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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Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023

February 28, 2023 / Source: FRB

The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from January 23 and February 1, 2023. For media inquiries, call 202-452-2955 or e-mail [email protected]. Attachment (PDF)

Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2022

February 28, 2023 / Source: Treasury

Washington – Preliminary data from the June 2022 benchmark survey of foreign portfolio holdings of U.S. securities were released today on the Treasury website at https://home.treasury.gov/data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities.  Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 28, 2023.  The survey was undertaken jointly by Treasury,…

Seeking public input: new proposal for alternative mortgage disclosures for construction loans

February 27, 2023 / Source: CFPB

In the past, under the guise of promoting innovation, individual firms privately lobbied the Consumer Financial Protection Bureau to obtain special regulatory treatment. If they were successful, a firm receiving special treatment could then attract investors and customers by wrongly implying that their business model and practices were endorsed by the government. In other situations, companies…

FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail

February 27, 2023 / Source: Treasury

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities. In coordination with…

CFPB Shuts Down Mortgage Loan Business of RMK Financial for Repeat Offenses Against Military Families

February 27, 2023 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending. In 2015, the CFPB issued an agency order against RMK for, among other…

Agencies issue 2022 Shared National Credit Program review

February 26, 2023 / Source: FRB

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing…

CFPB finalizes update to administrative enforcement proceedings

February 26, 2023 / Source: CFPB

Congress directed the CFPB to enforce a specific set of laws related to consumer financial protection. The CFPB brings the large majority of its contested enforcement matters in federal district court, and it will continue to do so. However, Congress also envisioned that administrative adjudication would play a role at the CFPB, as it had…

Targeting Key Sectors, Evasion Efforts, and Military Supplies, Treasury Expands and Intensifies Sanctions Against Russia

February 26, 2023 / Source: Treasury

Actions Taken in Coordination with G7 Metals and Mining Determination Enables Targeting of Putin Revenue Source Wide Array of Evasion-Related Targets Exposed WASHINGTON – Today, one year after the Russian Federation launched its unprovoked war against Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking significant action to diminish…

Statement by Secretary of the Treasury Janet L. Yellen on Suspension of Russia from the Financial Action Task Force

February 26, 2023 / Source: Treasury

WASHINGTON – Today, the Financial Action Task Force (FATF), the international standard-setting body on illicit finance, suspended the Russian Federation from its membership. This is the first time in the FATF’s 34-year history that the body has taken such unprecedented action, a step warranted by Russia’s unlawful, immoral, and unprovoked war against Ukraine. FATF members…

CFPB Orders TitleMax to Pay a $10 Million Penalty for Unlawful Title Loans and Overcharging Military Families

February 23, 2023 / Source: CFPB

Repeat offender doctored information, ignored military protection law, and levied fees for useless products WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against a web of corporate entities operating under TMX Finance, broadly known as TitleMax, for violating the financial rights of military families and other consumers in providing auto title loans….

Agencies issue joint statement on liquidity risks resulting from crypto-asset market vulnerabilities

February 23, 2023 / Source: FRB

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For release at 10:00 a.m. EST Federal bank regulatory agencies today issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and some effective practices to manage…

Our auto finance data pilot

February 23, 2023 / Source: CFPB

The auto finance market has seen significant change over the past two years. Car prices have risen substantially, leading to larger loan amounts and higher monthly payments. These more expensive loans are beginning to have an impact on consumer and household financial stability. Recent data show an increase in auto loan delinquencies, particularly for low-income consumers…

Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report

February 22, 2023 / Source: FDIC

Summary: On February 21, 2023, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published proposed regulatory reporting changes in the Federal Register for public comment.  These proposed…

Treasury Sanctions Sinaloa Cartel Network of “Super Lab” Suppliers and Fentanyl Operators

February 22, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated six Mexican nationals and Sinaloa Cartel members involved in the illicit methamphetamine and fentanyl trade as well as six Mexico-based entities pursuant to Executive Order (E.O.) 14059. Led by brothers Ludim Zamudio Lerma and Luis Alfonso Zamudio Lerma, this…

National Rates and Rate Caps

February 21, 2023 / Source: FDIC

Monthly Update On December 15, 2020, the FDIC Board of Directors approved a Final Rule – PDF making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions (as defined in Section 38 of the Federal Deposit Insurance Act), which are effective on April 1, 2021. The interest rate restrictions generally limit a…

Implementation of the FDIC’s Information Technology Risk Examination Program

February 21, 2023 / Source: FDIC OIG

February 1, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its report on Implementation of the FDIC’s Information Technology Risk Examination Program – otherwise known as InTREx. Cyber risks present some of the greatest systemic threats facing the financial services sector – both domestically in the United States, and globally.  The…

Prince George’s County Man Pleads Guilty To A Federal Wire Fraud Conspiracy To Obtain Over $1 Million In Covid-19 Cares Act Loans And Unemployment Insurance Benefits

February 21, 2023 / Source: FDIC OIG

February 17, 2023 FOR IMMEDIATE RELEASE Friday, February 17, 2023 Prince George’s County Man Pleads Guilty To A Federal Wire Fraud Conspiracy To Obtain Over $1 Million In Covid-19 Cares Act Loans And Unemployment Insurance Benefits A Search At The Defendant’s Residence Also Recovered Four “Ghost Guns,” Including One that Was Modified to be a…

Treasury Releases Information on Corporate Alternative Minimum Tax

February 19, 2023 / Source: Treasury

WASHINGTON, D.C. – Today the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released information on the Corporate Alternative Minimum Tax (CAMT), a key provision of the Inflation Reduction Act to ensure billion-dollar corporations pay a 15 percent minimum tax on the adjusted financial statement income they report to shareholders. The guidance…

GAO-IG Act Reporting

February 19, 2023 / Source: CFPB

On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act) was enacted as Public Law number 115-414. The GAO-IG Act requires agencies to annually submit a report to Congress on the status of open public audit recommendations. This report is published by the Consumer Financial Protection Bureau in compliance with that law….

Change in Bank Control: Revised Comptroller’s Licensing Manual Booklet

February 16, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) issued today the “Change In Bank Control” booklet of the Comptroller’s Licensing Manual. The revised booklet replaces the booklet of the same title issued September 2017, makes corrections where necessary, and contains updated guidance. Note for Community Banks This booklet applies to all national banks, federal…

Why the largest credit card companies are suppressing actual payment data on your credit report

February 16, 2023 / Source: CFPB

Last year, we reported that Americans paid over $120 billion annually in interest and fees on credit cards. Since that time, average interest rates charged by credit card companies have quickly increased. It’s critical that consumers can find and switch to credit cards with the lowest and most competitive rates. That’s why we’ve been carefully examining barriers…

Treasury Releases Financial Report of the U.S. Government

February 16, 2023 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2022 (FY 2022) Financial Report of the U.S. Government today. The report presents the government’s current financial position and condition and discusses key financial topics and trends. This Financial Report includes discussion and analysis…

FDIC Demands Four Entities Cease Making False or Misleading Representations about Deposit Insurance

February 15, 2023 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding two entities, CEX.IO Corp. (a cryptocurrency exchange) and Zera Financial (a non-bank financial service provider) cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Additionally, the FDIC…

New Treasury Data Shows Emergency Rental Assistance Program Made Nearly 10 Million Payments to Families at Risk of Eviction

February 15, 2023 / Source: Treasury

Treasury’s Emergency Rental Assistance Program, passed as part of the American Rescue Plan, continues to expand reach to tenants in need while building long-term eviction prevention infrastructure  WASHINGTON – The U.S. Department of the Treasury today released Emergency Rental Assistance (ERA) data through September 30, 2022, which demonstrates continued assistance to renters across the country…

Treasury International Capital Data for December

February 15, 2023 / Source: Treasury

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