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—posting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.

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Statement by Under Secretary Brian Nelson on the FATF Report on Money Laundering from Fentanyl and Synthetic Opioids

November 30, 2022 / Source: Treasury

WASHINGTON – Today, the Financial Action Task Force (FATF) released its first ever report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade, which claims thousands of lives around the world. The report was co-led by the United States and Canada. Below is a statement…

Inflation and the Labor Market

November 30, 2022 / Source: FRB

Chair Jerome H. Powell At the Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington, D.C. Today I will offer a progress report on the Federal Open Market Committee’s (FOMC) efforts to restore price stability to the U.S. economy for the benefit of the American people. The report must begin by acknowledging the reality…

Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers

November 30, 2022 / Source: CFPB

Mortgage interest rates rose sharply over recent months. While we’re beginning to see the impact of these changes on borrowers and potential homebuyers, fresh data can provide valuable and timely insights into the risks and trends in the overall mortgage markets that would otherwise not be available until later time. In accordance with the 2015 HMDA…

Protecting borrowers’ control over their money

November 30, 2022 / Source: CFPB

As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a…

Treasury Announces Guidance on Inflation Reduction Act’s Strong Labor Protections

November 29, 2022 / Source: Treasury

Guidance starts 60-day “clock” for key labor provisions to take effect WASHINGTON – Today, the Treasury Department announced initial guidance on the Inflation Reduction Act’s strong labor standards that firms must meet to qualify for enhanced clean energy and climate tax incentives. The guidance, which can be read in full here and will be published in the…

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2023

November 29, 2022 / Source: FRB

The Federal Reserve Board on Tuesday announced technical details related to reserve requirements for depository institutions. The annual indexation and publication of these amounts are required by law and does not indicate a change in depository institutions’ reserve requirements, which will remain zero. If reserve requirement ratios were not zero, these amounts would be used…

Civil Money Penalties: Revised Policies and Procedures Manual for Civil Money Penalties

November 29, 2022 / Source: OCC

The Office of the Comptroller of the Currency (OCC) today released a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP), which the agency will begin using on January 1, 2023. This version of PPM 5000-7, “Civil Money Penalties,” replaces the November 13, 2018, version conveyed by OCC Bulletin 2018-41, “OCC Enforcement Actions: OCC…

What Can We Learn from the Pandemic and the War about Supply Shocks, Inflation, and Monetary Policy?

November 28, 2022 / Source: FRB

Policymakers and researchers have begun reassessing certain features of the economy and monetary policy in light of recent experience. After several decades in which supply was highly elastic and inflation was low and relatively stable, a series of supply shocks associated with the pandemic and Russia’s war against Ukraine have contributed to high inflation, in…

Treasury Sanctions Iranian Officials Connected to the Continued Protest Crackdown

November 28, 2022 / Source: Treaury

WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating three Iranian security officials for the Iranian regime’s continued crackdown on ongoing protests throughout the country, including most recently in Kurdish areas. The Iranian regime has increased its aggressive actions against the Iranian people as part of its ongoing…

Treasury Issues Venezuela General License 41 Upon Resumption of Mexico City Talks

November 28, 2022 / Source: Treaury

WASHINGTON — On November 26th, the Unitary Platform and the Maduro regime announced the resumption of talks in Mexico City; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections. Following this announcement…

Statement by Secretary of the Treasury Janet L. Yellen on the Disbursement of $4.5 Billion in Direct Budget Support for Ukraine

November 22, 2022 / Source: Treaury

WASHINGTON – Secretary of the Treasury Janet L. Yellen issued the following statement on the disbursement of $4.5 billion in direct budget support for Ukraine: “Today, the United States continued to uphold its unwavering commitment to Ukraine with the mobilization of an additional $4.5 billion in grants for direct budget support.  These funds will begin disbursing in…

Fair Credit Reporting Act Disclosures

November 22, 2022 / Source: CFPB

Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable…

Counter ISIS Finance Group Leaders Joint Statement

November 21, 2022 / Source: Treasury

WASHINGTON — On November 8 and 9, 2022, the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS, held its seventeenth meeting on combating ISIS financing worldwide. The United States, Italy, and Saudi Arabia hosted this meeting virtually, joined by several dozen member states and observers. The following is…

Remarks by Assistant Secretary Elizabeth Rosenberg at the Crypto Council for Innovation

November 21, 2022 / Source: Treasury

As prepared for delivery Thank you to the Crypto Council for Innovation for hosting me and bringing together representatives from across industry today. My name is Elizabeth Rosenberg and I’m the Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Treasury. In mid-September and pursuant to President Biden’s Executive Order on Digital Assets,…

Supervisory Highlights, Issue 28, Fall 2022

November 21, 2022 / Source: CFPB

Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections This is the 28th edition of Supervisory Highlights. The findings in this report cover examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing and payday lending completed between January 1, 2022, and…

CFPB Takes Action Against Carrington Mortgage for Cheating Homeowners out of CARES Act Rights

November 17, 2022 / Source: CFPB

Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) is taking action against Carrington Mortgage Services for deceptive acts or practices under the Consumer Financial Protection Act in connection with mortgage forbearances. The CFPB found that Carrington failed to implement many protections,…

Interest Rate Risk: Interest Rate Risk Statistics Report

November 17, 2022 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2022 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…

Acting Comptroller Emphasizes Caution with Crypto

November 17, 2022 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu discussed the continued risks of crypto to consumers during remarks before the U.S. Department of the Treasury’s Financial Literacy Education Commission. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency’s careful and cautious approach to crypto that has helped mitigate the…

OCC Announces Deputy Comptroller for Northeast and East Regions

November 17, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the selection of Johnny Stanley as the Deputy Comptroller for the Northeast and East Regions. He will assume these duties December 4. In this role, Mr. Stanley will oversee more than 200 community banks and federal savings associations located in 19 states with assets…

The Economic Outlook and a Word of Caution on Inflation

November 16, 2022 / Source: FRB

Thank you, Dean Kadan, and thank you for the opportunity to speak today about the outlook for the U.S. economy and the implications for the Federal Reserve’s ongoing fight to reduce inflation. I will begin with some comments on the overall outlook for economic growth and then try to explain how tighter monetary policy this…

CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections

November 16, 2022 / Source: FDIC

Agency examiners find legal violations across consumer financial products and services WASHINGTON, D.C. â€“ Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer…

Remarks by Acting Chairman Martin J. Gruenberg before the House Financial Services Committee on Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions

November 16, 2022 / Source: FDIC

Chairwoman Waters, Ranking Member McHenry and Members of the Committee, I am pleased to appear today at the hearing on “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The core mission of the Federal Deposit Insurance Corporation (FDIC) is to maintain stability and public confidence in the U.S. financial…

CFPB Reports Highlight Problems with Tenant Background Checks

November 15, 2022 / Source: FRB

Supervision and Regulation Vice Chair for Supervision Michael S. Barr Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Vice Chair for Supervision Barr submitted identical remarks to the Committee on Financial Services, U.S. House of Representatives on November 16, 2022. Chairman Brown, Ranking Member Toomey, and other members of the…

Acting Comptroller of the Currency Testifies on Regulatory Priorities

November 15, 2022 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified at a hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs.  The Acting Comptroller’s testimony discussed the agency’s priorities and the agency’s efforts to promote the health and viability of community banks and minority depository institutions that the agency supervises.

Treasury Sanctions Global Russian Military Supply Chain, Kremlin-linked Networks, and Elites with Western Fortunes

November 14, 2022 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), alongside the U.S. Department of State, sanctioned a transnational network procuring technology that supports the Russian military-industrial complex. OFAC also designated a global network of financial facilitators, enablers, and others associated with two key Kremlin-linked elites whose fortunes are intertwined…