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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Consumer Financial Protection Bureau Issues No-Action Letter to Facilitate Housing Counseling Services for Prospective Home Buyers
January 10, 2020 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies (HCAs) certified by the U.S.
January 10, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have issued a joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act (CRA).
Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2019
January 10, 2020 / Source: FRB
The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results.
Consumer Financial Protection Bureau Announces Action Against Monster Loans, Lend Tech Loans, and Associated Student Loan Debt-Relief Companies
January 09, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau (Bureau) filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct.
January 09, 2020 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement action.
January 08, 2020 / Source: NACHA
In the first three quarters of 2019 there were 36.8 million Same Day ACH payments used for B2B transactions, transferring $61 billion. Those numbers are up 49.8% and 47.1%, respectively, from the same time in 2018.
January 08, 2020 / Source: OCC
On December 30, 2019, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The adjusted maximum penalties are effective immediately for violations occurring on or after November 2, 2015.
January 07, 2020 / Source: HUD
he U.S. Housing and Urban Development (HUD) today published its proposed Affirmatively Furthering Fair Housing (AFFH) rule, which offers clearer guidance to states and local governments to help them improve affordable housing choices in their community.
Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Stephenson National Bank & Trust, Marinette, Wis.
January 07, 2020 / Source: OCC
There are a variety of counterfeit items in circulation, none of which resemble the bank's authentic item. The counterfeit checks may be identified by the following traits:
January 07, 2020 / Source: NACHA
Nacha today announced its new Board Chairperson and Secretary/Treasurer as well as six new directors.
January 06, 2020 / Source: NACHA
You don’t have to look far to find proof that many Americans aren’t saving enough. And we’re not even talking about retirement. What if the car’s transmission dies? What if the refrigerator is toast?
January 06, 2020 / Source: Bank Info Security
After an Iranian general was killed in a U.S. drone strike in Baghdad late Thursday night, security experts and the Department of Homeland Security warned of possible retaliatory cyber strikes from Iran that could target critical infrastructure, government agencies as well as private businesses.
January 03, 2020 / Source: OCC
January 03, 2020 / Source: FDIC
The FDIC, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, Farm Credit Administration, and Federal Housing Finance Agency (collectively, the agencies) are reopening the comment period for the notice of proposed rulemaking (NPR) that would amend swap margin requirements for a registered swap dealer that is an insured depository institution or is otherwise supervised by one of the agencies.
OCC Releases 2020 Schedule of Workshops for Directors and Senior Management of National Community Banks and Federal Savings Associations
January 02, 2020 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today announced its 2020 schedule of workshops for board directors and bank management of national community banks and federal savings associations.
Agencies release 2020 annual CRA asset-size threshold adjustments for small and intermediate small institutions
January 02, 2020 / Source: FRB
The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
December 31, 2019 / Source: FDIC
As part of a continuing effort to reduce regulatory burden, the FDIC is rescinding four FDIC Statements of Policy that are outdated.
December 31, 2019 / Source: CFPB
The Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act” or “Act”) requires the Bureau of Consumer Financial Protection (the “Bureau”) to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain organizations affiliated with such institutions in connection with the issuance of credit cards.
Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Interagency Statement
December 30, 2019 / Source: OCC
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) today issued the “Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements Under Part 363 of FDIC Regulations.”
December 27, 2019 / Source: CFPB
The Consumer Financial Protection Bureau (Bureau) issued its Financial Literacy Annual Report for fiscal year 2019.
December 27, 2019 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2020.
Federal Reserve approves modifications to National Settlement Service and Fedwire® Funds Service to support enhancements to the same-day automated clearinghouse service
December 23, 2019 / Source: FRB
The Federal Reserve Board on Monday approved modifications to the Federal Reserve Banks' National Settlement Service (NSS) and Fedwire® Funds Service to support enhancements to the same-day automated clearinghouse (ACH) service.
FDIC’s Supervisory Insights Fall 2019 Edition Focuses on Commercial Real Estate Lending and the Leveraged Lending Market
December 23, 2019 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) today issued the Fall 2019 issue of Supervisory Insights, which contains two articles of interest to bank management.
December 23, 2019 / Source: OCC
Five federal agencies today announced they will reopen and extend until January 23, 2020, the comment period on a proposal to change the swap margin rules to facilitate the implementation of prudent risk management strategies at certain banks and swap entities.
December 20, 2019 / Source: FRB
The Federal Deposit Insurance Corporation and the Federal Reserve Board on Friday announced that they will extend until February 28, 2020, the deadline on the request for information on their use of the Uniform Financial Institutions Rating System, also known as the CAMELS rating system.