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 Updates Supervision Designation Procedures

April 16, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for both the CFPB and nonbanks. The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection law. The examinations can help identify issues…

FTC Action Leads to Industry Ban for Ringleader of Student Loan Debt Relief Scam

April 16, 2024 / Source: FTC

The ringleader of a student loan debt relief scam will be permanently banned from the debt relief industry and is required to turn over assets as part of a settlement with the Federal Trade Commission. The settlement with Marco Manzi resolves FTC charges involving the student loan debt relief scheme. The FTC charged that Manzi, Ivan Esquivel, and…

Shareholder Statement on the MDB Callable Capital Exercise

April 16, 2024 / Source: Treasury

April 16, 2024 Issued by: United States, Japan, Germany, France, United Kingdom, Italy, India, Republic of Korea, Spain, Australia, Netherlands, Switzerland, Belgium, Denmark, and New Zealand The G20 Independent Review of Multilateral Development Banks’ (MDB) Capital Adequacy Frameworks (G20 CAF Review) provided thoughtful recommendations for boosting MDB financial capacity by stretching existing resources and pursuing innovative measures. …

FinCEN Issues Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions

April 15, 2024 / Source: FinCEN

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select…

CFPB Letter to Connecticut State Legislature on Barring Medical Bills on Credit Reports

April 15, 2024 / Source: CFPB

April 11, 2024 The Honorable Matt LesserConnecticut State Senate300 Capitol Ave., Room 2800Hartford, CT 06106 Dear Senator Lesser, I write on behalf of the Consumer Financial Protection Bureau (CFPB) regarding Senate Bill 395 as amended (SB395), which would prohibit health care providers in Connecticut from reporting medical debt to consumer reporting agencies for use in…

Treasury Targets Belarusian Sanctions Evasion Networks and Cogs in Russia’s War Machine

April 15, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 12 entities and 10 individuals pursuant to Executive Order (E.O.) 14038. This action builds on U.S. sanctions imposed in response to Belarus’s fraudulent August 2020 election, as well as President Alyaksandr Lukashenka’s (Lukashenka) support for Russia’s illegal full-scale…

Treasury Targets Hamas UAV Unit Officials and Cyber Actor

April 14, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against Hamas, targeting Gaza- and Lebanon-based leaders of the terrorist group’s offensive cyber and unmanned aerial vehicle (UAV) operations. Concurrent with this action, the European Union is imposing sanctions targeting Hamas.   “Today’s joint action reinforces our continued,…

Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director Consumer Financial Protection Bureau, at the National Consumer Law Center/National Association of Consumer Advocates Spring Training

April 14, 2024 / Source: CFPB

Thank you very much for having me here today. It’s always great to talk to the people in the trenches, fighting day in and day out for consumers. I’m Seth Frotman, the General Counsel of the Consumer Financial Protection Bureau. As many of you know, the CFPB administers and is the primary enforcer of the…

Ensuring servicemembers can protect themselves from unlawful financial practices

April 11, 2024 / Source: CFPB

The Servicemembers Civil Relief Act was passed by Congress to enable servicemembers to devote themselves to the defense of the Nation by providing them key protections. This law’s important provisions include the right to reduced interest on certain loans and shielding servicemembers from foreclosure while they are serving the nation. In an ongoing case, Citibank has been…

Treasury Proposes Regulatory Update to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security

April 11, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities. The proposed rule reflects CFIUS’s evolution and increased focus on monitoring, compliance, and enforcement….

FDIC Releases Comprehensive Report On Orderly Resolution of Global Systemically Important Banks

April 10, 2024 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive report on how the FDIC would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).       In remarks to the Peterson Institute for International Economics in Washington,…

OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers

April 10, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. The proposal also includes a policy statement to clarify the OCC’s review of applications…

HUD Announces $10 Million Funding Opportunity for Community Revitalization Efforts

April 9, 2024 / Source: HUD

WASHINGTON – Today, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD) Adrianne Todman announced a new notice of funding opportunity through the FY24 Choice Neighborhoods Planning Grant that will provide $10 million to support local planning efforts to revitalize communities. She made this announcement while addressing stakeholders at the annual National Association of Housing…

CFPB Comment to Illinois Joint Committee on Administrative Rules on the State’s Proposed Community Reinvestment Act Rules

April 9, 2024 / Source: CFPB

April 9, 2024 Via electronic submission Illinois Joint Committee on Administrative Rules700 Stratton BuildingSpringfield, Illinois 62706 Dear Members of the Joint Committee on Administrative Rules: On behalf of the Consumer Financial Protection Bureau (CFPB), I am pleased to submit this comment regarding the Illinois Department of Financial and Professional Regulation’s (IDFPR’s) proposed rules for the…

CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking

April 8, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or…

HUD Awards $83 Million to Boost Local Affordable Housing and Community Development

April 8, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it will award $83 million to three organizations for local affordable housing and community development activities that benefit people with low-incomes. The funding, awarded through HUD’s Capacity Building for Affordable Housing and Community Development program, also known as Section 4, will be…