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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Treasury Targets Sanctions Evasion Networks and Russian Technology Companies Enabling Putin’s War

March 31, 2022 / Source: Treasury

WASHINGTON — Today(comma) the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is continuing to impose severe costs on the Russian Federation for its unprovoked and unjustified war against Ukraine by targeting operators in the Russian technology sector to prevent it from evading unprecedented multilateral sanctions and procure critical western technology. OFAC is…

FDIC Consumer Compliance Supervisory Highlights

March 31, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the March 2022 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2021 through the FDIC’s supervision of state non-member…

2021 Consumer Response annual report

March 31, 2022 / Source: CFPB

The Consumer Financial Protection Bureau began consumer response operations on July 21(comma) 2011(comma) and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace(comma) brings their concerns to the attention of financial institutions(comma) and assists in addressing…

Acting Comptroller Discusses Managing Tail Risks

March 31, 2022 / Source: OCC

News Release 2022-32 | March 31(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed managing low probability(comma) high impact risk events(comma) or tail risks(comma) at the American Bankers Association Risk 2022 Conference. In his remarks(comma) Acting Comptroller Hsu discussed how Russia’s invasion of Ukraine has affected tail risks(comma) and tail risks associated with the trading…

Treasury Announces $30 Billion in Emergency Rental Assistance Spent or Obligated with Over 4.7 Million Payments Made to Households Through February 2022

March 30, 2022 / Source: Treasury

Latest Reallocation Guidance Includes New Incentives to Urge State and Local Governments to Fund Additional Eviction Diversion Efforts WASHINGTON — The U.S. Department of the Treasury announced today that through February 2022(comma) state and local Emergency Rental Assistance (ERA) grantees have made over 4.7 million payments to households and spent or obligated approximately $30 billion…

Treasury Sanctions Key Actors in Iran’s Ballistic Missile Program

March 30, 2022 / Source: Treasury

WASHINGTON — Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned an Iran-based procurement agent and his network of companies that procured ballistic missile propellant-related materials for the Islamic Revolutionary Guard Corps Research and Self Sufficiency Jihad Organization (IRGC RSSJO)(comma) the IRGC unit responsible for the research and development of…

DIC Issues Request for Comment on Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions

March 30, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today is requesting public comment on draft principles that would provide a high-level framework for the safe and sound management of exposures to climate-related financial risks. Although all financial institutions(comma) regardless of size(comma) may have material exposures to climate-related financial risks(comma) these draft principles are intended for…

CFPB Sanctions Edfinancial for Lying about Student Loan Cancellation

March 30, 2022 / Source: CFPB

WASHINGTON(comma) D.C. — The Consumer Financial Protection Bureau (CFPB) today sanctioned Edfinancial Services(comma) a student-loan servicer(comma) for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them. Edfinancial deceived borrowers(comma) with Federal Family Education Loan Program (FFELP)(comma) loans about their eligibility for Public Service Loan Forgiveness (PSLF). The Bureau is…

Overdraft fees can price people out of banking

March 30, 2022 / Source: CFPB

By Joe Valenti – MAR 30(comma) 2022 In 2019(comma) banks and credit unions collected an estimated $15.5 billion  from their customers through overdraft and non-sufficient funds fees. These fees are charged when the financial institution determines that a customer’s checking account does not have the funds to cover an expense. They are often assessed for reasons people do…

Computer-Security Incident Notification Implementation

March 29, 2022 / Source: FDIC

Summary: On November 23(comma) 2021(comma) the Federal Deposit Insurance Corporation (FDIC)(comma) the Board of Governors of the Federal Reserve System(comma) and the Office of the Comptroller of the Currency (collectively(comma) the agencies) issued a joint final rule to establish computer-security incident notification requirements (Final Rule) for banking organizations and their bank service providers. Banks and…

Information Technology: OCC Points of Contact for Banks’ Computer-Security Incident Notifications

March 29, 2022 / Source: OCC

OCC Bulletin 2022-8| March 29(comma) 2022 Summary Effective May 1(comma) 2022(comma) banks1 must use the designated points of contact listed in this bulletin to satisfy the incident notification requirements established in the interagency final rule for banks and their bank service providers dated November 23(comma) 2021. The Office of the Comptroller of the Currency (OCC)(comma) Board of Governors…

Credit card late fees

March 29, 2022 / Source: CFPB

Prior to the COVID-19 pandemic(comma) consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic(comma) late fees accounted for over…

CFPB Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020

March 29, 2022 / Source: CFPB

WASHINGTON(comma) D.C. — The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee…

U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals Will Help Build a Better America

March 28, 2022 / Source: Treasury

View the full Greenbook here. “This Budget continues the economic momentum and deficit reduction the President set in motion through smart, fiscally sound investments in the security, health, and prosperity of the nation. This Budget also furthers a fairer, more efficient tax code that will allow funding for key fiscal priorities that promote opportunity for…

Acting Comptroller of the Currency Launches Project REACh Efforts in Dallas

March 28, 2022 / Source: OCC

News Release 2022-30 | March 28, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, bankers, and business leaders to launch Dallas 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…

“Reining in Repeat Offenders”: 2022 Distinguished Lecture on Regulation, University of Pennsylvania Law School

March 28, 2022 / Source: CFPB

By Rohit Chopra – MAR 28, 2022   Thank you for the honor of being chosen as this year’s Distinguished Lecturer on Regulation. I am especially happy to be back at the University of Pennsylvania, even if just virtually. I want to thank Prof. Coglianese and the Penn Program on Regulation for organizing today’s event. Not…

FDIC Request for Information on Bank Merger Act

March 25, 2022 / Source: FDIC

Summary: The Federal Deposit Insurance Corporation sent for publication in the Federal Register a Request for Information (RFI) seeking information and comments regarding the application of the laws, practices, rules, regulations, guidance, and statements of policy (together, regulatory framework) that apply to merger transactions involving one or more insured depository institution, including the merger between an insured…

Acting Chairman Gruenberg Issues Statement on the Property Appraisal and Valuation Equity (PAVE) Task Force Report

March 25, 2022 / Source: FDIC

WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg issued the following statement regarding the release of the Action Plan to Advance Property Appraisal and Valuation Equity (PAVE): I want to thank Secretary Fudge and Ambassador Rice for their leadership in bringing agencies of the federal government together to focus attention on…

OCC Reports Fourth Quarter 2021 Bank Trading Revenue

March 25, 2022 / Source: OCC

News Release 2022-29 | March 25, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $7.5 billion in the fourth quarter of 2021. The fourth quarter trading revenue was $713.0 million, or 10.5 percent, more than in the previous quarter. In the report, Quarterly Report on…

Treasury Sanctions Military Leaders, Military-Affiliated Cronies and Businesses, and a Military Unit Prior to Armed Forces Day in Burma

March 25, 2022 / Source: Treasury

WASHINGTON — Today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five individuals and five entities connected to Burma’s military regime pursuant to Executive Order (E.O) 14014. This action comes as the regime prepares to mark the 77th Armed Forces Day. The United States has concluded that the Burmese military…

Treasury Sanctions Six Individuals for Raising funds in the United Arab Emirates to Support Nigeria’s Boko Haram Terrorist Group

March 25, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a network of six individuals connected to Nigeria-based terrorist group, Boko Haram.  All six were found guilty of establishing a Boko Haram cell in the United Arab Emirates (UAE) to raise funds for and provide material assistance to Boko…

CFPB Extends Opportunity for Public to Provide Input on Junk Fees

March 25, 2022 / Source: CFPB

By Gracie Bouwer – MAR 25, 2022 We have received a tremendous amount of feedback from our Request for Information on exploitive junk fees. The more than 25,000 comments we have received through mid-March show the high-level of public interest on this topic, and the number of people affected by exploitative junk fees. We are extending the deadline…

2021 HMDA Data on Mortgage Lending Now Available

March 24, 2022 / Source: CFPB

WASHINGTON, D.C. — The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy. To increase public accessibility, the annual loan-level…

The Red Hot Housing Market: the Role of Policy and Implications for Housing Affordability

March 24, 2022 / Source: FRB

Thank you, Debra, and thank you to the Alrov Institute and the Rutgers Center for Real Estate for the invitation to be part of this conference. Today, I would like to talk to you primarily about developments in the residential real estate market since the start of pandemic and then look ahead at the outlook…

U.S. Treasury Sanctions Russia’s Defense-Industrial Base, the Russian Duma and Its Members, and Sberbank CEO

March 24, 2022 / Source: Treasury

WASHINGTON – Today, in its latest action to impose severe costs on the Russian Federation for its illegal, unwarranted, and baseless war against Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating key enablers of the invasion. This includes dozens of Russian defense companies, 328 members of the Russian…