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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User testing for sample data collection form for the small business lending final rule

March 30, 2023 / Source: CFPB

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released a final rule to amend Regulation B to implement changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with section 1071, the CFPB is requiring covered financial institutions to collect and report to…

CFPB Finalizes Rule to Create a New Data Set on Small Business Lending in America

March 30, 2023 / Source: CFPB

Rule will fulfill congressional mandate and shine light on key engine of American economy WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications…

Supplemental estimation methodology for institutional coverage and market-level cost estimates in the small business lending rulemaking

March 30, 2023 / Source: CFPB

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released a final rule to amend Regulation B to implement changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with section 1071, the CFPB is requiring covered financial institutions to collect and report data…

Acting Comptroller Emphasizes Focus on Safe and Sound Banking System, Discusses Elevating Fairness in Banking

March 30, 2023 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference. In his remarks, the…

OCC Establishes Office of Financial Technology

March 30, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…

FinCEN Analysis of Business Email Compromise in the Real Estate Sector Reveals Threat Patterns and Trends

March 30, 2023 / Source: FinCEN

Immediate Release March 30, 2023 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis on patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector in 2020 and 2021. The report contains relevant information for the public, particularly individual homebuyers and the multiple entities…

Speech – At the National Community Reinvestment Coalition Just Economy Conference, Washington, D.C.

March 29, 2023 / Source: FRB

Speech March 29, 2023 Brief Remarks Vice Chair for Supervision Michael S. Barr At the National Community Reinvestment Coalition Just Economy Conference, Washington, D.C. Good morning. Thank you to the National Community Reinvestment Coalition (NCRC) for the invitation to speak with you today. I regret that I cannot be there in person, but I can…

Treasury Department Announces New York’s Capital Projects Fund Award, Connecting 100,000 Low-Income Housing Units to Affordable, High-Speed Internet

March 29, 2023 / Source: Treasury

Combined with other Administration initiatives, President Biden’s Investing in America agenda has brought affordable internet to over 16 million American households WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of high-speed internet projects in New York under the American Rescue Plan’s Capital Projects Fund, part of President Biden’s Investing in America agenda. The…

CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act

March 28, 2023 / Source: CFPB

New York law – as well as similar laws in California, Utah, and Virginia – are not preempted by federal law WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal…

Treasury Sanctions Syrian Regime and Lebanese Actors Involved in Illicit Drug Production and Trafficking

March 28, 2023 / Source: Treasury

Action taken in Coordination with the United Kingdom WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action in coordination with counterparts in the United Kingdom to designate key individuals supporting the regime of Syrian President Bashar al-Assad (al-Assad) and the production or export of Captagon, a dangerous…

First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC

March 27, 2023 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company…

FDIC Demands Utoppia Inc. and Its Officers Cease Making False or Misleading Representations about Deposit Insurance in English and Spanish

March 27, 2023 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) issued a letter demanding Utoppia Inc. (Utoppia) and certain of its officers 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. Based upon evidence collected by the FDIC, Utoppia and/or its…

Joint 10-Year Plans for the U.S. Strategy to Prevent Conflict and Promote Stability

March 27, 2023 / Source: Treasury

The following is being released jointly by the U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Defense, and the U.S. Agency for International Development (USAID). On Friday, President Biden announced 10-year plans for implementing the U.S. Strategy to Prevent Conflict and Promote Stability in partnership with Haiti, Libya, Mozambique,…

FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance

March 26, 2023 / Source: FinCEN

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or…

Federal Reserve Board releases annual audited financial statements

March 26, 2023 / Source: FRB

The Federal Reserve Board on Friday released the 2022 combined annual audited financial statements for the Reserve Banks. An independent public accounting firm engaged by the Board issued unqualified opinions, asserting that its audit found the financial statements for the Board and the Reserve Banks to be free of material misstatements in accordance with the…

Tell us your experiences with data brokers

March 26, 2023 / Source: CFPB

We often don’t get to choose the companies that control our most personal and sensitive information. Data brokers is a term to describe those companies that collect, aggregate, sell, resell, license, or share our personal information with others. Data brokers play a decisive role in our financial lives, impacting whether we’re able to buy a…

Former Warren County Businessman Sentenced to Three Years in Prison for Fraudulently Obtaining $1.8 Million in COVID-19 Loans Meant for Small Businesses

March 23, 2023 / Source: FDIC OIG

NEWARK, N.J. – A Warren County, New Jersey, businessman was sentenced today to 36 months in prison for fraudulently obtaining nearly $1.8 million in federal Paycheck Protection Program (PPP) loans, U.S. Attorney Philip R. Sellinger and Assistant Attorney General Kenneth A. Polite, Jr., of the Justice Department’s Criminal Division announced. Rocco A. Malanga, 39, formerly…

CFPB Orders Repeat Offender Portfolio Recovery Associates to Pay More Than $24 Million for Continued Illegal Debt Collection Practices and Consumer Reporting Violations

March 23, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB filed a proposed order today that, if entered by the court, would require Portfolio Recovery Associates…

Former Florida State Representative Pleads Guilty To Wire Fraud, Money Laundering, And Making False Statements In Connection With Covid-19 Relief Fraud

March 22, 2023 / Source: FDIC OIG

FOR IMMEDIATE RELEASE Tuesday, March 21, 2023 Former Florida State Representative Pleads Guilty To Wire Fraud, Money Laundering, And Making False Statements In Connection With Covid-19 Relief Fraud GAINESVILLE, FLORIDA –Joseph Harding, 35, of Williston, Florida, plead guilty today to wire fraud, money laundering, and making false statements in connection with COVID-19 relief fraud. Jason R….

At Low Income Housing Forum, Deputy Secretary Adeyemo Announces Nearly 10.8 Million Emergency Rental Assistance Program Payments to Families at Risk of Eviction

March 22, 2023 / Source: Treasury

Alongside data, Treasury releases new blog detailing how ERA had expanded reach to tenants in need while building long-term eviction prevention infrastructure  WASHINGTON – During remarks at the National Low Income Housing Coalition’s 2023 Housing Policy Forum, Deputy Secretary of the Treasury Wally Adeyemo announced new data from the U.S. Department of the Treasury showing nearly 10.8 million Emergency Rental Assistance (ERA) payments made…

Implementation Note issued March 22, 2023

March 22, 2023 / Source: FRB

Decisions Regarding Monetary Policy Implementation The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on March 22, 2023: The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on reserve balances to 4.9 percent, effective March…

Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting

March 22, 2023 / Source: FRB

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 21-22 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials

CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market

March 21, 2023 / Source: CFPB

Price transparency will help families find better credit card deals in a time of rising interest rates WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay…

Treasury Department Mobilizes Semiconductor Supply Chain Investment Incentives with Key CHIPS Investment Tax Credit Guidance

March 21, 2023 / Source: Treasury

Proposed Rules Aim to Bolster Semiconductor Supply Chain Resilience and Spur Job Growth by Providing Clarity and Certainty to Taxpayers WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today is releasing a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act…

Treasury Continues to Sanction Procurement Networks for Iran’s UAV and Weapons Programs

March 21, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the Federal Bureau of Investigation (FBI), designated four entities and three individuals in Iran and Turkey for their involvement in the procurement of equipment, including European-origin engines of unmanned aerial vehicles (UAV) in support of Iran’s UAV…