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].

OCC Issues First and Second Quarter 2024 CRA Evaluation Schedule

November 30, 2023 / 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 first and second quarters of 2024. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should…

FDIC Issues CRA Examination Schedules for First Quarter 2024 and Second Quarter 2024

November 30, 2023 / 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 first quarter 2024 and second quarter 2024. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…

FDIC Extends Comment Period for Proposed Addition of Appendix C to Part 364 of the FDIC’s Rules and Regulations

November 30, 2023 / Source: FDIC

Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total Consolidated Assets of $10 Billion or More Summary: On October 11, 2023, the Federal Deposit Insurance Corporation (FDIC) published in the Federal Register a proposal to issue Guidelines as Appendix C to FDIC’s standards for safety and soundness regulations in Part…

FinCEN Extends Deadline for Companies Created or Registered in 2024 to File Beneficial Ownership Information Reports

November 29, 2023 / Source: FinCEN

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued a final rule today that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming…

New U.S. Department of the Treasury Analysis: Inflation Reduction Act Driving Clean Energy Investment to Underserved Communities, Communities at the Forefront of Fossil Fuel Production

November 29, 2023 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury published new analysis on the impact of the Inflation Reduction Act in driving clean energy investment to communities that have been underserved and at the forefront of fossil fuel production. In the analysis, Treasury economists observe that investments in Inflation Reduction Act-related sectors of the economy…

Material Loss Review of First Republic Bank

November 29, 2023 / Source: OIG

The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) has issued a Material Loss Review of First Republic Bank. On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the FDIC as receiver.  On June 5, 2023, the FDIC recorded a final estimated…

CFPB Orders Bank of America to Pay $12 Million for Reporting False Mortgage Data

November 28, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as…

FDIC Systemic Resolution Advisory Committee to Meet Next Week

November 28, 2023 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation’s (FDIC’s) Systemic Resolution Advisory Committee (SRAC) will meet on Tuesday, December 5, 2023, at 9:00 am ET. The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions.  The meeting will facilitate discussion of the…

Speech: Serving Indian Country with the Modernized Community Reinvestment Act

November 28, 2023 / Source: FRB

Vice Chair for Supervision Michael S. Barr At the Modernized Community Reinvestment Act and Indian Country, the Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota (virtual) Good afternoon. I’m grateful for the opportunity to join you today as we discuss the updated Community Reinvestment Act regulations and what they mean for Indian Country. The Community Reinvestment…

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2024

November 27, 2023 / Source: FRB

The Federal Reserve Board on Monday announced technical details related to reserve requirements for depository institutions, which will remain zero. The annual adjustment and publication of the reserve requirement exemption amount and low reserve tranche is required by law and does not indicate a change in depository institutions’ reserve requirements. If reserve requirement ratios were…

Counter Terrorist Financing Taskforce – Israel (CTFTI) – FIU Task Force Public Statement

November 27, 2023 / Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) joins twelve financial intelligence units (FIUs) in issuing a public statement today, recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations. This task force was established immediately following the brutal terror attacks…

Treasury’s Office of Cybersecurity and Critical Infrastructure Protection Issues Consumer Advisory to Protect Against Cyber Scams This Holiday Shopping Season

November 26, 2023 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) today released an advisory highlighting tips consumers can take to avoid becoming the victim of cyber or online scams this holiday shopping season. This year the rise of artificial intelligence (AI) has enabled cybercriminals to automate malicious phishing attacks. As…

FinCEN Alert on COVID-19 Employee Retention Credit Fraud

November 23, 2023 / Source: FinCEN

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN), in close coordination with the Internal Revenue Service Criminal Investigation (CI), issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in…

Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long-term Debt

November 23, 2023 / Source: OCC

Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. Comments on the…

Piloting Disclosures for Construction Loans

November 21, 2023 / Source: CFPB

Today, the CFPB announced that it has approved  an application that marks the first step for piloting disclosures for construction loans. Under this program, the CFPB authorizes parameters for in-market testing of alternatives to required disclosures. Real-world disclosure testing is often more accurate than lab testing, and this effort can help the CFPB by informing the need…

FDIC Board of Directors Establishes Special Committee to Oversee Independent Review of Agency Culture

November 21, 2023 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today announced the establishment of a special committee of the Board to oversee an independent third–party review of the agency’s workplace culture. The Board appointed Directors Jonathan McKernan and Michael J. Hsu to co–chair this special committee and issued the following statement: “All employees…

U.S. Treasury Announces Largest Settlements in History with World’s Largest Virtual Currency Exchange Binance for Violations of U.S. Anti-Money Laundering and Sanctions Laws

November 21, 2023 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has taken unprecedented action to hold Binance Holdings Ltd. and its affiliates (collectively, Binance) accountable for violations of the U.S. anti-money laundering (AML) and sanctions laws that protect…

CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct

November 20, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and…

CFPB and 11 States Order Prehired to Provide Students More than $30 Million in Relief for Illegal Student Lending Practices

November 20, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay….

Federal Reserve Board announces pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, ACH transactions, and wholesale payment settlement services

November 19, 2023 / Source: FRB

The Federal Reserve Board on Friday announced pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the costs, including…

U.S. Department of the Treasury, IRS Propose New Rules to Drive Clean Energy Investments

November 19, 2023 / Source: Treasury

WASHINGTON —Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) released guidance on the Investment Tax Credit (ITC) under Section 48 of Internal Revenue Code to spur the investment boom ushered in by President Biden’s Inflation Reduction Act. Today’s guidance provides the private sector with additional clarity and certainty in making investment decisions for…

CFPB Report Highlighting Consumer Protection Issues in Medical Debt Collection

November 16, 2023 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report  highlighting the challenges American families face when debt collectors pursue allegedly unpaid medical bills. Discussing the 8,500 complaints submitted in 2022 by servicemembers, older adults, and other consumers relating to medical debt collections, the CFPB’s annual report to Congress on the Fair Debt Collection Practices…

Treasury Department Announces Approval of Up to $62 Million to Support Small Businesses in Washington, D.C. as Part of President Biden’s Investing in America Agenda

November 16, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of Washington, D.C.’s plan for up to $62 million in funding under the American Rescue Plan’s State Small Business Credit Initiative (SSBCI), part of President Biden’s Investing in America agenda. The Treasury Department has now announced the approval of state, territory, D.C., and…

Acting Comptroller of the Currency Testifies on Regulatory Priorities

November 15, 2023 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified on regulatory priorities before the Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Hsu discussed efforts to promote the resiliency, resolvability, and inclusiveness of the federal banking system. He also provided an overview of the state of the federal…

New U.S. Department of the Treasury Analysis: Two Years In, Bipartisan Infrastructure Law Is Spurring Historic Surge in Infrastructure Investments, Especially in States with The Greatest Needs

November 15, 2023 / Source: Treasury

WASHINGTON – Today, on the second anniversary of the signing of the Bipartisan Infrastructure Law (BIL), the U.S. Department of the Treasury published analysis on how the BIL has strengthened long-term productive capacity in the U.S. while creating a fairer future for Americans in economically disadvantaged communities. The analysis by Assistant Secretary for Economic Policy (P.D.O.) Eric Van Nostrand describes how the…