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 and FDIC Release Enhanced Version of Money Smart for Older Adults
July 14, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults.
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Consumer Fraud Alert - Tips for avoiding VA home loan scams
July 14, 2021 / Source: CFPB
Many servicemembers, veterans, and military spouses have been receiving fraudulent calls and mailers from companies who claim to be affiliated with the government, the Department of Veterans Affairs (VA), or their home loan servicer.
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Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
July 13, 2021 / Source: OCC
The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities.
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Minutes of the Board’s discount rate meetings from May 17 through June 16, 2021
July 13, 2021 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from May 17 through June 16, 2021.
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CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization
July 12, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) took action against GreenSky, LLC for enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them.
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Federal Reserve Board announces approval of application by First Bank Corp.
July 12, 2021 / Source: FRB
The Federal Reserve Board on Monday announced its approval of the application by First Bank Corp. of Fort Smith, Arkansas, to acquire Central Bancshares of Poteau, Inc., and indirectly acquire The Central National Bank of Poteau, both of Poteau, Oklahoma.
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EXCLUSIVE White House to target bank mergers, financial data with competition order
July 09, 2021 / Source: Reuters
President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter.
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Federal Reserve submits - Monetary Policy Report—on recent economic developments and its plans for monetary policy.
July 09, 2021 / Source: FRB
The Fed is accountable to the public & the U.S. Congress. Twice a year, the Federal Reserve submits an extensive report--the Monetary Policy Report--on recent economic developments and its plans for monetary policy.
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FinCEN Welcomes First-Ever Chief Digital Currency Advisor and First Director of Strategic Communications
July 06, 2021 / Source: FinCEN
Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced leadership additions to the bureau.
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Updates to Public Information on Brokered Deposits
July 06, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) has updated the resources available on the FDIC’s Banker Resource Center Brokered Deposits.
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FDITECH Opens Registration for Tech Sprint to Reach the Unbanked
July 06, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked.
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OCC Announces Organizational Changes
July 06, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today announced structural changes intended to enhance the agency’s efficiency and effectiveness.
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FDIC Issues List of Banks Examined for CRA Compliance July 2, 2021
July 02, 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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OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations
July 02, 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 June 1, 2021 through June 30, 2021.
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CFPB Prioritizing Resources Against Racial Bias in Home Appraisals
July 02, 2021 / Source: CFPB
As the Bureau’s Fair Lending Director, I am pleased to highlight that the CFPB has prioritized resources to focus on the role of racial bias in home appraisals, a growing topic of conversation within our communities.
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Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 01, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.
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Federal Reserve Board issues enforcement action with First Vision Bank
July 01, 2021 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action.
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Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard
July 01, 2021 / Source: FRB
The Federal Reserve announced on Thursday it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard.
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Complaint Bulletin: COVID-19 issues described in consumer complaints
July 01, 2021 / Source: CFPB
The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints.
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Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market
July 01, 2021 / Source: CFPB
Asian American and Pacific Islanders (AAPIs) are often seen as a homogeneous group. Even though this expansive demographic group ranges from Asian Indians, Chinese, and Japanese to Hawaiians, Samoans, and other Pacific Islanders, the Model Minority myth characterizes them as a monolithic group, with uniform high achievement and high income, relatively untouched by racial and ethnic discrimination.
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As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately
July 01, 2021 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) today released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing.
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Message from the FinCEN Director: 180-Day Update on AML Act Implementation
June 30, 2021 / Source: FinCEN
Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced FinCEN’s delivery of two key requirements pursuant to the Anti-Money Laundering of 2020 (the “AML Act”), which includes the Corporate Transparency Act.
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FinCEN Completes Assessment on the Use of No-Action Letters
June 30, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act (BSA) and other anti-money laundering and countering the financing of terrorism laws to specific conduct.
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FinCEN Issues First National AML/CFT Priorities and Accompanying Statements
June 30, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law enforcement, and national security agencies.
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Dedicating July to military consumer protection JUN 30, 2021
June 30, 2021 / Source: CFPB
July is recognized as Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for servicemembers, veterans, and military families.