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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Office of Financial Research Pilots Cutting-Edge Data Hub to Assist with Climate-risk Assessments

July 28, 2022 / Source: U.S. Department of the Treasury

WASHINGTON–Today, the Office of Financial Research (OFR) announces the launch of its Climate Data and Analytics Hub pilot, a new tool to help financial regulators assess risks to financial stability stemming from climate change.  This collaborative environment will improve users’ access to public climate and public financial data, high-performance computing tools, and analytical and visualization…

Financial Stability Oversight Council Releases Factsheet on Climate-Related Financial Risk Efforts

July 28, 2022 / Source: U.S. Department of the Treasury

WASHINGTON — The Financial Stability Oversight Council (Council) convened today and received an update on progress made by the Council and its members to identify and address climate-related financial risk. In its October 2021 Report on Climate Related Financial Risk, the FSOC identified climate change as an emerging threat to financial stability and issued over 30…

CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers

July 28, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales…

Joint Statement on the UK-US Financial Regulatory Working Group

July 26, 2022 / Source: US Treasury

UK and U.S. participants held the sixth meeting of the UK-U.S. Financial Regulatory Working Group (the Working Group) virtually on 21 July 2022. The Working Group was formed in 2018 to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation…

CFPB Order Hyundai to pay $19 Million for Widespread Credit Reporting Failures

July 26, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020. The CFPB found that Hyundai used manual and outdated systems, processes, and procedures…

Florida Man Charged with $1.6 Million CARES Act Loan Fraud Scheme

July 26, 2022 / Source: FDIC Office of Inspector General

NEWARK, N.J. – A Florida man will make his initial court appearance today on charges related to his role in a scheme to fraudulently obtain over $1.6 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) payments, U.S. Attorney Philip R. Sellinger announced. Mohamed A. Awad, 60, of Ocala, Florida,…

The Data Underlying America’s Strong Economic Recovery

July 26, 2022 / Source: US Department of the Treasury

By: Assistant Secretary for Economic Policy Ben Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra One of the most important macroeconomic issues surrounds the current state of U.S. growth. Concerns about recession risks largely arise from the 1.6 percent decline in U.S. gross domestic product (GDP) last quarter, largely due to unique and technical factors, and the observation that tracking estimates suggest that GDP may…

OCC Solicits Research on Implications of Financial Technology for Banking

July 25, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…

Joint Statement on the EU-US Joint Financial Regulatory Forum

July 22, 2022 / Source: Treasury

Participants of the EU-US Joint Financial Regulatory Forum met on July 13-14, 2022 to exchange views on topics of mutual interest as part of their regular financial regulatory dialogue. The Forum emphasized close, ongoing EU and US cooperation in  arrange of areas, including on sanction, and focused on six themes: (1) market developments and financial…

Statement by the Group of Creditors of Ukraine

July 22, 2022 / Source: Treasury

The Group of Creditors of Ukraine expressed support over Ukraine’s solicitation to defer debt service due to bondholders from August 1, 2022 and to extend maturity payments. They also expressed their intent to provide a coordinated suspension of debt service from August 1, 2022 until the end of 2023, with the possibility of an additional…

OCC Enforcement Actions and Terminations

July 21, 2022 / Source: OCC

The OCC released its new enforcement actions taken against national banks federal savings associations and individuals currently and formerly affiliated with national banks and federal savings associations.

Federal Reserve Board invites comment on proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year.

July 20, 2022 / Source: Federal Reserve

The Federal Reserve Board invites comment on a proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year. The proposal implements the Adjustable Interest Rate (LIBOR) Act. The proposal would replace references to LIBOR in certain contracts with the applicable Board-selected replacement rate after June…

OCC Seeks Nominations for Minority Depository Institutions Advisory Committee

July 20, 2022 / Source: OCC

The OCC is seeking nominations for members of its Minority Depository Institutions Advisory Committee (MDIAC). This committee assists the OCC in assessing the needs and challenges facing minority depository institutions. Nominations must be received on or before September 6, 2022.

Treasury International Capital Data for May

July 19, 2022 / Source: Treasury

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2022.  The next release, which will report on data for June, is scheduled for August 15, 2022. The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…

Treasury Approves Nine Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative

July 19, 2022 / Source: Treasury

Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont are the latest state plans approved, bringing the total amount approved by Treasury for investments in small businesses to more than $1.5 billion across all approved state programs. WASHINGTON — Today, the U.S. Department of Treasury announced an additional group of nine…

Consolidated Reports of Condition and Income for Second Quarter 2022

July 12, 2022 / Source: FDIC

Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2022, report date and provide guidance on certain reporting issues. This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution. Please plan…

Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets

July 12, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,”…

Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change on Information Sharing Between Government Agencies and Financial Institutions

July 11, 2022 / Source: Fincen

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

Cooperation with Mexico Results in Treasury Sanctions of Arms Trafficker Tied to Major Drug Cartel

July 11, 2022 / Source: Teasury

CJNG member operating along the U.S-Mexico border moves high-caliber firearms and ammunition southbound into Mexico. WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated an individual engaged in the trafficking of high-caliber firearms from the United States to one of Mexico’s most powerful drug organizations. OFAC designated Obed Christian…

Promoting competition in our financial markets

July 11, 2022 / Source: CFPB

A year ago, the President issued an executive order  to launch a whole-of-government effort to promote competition in the American economy. When families and businesses face limited choices, they can encounter higher prices and worse customer service. Congress has charged the CFPB with ensuring that markets for consumer financial products are competitive, so the CFPB is participating in…

Fact Sheet: Framework for International Engagement on Digital Assets

July 7, 2022 / Source: Treasury

Today, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development (USAID), and the heads of other relevant agencies, delivered to President Biden a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s…

CFPB Issues Advisory to Protect Privacy When Companies Compile Personal Data

July 7, 2022 / Source: CFPB

Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new…

Bank Secrecy Act/Anti-Money Laundering: Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence

July 6, 2022 / Source: OCC

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the National Credit Union Administration (collectively, the agencies) today issued a joint statement to remind banks1 of the risk-based approach to assessing customer relationships and conducting customer due…

Minutes of the Federal Open Market Committee, June 14-15, 2022

July 6, 2022 / Source: FRB

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14–15, 2022. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s…

Federal Reserve and FDIC Extend Deadline for U.S. GSIB Resolution Plan Feedback

July 5, 2022 / Source: FDIC

The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced that they have extended the period for issuing feedback for the U.S. global systemically important banks’ 2021 resolution plans to allow the agencies additional time to analyze them. Resolution plans, required by the Dodd-Frank Act, must describe the company’s strategy for rapid and…