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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OCC Releases Bank Supervision Operating Plan for Fiscal Year 2024

September 28, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2024. The plan outlines the OCC‚Äôs supervision priorities and objectives for the year. It also facilitates the implementation of supervisory strategies for individual national banks, federal savings associations, federal branches and agencies of foreign banking…

Agency Information Collection Activities; Submission for OMB Review; Comment Request; Individual FinCEN Identifier Application

September 28, 2023 / Source: FinCEN

Release Date September 28, 2023 Agency Information Collection Activities; Submission for OMB Review; Comment Re… Action Type Notice and Request for Comment, Forms Renewal/Update

Agency Information Collection Activities; Submission for OMB Review; Comment Request; Beneficial Ownership Information Reports

September 28, 2023 / Source: FinCEN

Release Date September 28, 2023 Agency Information Collection Activities; Submission for OMB Review; Comment Re… Action Type Notice and Request for Comment, Forms Renewal/Update

CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash-Out Refinances

September 27, 2023 / Source: CFPB

Overall mortgage lending falls amid significant rise in interest rates and discount points WASHINGTON, D.C.¬†‚Äď Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall…

Data Point: 2022 Mortgage Market Activity and Trends

September 27, 2023 / Source: CFPB

This Data Point article provides an overview of residential mortgage lending in 2022 based on the data collected under the Home Mortgage Disclosure Act (HMDA). HMDA is a data collection, reporting, and disclosure statute enacted in 1975. HMDA data are used to assist in determining whether financial institutions are serving the housing credit needs of…

Lease Financing: Revised Comptroller’s Handbook Booklet and Rescissions

September 27, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the ‚ÄúLease Financing‚ÄĚ booklet of the¬†Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with lease financing. This booklet also provides examiners with a framework for evaluating a bank‚Äôs1¬†lease financing activities. Rescissions The revised booklet replaces version 1.2…

OCC Reports Mortgage Performance for Second Quarter of 2023

September 27, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The¬†OCC Mortgage Metrics Report, Second Quarter 2023¬†showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with…

Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024

September 27, 2023 / Source: FinCEN

Release Date September 27, 2023 Beneficial Ownership Information Reporting Deadline Extension for Reporting Com… Action Type Notice of Proposed Rulemaking (NPRM)

OCC Hosts Workshop for Bank Directors and Senior Management in Sioux Falls

September 26, 2023 / Source: OCC

WASHINGTON‚ÄĒThe Office of the Comptroller of the Currency (OCC) will host a workshop in Sioux Falls, South Dakota, November 7-8 for directors, senior management, and other key executives of national community banks and federal savings associations. The Building Blocks: Developing Strong Management workshop is focused on strategy, people, and oversight. Participants will learn about current…

The FDIC Announces Memorandum of Understanding with Korea Deposit Insurance Corporation, Formalizing Information Sharing and Cooperation Related to Resolution Planning and Implementation

September 26, 2023 / Source: FDIC

WASHINGTON ‚ÄĒ The Federal Deposit Insurance Corporation today announced the signing of a Cross-border Resolution Memorandum of Understanding (MOU) and a Cooperative Arrangement (CA) with the Korea Deposit Insurance Corporation (KDIC), which would enhance mutual cooperation and exchange between the two organizations. The MOU and CA were signed Tuesday by KDIC Chairman JaeHoon Yoo and…

The Federal Deposit Insurance Corporation‚Äôs Information Security Program ‚Äď 2023

September 26, 2023 / Source: FDIC OIG

The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General ¬†has issued its audit report pursuant to the Federal Information Security Modernization Act of 2014 (FISMA).¬† The objective of the audit was to evaluate the effectiveness of the FDIC‚Äôs information security program and practices.¬† The OIG engaged the firm of Cotton & Company Assurance and…

Brief Remarks on the Economy and Monetary Policy

September 25, 2023 / Source: FRB

Thank you for the invitation to join you today, and congratulations on 50 years of working together to better serve the people of Colorado.1¬†As a former community banker, it is always great to be with community bankers and to recognize the importance of your work to strengthen economic opportunities for your communities and your customers….

Man Pleads Guilty to Illegally Distributing Over $16M of Adulterated HIV Medication

September 25, 2023 / Source: FDIC OIG

A Florida man pleaded guilty today to distributing at least $16.7 million of adulterated HIV drugs that were ultimately dispensed to unsuspecting patients throughout the country. According to court documents, Armando Herrera, 43, of Miami, and his co-conspirators established companies in Florida, Texas, Washington, and California that they used to sell and distribute adulterated prescription…

FDIC Releases Results of Summary of Deposits Annual Survey

September 24, 2023 / Source: FDIC

The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2023. ¬†The FDIC‚Äôs Summary of Deposits (SOD) provides deposit totals for each of the more than 77,000 domestic offices operated by more than 4,600 FDIC-insured commercial and savings banks, savings…

Consumer advisory: People have the right to cancel credit repair services

September 24, 2023 / Source: CFPB

People working to improve their credit situations can feel trapped. Some companies use this stressful situation to take advantage of consumers by selling a promise of credit repair services. However, these services often charge fees without delivering on their promises. The CFPB filed a lawsuit against companies doing business using the names Lexington Law and…

Treasury Department Announces Launch of Economic and Financial Working Groups with the People’s Republic of China

September 24, 2023 / Source: Treasury

Today, the United States and the People‚Äôs Republic of China launched an Economic Working Group and a Financial Working Group under the direction of Secretary of the Treasury Janet Yellen and Vice Premier He Lifeng. The two Working Groups will provide ongoing structured channels for frank and substantive discussions on economic and financial policy matters,…

CFPB Kicks Off Rulemaking to Remove Medical Bills from Credit Reports

September 21, 2023 / Source: CFPB

Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness WASHINGTON, D.C.¬†‚Äď The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans‚Äô credit reports. The CFPB outlined proposals under consideration that would help families financially recover…

Prepared Remarks of CFPB Director Rohit Chopra on Medical Debt at a Press Call Hosted by Vice President Kamala Harris

September 21, 2023 / Source: CFPB

Thank you, Vice President Harris. Today, the Consumer Financial Protection Bureau is launching a rulemaking to block medical debt collectors from weaponizing the credit reporting system to coerce patients into paying bills they may not even owe. We are also kicking off a rulemaking process to prohibit lenders from using certain medical billing information in…

Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria

September 20, 2023 / Source: FDIC

The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under their Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined…

Federal Reserve issues FOMC statement

September 20, 2023 / Source: FRB

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, 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,…

Financial Crimes Conference Aims to Give Law Enforcement Tools to Better Fight Internet Crime

September 20, 2023 / Source: FDIC OIG

MIAMI ‚Äď Last week, the U.S. Attorney‚Äôs Office for the Southern District of Florida recently convened a financial crimes training entitled ‚ÄúTaking the Byte out of Crime‚ÄĒTools and Techniques for Fighting Internet Crimes Targeting Businesses and Individuals.‚ÄĚ More than 90 law enforcement officers and federal agents from Key West to Palm Beach met at Broward…

Treasury Sanctions Multinational Network Supporting Iran’s UAV and Military Aircraft Production

September 19, 2023 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) sanctioned seven individuals and four entities based in Iran, the People‚Äôs Republic of China (PRC), Russia, and T√ľrkiye in connection with Iran‚Äôs unmanned aerial vehicle (UAV) and military aircraft development. This network has facilitated shipments and financial transactions in support…

Treasury Releases Principles for Net-Zero Financing & Investment, Applauds $340 Million Philanthropic Commitment and Other Pledges

September 19, 2023 / Source: Treasury

WASHINGTON¬†‚Äď Today,¬†the U.S. Department of the Treasury published‚ÄĮthe¬†Principles for Net-Zero Financing & Investment¬†(the¬†Principles).¬†The¬†voluntary¬†Principles highlight emerging best practices¬†for private¬†sector¬†financial institutions that have made net-zero commitments and promote¬†consistency and credibility¬†in approaches to implementing them.¬†With the Principles, the Treasury Department is supporting the mobilization of¬†more private sector capital to address the physical and economic impacts of climate change…

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

September 19, 2023 / Source: CFPB

Consumers must receive accurate and specific reasons for credit denials WASHINGTON, D.C.¬†‚Äď Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers….

Treasury International Capital Data for July

September 18, 2023 / Source: Treasury

WASHINGTON ‚Äď The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2023. ¬†The next release, which will report on data for August 2023, is scheduled for October 18, 2023. The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…