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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Treasury issues millions of second Economic Impact Payments by debit card
January 07, 2021 / Source: IRS
Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card
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Federal Reserve Board issues enforcement action with former employee of Community Financial Services Bank
January 07, 2021 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action.
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OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations January 7, 2021
January 07, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2020 through December 31, 2020.
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Minutes of the Federal Open Market Committee, December 15-16, 2020
January 06, 2021 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 15–16, 2020.
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Acting Comptroller of the Currency Issues Statement on CFPB Task Force Study Regarding Federal Fintech Charters
January 06, 2021 / Source: OCC
Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon release of the Consumer Financial Protection Bureau’s (CFPB) task force report (PDF) endorsing the need for federal charters for financial technology (fintech) companies.
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Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report
January 05, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace.
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Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities
January 05, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.
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OCC Proposes Rule Regarding Permissible Bank Premises
January 04, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to codify permissibility standards for real estate used as national bank or federal savings association premises.
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Consumer Financial Protection Bureau Issues an Approval Order to Facilitate Employee Access to Earned but Unpaid Wages
January 04, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to PayActiv regarding specific aspects of some of its earned wage access (EWA) products.
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FDIC Issues List of Banks Examined for CRA Compliance January 4, 2021
January 04, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).
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Consumer Financial Protection Bureau Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
December 30, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Omni Financial of Nevada, Inc. (Omni). The Bureau found that Omni violated the Military Lending Act (MLA), Electronic Fund Transfer Act (EFTA), and Consumer Financial Protection Act of 2010 (CFPA) in connection with making installment loans.
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Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards
December 30, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.”
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Federal Reserve extends termination date of Main Street Lending Program facilities to January 8, 2021 to allow more time to process and fund loans that were submitted to Main Street lender portal on o
December 29, 2020 / Source: FRB
In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021.
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FHFA Issues RFI on Appraisal-Related Policies, Practices, and Processes
December 29, 2020 / Source: FHFA
The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on appraisal-related policies, practices, and processes.
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FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks
December 28, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued a Notice today to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution.
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FDIC Makes Public November Enforcement Actions Monday, December 28, 2020
December 28, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November.
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Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
December 23, 2020 / Source: FDIC
On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects.
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Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawfu
December 23, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. (collectively, Discover) based on the Bureau’s findings that Discover violated a prior Bureau order, the Electronic Fund Transfer Act (EFTA), and the Consumer Financial Protection Act of 2010 (CFPA).
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Activities and Operations of National Banks and Federal Savings Associations: Final Rule
December 23, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) has issued a final rule to amend its regulations in 12 CFR 7, “Activities and Operations.”
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Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
December 22, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA).
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Federal Reserve Board invites public comment on proposed amendments to Regulation D and issues final rule amending Regulation D with regard to reserve requirement ratios on transaction accounts
December 22, 2020 / Source: FRB
The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions).
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Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Revised Interagency Statement
December 22, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) today issued a revised statement to supersede the "Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations," which was issued on December 27, 2019, and was set to expire on January 1, 2021.
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Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations
December 21, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Envios de Valores La Nacional (La Nacional) based on the Bureau’s finding that La Nacional violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA.
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Consumer Financial Protection Bureau Issues Advisory Opinion to Help Expand Fair, Equitable, and Nondiscriminatory Access to Credit
December 21, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs).
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Comptroller’s Handbook: Updated ‘Foreword’ Booklet
December 21, 2020 / Source: OCC
The Office of the Comptroller of the Currency today issued version 2.2 of the updated “Foreword” booklet of the Comptroller’s Handbook. The booklet describes the overall organization and format of the Comptroller’s Handbook and explains the OCC’s process for issuing new booklets, updating booklets, and fully revising booklets.