, 2021 / Source: FDIC OIG

PRESS RELEASE FOR IMMEDIATE RELEASE Maryland Man Facing Federal Indictment For Fraudulently Obtaining $3.5 Millions In COVID Relief Funds Law Enforcement Seizes an Additional $1.5 Million in Alleged Fraudulent Funds Greenbelt, Maryland – A federal grand jury has returned an indictment charging Rudolph Elwood Brooks, Jr., age 45, of Bowie, Maryland, with federal wire fraud…

Two Former Employees at New York Branch Of Major Bank And An Accountant Charged With Cares Act Loan Fraud

September 27, 2021 / Source: FDIC OIG

PRESS RELEASE FOR IMMEDIATE RELEASE Friday, September 24, 2021 Two Former Employees at New York Branch Of Major Bank And An Accountant Charged With Cares Act Loan Fraud Defendants Conspired with Others to Defraud a Major Bank and the Small Business Administration Out of Millions of Dollars in Federal Loan Funds Earlier today, in federal…

Navigating Delta Headwinds on the Path to a Full Recovery

September 27, 2021 / Source: FRB

Navigating Delta Headwinds on the Path to a Full Recovery Governor Lael Brainard At “Shocks, Shifts, and the Emerging Economic Landscape” 2021 Annual Meeting of the National Association for Business Economics, Arlington, Virginia It is a great honor to join the community of NABE Fellows, and I want to express my appreciation to the Board…

FDIC Makes Public August Enforcement Actions No Administrative Hearings Scheduled for October 2021

September 24, 2021 / Source: FDIC

Press Release FDIC Makes Public August Enforcement Actions No Administrative Hearings Scheduled for October 2021 Friday, September 24, 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 August.  There are no administrative hearings scheduled for October 2021….

Mutual Savings Associations: Requirements and Process for Voluntary Liquidation

September 24, 2021 / Source: OCC

OCC Bulletin 2021-45| September 24, 2021 Mutual Savings Associations: Requirements and Process for Voluntary Liquidation To Chief Executive Officers of All Federal Mutual Savings Associations; All Examining Personnel; and Other Interested Parties Summary This bulletin provides an overview of the regulatory requirements and process that the Office of the Comptroller of the Currency (OCC) uses to review a…

CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract

September 24, 2021 / Source: CFPB

CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and…

OCC Releases Fall/Winter Schedule of Virtual Workshops for Community Bank Directors

September 23, 2021 / Source: OCC

News Release 2021-102 | September 23, 2021 OCC Releases Fall/Winter Schedule of Virtual Workshops for Community Bank Directors WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its fall and winter schedule of free, virtual workshops for boards of directors of community national banks and federal savings associations. The OCC examiner-led workshops provide practical training and…

Federal Reserve Board issues enforcement action with former employee of Simmons Bank and announces termination of enforcement action with The Bank & Trust

September 23, 2021 / Source: FRB

Press Release September 23, 2021 Federal Reserve Board issues enforcement action with former employee of Simmons Bank and announces termination of enforcement action with The Bank & Trust The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent prohibition against Brent Harness Former employee of Simmons Bank, Benton, AK…

FinCEN Launches Regulatory Process For New Antiquities Regulations

September 23, 2021 / Source: FinCEN

FinCEN Launches Regulatory Process For New Antiquities Regulations Contact Strategic Communications, 703-905-3770 Immediate Release September 23, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a range of questions related to the implementation of amendments to the Bank Secrecy Act (BSA) regarding the trade…

Consumer Financial Protection Bureau Announces New Advisory Committee Members

September 22, 2021 / Source: CFPB

Consumer Financial Protection Bureau Announces New Advisory Committee Members SEP 22, 2021 WASHINGTON, D.C. – CFPB Acting Director Dave Uejio today announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These committee members will advise Bureau leadership on…

Comptroller’s Handbook:¬†Revised “Earnings” and “Regulatory Reporting” Booklets

September 22, 2021 / Source: OCC

OCC Bulletin 2021-44| September 22, 2021 Comptroller's Handbook: Revised “Earnings” and “Regulatory Reporting” Booklets 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) today issued versions 1.0 of the “Earnings”…

Federal Reserve Board and Federal Open Market Committee release economic projections from the September 21-22 FOMC meeting

September 22, 2021 / Source: FRB

Press Release September 22, 2021 Federal Reserve Board and Federal Open Market Committee release economic projections from the September 21-22 FOMC meeting The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 21-22 meeting. Projections (PDF) | Accessible Materials For media inquiries, call…

Treasury Takes Robust Actions to Counter Ransomware

September 21, 2021 / Source: Treasury

PRESS RELEASES Treasury Takes Robust Actions to Counter Ransomware Targets First Virtual Currency Exchange for Laundering Cyber Ransoms OFAC Updates Ransomware Advisory to Encourage Reporting and Cyber Resilience WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal…

Acting Comptroller Discusses Innovation in Digital Assets

September 21, 2021 / Source: OCC

News Release 2021-101 | September 21, 2021 Acting Comptroller Discusses Innovation in Digital Assets WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed blockchain, cryptocurrencies, decentralized finance, and key lessons from the 2008 financial crisis that should guide the future of digital innovation during remarks before the Blockchain Association. His comments highlighted similarities between the current growth…

CFPB Sues Software Company That Helps Credit-Repair Businesses Charge Illegal Fees

September 20, 2021 / Source: CFPB

CFPB Sues Software Company That Helps Credit-Repair Businesses Charge Illegal Fees Lawsuit seeks compensation for harmed consumers, injunction, and civil penalty for alleged violations of the Telemarking Sales Rule SEP 20, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing a California-based software company and its…

OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance

September 20, 2021 / Source: OCC

News Release 2021-100 | September 20, 2021 OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A. The OCC took this action based on the bank’s unsafe or…

FinCEN Calls Attention to Online Child Sexual Exploitation Crimes

September 17, 2021 / Source: FinCEN

FinCEN Calls Attention to Online Child Sexual Exploitation Crimes The Financial Crimes Enforcement Network (FinCEN) is issuing this Notice to call attention to an increase in online child sexual exploitation (OCSE) crimes. This Notice highlights some financial trends related to OCSE, and provides financial institutions with specific suspicious activity report (SAR) filing instructions. Notice: https://www.fincen.gov/sites/default/files/shared/FinCEN%20OCSE%20Notice%20508C.pdf

CFPB Report: Renters at Risk as COVID-19 Safety Net Ends

September 17, 2021 / Source: CFPB

CFPB Report: Renters at Risk as COVID-19 Safety Net Ends Stimulus Checks and Other Payment Relief Linked to Renters’ Financial Stability SEP 17, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report warning that millions of renters and their families may suffer previously avoided economic harms of the COVID-19 pandemic as…