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].

FFIEC Announces Availability of 2022 Data on Mortgage Lending  

June 29, 2023 / Source: FFIEC

WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage…

Federal Reserve names organizations certified as ready for FedNowÂŽ Service

June 29, 2023 / Source: FRB

CHICAGO – The Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification in advance of the FedNow Service’s launch planned for late July. Many of these organizations will be live when the FedNow Service launches or shortly after, with financial institutions ready to send and receive…

Credit Administration: Final Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

June 29, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), in consultation with state bank and credit union regulators, today published the final “Policy Statement on Prudent Commercial Real Estate Loan Accommodations…

The CFPB’s 2022 Fair Lending Annual Report to Congress

June 29, 2023 / Source: CFPB

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. In 2022, the CFPB’s fair lending work centered on the consumers and communities most affected by unlawful discrimination. These efforts included working with…

Federal Reserve Board releases results of annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession

June 28, 2023 / Source: FRB

The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. “Today’s results confirm that the banking system remains strong and resilient,” Vice Chair for…

Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?

June 28, 2023 / Source: CFPB

The views expressed here are those of the authors and do not necessarily reflect the views of the Consumer Financial Protection Bureau. Links or citations in this post do not constitute an endorsement by the CFPB. In response to the COVID-19 pandemic, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act,…

Treasury’s Federal Insurance Office Releases Report Assessing Climate-Related Risk, Gaps in Insurance Supervision

June 27, 2023 / Source: Treasury

Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) released a report entitled, Insurance Supervision and Regulation of Climate-Related Risks. The report, which is in response to President Biden’s Executive Order on Climate-Related Financial Risk, assesses climate-related issues and gaps in the supervision and regulation of insurers. While the business of insurance in the United States is…

Treasury Releases Analysis of the Boom in U.S. Construction of Manufacturing Facilities Driven by Invest in America Agenda

June 27, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office Economic Policy released an analysis of the surge in construction spending for manufacturing in the United States. Since the end of 2021, and the passage of President Biden’s Invest in America Agenda –  Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS…

OCC Reports Improvement in Mortgage Performance for First Quarter of 2023

June 27, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2023 compared to the previous quarter. The OCC Mortgage Metrics Report, First Quarter 2023 showed that 97.6 percent of mortgages included in the report were current and performing at…

CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize

June 27, 2023 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar). By unlawfully processing…

Acting Comptroller of the Currency Kicks Off Summer High School Scholars Internship Program

June 26, 2023 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today kicked off the fifth year of the Office of the Comptroller of the Currency’s (OCC) summer High School Scholars Internship Program (HSSIP). In partnership with the District of Columbia’s Department of Employment Services Summer Youth Employment Program, the OCC recruits rising seniors and recent high school…

Protecting consumers’ right to challenge discrimination

June 26, 2023 / Source: CFPB

The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions. Under the law, consumers…

Accepting applications for CFPB advisory committees

June 26, 2023 / Source: CFPB

To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They…

Quality Control Standards for Automated Valuation Models: Notice of Proposed Rulemaking

June 25, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards…

Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

June 25, 2023 / Source: FDIC

Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…

Treasury Department Releases Fact Sheet Detailing Investments in the Economic Future of Latino Communities

June 25, 2023 / Source: Treasury

Fact sheet comes as part of today’s first Treasury Department summit on investing in the economic future of Latino communities  WASHINGTON – Today, the U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Latino households, businesses, and communities. This fact sheet comes as part of the first…

OCC Hosts Credit and Operational Risk Workshops in Charlottesville

June 22, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops August 1-2 in Charlottesville, Va., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on August 1 covers the roles of the board and management, credit…

Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics

June 22, 2023 / Source: FDIC

Introduction I would like to thank the Peterson Institute and Adam Posen for inviting me to speak with you today. The topic I would like to discuss this morning is the Basel III capital framework. Strong, high quality capital is essential to fostering resilience in the banking system through economic cycles and periods of economic…

CFPB Releases Reports on Banking Access and Consumer Finance in Southern States

June 21, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered “banking deserts” because of the absence of sufficient bank or credit union options…

Treasury Sanctions Burma’s Ministry of Defense and Regime-Controlled Financial Institutions

June 21, 2023 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Burma’s Ministry of Defense and two regime-controlled financial institutions that facilitate much of the foreign currency exchange within Burma and enable transactions between the military regime and foreign markets, including for the purchase and import of arms and related materiel….

Four Indicted For $17 Million Bank Fraud Scheme

June 21, 2023 / Source: OIG

ASHEVILLE, N.C. – A criminal indictment has been unsealed in federal court in Asheville, charging four individuals with allegedly executing a multi-million dollar bank fraud scheme, announced Dena J. King, U.S. Attorney for the Western District of North Carolina. The indictment charges Kotto Yaphet Paul, 48, of Waxhaw, N.C., Latoya Tamieka Ford, 48, of Covington,…

CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps

June 20, 2023 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors. Some servicemembers have also indicated…

Treasury Sanctions Two South Sudanese Officials Responsible for Conflict-Related Sexual Violence

June 20, 2023 / Source: Treasury

WASHINGTON — Today, following the International Day for the Elimination of Sexual Violence in Conflict, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two South Sudanese individuals involved in conflict-related sexual violence (CRSV) in South Sudan. The two individuals designated today have abused their positions of political and military authority…

Acting Comptroller Discusses Tokenization, Artificial Intelligence

June 19, 2023 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the benefits and risks of tokenization and artificial intelligence (AI) in remarks at the American Bankers Association’s Risk and Compliance Conference in San Antonio. In his remarks, the Acting Comptroller discussed how risk and compliance can facilitate responsible innovation in AI and tokenization, and the…

Federal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services

June 19, 2023 / Source: FRB

To promote transparency, the Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis. A master account is an account…