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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  • The View from Here: The Outlook for the U.S. Economy and Implications for Monetary Policy

    October 14, 2021 / Source: FRB

    Governor Michelle W. Bowman - At the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation South Dakota State University, Brookings, South Dakota - Earlier this year, as the economy was reopening, we saw a pronounced pickup in inflation, as prices for motor vehicles, electronics, and other goods rose especially rapidly. Most of these increases could be traced to bottlenecks in global supply chains. The bottlenecks were often the direct result of shortages of labor and key materials used in production and distribution. Demand for semiconductors has surged because of a sharp increase of spending on high-tech equipment and consumer electronics, investment in new wireless networks, and increasing usage of semiconductors in motor vehicles, appliances, and other goods. But throughout the pandemic, the supply of semiconductors has been significantly restrained by pandemic-related production disruptions, most recently in Malaysia and Vietnam. We are seeing shipments at record levels, and more capacity is expected to come on line, but the combination of strong demand and intermittent disruptions to this complex supply chain poses a risk that it could be some time before semiconductor supply issues are resolved.

  • FPB, FTC and North Carolina Department of Justice File Amicus Brief in Henderson v. The Source for Public Data, L.P.

    October 14, 2021 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. The case is currently on appeal before the U.S. 4th Circuit Court of Appeals.

  • How Financial Reporting Helps American Workers and Ensures that Top Earners Pay Their Fair Share

    October 14, 2021 / Source: Treasury

    A centerpiece of the Administration’s tax compliance agenda includes an important reform proposal, known as financial reporting, which would expand the information available to the Internal Revenue Service (IRS). This information will help the IRS determine whether taxpayers with opaque sources of income are meeting their tax obligations.

  • Treasury Launches Effort to Study Impact of Climate Change on Households and Communities

    October 13, 2021 / Source: Treasury

    Financial Literacy and Education Commission Convenes Meeting to Explore Financial Risks to Households and Communities from Climate Change. Today, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired by Under Secretary for Domestic Finance Nellie Liang to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition. The meeting included participation from Adair Morse, Deputy Assistant Secretary for Capital Access, David Uejio, representing the Consumer Financial Protection Bureau, Vice Chair of the Commission, Todd Harper, Chairman, National Credit Union Administration, and Richard Cordray, Chief Operating Officer for Federal Student Aid at the U.S. Department of Education.

  • Financial Inclusion and Economic Challenges in the Shadow of the Pandemic: A Conversation with Tribal Leaders

    October 13, 2021 / Source: FRB

    Governor Lael Brainard I would like to join Esther George in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon's conversation. I also want to thank Governor Anoatubby for hosting us.1 I am humbled to be here at the First Americans Museum, which is promoting a richer understanding of Native American history by sharing the cultural diversity, history, and resilience of the 39 Native nations of Oklahoma. In addition to civic and cultural contributions whose impact reaches far beyond tribal lands, I want to recognize the important economic contributions Native American communities are making, despite daunting impediments that were exacerbated by the COVID-19 pandemic. By working together to address economic challenges and improving access to financial services, we can build a more inclusive economy that supports the economic potential of Native communities here in Oklahoma and across the country.

  • Guidance and Press Schedule for U.S. Secretary of the Treasury Janet L. Yellen and Deputy Secretary of the Treasury Wally Adeyemo

    October 12, 2021 / Source: Treasury

    U.S. Secretary Janet L. Yellen will attend the Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, as well as G7 and G20 Meetings of Finance Ministers and Central Bank Governors in Washington, D.C. from October 12-15, 2021. Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, global health, and an inclusive economic recovery.

  • U.S. Economic Outlook and Monetary Policy 10-12-2021

    October 12, 2021 / Source: FRB

    Vice Chair Richard H. Clarida At the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World, Washington, D.C. (via webcast) It is my pleasure to meet virtually with you today at the 2021 Institute of International Finance Annual Membership Meeting.1 I regret that we are not meeting in person, but I look forward, as always, to a conversation with my good friend and one-time colleague Tim Adams. But first, please allow me to offer a few remarks on the economic outlook and Federal Reserve monetary policy.

  • CFPB Takes Action Against American Advisors Group for Deceptively Marketing Reverse Mortgages to Consumers

    October 08, 2021 / Source: CFPB

    Proposed order would require nation’s largest reverse-mortgage lender to pay $1.1 million penalty for deceptive acts aimed at older homeowners

  • First Person Charged for Fraudulently Seeking COVID Relief Business Loans Sentenced

    October 08, 2021 / Source: FDIC OIG

    A Massachusetts man who became the first person in the country charged with fraudulently seeking forgivable pandemic relief small business loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and who faked suicide shortly after his arrest resulting in a nationwide search for him by the U.S. Marshals Service, was sentenced today to 56 months in federal prison, announced Acting United States Attorney Richard B. Myrus.

  • Remarks by Secretary of the Treasury Janet L. Yellen at the B20 Summit

    October 08, 2021 / Source: Treasury

    As G20 countries prepare for the upcoming Leaders’ Summit and COP-26 meeting, we face a significant moment for the global economy. We are still confronting a shock due to COVID-19 and the associated tragic loss of lives and livelihoods. Whether you work for a global corporation, a small local business, or a G20 finance ministry, we all now know the feelings of isolation, uncertainty, and despair associated with this unforgiving pandemic. At the same time, we face a mounting risk of climate change and a growing divergence between rich and poor countries, threatening to undo decades of work to fight poverty.

  • Treasury Releases Climate Action Plan

    October 07, 2021 / Source: Treasury

    Today, the U.S. Department of the Treasury released the Treasury Climate Action Plan, which is directed by Section 211 of Executive Order 14008 and Treasury’s efforts to bolster adaptation and increase resilience of its facilities and operations to the impacts of climate change. “Climate change isn’t just a specter on the horizon, a problem for future generations. It is a present challenge, and we must adapt,” said Secretary Janet L. Yellen. “Treasury’s climate action plan lays out how our Department should begin to change the way we work so that even as we face the increasing effects of climate change, our ability to serve the American people does not.”

  • Building Climate Scenario Analysis on the Foundations of Economic Research

    October 07, 2021 / Source: Federal Reserve

    Economic analysis suggests that climate change could have profound consequences for the level, trend growth, and variability of economic activity over time and across regions and sectors. Some of these effects could occur gradually, while others could occur relatively quickly in the presence of "tipping points." Policy, technology, and behavioral responses could similarly have material financial consequences. Against this backdrop, the Federal Reserve is carefully considering the potential implications of climate-related risks for financial institutions and the financial system, with scenario analysis emerging as a potential key analytical tool for that purpose.

  • Treasury Works with Government of Mexico to Sanction CJNG Members Operating Through the Port of Manzanillo

    October 06, 2021 / Source: Treasury

    Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Mexican nationals Aldrin Miguel Jarquin Jarquin, Jose Jesus Jarquin Jarquin, Cesar Enrique Diaz De Leon Sauceda, and Fernando Zagal Anton pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). These four individuals are members of the Cartel de Jalisco Nueva Generacion (CJNG) operating through the port of Manzanillo in Colima, Mexico and the surrounding areas. CJNG, a violent Mexico-based organization, is responsible for trafficking a significant proportion of the fentanyl and other deadly drugs that enter the United States. Today’s action is the result of a collaboration between OFAC, the Drug Enforcement Administration (DEA), and Mexico’s Financial Intelligence Unit (UIF).

  • Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit

    October 06, 2021 / Source: Treasury

    I want to thank business and community leaders for joining us here today. I wish we could be meeting to discuss another topic, like finding solutions to climate change or how to better invest in the future of our economy. But the urgency of the debt limit situation demands immediate attention.

  • FDIC’s Brokered Deposits Webpage

    October 05, 2021 / Source: FDIC

    The FDIC has updated the FDIC’s Brokered Deposits webpage, available on the Banker Resource Center website. 

  • FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters October 5, 2021

    October 05, 2021 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including Hurricane Ida, the California Wildfires, and Tropical Storm Fred. 

  • FDITECH Selects Six Teams in Sprint for Banks to Measure and Test Resiliency

    October 04, 2021 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) today announced the selection of six teams to participate in a ‘tech sprint’ designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type.

  • FDIC Issues List of Banks Examined for CRA Compliance October 4, 2021

    October 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). The list covers evaluation ratings that the FDIC assigned to institutions in July 2021.

  • Consolidated Reports of Condition and Income for Third Quarter 2021

    October 04, 2021 / Source: FDIC

    The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2021, report date.

  • Federal Reserve Board announces termination of enforcement action with UBS AG and UBS AG Stamford Branch

    October 01, 2021 / Source: FRB

    The Federal Reserve Board on Friday announced the termination of an enforcement action.

  • FDIC Names Charles Vice to Advisory Committee of State Regulators

    October 01, 2021 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) today announced that Charles Vice, Commissioner of the Commonwealth of Kentucky’s Department of Financial Institutions, is the newest member of the FDIC’s Advisory Committee of State Regulators (ACSR). Commissioner Vice joins 14 others who currently serve on the ACSR.

  • OCC Releases CRA Evaluations for 14 National Banks and Federal Savings Associations October 1, 2021

    October 01, 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 September 1, 2021 through September 30, 2021.

  • Volunteering to help people make the most of the tax refund. An opportunity to give back

    October 01, 2021 / Source: CFPB

    As we approach the end of another tax year, I am encouraging my colleagues at the CFPB, and across the Federal government, to seize this once-a-year opportunity to help people in their communities build financial stability.

  • New rule ensures mortgage servicers provide options to potentially vulnerable borrowers exiting forbearance

    September 30, 2021 / Source: CFPB

    As of September, approximately 1.6 million borrowers are exiting mortgage forbearance programs. As servicers expand their operations to match the surge of forbearance exits, servicers should remember that not all borrowers are similarly situated.

  • Comparing auto loans for borrowers with subprime credit scores

    September 30, 2021 / Source: CFPB

    Americans owe auto lenders well over a trillion dollars. Consumers with subprime credit scores ─ i.e. scores that are significantly lower than average ─ are especially likely to need loans to purchase vehicles.