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].
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 – 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 – Today, on the day before the two-year anniversary of the brutal military coup d’état that deposed Burma’s democratically elected government, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating six individuals and three entities connected to Burma’s 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 – Today, the Department of the Treasury’s 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’s 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—a 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 – March 2023 and April – June 2023 quarters.[2] During the January – 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 – 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’s official sign, the FDIC’s official advertising statement, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name or logo. Comments must be received by the FDIC…
OCC Promotes Earned Income Tax Credit Awareness Day
January 27, 2023 / Source: OCC
WASHINGTON—To 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. “The 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 — Today, the U.S. Department of the Treasury’s 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 — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking additional actions to degrade the Russian Federation’s capacity to wage war against Ukraine by sanctioning eight individuals and 16 entities, and four aircraft. Today’s 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 – 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’s National Treasury to form a United States – 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—The 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’ 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. – 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—the 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—the 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—The 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 – 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. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” 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 – 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 “Primary Money Laundering Concern” in Connection with Russian Illicit Finance
January 18, 2023 / Source: FinCEN
Action is the First Order Issued under Powerful New “Section 9714” Authority WASHINGTON— Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” 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’ policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to…