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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Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility
July 23, 2020 / Source: FRB
The Federal Reserve Board on Thursday broadened the set of firms eligible to transact with and provide services in three emergency lending facilities.
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Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner
July 23, 2020 / Source: CFPB
On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s (Bureau) allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman).
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Co-signed a private student loan? Here are tips to protect yourself during COVID-19
July 22, 2020 / Source: CFPB
Millions of Americans are facing financial uncertainty during the coronavirus pandemic. For people with student loans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for those with federal student loans, and many private student loan lenders are providing options for reducing or suspending payments as well.
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CFPB to Host Symposium July 29
July 22, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020 at 9:30 a.m. The event will be webcast on the Bureau’s website.
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Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
July 22, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers.
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FHFA Proposes 2021 Housing Goals for Fannie Mae and Freddie Mac
July 21, 2020 / Source: FHFA
Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020.
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Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021
July 21, 2020 / Source: FRB
The Federal Reserve Board on Tuesday announced its intent to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions (priced services) in 2021.
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FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies
July 20, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions.
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National Banks and Federal Savings Associations as Lenders: Notice of Proposed Rulemaking
July 20, 2020 / Source: OCC
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) signed a proposed rule to determine when, in the context of a partnership between a national bank or federal savings association (bank) and a third party, the bank makes a loan and is the "true lender."
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CFPB Releases Updated COVID-19 Consumer Complaint Data
July 17, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”).
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CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time
July 17, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database).
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Winchester Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
A Winchester man was indicted yesterday in connection with allegedly filing fraudulent loan applications seeking more than $13 million in forgivable loans guaranteed by the Small Business Administration (SBA) for COVID-19 relief through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
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California Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Nicola T. Hanna of the Central District of California.
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Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations
July 17, 2020 / Source: FRB
The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.
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Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
July 16, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC).
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Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding
July 16, 2020 / Source: FDIC
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms and flooding.
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OCC Enforcement Actions July 16, 2020
July 16, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
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Federal Reserve Board announces extension of rule change to bolster effectiveness of the Small Business Administration’s Paycheck Protection Program
July 15, 2020 / Source: FRB
The Federal Reserve Board on Wednesday announced an extension of a rule change to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP).
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Beige Book July 15, 2020
July 15, 2020 / Source: FRB
Summary of Commentary on Current Economic Conditions by Federal Reserve District.
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Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College
July 15, 2020 / Source: CFPB
To help students navigate paying for college, the Consumer Financial Protection Bureau (Bureau) today released the "Your Financial Path to Graduation" web tool designed to help students clearly understand the total cost of attending college and make informed decisions about paying for their education.
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Texas Man Charged with COVID Relief Fraud
July 14, 2020 / Source: DOJ
A Texas man was taken into custody on allegations he fraudulently obtained more than $1.1 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Ryan K. Patrick for the Southern District of Texas.
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Financially Fit? Comparing the credit records of young servicemembers and civilians
July 14, 2020 / Source: CFPB
Financial well-being, including credit history, is an important consideration in an individual’s ability to join the military as well as his or her ability to maintain a security clearance and continue in military service. This report uses a representative sample of young servicemembers’ credit reports to show how their credit histories evolve from the time they turn 18 until their mid-twenties. It also compares servicemembers to a cohort of same-age civilians.
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FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies
July 14, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) June 30 reissuance of its list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing, with updates to two jurisdictions.
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Consolidated Reports of Condition and Income for Second Quarter 2020
July 13, 2020 / Source: FDIC
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CFPB Study Shows Financial Product Could Help Consumers Build Credit
July 13, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) today released a report indicating that a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt.