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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Supplemental Rulemaking Related to Conforming and Technical Changes to the Community Reinvestment Act (CRA) Regulations and the CRA Sunshine Regulations

March 24, 2024 / Source: FDIC

Summary: On March 21, 2024, the FDIC, the Board of Governors of the Federal Reserve System (Federal Reserve), and the Office of the Comptroller of the Currency (the Agencies), issued an interim final rule and a final rule (together, supplemental rulemaking) related to the Agencies‚Äô Community Reinvestment Act (CRA) final rule issued on October 24,…

Prepared Remarks of CFPB Director Rohit Chopra at the Peterson Institute for International Economics Event on Revitalizing Bank Merger Review

March 24, 2024 / Source: CFPB

Thank you to the Peterson Institute for International Economics for hosting today‚Äôs event. I especially want to thank Assistant Attorney General for Antitrust Jonathan Kanter for being here today and for his and Attorney General Merrick Garland’s support of the work to bolster competition in banking and financial services. Recently, there has been growing interest…

Treasury Releases Additional Guidance to Drive Investment to Energy Communities As Part of President Biden’s Investing in America Agenda

March 24, 2024 / Source: Treasury

WASHINGTON ‚Äď Today the U.S. Treasury Department and Internal Revenue Service (IRS) released guidance that provides additional information about the bonus under the Inflation Reduction Act for clean energy projects and facilities located in communities that have historically powered our nation. This bonus is equipping energy communities to harness the economic benefits of the clean energy boom…

FIL-12-2024 – Supplemental Rulemaking Related to Conforming and Technical Changes to the Community Reinvestment Act (CRA) Regulations and the CRA Sunshine Regulations

March 22, 2024 / Source: FDIC

Summary: On March 21, 2024, the FDIC, the Board of Governors of the Federal Reserve System (Federal Reserve), and the Office of the Comptroller of the Currency (the Agencies), issued an interim final rule and a final rule (together, supplemental rulemaking) related to the Agencies‚Äô Community Reinvestment Act (CRA) final rule issued on October 24,…

Review of the FDIC’s Ransomware Readiness

March 21, 2024 / Source: OIG

The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General has issued a report on its Review of the FDIC‚Äôs Ransomware Readiness. Ransomware can severely impact business processes and leave organizations without the data needed to operate or deliver mission-critical services.  The organizations affected often experience reputational damage, significant remediation costs, and interruptions in their ability…

FTC to Hold Virtual Informal Hearing on April 24, 2024 As Part of its Review of the Proposed Rule Prohibiting Junk Fees

March 21, 2024 / Source: FTC

The Federal Trade Commission will hold a virtual informal hearing on April 24, 2024, on its proposed Rule on Unfair or Deceptive Fees, commonly known as junk fees. During the hearing, which will be open to the public and viewable on the FTC‚Äôs website, interested organizations will have the opportunity to provide oral statements. On October…

FDIC Seeks Public Comment on Proposed Revisions to its Statement of Policy on Bank Merger Transactions

March 21, 2024 / Source: FDIC

WASHINGTON ‚ÄĒ The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a Federal Register notice seeking public comment on proposed revisions to the agency‚Äôs Statement of Policy (revised SOP) on Bank Merger Transactions. ‚ÄúThis proposed Statement of Policy would update, strengthen, and clarify the FDIC‚Äôs approach to evaluating mergers under the Bank Merger Act,‚ÄĚ said…

One Year In: U.S. Department of Housing and Urban Development Annual Mortgage Insurance Premium Cut Saves Borrowers $600 Million

March 20, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today marks the one-year anniversary of its implementation of a 35 percent cut in the price of the Annual Mortgage Insurance Premium (MIP) paid by borrowers with Federal Housing Administration-insured mortgages. The reduction became effective on March 20, 2023, for all borrowers using FHA-insured mortgage financing to…

READOUT: FinCEN Director Gacki Encourages Transparency in the U.S. Financial System During International Anti-Money Laundering Conference

March 20, 2024 / Source: FinCEN

MIAMI‚ÄĒFinancial Crimes Enforcement Network (FinCEN) Director Andrea Gacki joined public and private sector financial industry leaders this week at the Financial and International Business Association‚Äôs (FIBA) annual anti-money laundering conference to discuss regulatory expectations and best practices to prevent financial crimes. Director Gacki participated in a fireside chat during which she highlighted several initiatives FinCEN…

Treasury Targets Multiple Procurement Networks Supporting Iran’s Proliferation-Sensitive Programs

March 20, 2024 / Source: Treasury

WASHINGTON ‚ÄĒ Today, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) targeted three procurement networks ‚Äď‚Äď based in Iran, T√ľrkiye, Oman, and Germany ‚Äď‚Äď that have supported Iran‚Äôs ballistic missile, nuclear, and defense programs. These networks have procured carbon fiber, epoxy resins, and other missile-applicable goods for Iran‚Äôs Islamic Revolutionary Guard…

OCC Reports Mortgage Performance for Fourth Quarter of 2023

March 19, 2024 / 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 fourth quarter of 2023. The OCC Mortgage Metrics Report, Fourth Quarter 2023 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…

New Treasury Department Data Show Homeowner Assistance Fund Kept More Than 500,000 Families In Their Homes

March 19, 2024 / Source: Treasury

WASHINGTON ‚Äď Today, the U.S. Department of the Treasury released Homeowner Assistance Fund (HAF) data through December 31, 2023, which shows the American Rescue Plan (ARP) program has distributed $6.6 billion to more than 500,000 homeowners at risk of foreclosure to keep families in their homes and increase housing stability. Through the end of 2023, HAF recipients expended…

FDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance

March 19, 2024 / Source: FDIC

WASHINGTON ‚ÄĒ The Federal Deposit Insurance Corporation (FDIC) issued letters demanding three companies and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that PrizePool, Inc. (PrizePool), AmeriStar, LLC (AmeriStar), and HighLine Gold, LLC (HighLine Gold) take immediate corrective action to address these false…

State UDAAP Developments

March 19, 2024 / Source: CFPB

The Consumer Financial Protection Bureau (CFPB) does not have a monopoly when it comes to policing abusive conduct. In 2010, when Congress passed the Consumer Financial Protection Act, it made sure that state attorneys general, state regulators, and certain banking regulators were also empowered to root out harmful corporate misconduct. States in particular are at…

For the First Time in 15 Years, Federal Housing Administration Increases Loan Limits to Expand Financing for Manufactured Homes

March 19, 2024 / Source: HUD

WASHINGTON¬†– Today, the Federal Housing Administration (FHA) announced new loan limits for its¬†Title I Manufactured Home Loan Program. The increased amounts use¬†new methodologies¬†for calculating and updating the program‚Äôs limits, which were announced in a¬†final rule¬†published on February 29, 2024. The increases better align with current market prices and are expected to encourage more lenders to…

FinCEN Publishes an Administrative Ruling Regarding Customer Identification Program and Customer Due Diligence Requirements for Designated Beneficiaries of Individual Retirement Accounts

March 17, 2024 / Source: FinCEN

CDD_and_CIP_Requirements_for_Beneficiaries_of_IRAs_03152024_508_vf.pdf288.58 KB FIN-2024-R001 FinCEN Publishes an Administrative Ruling Regarding Customer Identification Program and Customer Due Diligence Requirements for Designated Beneficiaries of Individual Retirement Accounts Issued Date March 15, 2024 Financial Institution Securities and Futures

Treasury Department Announces New Funding to Support Small Businesses in Six States and Three U.S. Territories as Part of the Biden-Harris Administration’s Investing in America Agenda

March 17, 2024 / Source: Treasury

WASHINGTON ‚Äď As part of the Biden-Harris Administration‚Äôs Investing in America Agenda, the U.S. Department of the Treasury today announced six new awards to states and two new awards to territories under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $27 million. These awards will be used to provide…

Federal Reserve Board issues enforcement action against JPMorgan Chase & Co. and fines the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct

March 14, 2024 / Source: FRB

The Federal Reserve Board on Thursday issued an enforcement action against JPMorgan Chase & Co. and fined the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct. The Board’s action requires JPMorgan Chase to review and take corrective action to address the firm’s inadequate monitoring practices,…

Prepared Remarks of CFPB Director Rohit Chopra at the Financial Data Exchange Global Summit

March 14, 2024 / Source: CFPB

Today, I want to discuss the status of where we are on accelerating America‚Äôs shift to open banking, with a focus on the role of standard setters and standard-setting. I then want to discuss some of the dangers of how the standard-setting process can be weaponized in an anticompetitive way. I‚Äôll close with how standard-setting…

HUD Invests Nearly $70 Million to Empower Tribal Communities Across the Nation

March 14, 2024 / Source: HUD

WASHINGTON – Today the U.S. Department of Housing and Urban Development (HUD) announced the allocation of nearly $70 million to 38 Tribal communities through the Indian Community Development Block Grant (ICDBG) program to support the development of housing for families living on Indian reservations and in other Indian areas. This allocation marks the second round of…

HUD Launches Website to Combat Source of Income Discrimination for Families Using Housing Vouchers

March 13, 2024 / Source: HUD

WASHINGTON – Today, Principal Deputy Assistant Secretary for Public and Indian Housing, Richard J. Monocchio, announced the launch of HUD‚Äôs new website detailing protections against Source of Income (SOI) discrimination for families with Housing Choice Vouchers (HCVs). SOI discrimination is the practice where landlords, owners, and real estate brokers refuse to rent to current or prospective…

New U.S. Department of the Treasury Analysis Continues to Show Inflation Reduction Act Achieving Key Goal of Driving Investment to Rural, Underserved Communities

March 13, 2024 / Source: Treasury

WASHINGTON ‚Äď Today, ahead of U.S. Secretary of the Treasury Janet L. Yellen‚Äôs visit to Advanced Nano Products in Elizabethtown, Kentucky, the U.S. Department of the Treasury published new analysis on the impact of the Inflation Reduction Act in continuing to drive clean energy investment to communities that have been underserved and at the forefront of fossil…

Agencies Take Temporary Action on Appraisal Requirements in Area Affected by Hawaii Wildfires

March 13, 2024 / Source: FDIC

To help facilitate recovery efforts from wildfires in Hawaii last year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate‚Äďrelated transactions in Maui County. This temporary action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks and credit unions…

HUD Awards $2.75 Million to Train and Equip Skilled Housing Counseling Professionals

March 12, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development‚Äôs (HUD) Office of Housing Counseling announced today it has awarded $2.75 million in grants to seven nonprofit organizations to fund training and education for current and prospective HUD-certified housing counselors. ‚ÄúOur nation‚Äôs housing counselors are important to helping people of all backgrounds get the guidance and…

Acting Comptroller Discusses Operational Resiliency

March 12, 2024 / Source: OCC

WASHINGTON‚ÄĒActing Comptroller of the Currency Michael J. Hsu today discussed the importance of operational resiliency in remarks at the Institute of International Bankers Annual Washington Conference. In his remarks, Mr. Hsu discussed the growing risks of disruptions that may impede the provision of financial services or adversely impact systems. He also discussed considerations to strengthen…