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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U.S. Treasury Blocks Over $1 Billion in Suleiman Kerimov Trust

June 30, 2022 / Source: Treasury

Enforcement investigation unearthed oligarch’s use of a network of relatives, advisers, and opaque legal entities to invest in the United States WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it has issued a Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian…

CFPB Rescinds Special Regulatory Treatment for Payactiv

June 30, 2022 / Source: CFPB

Termination Follows Request by Company in Order to Change its Product. The Consumer Financial Protection Bureau (CFPB) issued an order today terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer financial law with respect to…

CFPB Moves to Reduce Junk Fees Charged by Debt Collectors

June 29, 2022 / Source: CFPB

Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law. Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make…

Russian Elites, Proxies, and Oligarchs Task Force Joint Statement

June 29, 2022 / Source: Treasury

The Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination to block or freeze more than $30 billion worth of sanctioned Russians’ assets, freeze or seize sanctioned persons’ high-value goods, and heavily restrict sanctioned Russians’ access to the international financial system.  REPO members have achieved these successes through close and extensive…

Agencies Issue Host State Loan-to-Deposit Ratios

June 28, 2022 / Source: OCC

Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from…

FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security Urge Increased Vigilance for Potential Russian and Belarusian Export Control Evasion Attempts

June 28, 2022 / Source: FinCEN

FinCEN and Bis Joint Alert FINAL.pdf

FinCEN and BIS Issue Joint Alert on Potential Russian and Belarusian Export Control Evasion Attempts

June 28, 2022 / Source: FinCEN

FinCEN and BIS Joint Press Release 508 FINAL.pdf

U.S. Treasury Sanctions Nearly 100 Targets in Putin’s War Machine, Prohibits Russian Gold Imports

June 28, 2022 / Source: Treasury

Treasury Implements G7 Commitments by Prohibiting Gold Imports and Targeting Defense Industrial Base, Military and Intelligence Units, and Sanctions Evaders FinCEN and U.S. Department of Commerce Implementing G7 Commitments by Cracking Down on Export Control Evasion WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 70 entities, many…

Treasury Launches New Effort to Improve Resilience of its Market

June 23, 2022 / Source: Treasury

Department Seeks Public Input on Additional Transparency in Treasury Market WASHINGTON — The U.S. Department of the Treasury, in consultation with the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), has taken the next step in its work to bolster Treasury market resilience by publishing a request for information (RFI) to solicit public feedback on…

Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies

June 23, 2022 / Source: FinCEN

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with…

Federal Reserve Board releases results of annual bank stress test, which show that banks continue to have strong capital levels, allowing them to continue lending to households and businesses during a severe recession

June 23, 2022 / Source: FRB

The Federal Reserve Board on Thursday released the results of its annual bank stress test, which showed that banks continue to have strong capital levels, allowing them to continue lending to households and businesses during a severe recession. All banks tested remained above their minimum capital requirements, despite total projected losses of $612 billion. Under…

OCC Reports on Key Risks Facing Federal Banking System

June 23, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2022.  As banks continue to navigate the operational- and market-related impacts of the pandemic along with substantial government stimulus, current geopolitics have tightened financial conditions and increased downside risk to…

FDIC Advisory Committee on Economic Inclusion to Meet Next Week

June 22, 2022 / Source: FDIC

For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Tuesday, June 28, to discuss the Notice of Proposed Rulemaking to modernize the Community Reinvestment Act, and issues of equity in residential property valuation and appraisal. The committee members will also discuss key challenges facing their…

CFPB Initiates Review of Credit Card Company Penalty Policies Costing Consumers $12 Billion Each Year

June 22, 2022 / Source: CFPB

The Consumer Financial Protection Bureau (CFPB) is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees. In an Advance Notice of Proposed Rulemaking published today, the CFPB asks for information on the Federal Reserve Board of Governors’ 2010 immunity provision…

Statement on Bank Secrecy Act Due Diligence for Independent ATM Owners or Operators

June 22, 2022 / Source: FinCEN

Immediate Release June 22, 2022 Financial Institution Depository Institutions

OCC Reports First Quarter 2022 Bank Trading Revenue

June 21, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $10.6 billion in the first quarter of 2022. The first quarter trading revenue was $3.4 billion, or 47.8 percent, more than in the previous quarter and $10.0 million, or 0.1 percent, more than in…

FDIC Board of Directors Amends Restoration Plan and Issues a Proposed Rule on Assessments, Revised Deposit Insurance Assessment Rates

June 21, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) today issued a notice of proposed rulemaking to increase deposit insurance assessment rates by 2 basis points for all insured depository institutions in order to increase the likelihood that the reserve ratio of the Deposit Insurance Fund (DIF) reaches the statutory minimum of…

FFIEC Announces Availability of 2021 Data on Mortgage Lending

June 16, 2022 / Source: FFIEC

Washington, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on…

Treasury Targets International Sanctions Evasion Network Supporting Iranian Petrochemical Sales

June 16, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a network of Iranian petrochemical producers, as well as front companies in the People’s Republic of China (PRC) and the United Arab Emirates (UAE) that support Triliance Petrochemical Co. Ltd. (Triliance) and Iran’s Petrochemical Commercial Company (PCC), entities instrumental…

Measuring the impact of financial institution overdraft programs on consumers

June 16, 2022 / Source: CFPB

In December 2021, the CFPB released two research reports on checking account overdraft fees, detailing how banks continue to rely on these fees as a major source of revenue and how they do not compete on transparent, upfront pricing. At that time, CFPB Director Rohit Chopra announced that financial institutions with a higher share of frequent overdrafters or a…

U.S. Sanctions Members of Russian Violent Extremist Group

June 16, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two key supporters of the ethnically motivated violent extremist group known as the Russian Imperial Movement (RIM) pursuant to Executive Order (E.O.) 13224, as amended. RIM was previously designated by the U.S. Department of State as a Specially…

Treasury International Capital Data for April

June 16, 2022 / Source: Treasury

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for April 2022.  The next release, which will report on data for May, is scheduled for July 18, 2022. The sum total in April of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…

FinCEN Issues Advisory on Elder Financial Exploitation

June 16, 2022 / Source: FinCEN

Urges Financial Institutions to Aid in Combatting Growing Threat WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE).  EFE involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.  The…

Federal Reserve issues FOMC statement

June 16, 2022 / Source: Federal Reserve

Overall economic activity appears to have picked up after edging down in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia…

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting

June 16, 2022 / Source: FRB

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 14-15 meeting. Projections (PDF) | Accessible Materials For media inquiries, email [email protected] or call 202-452-2955. Last Update: June 15, 2022