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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CFPB Moves to Thwart Illegal Auto Repossessions

February 28, 2022 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance statements, and ransom for personal property. “With today’s high car prices,…

Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets Feb 2022

February 28, 2022 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) issued today the “Articles of Association, Charter, and Bylaw Amendments,” “Fiduciary Powers,” “Subordinated Debt,” and “Subsidiaries and Equity Investments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between June 2017 and January 2019. The revised booklets reflect recent…

FDIC Issues CRA Examination Schedules for Second Quarter 2022 and Third Quarter 2022

February 28, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2022 and third quarter 2022.  CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…

Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2021

February 28, 2022 / Source: Treasury

Washington – Preliminary data from the June 2021 benchmark survey of foreign portfolio holdings of U.S. securities were released today on the Treasury website at https://home.treasury.gov/data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities. Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 29, 2022. The survey was undertaken jointly by Treasury,…

Treasury Prohibits Transactions with Central Bank of Russia and Imposes Sanctions on Key Sources of Russia’s Wealth

February 28, 2022 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) prohibited United States persons from engaging in transactions with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. This action effectively immobilizes any assets of…

Federal Reserve Board begins 2022 Survey of Consumer Finances

February 25, 2022 / Source: FRB

The Federal Reserve Board in March will begin a statistical study of household finances, the Survey of Consumer Finances, that will provide policymakers with important insight into the economic condition of a broad cross section of American families. “This survey is one of the nation's primary sources of information on the financial condition of different…

U.S. Treasury Issues General License to Facilitate Economic Activity in Afghanistan

February 25, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new General License (GL) to expand authorizations for commercial and financial transactions in Afghanistan, including with its governing institutions. The GL aims to ensure that U.S. sanctions do not prevent or inhibit transactions and activities needed to provide aid to…

Federal Reserve Board announces $20.4 million penalty against the National Bank of Pakistan, a foreign bank operating in the United States and headquartered in Pakistan, for anti-money laundering viol

February 24, 2022 / Source: FRB

The Federal Reserve Board on Thursday announced a $20.4 million penalty against the National Bank of Pakistan, a foreign bank operating in the United States and headquartered in Pakistan, for anti-money laundering violations. The Board will also require the firm to improve its anti-money laundering program. As detailed in the consent cease and desist order…

CFPB: Rising car prices means more auto loan debt

February 24, 2022 / Source: CFPB

Earlier this month, the Bureau of Labor Statistics released data regarding changes to the Consumer Price Index (CPI), which is one measure of inflation. The increasing cost of automobiles continues to be a major component of inflation, as many manufacturers face difficulties procuring chips that are a key component in cars and are therefore producing…

Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations

February 23, 2022 / Source: CFPB

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses. “It is tempting to think that machines crunching numbers can take bias out of the…

OCC Issues Second and Third Quarter 2022 CRA Evaluation Schedule

February 23, 2022 / Source: OCC

News Release 2022-19 | February 23, 2022 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 second and third quarters of 2022. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…

Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners

February 23, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating members of an international network funding the Houthis’ war against the Yemeni government and increasingly aggressive attacks threatening civilians and civilian infrastructure in neighboring states. Led by the U.S.-designated Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Houthi financier…

U.S. Treasury Imposes Immediate Economic Costs in Response to Actions in the Donetsk and Luhansk Regions

February 22, 2022 / Source: Treasury

WASHINGTON – Today, the United States is taking action to respond to President Vladimir Putin’s decision to recognize the so-called Donetsk and Luhansk People’s Republics (DNR and LNR) as “independent” states and to deploy troops to these regions by sanctioning two major Russian state-owned financial institutions, imposing additional restrictions on Russian sovereign debt, and sanctioning…

Minutes of the Board’s discount rate meetings on January 18 and January 26, 2022

February 22, 2022 / Source: FRB

The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from January 18 and January 26, 2022. The minutes are attached. For media inquiries, call 202-452-2955 or email [email protected] Attachment (PDF) Last Update: February 22, 2022

Community Reinvestment Act: Frequently Asked Questions Regarding the Final Rule to Rescind the OCC’s June 2020 CRA Rule

February 22, 2022 / Source: OCC

OCC Bulletin 2022-4| February 22, 2022   To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about the December 2021 final rule1 to rescind…

Using special purpose credit programs to serve unmet credit needs

February 22, 2022 / Source: CFPB

By Tim Lambert – FEB 22, 2022   Far too many minority households and businesses continue to lack fair and equitable access to credit. This critical unmet need, coupled with historic and ongoing discrimination such as redlining, has exacerbated our racial wealth divide and continues to leave many communities shut out from and underserved by lenders….

Inaccurate Small Business Credit Reports Can Block Access to Loans

February 18, 2022 / Source: CFPB

By Alan Ellison and Kyle Thetford – FEB 18, 2022 The COVID-19 pandemic has been devastating for many American small businesses, who have struggled to navigate the economic turmoil caused by the virus. The hardships endured by small businesses and entrepreneurs include damage to their credit histories. Similar to how a bank or credit card company…

CFPB Steps Up Scrutiny of Student Loan Servicers That Deceive Borrowers About Public Service Loan Forgiveness

February 18, 2022 / Source: CFPB

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. The bulletin recommends actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to…

FOMC formally adopts comprehensive new rules for investment and trading activity

February 18, 2022 / Source: FRB

The Federal Open Market Committee on Friday announced that it unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials. The rules, which were first announced in October 2021, aim to support public confidence in the impartiality and integrity of the Committee's work by guarding against even the appearance of…

Treasury Releases Financial Report of the U.S. Government

February 17, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2021 (FY 2021) Financial Report of the U.S. Government today. The report presents the government’s current financial position and condition and discusses key financial topics and trends. This Financial Report includes discussion and analysis…

Treasury’s Federal Insurance Office Continues Efforts on Climate-Related Financial Risks in the Insurance Sector, Joins the NGFS

February 17, 2022 / Source: Treasury

WASHINGTON— The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today announced that it has joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). “FIO looks forward to working with its NGFS colleagues and to contributing to the NGFS’s important work and objectives,” said Director of the Federal Insurance…

Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reporting Obligations on Foreign Bank Relationships With Iranian-Linked Financial Institutions De

February 16, 2022 / Source: FinCEN

Release Date February 16, 2022 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update

Consumer Financial Protection Bureau Launches New Way for the Public to Petition the Agency for Action

February 16, 2022 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets for review and comment. ”Americans should be able…

CFPB Takes Action to Halt Prepaid Card Providers Siphoning Government Benefits

February 15, 2022 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action to halt prepaid card providers illegally siphoning money away from Americans through exclusive government benefit contracts. The CFPB issued a compliance bulletin today outlining the existing prohibitions against prepaid cards being the sole method for distributing government benefits. The bulletin underscores rules intended to…

Acting Comptroller of the Currency Launches Project REACh Efforts in Detroit

February 15, 2022 / Source: OCC

News Release 2022-17 | February 15, 2022   WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch Detroit REACh. The Office of the Comptroller of the Currency (OCC) launched Project REACh, the Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights organizations,…