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.

Whitelist [email protected] to ensure that you receive your update email.

If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].

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

August 31, 2022 / Source: Treasury

Washington – Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2021 were released today and posted on the Treasury web site at ( The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2022. The…

OCC Issues Fourth Quarter 2022 and First Quarter 2023 CRA Evaluation Schedule

August 31, 2022 / Source: OCC

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 fourth quarter of 2022 and the first quarter of 2023. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…

Treasury Announces Five Additional Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet

August 30, 2022 / Source: Treasury

Connecticut, Indiana, Nebraska, North Dakota, and Arkansas are approved to receive approximately $408 million under the American Rescue Plan and will connect more than 90,000 homes and businesses to affordable, high-speed internet. WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of an additional group of five states under the American Rescue…

FDIC Issues CRA Examination Schedules for Fourth Quarter 2022 and First Quarter 2023

August 30, 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 fourth quarter 2022 and first quarter 2023. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…

OCC Hosts Mutual Savings Association Advisory Committee Meeting September 20

August 30, 2022 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, September 20, 2022. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….

Federal Reserve updates FedNow Service timing to mid-2023, marks beginning of full-scale pilot testing.

August 30, 2022 / Source: FRB

CHICAGO – The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares…

Progress on Fast Payments for All: An Update on FedNow

August 30, 2022 / Source: FRB

Vice Chair Lael Brainard At FedNow Early Adopter Workshop, Rosemont, Illinois (via webcast) I am pleased to join the FedNow Early Adopter Workshop.1 With the technical testing phase of the FedNow℠ Service kicking off in mid-September, I want to particularly thank the early adopters for the important investments they are making to prepare for the day…

Treasury Announces Cyber Security Cooperation Memorandum of Understanding with the State of Israel

August 25, 2022 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury and the Ministry of Finance of the State of Israel (MOF) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation. The MoU builds on U.S. Deputy Secretary of the Treasury Wally Adeyemo’s visit to Israel in November 2021 that established a bilateral partnership…

Exploring the connection between financial assistance for medical care and medical collections

August 24, 2022 / Source: CFPB

In 2020, Americans spent $4.1 trillion on health care . Despite private insurance coverage and government programs like Medicare and Medicaid that cover all or part of the cost of medical treatments, consumers continue to incur significant medical expenses. By 2028, healthcare-related expenses are projected to reach $6.2 trillion. The Affordable Care Act (ACA) requires nonprofit hospitals…

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Indian Institute of Technology Bombay

August 24, 2022 / Source: Treasury

It’s great to be at the renowned IIT Bombay, and especially at the Society For Innovation and Entrepreneurship. This incubator, and the students and entrepreneurs here today, represent the incredible dynamism of the Indian economy – a dynamism that has helped launched leading global brands and powered India’s remarkable economic trajectory. Looking at some of…

Minutes of the Board’s discount rate meetings on July 18 and July 27, 2022

August 23, 2022 / Source: FRB

The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on July 18 and July 27, 2022. The minutes are attached.

Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act

August 22, 2022 / Source: Treasury

Today’s guidance marks a first step in the Biden Administration’s implementation of Inflation Reduction Act tax credits to lower costs for families and make electric vehicles more affordable WASHINGTON – Following President Biden’s signing the Inflation Reduction Act into law today, the U.S. Department of the Treasury and Internal Revenue Service published initial information on…

Supervisory Guidance on Multiple Re-Presentment NSF Fees

August 18, 2022 / Source: FDIC

The FDIC is issuing guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. Additionally, the FDIC is sharing its supervisory approach when a violation of law is identified, as well as  expectations for full corrective action.   See…

Technology, Innovation, and Financial Services

August 17, 2022 / Source: FRB

Governor Michelle W. Bowman, At the VenCent Fintech Conference, Little Rock, Arkansas Thank you, Commissioner Marshall, for the invitation to speak to you today. It’s really a pleasure to be here, finally in person at the Venture Center.1 Much has happened over the past few years, and I have been following your work closely. Technology Is…

Federal Reserve Board provides additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities

August 17, 2022 / Source: FRB

The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. The…

Director Chopra’s Remarks on the Announcement Regarding the Cancellation of Loans for ITT Tech Students

August 16, 2022 / Source: CFPB

Thank you all for being here today. Two decades ago, there was a surge in subprime mortgage lending in our country. Mortgage lenders dangled the American dream in front of people’s eyes, but many of those lenders knew that those borrowers would probably crash and burn. The financial industry cashed in on fees and profited…

Treasury International Capital Data for June

August 15, 2022 / Source: Treasury

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2022.  The next release, which will report on data for July, is scheduled for September 16, 2022. The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…

Accounting: Bank Accounting Advisory Series Updated

August 15, 2022 / Source: OCC

To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions…

CFPB Takes Action to Protect the Public from Shoddy Data Security Practices

August 11, 2022 / Source: CFPB

Financial companies may be held liable for unfairly putting customers’ data at risk. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of…

OCC to Host Virtual Innovation Office Hours

August 11, 2022 / Source: OCC

WASHINGTON – The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on September 28–29, 2022, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or…

Director Chopra’s Prepared Remarks at the 2022 National Association of Attorneys General Presidential Summit

August 10, 2022 / Source: CFPB

Thank you for inviting me to be here with you in Iowa to talk about consumer protection in the digital world. The pandemic accelerated the digitization of our daily lives. Health, transportation, education, and much more have been transformed. Financial services are no different. Banks are opening up storefronts in the metaverse. Relationship banking is…

CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections

August 10, 2022 / Source: CFPB

Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or…

CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm

August 10, 2022 / Source: CFPB

Fintech’s Algorithm Wrongfully Depleted Checking Accounts, Leading to Overdraft Penalties for Customers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the…

FPB, DOJ Order Trident Mortgage Company to Pay More Than $22 Million for Deliberate Discrimination Against Minority Families

August 9, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. Specifically, Trident’s actions discouraged…

Office of Research blog: Housing inflation is hitting low-income renters

August 9, 2022 / Source: CFPB

Inflation was higher over the last year than it’s been for nearly 40 years. Prices for many things have been rising. But not all prices rise at the same rate, so how someone experiences inflation depends on what they buy, how their income has changed, and what they own. This post considers one area where…