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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May 20, 2020 / Source: FDIC
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs.
CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt
May 20, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for the public to comment on its Supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures.
May 20, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).
May 19, 2020 / Source: FDIC
The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices.
May 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program. The annual program recognizes law enforcement agencies that used Bank Secrecy Act (BSA) reporting to successfully pursue and prosecute criminal investigations.
FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions
May 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to rising medical scams related to the COVID-19 pandemic.
May 18, 2020 / Source: Fannie Mae
Fannie Mae (FNMA/OTCQB) today announced that it will issue a request for proposals to hire an underwriting financial advisor who will assist in developing and implementing a plan for recapitalizing and responsibly ending its conservatorship.
May 18, 2020 / Source: SBA
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112—Currency
May 18, 2020 / Source: FinCEN
Notice and Request for Comment, Forms Renewal/Update
Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions
May 18, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System have published an interim final rule (IFR) that allows for the temporary exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks from the supplementary leverage ratio (SLR).
May 15, 2020 / Source: CFPB
To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act.
May 15, 2020 / Source: FRB
This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment.
Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies
May 14, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated final judgment to resolve its allegations in its lawsuit against California mortgage lender Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans), and several individuals and related companies, including Thomas Chou and Sean Cowell.
May 14, 2020 / Source: FDIC
The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities.
May 14, 2020 / Source: FHFA
Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending their moratorium on foreclosures and evictions until at least June 30, 2020.
May 13, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today released a statement and FAQs outlining the responsibility of certain financial firms during the pandemic.
Comptroller of the Currency Discusses Efforts to Support the Federal Banking System’s Response to COVID-19
May 13, 2020 / Source: OCC
Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity
May 12, 2020 / Source: FDIC
On May 12, 2020, the FDIC Board of Directors authorized publication of a notice of proposed rulemaking that would mitigate the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Lending Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors of the Federal Reserve System.
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19
May 12, 2020 / Source: CFPB
To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched the new mortgage and housing assistance website https://www.cfpb.gov/housing.
May 11, 2020 / Source: FDIC
The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration have jointly issued the final Interagency Guidance on Credit Risk Review Systems (interagency guidance).
May 11, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued today a final rule covering remittances transfers. The Remittance Rule imposes requirements on entities that send international money transfers, or remittance transfers, on behalf of consumers.
May 08, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
May 08, 2020 / Source: FRB
The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.
May 08, 2020 / Source: CFPB
During these difficult times, the COVID-19 pandemic has not affected the Bureau’s ability or resolve to use its enforcement tool to police the consumer financial marketplace.
May 07, 2020 / Source: Fannie Mae
After falling 11.7 points last month, the Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased an additional 17.8 points in April to 63.0, its lowest reading since November 2011.