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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CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products

February 29, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit…

Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Deficiencies

February 29, 2024 / Source: FinCEN

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued an additional public statement at the conclusion of its…

Treasury Announces Enhanced Fraud Detection Process Using AI Recovers $375M in Fiscal Year 2023

February 28, 2024 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023. Check fraud has increased nationwide by 385% since the pandemic. To address the increase…

CFPB Director Rohit Chopra Releases a Statement in Response to President Biden’s Executive Order To Protect Americans’ Sensitive Personal Data

February 28, 2024 / Source: CFPB

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau Director Rohit Chopra issued the following statement in response to President Biden’s Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The order focuses on rules to prevent the sale of bulk data to certain foreign entities and encourages the CFPB to consider…

Unlawful fees in the mortgage market

February 28, 2024 / Source: CFPB

Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees….

Treasury Targets Vessel Shipping Iranian Commodities Valued at over $100 Million for Iran’s Ministry of Defense

February 27, 2024 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against two companies registered in Hong Kong and the Marshall Islands that own and operate a vessel, the Panama-flagged KOHANA, shipping over $100 million in Iranian commodities to businesses in the People’s Republic of China (PRC) on behalf of…

READOUT: Regional Banking Roundtable on Countering Russian Sanctions Evasion

February 27, 2024 / Source: Treasury

WASHINGTON – Today, as part of Treasury’s efforts to combat Russian sanctions and export controls circumvention both domestically and abroad, Acting Assistant Secretary of the Treasury for Terrorist Financing Anna Morris chaired a roundtable with U.S. regional financial institutions who may have higher exposure to financing and payments for U.S. exports of sensitive goods. Treasury…

Freedom of Information Act: Notice of Proposed Rulemaking to Amend Freedom of Information Act Regulations

February 26, 2024 / Source: OCC

On February 22, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (NPR) that would amend its Freedom of Information Act (FOIA) regulations codified at 12 CFR 4 to include procedures on expedited processing of FOIA requests, provide for appeals of denials of expedited processing and denials of…

Financial Institution Letter –

February 26, 2024 / Source: FDIC

Regulatory Relief February 26, 2024 | FIL-8-2024 SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY WILDFIRES IN WASHINGTON The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of wildfires on customers and operations of financial institutions in affected areas of Washington and will provide regulatory assistance to institutions subject to its supervision.  These…

CFPB Orders Federal Supervision for Installment Lender Following Contested Designation

February 25, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance. The CFPB is responsible for supervising a wide range of financial firms to ensure they are complying with federal consumer financial protection laws. The CFPB has supervised nonbank entities in certain industries like mortgage and…

FATF Advances Work to Combat Money Laundering and Terrorist Financing

February 25, 2024 / Source: Treasury

PARIS — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism (AML/CFT), concluded its fifth Plenary under the Singaporean presidency. The FATF made several key advances, including kicking off a public consultation on potential changes to the FATF Recommendation on wire transfer information and…

Miami man arrested in multimillion-dollar bank fraud scheme targeting dozens of victims nationwide

February 25, 2024 / Source: OIG

MIAMI – On Feb. 21, a man was arrested after a federal grand jury returned an indictment charging him with multiple counts of bank fraud and aggravated identity theft.  According to allegations in the indictment and statements made in court, from April 2022 through March 2023, Latron Earl Williams, 24, of Miami, Florida, fraudulently obtained…

Credit card interest rate margins at all-time high

February 22, 2024 / Source: CFPB

By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers….

Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries

February 22, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Board’s Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization….

FinCEN Director Andrea Gacki Travels to Puerto Rico, Holds First FinCEN Exchange with Puerto Rican Financial Institutions and Law Enforcement

February 22, 2024 / Source: FinCEN

SAN JUAN, Puerto Rico—Andrea Gacki, Director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22 to highlight collaborative efforts to combat public corruption, fraud, and drug trafficking. Director Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money…

Acting Comptroller Discusses Banking and Commerce

February 21, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He…

United States and United Kingdom Hold Third Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance

February 21, 2024 / Source: Treasury

On the 20th of February 2024, the United States and the United Kingdom held the third meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force…

United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group

February 20, 2024 / Source: Treasury

WASHINGTON — Today, the United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit. This action is the first in an ongoing collaborative effort with the U.S. Department of Justice, Federal Bureau of Investigation, and our international partners targeting LockBit. “The United States will not tolerate attempts to extort and…

CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

February 20, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest…

CFPB Issues Revised Supervisory Appeals Process

February 19, 2024 / Source: CFPB

Streamlined rule details how financial institutions can appeal findings from supervisory examinations WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject…

Agencies issue 2023 Shared National Credit Program report

February 19, 2024 / Source: OCC

Joint Release Federal Reserve BoardFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate. However, the agencies noted declining credit quality trends due to the pressure of higher interest rates…

CFPB to distribute more than $10.9 million to consumers harmed by student loan debt-relief business

February 15, 2024 / Source: CFPB

This month, 8,571 consumers who were charged illegal fees and misled by Performance SLC for their federal student loan debt-relief services will receive checks in the mail. From 2015 to 2022, Performance SLC charged thousands of consumers with federal student loans approximately $9.2 million in illegal upfront fees, violating the Telemarketing Sales Rule, to file…

FDIC Releases Economic Scenarios for 2024 Stress Testing

February 15, 2024 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires certain financial companies, including certain state nonmember banks and state…

Federal Reserve Board releases the hypothetical scenarios for its annual stress test

February 15, 2024 / Source: FRB

The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, for the first time, the Board released four hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking…

Treasury International Capital Data for December

February 15, 2024 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2023.  The next release, which will report on data for January 2024, is scheduled for March 19, 2024. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…