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‚ÄĒposting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.

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Treasury Releases CFIUS Annual Report for 2022

July 31, 2023 / Source: Treasury

WASHINGTON ‚Äď The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2022. The Annual Report highlights key indicators of the CFIUS process and provides statistics on transactions that were filed with the Committee in 2022. ¬†The Committee‚Äôs…

Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee July 31, 2023

July 31, 2023 / Source: Treasury

INTRODUCTION The U.S. economy continued to show resilience and strength in the second quarter of 2023.¬† Real GDP grew for the fourth consecutive quarter, picking up slightly from the pace in the first quarter.¬† Labor markets remained tight: payroll job growth was strong and unemployment rates remained near historically low levels.¬† Labor supply‚ÄĒparticularly among prime-age…

Agencies update guidance on liquidity risks and contingency planning

July 30, 2023 / Source: FRB

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Federal financial institution regulatory agencies today updated their existing guidance on liquidity risks and contingency planning. The updated guidance highlights that depository institutions should regularly evaluate and update their contingency funding plans….

OFAC‚Äôs ‚ÄúIntroduction to OFAC‚ÄĚ Web Series

July 30, 2023 / Source: Treasury

By: Andrea Gacki, Director, and Bradley Smith, Deputy Director, Office of Foreign Assets Control, U.S. Department of the Treasury¬† Financial sanctions continue to be a vital tool to support the United States‚Äô foreign policy goals and national security, and the private sector is a critical partner in the success of our mission. The U.S. Department…

FSOC Staff Committee Releases Progress Report on Interagency Efforts on Climate-related Financial Risk

July 30, 2023 / Source: Treasury

WASHINGTON‚Äď The Financial Stability Oversight Council ‚Äės (FSOC) Climate-related Financial Risk Committee (CFRC) today issued a staff progress report on a range of actions underway to support capacity building and disclosure, address data gaps, and assess climate-related financial risks.¬† The CFRC brings together staff from the FSOC‚Äôs member agencies.¬† The FSOC committed to forming the…

Liquidity: Addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management

July 30, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies1) are issuing an addendum to the ‚ÄúInteragency Policy Statement on Funding and Liquidity Risk Management‚ÄĚ issued March 22, 2010. The addendum reminds banks2¬†of the importance…

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks

July 27, 2023 / Source: CFPB

Today, federal banking regulators are voting to propose a rule regarding the resilience of banks with $100 billion or more in assets. These very large firms are chartered by federal and state governments and enjoy the privilege of federal deposit insurance and other public subsidies. The rule would reduce the chance of failures, bailouts, and…

Regulatory Capital: Notice of Proposed Rulemaking to Revise Requirements for Large Banking Organizations and Banking Organizations With Significant Trading Activity

July 27, 2023 / Source: OCC

Summary On July 27, 2023, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a joint notice of proposed rulemaking to substantially revise the regulatory capital requirements applicable to banking organizations with total assets of $100…

Agencies request comment on proposed rules to strengthen capital requirements for large banks

July 27, 2023 / Source: FRB

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For immediate release Bank regulatory agencies today requested comment on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and…

Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1

July 27, 2023 / Source: FRB

Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The table shows each bank’s total…

Unpacking the Boom in U.S. Construction of Manufacturing Facilities

July 27, 2023 / Source: Treasury

Eric Van Nostrand,¬†Acting Assistant Secretary for Economic Policy Tara Sinclair,¬†Deputy Assistant Secretary for Macroeconomics Samarth Gupta,¬†Special Assistant for Economic Policy The United States has experienced a striking surge in construction spending for manufacturing facilities. Real manufacturing construction spending has doubled since the end of 2021 (Figure 1).[1]¬†The surge comes in a supportive policy environment for…

Federal Reserve issues FOMC statement

July 26, 2023 / Source: FRB

Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and…

The FDIC’s Adoption of Cloud Computing Services

July 26, 2023 / Source: FDIC OIG

The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued its report on¬†The FDIC‚Äôs Adoption of Cloud Computing Services.¬†¬†In 2021, the FDIC began to accelerate its cloud migration to reduce its on-premises infrastructure and modernize its IT portfolio. The FDIC invested significant resources and made IT modernization the main priority of…

CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines

July 26, 2023 / Source: CFPB

Supervisory Highlights report¬†also details new examinations on nonbanks WASHINGTON, D.C.¬†‚Äď Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products. For example, auto lenders have originated loan balances above the real value of the car being purchased and…

Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights

July 25, 2023 / Source: CFPB

Thank you all for being here this morning. The cost of housing is far too high for families across the country, and renters, in particular, are bearing the brunt. Today‚Äôs renters increasingly must deal with large corporate property managers working for private equity funds, rather than local landlords living in the community. Corporate investor ownership…

OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate

July 25, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. The OCC found that American Express failed to…

Treasury Targets Malian Officials Facilitating Wagner Group

July 24, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) sanctioned three Malian transition government and military officials for facilitating the deployment and expansion of the Private Military Company ‚ÄėWagner‚Äô‚Äôs (Wagner Group) activities in Mali. The United States took this step based on evidence showing that these Malian officials have…

Estimated Uninsured Deposits Reporting Expectations

July 24, 2023 / Source: FDIC

Summary: The FDIC observed that some insured depository institutions (IDIs) are not reporting estimated uninsured deposits in accordance with the instructions to the Consolidated Reports of Condition and Income (Call Report). For example, some institutions incorrectly reduced the amount reported to the extent that the uninsured deposits are collateralized by pledged assets; this is incorrect…

Twelve years of protecting consumers and honest businesses

July 23, 2023 / Source: CFPB

Tomorrow marks the 12th anniversary of the Consumer Financial Protection Bureau (CFPB). Since 2011, the CFPB has been the voice of the consumer in financial regulation. CFPB By-The-Numbers Here‚Äôs a look at some of the CFPB‚Äôs achievements, by the numbers: $17.5 billion¬†‚Äď The amount of money the CFPB has put back in Americans‚Äô pockets in…

Joint Statement by U.S. Secretary of the Treasury Janet L. Yellen and State Bank of Vietnam Governor Nguyen Thi Hong

July 23, 2023 / Source: Treasury

HANOI ‚Äď U.S. Secretary of the Treasury Janet L. Yellen and State Bank of Vietnam Governor Nguyen Thi Hong today released a joint statement following their meeting during Secretary Yellen‚Äôs visit to Hanoi: “The U.S. Department of the Treasury (U.S. Treasury) and the State Bank of Vietnam (SBV) recognize that we have a significant opportunity…

Joint Statement on the EU-U.S. Financial Regulatory Forum

July 20, 2023 / Source: Treasury

Brussels¬†‚ÄĒ The EU‚ÄďU.S. Joint Financial Regulatory Forum took place on June 27-28, 2023, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. EU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational…

Treasury Sanctions Impede Russian Access to Battlefield Supplies and Target Revenue Generators

July 20, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) is taking action to further implement the commitments that G7 Leaders made on February 24, 2023 and May 19, 2023. The designations announced today by OFAC and the¬†Department of State¬†take measures to inhibit Russia‚Äôs access to products that support its…

Federal Reserve announces that its new system for instant payments, the FedNow¬ģ Service, is now live

July 20, 2023 / Source: FRB

The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow¬ģ¬†Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. “The Federal Reserve built the…

Consumer risks posed by employer-driven debt

July 20, 2023 / Source: CFPB

After hearing from a number of consumer and worker organizations concerned about the potential impacts of employer-driven debts, the CFPB launched a formal inquiry in June 2022 seeking data about, and worker experiences with, employer-driven debt. The CFPB sought comments from employers, researchers, and workers or other individuals with knowledge or personal experiences pertaining to…

CFPB Sues Snap Finance for Illegally Luring Americans into Expensive Financing and Bullying Borrowers Using False Threats

July 19, 2023 / Source: CFPB

WASHINGTON, D.C.¬†‚ÄĒ The Consumer Financial Protection Bureau (CFPB) today sued lease-to-own finance company Snap Finance for deceiving consumers, obscuring the terms of its financing agreements, and making false threats. In a lawsuit filed in federal district court, the CFPB alleges that Snap Finance has offered and provided millions of ‚Äúlease-purchase‚ÄĚ and ‚Äúrental-purchase‚ÄĚ financing agreements in…