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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First Bitcoin “Mixer” Penalized by FinCEN for Violating Anti-Money Laundering Laws
October 19, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has assessed a $60 million civil money penalty against Larry Dean Harmon, the founder, administrator, and primary operator of Helix and Coin Ninja, convertible virtual currency “mixers,” or “tumblers,” for violations of the Bank Secrecy Act (BSA) and its implementing regulations.
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FDIC Survey Shows 95 Percent of U.S. Households Were Banked in 2019
October 19, 2020 / Source: FDIC
A record 95 percent of U.S. households had a bank or credit union account in 2019, according to a new biennial survey and report released today by the Federal Deposit Insurance Corporation (FDIC).
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FinCEN Clarifies FBAR Extensions Notice
October 16, 2020 / Source: FinCEN
On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website.
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United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of First City Bank of Florida, Fort Walton Beach, Florida
October 16, 2020 / Source: FDIC
First City Bank of Florida, Fort Walton Beach, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
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FDIC Publishes Resource Guide to Promote Investment Partnerships With FDIC-Insured Minority Banks and Community Development Financial Institutions
October 16, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks).
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FDIC Advisory Committee to Discuss Results of 2019 Survey of Households Use of Banking and Financial Services
October 16, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, October 22, at 1:00 p.m. ET to discuss the results of How America Banks: 2019 FDIC Survey of Household Use of Banking and Financial Services, the FDIC’s biennial survey of thousands of U.S. households administered in partnership with the U.S. Census Bureau.
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Consumer Financial Protection Bureau Settles Lawsuit with Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.
October 16, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) filed a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp.
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Regulatory Capital Rule: Temporary Changes to and Transition for the Community Bank Leverage Ratio Framework
October 16, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies), published a final rule in the Federal Register on October 9, 2020, that adopts without change two interim final rules: “Temporary Changes to the Community Bank Leverage Ratio Framework” and “Transition for the Community Bank Leverage Ratio Framework.
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FinCEN FBAR Clarification
October 15, 2020 / Source: FinCEN
An October 14, 2020 posting on the BSA e-filing website implied a filing extension for all FBAR filers until Dec 31, 2020. The extension until Dec. 31, 2020 is only available for victims of recent natural disasters.
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Federal Reserve Board issues enforcement action with M&T Bank
October 15, 2020 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action with M&T Bank, Buffalo, New York.
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FinCEN Issues Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity
October 15, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to help financial institutions identify and report human trafficking.
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Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Inform
October 14, 2020 / Source: FRB
The Federal Reserve on Wednesday requested public comment on technical, clarifying updates regarding the Federal Open Market Committee's Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures.
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FinCEN Advisory FIN-2020-A007
October 14, 2020 / Source: FinCEN
Advisory on Unemployment Insurance Fraud During Covid 19 Pandemic
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Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices
October 13, 2020 / Source: CFPB
Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.
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Coppell Man Charged in $24 Million PPP Fraud
October 13, 2020 / Source: FDIC OIG
A Coppell man who spent more than $17 million in Paycheck Protection Program (PPP) loans on lavish personal expenses has been charged with filing fraudulent loan applications, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney for the Northern District of Texas Erin Nealy Cox.
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Bank Secrecy Act/Anti-Money Laundering: Revised Order Granting Exemption From Customer Identification Program Requirements for Premium Finance Lending
October 09, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), with the concurrence of the Financial Crimes Enforcement Network (FinCEN), today issued a revised order granting an exemption from the requirements of the customer identification program rules implementing section 326 of the USA PATRIOT Act for certain loans.
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Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Sally
October 09, 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 Florida affected by Hurricane Sally.
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SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
October 09, 2020 / Source: SBA
The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
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FDIC to Host Inaugural Meeting of Advisory Committee of State Regulators
October 08, 2020 / Source: FDIC
The Federal Deposit Insurance Corporation will convene the first meeting of its Advisory Committee of State Regulators (ACSR) on Wednesday, October 14th at 1:00 pm ET.
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Consumer Financial Protection Bureau Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
October 08, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions.
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Regulatory Capital Rule: Eligible Retained Income
October 08, 2020 / Source: OCC
On October 8, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) jointly issued a final rule that revises the definition of eligible retained income in the agencies’ regulatory capital rule.
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OCC Assesses $60 Million Civil Money Penalty Against Morgan Stanley
October 08, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. ("the banks")
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OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Delta to Close
October 08, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Delta at their discretion.
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Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies
October 07, 2020 / Source: FRB
The Federal Reserve Board on Wednesday announced an enforcement action against Citigroup Inc. of New York, New York, that requires the firm to correct several longstanding deficiencies.
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Minutes of the Federal Open Market Committee, September 15-16, 2020
October 07, 2020 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 15–16, 2020.