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 Sanctions Notorious Kinahan Organized Crime Group

April 12, 2022 / Source: Treasury

WASHINGTON — Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Kinahan Organized Crime Group (KOCG) along with seven of its key members(comma) including its Irish leaders Christopher Vincent Kinahan Senior(comma) Daniel Joseph Kinahan(comma) Christopher Vincent Kinahan Junior(comma) and three associated businesses pursuant to Executive Order (E.O.) 13581(comma) “Blocking…

CFPB Charges TransUnion and Senior Executive John Danaher with Violating Law Enforcement Order

April 12, 2022 / Source: CFPB

Today(comma) the Consumer Financial Protection Bureau (CFPB) is filing a lawsuit against TransUnion(comma) two of its subsidiaries(comma) and longtime executive John Danaher for violating a 2017 law enforcement order. The order was issued to stop the company from engaging in deceptive marketing(comma) regarding its credit scores and other credit-related products. After the order went into…

Busting myths about bankruptcy and private student loans

April 12, 2022 / Source: CFPB

By Robert G. Cameron – APR 12(comma) 2022 Student Loan Borrowers Share Concerning Stories About Industry Collecting on Discharged Debt The United States Bankruptcy Code provides important relief for debt-burdened consumers who need a fresh start to get their finances in order. This protection is particularly important for consumers who have been burdened by decades-old student…

Federal Reserve Board accepting applications for its Community Advisory Council April 2022

April 11, 2022 / Source: FRB

The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council(comma) or CAC(comma) which advises the Board on issues affecting consumers and communities. It is made up of a diverse group of experts and representatives of consumer and community development…

FACT SHEET: How Treasury’s Implementation of American Rescue Plan Programs Prioritizes Equity

April 8, 2022 / Source: Treasury

The American Rescue Plan (ARP) represents a historic commitment to support those most impacted by COVID-19. While the legislation itself embodied this commitment in numerous ways(comma) the key to the success of the ARP’s programs lies in their implementation. For this reason(comma) Treasury created a new Office of Recovery Programs to lead the Department’s implementation of more…

Climate risk should be considered in housing decisions

April 8, 2022 / Source: CFPB

By Mark McArdle(comma) Mikayla Mitchell(comma) and Erik Rubinyi Flooding(comma) fire(comma) drought(comma) and other weather-related risks have always been a danger to property and consumer wellbeing. However(comma) with the changing climate(comma) these risks are increasing in intensity and frequency(comma) impacting the probability of damage(comma) cost of utilities(comma) price of insurance(comma) and potential resale value of homes….

Acting Comptroller Discusses Architecture of Stablecoins

April 8, 2022 / Source: OCC

News Release 2022-37 | April 8(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed stablecoins at the Institute of International Economic Law at Georgetown University Law Center. In his remarks(comma) Acting Comptroller Hsu discussed the architecture of a U.S. dollar-based stablecoin system(comma) and policy considerations regarding stablecoin stability(comma) interoperability and separability. Related Links Remarks (PDF) Acting…

Notification of Engaging in Crypto-Related Activities

April 7, 2022 / Source: FDIC

Summary: All FDIC-supervised institutions that intend to engage in(comma) or that are currently engaged in(comma) any activities involving or related to crypto assets (also referred to as “digital assets”) should notify the FDIC. FDIC-supervised institutions are requested to provide information described in this letter. The FDIC will review the information and provide relevant supervisory feedback….

OCC Publication Focuses on Bank Partnerships in Community Reinvestment and Resilience

April 7, 2022 / Source: OCC

News Release 2022-36 | April 7(comma) 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter(comma) “Partners in Recovery: Community Reinvestment and Resilience.” This edition of Community Developments Investments highlights how banks can collaborate with community development financial institutions(comma) minority depository institutions(comma) and other community-based groups to help rebuild communities recovering…

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

April 7, 2022 / Source: OCC

OCC Bulletin 2022-11| April 7(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) issued today the “General Policies and Procedures(comma)” “Management Interlocks(comma)” and “Public Notice and Comments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between January 2017 and October 2019. The revised booklets reflect recent changes…

CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking

April 7, 2022 / Source: CFPB

Today(comma) the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by preventing CRAs from including negative information resulting from abuse. Congress required the CFPB to issue…

U.S. Treasury Escalates Sanctions on Russia for Its Atrocities in Ukraine

April 6, 2022 / Source: Treasury

WASHINGTON – Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took major steps to degrade the economy of the Russian Federation in response to Russia’s continued brutal war against Ukraine and atrocities against Ukrainian citizens. Treasury is imposing full blocking sanctions on Sberbank(comma) Russia’s largest state-owned bank(comma) and Alfa-Bank(comma) Russia’s…

Semi-Annual Report of the Bureau of Consumer Financial Protection

April 6, 2022 / Source: CFPB

APR 06(comma) 2022 The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1(comma) 2021 and ending September 30(comma) 2021. FULL REPORT Read the full report 

CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans

April 6, 2022 / Source: CFPB

A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans(comma) which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans(comma) borrowers continue to pay for costly loan…

Treasury Sanctions Russia-Based Hydra(comma) World’s Largest Darknet Market(comma) and Ransomware-Enabling Virtual Currency Exchange Garantex

April 5, 2022 / Source: Treasury

WASHINGTON – Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the world’s largest and most prominent darknet market(comma) Hydra Market (Hydra)(comma) in a coordinated international effort to disrupt proliferation of malicious cybercrime services(comma) dangerous drugs(comma) and other illegal offerings available through the Russia-based site. The operation targeting Hydra was…

Home Mortgage Disclosure Act: FFIEC’s 2022 ‘A Guide to HMDA Reporting: Getting It Right!’

April 5, 2022 / Source: OCC

OCC Bulletin 2022-10| April 5(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council's (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2022 guide). The 2022 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C(comma)…

Interest Rate Risk: Interest Rate Risk Statistics Report April 2022

April 5, 2022 / Source: OCC

OCC Bulletin 2022-9| April 4(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) today published the spring 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(comma) banks). The statistics are for informational purposes only…

Helping borrowers hold mortgage servicers accountable

April 4, 2022 / Source: CFPB

By Seth Frotman – APR 04(comma) 2022 On Monday(comma) the Consumer Financial Protection Bureau (CFPB) filed a friend-of-the-court (“amicus”) brief in McCoy v. Wells Fargo Bank(comma) N.A.(comma) a case in which two mortgage borrowers sued their loan servicer for refusing to answer their questions about their loans. Wells Fargo argued that it is not required to…

Treasury Targets Democratic People’s Republic of Korea (DPRK) Weapons of Mass Destruction Organization and Subsidiaries

April 1, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned five entities for providing support to the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted a series of escalatory ballistic missile…

Acting Comptroller Discusses Large Bank Resolvability

April 1, 2022 / Source: OCC

News Release 2022-33 | April 1(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed financial stability and large bank resolvability at the University of Pennsylvania Wharton School of Business. In his remarks(comma) Acting Comptroller Hsu discussed gaps in resolvability for the largest non-global systemically important banks(comma) potential solutions(comma) and the subsequent effect on financial stability….

Smart Money Management for Young Adults

April 1, 2022 / Source: FDIC

Where to put that money from a summer job and maintain a bank account It is common for young adults—ages 14 to 21—to have a summer job. Once you start earning a paycheck(comma) where is the best place to save your money? In an FDIC-insured bank account with direct deposit! Bank accounts can help keep…

FY 2021 Office of Minority and Women Inclusion (OMWI) annual report to Congress

April 1, 2022 / Source: CFPB

The FY 2021 OMWI annual report to Congress provides detailed information about the diversity and inclusion work of the Consumer Financial Protection Bureau from Oct. 1(comma) 2020 through Sept. 30(comma) 2021(comma) unless otherwise noted. The diversity and inclusion work of the Bureau aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support…