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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FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs

June 30, 2024 / Source: FinCEN

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be…

The CFPB is working to reinforce the foundation of a fair, nondiscriminatory and competitive mortgage market

June 30, 2024 / Source: CFPB

The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report data about the loans and applications they receive and the loans they originate. These data allow regulators and the public to assess whether mortgage lenders are meeting the housing needs of their communities. HMDA can be an effective, quantitative tool for uncovering discrimination, but…

FATF Holds Plenary in Singapore, Advances Key Illicit Finance Initiatives

June 30, 2024 / Source: Treasury

SINGAPORE — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency. During the Plenary, the FATF took several key actions, including adopting the Mutual Evaluation Reports (MERs) for India and Kuwait,…

The CFPB’s 2023 fair lending annual report to congress

June 26, 2024 / Source: CFPB

Today, the CFPB released its Fair Lending Annual Report to Congress, describing how we took action against unlawful discrimination and advanced access to fair credit in calendar year 2023. The CFPB used every tool at our disposal to carry out our fair lending work, from enforcement and supervision to guidance and rulemaking, including close coordination with…

OCC Reports Mortgage Performance for First Quarter of 2024

June 26, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…

FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist Financing

June 26, 2024 / Source: FinCEN

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule under section 311 of the USA PATRIOT Act (section 311) that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of…

Biden-Harris Administration Takes Additional Steps to Increase Housing Supply and Lower Housing Costs Across the Country

June 26, 2024 / Source: HUD

WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding $85 million in grant funding for the Pathways to Removing Obstacles to Housing (PRO Housing) program. PRO Housing aims to identify and remove barriers to affordable housing production and preservation, and lower housing costs. PRO Housing…

CFPB Extends Compliance Dates for Small Business Lending Rule

June 25, 2024 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB v. CFSA. The Texas court also required the…

Speech – Moving Toward Better Balance and Implications for Monetary Policy

June 25, 2024 / Source: FRB

Governor Lisa D. Cook Thank you, Barbara. It is a fitting time to be speaking again to the Economic Club of New York, because this month marks two years since my first Federal Open Market Committee (FOMC) meeting.1 At that meeting, we kicked off a series of large interest-rate increases, all of which I supported, because…

OCC Reports First Quarter 2024 Bank Trading Revenue

June 25, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.6 billion in the first quarter of 2024. The first quarter trading revenue was $4.0 billion, or 34.2 percent, more than in the previous quarter and $2.0 billion, or 11.1 percent, less than a…

CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals

June 24, 2024 / Source: CFPB

Today, the Consumer Financial Protection Bureau approved a new rule  to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home. When buying or selling a home, an accurate home valuation is critical. Mortgage lenders use this valuation to determine how much they will lend on a…

OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines

June 24, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to revise its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). The proposed rulemaking is part of the OCC’s effort to ensure that large banks are adequately prepared and have developed a…

Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs

June 24, 2024 / Source: Treasury

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen is delivering remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing, as part of the Biden Administration’s push to lower costs. In announcing these new initiatives, Secretary Yellen will note that â€œ[G]iven…

HUD Approves Agreement with Michigan Housing Provider Resolving Allegations of Discrimination Under the Violence Against Women Act and the Fair Housing Act

June 23, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Conciliation Agreement with Michigan housing provider, Czapp Real Estate, LLC., resolving allegations that the Respondent denied housing to a woman because of her disability and status as a survivor under the Violence Against Women Act (VAWA). The…

Agencies Announce Results of Resolution Plan Review for Largest and Most Complex Banks

June 23, 2024 / Source: FDIC

The Federal Deposit Insurance Corporation and Federal Reserve Board today announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.  The agencies did not identify any weaknesses…

Federal Reserve Board announces it will extend until September 6, 2024, the comment period on proposal to expand operating days of the Federal Reserve Banks’ two large-value payments services, Fedwire Funds Service and the National Settlement Service

June 23, 2024 / Source: FRB

The Federal Reserve Board on Friday announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, FedwireÂŽ Funds Service and the National Settlement Service (NSS), to include weekends and holidays. The Board extended the comment period to…

Treasury Issues Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern

June 23, 2024 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury (Treasury) today issued a Notice of Proposed Rulemaking (NPRM) to implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Outbound Order). The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM)…

OCC Approves Final Rule on Automated Valuation Models

June 20, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…

FDIC Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks

June 20, 2024 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the FDIC issued a final rule that incorporates several changes from the agency’s proposed rule published…

FinCEN Issues Supplemental Advisory on the Illicit Procurement of Fentanyl Precursor Chemicals and Manufacturing Equipment

June 20, 2024 / Source: FinCEN

Immediate Release June 20, 2024 Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and…

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Avoid Costly Megamergers

June 20, 2024 / Source: CFPB

Today, the FDIC is considering amendments to its rules regarding the resolution plans required of very large banks with $50 billion or more in assets.1 The rules will require these banks to submit plans to the FDIC demonstrating how they could be wound down without a costly megamerger.2 When a community bank fails, the FDIC can…

OCC Report Highlights Key Risks in Federal Banking System

June 19, 2024 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2024. The OCC reported that the overall condition of the federal banking system remains sound. However, the maturing economic cycle may cause consumer headwinds. It is important for banks to…

CFPB Takes Action Against Repeat Offender Freedom Mortgage Corporation for Violating Law Enforcement Order and for Housing Data Errors

June 19, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators. In October 2023, the CFPB sued the nonbank mortgage company for violating both the Home Mortgage Disclosure Act (HMDA) and a 2019 CFPB order. In addition…

CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures

June 19, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting…

Home Mortgage Disclosure Act: FFIEC’s 2024 ‘A Guide to HMDA Reporting: Getting It Right!’

June 17, 2024 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting it Right!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12…