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‚ÄĒposting 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].

North-Central Florida Blimp Company Executive Sentenced To Over Five Years In Federal Prison For COVID-19 Relief Fraud

January 31, 2023 / Source: OIG FDIC

North-Central Florida Blimp Company Executive Sentenced To Over Five Years In Federal Prison For COVID-19 Relief Fraud GAINESVILLE, FLORIDA¬†‚Äď Patrick Parker Walsh, 42, Williston, Florida, was sentenced today, after previously pleading guilty to one count of wire fraud and one count of money laundering in connection to COVID-19 pandemic relief. Walsh was sentenced to 66…

Treasury Sanctions Officials and Military-Affiliated Cronies in Burma Two Years after Military Coup

January 31, 2023 / Source: Treasury

WASHINGTON ‚Äď Today, on the day before the two-year anniversary of the brutal military coup d‚Äô√©tat that deposed Burma‚Äôs democratically elected government, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) is designating six individuals and three entities connected to Burma‚Äôs military regime pursuant to Executive Order (E.O.) 14014. This action will…

Treasury Sanctions Three Fentanyl Traffickers Contributing to the U.S. Opioid Crisis

January 30, 2023 / Source: Treasury

WASHINGTON ‚Äď Today, the Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) designated the leader of a Mexico-based network and two associates pursuant to Executive Order (E.O.) 14059 for procuring precursor chemicals to manufacture and traffic illicit fentanyl and other synthetic drugs to the United States. Today‚Äôs action is the result of ongoing…

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

January 30, 2023 / Source: Treasury

INTRODUCTION Despite global and pandemic-related economic headwinds, the U.S. economy proved its resilience in the fourth quarter of 2022 with real gross domestic product (GDP) growing at a healthy 2.9 percent annualized rate.¬† Labor markets remained tight: employers added an average of 247,000 payroll jobs each month‚ÄĒa pace well-above that needed to maintain a stable…

Treasury Announces Marketable Borrowing Estimates

January 30, 2023 / Source: Treasury

Sources and Uses Table WASHINGTON¬†— The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1]¬†for the January ‚Äď March 2023 and April ‚Äď June 2023 quarters.[2]¬† During the January ‚Äď March 2023 quarter, Treasury expects to borrow $932 billion in privately-held net marketable debt, assuming an end-of-March cash balance…

FDIC Announces 45-Day Extension of Comment Period for Proposed Changes to its Regulation Regarding the FDIC Official Sign, Advertising Statement, and Misrepresentations of Deposit Insurance

January 30, 2023 / Source: FDIC

WASHINGTON ‚Äď The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for proposed changes to its regulations relating to the FDIC‚Äôs official sign, the FDIC‚Äôs official advertising statement, misrepresentations of deposit insurance coverage, and misuse of the FDIC‚Äôs name or logo. Comments must be received by the FDIC…

OCC Promotes Earned Income Tax Credit Awareness Day

January 27, 2023 / Source: OCC

WASHINGTON‚ÄĒTo make more eligible working families aware of the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is promoting¬†EITC Awareness Day¬†on January 27. The EITC is a refundable federal income tax credit for low- to moderate-income households. ‚ÄúThe Earned Income Tax Credit is a valuable program that…

Federal Reserve Board issues policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status

January 27, 2023 / Source: FRB

The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…

Treasury Sanctions Paraguay’s Former President and Current Vice President for Corruption

January 26, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) sanctioned¬†Horacio Manuel Cartes Jara¬†(Cartes), the former President of Paraguay, and¬†Hugo Adalberto Velazquez Moreno¬†(Velazquez), the current Vice President, for their involvement in the rampant corruption that undermines democratic institutions in Paraguay. OFAC is also designating Tabacos USA Inc., Bebidas USA Inc.,…

Treasury Sanctions Russian Proxy Wagner Group as a Transnational Criminal Organization

January 26, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) is taking additional actions to degrade the Russian Federation‚Äôs capacity to wage war against Ukraine by sanctioning eight individuals and 16 entities, and four aircraft.¬† Today‚Äôs action, concurrent with additional¬†sanctions actions¬†by the Department of State, targets the infrastructure that supports…

Secretary of the Treasury Janet L. Yellen Announces U.S.-South Africa Task Force to Combat the Financing of Wildlife Trafficking

January 26, 2023 / Source: Treasury

PRETORIA ‚Äď As part of her meeting with South African officials, Secretary of the Treasury Janet L. Yellen announced a commitment between the U.S. Department of the Treasury and South Africa‚Äôs National Treasury to form a United States ‚Äď South Africa Task Force on Combating the Financing of Wildlife Trafficking. The Task Force will work…

FinCEN Alert on Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites, Oligarchs, and Their Proxies

January 26, 2023 / Source: FinCEN

January 25, 2023 WASHINGTON‚ÄĒThe Financial Crimes Enforcement Network (FinCEN) is issuing an¬†alert¬†to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act. The alert lists potential red flags and typologies involving attempted sanctions evasion in the commercial real…

Office of Research blog: Credit score transitions during the COVID-19 pandemic

January 26, 2023 / Source: CFPB

Many households found that their financial fortunes changed during the pandemic, and these changes were often reflected in their credit scores. A¬†recent CFPB analysis¬†found that the distribution of credit scores shifted upward during the pandemic, suggesting that pandemic-era mortgage forbearances, the federal student loan repayment pauses, and federal cash transfers that improved some consumers‚Äô financial…

Federal Reserve Board announces it has fined Popular Bank $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud

January 24, 2023 / Source: FRB

The Federal Reserve Board on Tuesday announced that it has fined Popular Bank, of New York, New York, $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud and for failing to report the potential fraud in a timely manner. The six…

CFPB Seeks Public Input on Consumer Credit Card Market

January 24, 2023 / Source: CFPB

Feedback from consumers, industry, advocates will help inform biennial credit card market report WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) issued a request for information today seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more and current information…

Treasury Sanctions the IRGC Cooperative Foundation and Senior Iranian Officials Connected to Protest Suppression

January 23, 2023 / Source: Treasury

By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season‚ÄĒthe annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…

Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act

January 23, 2023 / Source: Treasury

By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season‚ÄĒthe annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…

OCC Solicits Research on Emerging Risks in the Banking System

January 23, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters…

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

January 19, 2023 / Source: Treasury

WASHINGTON ‚Äď Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit. The¬†full text of the letter can be found here¬†and is available below.   The Honorable¬†Kevin McCarthy Speaker U.S. House of Representatives Washington, DC ¬†20515   Dear Mr. Speaker: I write to…

Staying the Course to Bring Inflation Down

January 19, 2023 / Source: FRB

Inflation has declined in recent months, which is important for American households, businesses, and consumers. Inflation is high, and it will take time and resolve to get it back down to 2 percent. We are determined to stay the course.1 Financial conditions have tightened considerably over the last year as the Federal Reserve and foreign…

CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want

January 19, 2023 / Source: CFPB

New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering ‚Äúnegative option‚ÄĚ subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that…

Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties

January 18, 2023 / Source: FinCEN

Release Date : January 18, 2023 FinanciaCrimes Enforcement Network; Inflation Adjustment of Civil Monetary Pena… Action Type :Final Rule

Treasury International Capital Data for November

January 18, 2023 / Source: Treasury

Washington ‚Äď The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2022.¬† The next release, which will report on data for December 2022, is scheduled for February 15, 2023. The sum total in November of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…

FinCEN Identifies Virtual Currency Exchange Bitzlato as a ‚ÄúPrimary Money Laundering Concern‚ÄĚ in Connection with Russian Illicit Finance

January 18, 2023 / Source: FinCEN

Action is the First Order Issued under Powerful New ‚ÄúSection 9714‚ÄĚ Authority WASHINGTON‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange¬†Bitzlato Limited¬†(Bitzlato) as a ‚Äúprimary money laundering concern‚ÄĚ in connection with Russian illicit finance. This is the first order issued pursuant to…

CFPB releases updates to mortgage servicing exam procedures

January 18, 2023 / Source: CFPB

Today, the Consumer Financial Protection Bureau (CFPB) is releasing our¬†updated Mortgage Servicing Examination Procedures, providing transparency to stakeholders about how we do our work. The Examination Procedures describe the types of information that CFPB examiners gather to evaluate mortgage servicers‚Äô policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to…