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].
CFPB Publishes Research Finding Higher Price Complexity Leads Consumers to Pay More
April 30, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of buyers and sellers interacting in simple markets, and found that participants tended to pay more when prices…
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Ways & Means, U.S. House of Representatives
April 30, 2024 / Source: Treasury
Chairman Smith, Ranking Member Neal, and Members of the Committee: Thank you for the invitation to testify. The Biden Administration has driven a historic economic recovery over the past three years. GDP growth has been strong, growing 3.0 percent over the past four quarters. Inflation has decreased significantly since its peak, though we have more…
FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
April 29, 2024 / Source: FinCEN
Immediate Release April 29, 2024 The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information reporting requirements…
CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports
April 29, 2024 / Source: CFPB
Submit a Complaint Search /Newsroom CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports People living in the South continue to be most likely to have medical bills on their reports APR 29, 2024 SHARE & PRINT WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released research showing that 15 million Americans still have…
Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee
April 29, 2024 / Source: Treasury
April 29, 2024 INTRODUCTION Over the past three months, incoming U.S. economic data continue to show robust growth in the labor market, household consumption, and business investment, even as inflation remains well below its peak. Although headline GDP growth slowed more than expected in the first quarter, underlying demand from households and businesses remained remarkably…
Supervisory Highlights, Issue 33 (Spring 2024)
April 28, 2024 / Source: CFPB
This is the 33rd edition of Supervisory Highlights. The findings in this report cover select examinations regarding mortgage servicing, that were completed from April 1, 2023 through December 31, 2023. FULL REPORT Read the full report
U.S. Department of the Treasury’s Federal Insurance Office Launches New Partnership with the National Science Foundation on Terrorism and Catastrophic Cyber Risks
April 28, 2024 / Source: Treasury
WASHINGTON – This week, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) hosted the 2024 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) Annual Conference. IFTRIP is a forum of 15 nations, including the United States, supporting initiatives for closer international collaboration among sovereign-backed terrorism reinsurance pools. FIO began serving as chair of…
FDIC Names Five New Members to Advisory Committee on Community Banking
April 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced five new members of the agency’s Advisory Committee on Community Banking: Composed of a cross-section of community bankers from around the country, the FDIC’s Advisory Committee shares input on a broad range of community bank policy and regulatory matters. On May 2, 2024, the Advisory…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Reviewing Investments in and Takeovers of Banks
April 25, 2024 / Source: CFPB
Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the…
FDIC Board of Directors Releases Semiannual Update on Restoration Plan
April 25, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released the first semiannual update of 2024 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). Staff project that the reserve ratio remains on track to reach the statutory minimum of 1.35 percent ahead of the deadline of September 30, 2028. …
Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act
April 25, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the…
Fact Sheet: HUD Prioritizes Resilient, Efficient, and Green Homes and Community Development
April 25, 2024 / Source: HUD
WASHINGTON – Under the Biden-Harris Administration, the U.S. Department of Housing and Urban Development (HUD) is improving the lives of the families and communities that HUD serves by reducing energy and insurance costs and improving resilience. As the nation drives toward a clean energy and carbon free future, HUD is ensuring that low-income and historically disadvantaged…
CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing
April 24, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules…
Overdraft/NSF Revenue in 2023 down more than 50% versus pre-pandemic levels, saving consumers over $6 billion annually
April 24, 2024 / Source: CFPB
The CFPB continues to closely monitor trends in overdraft/non-sufficient funds (NSF) fee revenue and practices. With 2023 data now available, we can compare overdraft and NSF revenue last year to 2022, when many banks changed their fee policies, and to pre-pandemic levels. Our most recent analysis finds the following: Since the CFPB heightened its supervisory…
Federal Reserve Board announces it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation to acquire Discover Financial Services
April 24, 2024 / Source: FRB
The Federal Reserve Board on Wednesday announced it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation of McLean, Virginia, to acquire Discover Financial Services of Riverwoods, Illinois. The comment period is being extended to provide additional time for interested parties to comment on the proposal….
G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector
April 23, 2024 / Source: Treasury
WASHINGTON — The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial…
Treasury Designates Iranian Cyber Actors Targeting U.S. Companies and Government Agencies
April 23, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two companies and four individuals involved in malicious cyber activity on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command (IRGC-CEC). These actors targeted more than a dozen U.S. companies and government entities through cyber operations, including…
HUD and Terner Housing Innovation Labs Advance Affordable Housing Initiatives
April 23, 2024 / Source: HUD
DETROIT – Last week, the U.S. Department of Housing and Urban Development (HUD) and Terner Labs cohosted an event in Detroit, Michigan, uniting leaders from the public sector, housing experts, researchers, and technologists for the third iteration of their Housing & Technology Symposium series. HUD leaders also traveled to Minneapolis, Minnesota to highlight innovative affordable housing partnerships. “These…
FinCEN Reminds Financial Institutions to Remain Vigilant to Environmental Crimes
April 22, 2024 / Source: FinCEN
WASHINGTON—As the nation reflects on the many ways to protect our environment this Earth Day, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. Environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal without Change of the of Anti-Money Laundering Programs for Certain Financial Institutions
April 22, 2024 / Source: FinCEN
Release Date April 22, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
HUD Announces Final Rule that will Protect Communities from Flooding Events and Rising Insurance Costs
April 22, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) published a Federal Flood Risk Management Standard (FFRMS) final rule in the Federal Register to help communities prepare for and reduce flood damage. This rule aims to protect communities from flood risk, heavy storms, increased frequency of severe weather events and disasters, changes in development patterns,…
HUD Officials Highlight Climate Resilience Funding Opportunities in Puerto Rico and US Virgin Islands
April 21, 2024 / Source: HUD
PUERTO RICO – This week, the U.S. Department of Housing and Urban Development (HUD) hosted a bilingual roundtable about HUD’s Green and Resilient Retrofit Program (GRRP) for stakeholders in Puerto Rico and the U.S. Virgin Islands. The roundtable was attended by over 150 participants who learned about the GRRP and other federal funding sources for upgrading and renovating…
Treasury Designates Entities Involved in Raising Funds for Violent Extremists in the West Bank
April 21, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on two entities for their roles in establishing fundraising campaigns on behalf of Yinon Levi (Levi) and David Chai Chasdai (Chasdai), two violent extremists who were sanctioned on February 1, 2024 in connection with violence in the West Bank. The fundraising…
FinCEN Issues Analysis on Elder Financial Exploitation
April 18, 2024 / Source: FinCEN
Financial Institutions Report $27 Billion in Elder Financial Exploitation Suspicious Activity in One-Year Period WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis today focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE), or the illegal or improper use of an…
HUD Makes Nearly $13 Million in Funding Available for Public Housing Agencies to Help Youth Aging out of Foster Care
April 18, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced that it will make available $12,746,450 to public housing authorities (PHAs) on a competitive basis through HUD’s Foster Youth to Independence (FYI) Initiative to provide housing assistance to young adults transitioning out of foster care. HUD Northwest Regional Administrator Andrew Lofton made the…