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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Fifth Circuit Vacates Controversial DOL Fiduciary Rule

March 20, 2018 / Source: LEXOLOGY

McGuireWoods LLP- Alexander Martin Madrid On March 15, the U.S. Court of Appeals for the Fifth Circuit issued a decision vacating the Department of Labor’s Fiduciary Rule, the controversial measure requiring brokers and other financial professionals to adopt a “best interest” standard for their clients with ERISA or IRA accounts. The decision in Chamber of Commerce v….

Court Limits 2015 Text Marketing Rules, Gives New FCC an Opportunity to Provide Clarity

March 20, 2018 / Source: JDSUPRA

Baker Hostetler On March 16, the D.C. Circuit issued a long-awaited decision in a challenge to the Federal Communications Commission’s July 10, 2015 Declaratory Ruling and Order regarding the Telephone Consumer Protection Act (the July 2015 Order). We have previously explained the challenges created by the July 2015 Order here and here. On the whole, the unanimous 3-0 Decision offers some good news…

NACHA Marks the Completion of the Third Phase of Same Day ACH

March 19, 2018 / Source: NACHA

NACHA Marks the Completion of the Third Phase of Same Day ACH POSTED MARCH 16, 2018 Additional Same Day ACH Enhancements Are Under Development HERNDON, Va., March 16, 2018 – NACHA—The Electronic Payments Association® today marks the “go live” date of the third phase of Same Day ACH. Under this latest phase, banks and credit…

OCC Enforcement Actions and Terminations for March 2018

March 19, 2018 / Source: OCC

NR 2018-29 FOR IMMEDIATE RELEASE March 16, 2018 Contact: (202) 649-6870 OCC Enforcement Actions and Terminations for March 2018 WASHINGTON — 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….

Mortgage Servicing Webinar is Now Available!

March 16, 2018 / Source:

Mortgage Servicing Webinar is now available! It can be found under “News & Events” “Past Events” “Past Webinars.” View Webinar Here

Progress report on addressing declines in correspondent banking and recommendations on remittances

March 16, 2018 / Source: FSB

FSB publishes progress report on addressing declines in correspondent banking and recommendations on remittances 16 March 2018 Press enquiries: +41 61 280 8138 [email protected]    Ref no: 9/2018 The Financial Stability Board (FSB) today published two reports as part of its work to assess and address the decline in correspondent banking relationships (1) a progress report on the…

OCC Reports Mortgage Performance Unchanged

March 16, 2018 / Source: OCC

NR 2018-28 FOR IMMEDIATE RELEASE March 15, 2018 Contact: Stephanie Collins (202) 649-6870 OCC Reports Mortgage Performance Unchanged WASHINGTON—Performance of first-lien mortgages remained largely unchanged during the fourth quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report,…

CFPB Issues Request For Information On Adopted Regulations and New Rulemaking Authorities

March 15, 2018 / Source: CFPB

CFPB Issues Request For Information On Adopted Regulations and New Rulemaking Authorities MAR 14, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on the Bureau’s adopted regulations and new rulemaking authorities. The Bureau is seeking comments and information from interested parties to assist the Bureau in considering…

House Acts to Tailor Regulation

March 15, 2018 / Source: Financial Services Committee

Press Releases House Acts to Tailor Regulation  Washington, March 14, 2018 – On Wednesday, the House voted 247-169 to pass a bill that would ease some of the one-size-fits-all regulations that are crippling community financial institutions. H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 – sponsored by Representative Scott…

NACHA Launches Program to Support Standardization of B2B ACH Transactions

March 14, 2018 / Source: NACHA

NACHA Launches Program to Support Standardization of B2B ACH Transactions POSTED MARCH 13, 2018 Request for Payment Program Leverages ISO 20022 Message Standard to Enable a Consistent Process for Electronic Invoicing and Receipt of Payment and Remittance   HERNDON, Va., March. 13, 2018 – Today, NACHA—The Electronic Payments Association® announced the launch of its new Request…

Federal Reserve issues enforcement action

March 14, 2018 / Source: FRB

Press Release March 13, 2018 Federal Reserve issues enforcement action with Industrial and Commercial Bank of China Ltd. For release at 11:00 a.m. EDT The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Industrial and Commercial Bank of China Ltd., Beijing, People's Republic of China and Industrial and Commercial…

Consumers’ Expectations about their Financial Situations Continued to Improve in February

March 13, 2018 / Source: New York Fed

PRESS RELEASE Consumers’ Expectations about their Financial Situations Continued to Improve in February March 12, 2018 NEW YORK— The Federal Reserve Bank of New York's Center for Microeconomic Data released the February 2018 Survey of Consumer Expectations, which shows a slight increase in short- and medium- term inflation expectations. Consumers' expectations about their personal financial situations…

CitiMortgage, Inc., O’Fallon, MO, Improperly Filed for FHA-HAMP Partial Claims…

March 13, 2018 / Source: US Department of Housing and Urban Development - Office of Inspector General

CitiMortgage, Inc., O’Fallon, MO, Improperly Filed for FHA-HAMP Partial Claims Before Completing the Loan Modifications and Reinstating the Loans 03/08/2018 10:21 AM EST The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited CitiMortgage’s processing of partial claims.  Our audit objective was to determine whether CitiMortgage filed for partial claims only…

FSB publishes Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Pract

March 12, 2018 / Source: FSB

FSB publishes Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices 9 March 2018 Press enquiries: +41 61 280 8138 [email protected]    Ref no: 7/2018 The Financial Stability Board (FSB) today published the final version of its Supplementary Guidance to theFSB Principles and Standards on Sound Compensation Practices following a public consultation launched in June…

Securing Your Personal Financial Information

March 12, 2018 / Source: Financial Services Committee

Press Releases Securing Your Personal Financial Information  Washington, March 7, 2018 – The Subcommittee on Financial Institutions and Consumer Credit held a hearing today to discuss two legislative proposals, the “Data Acquisition and Technology Accountability and Security Act” and the “Promoting Responsible Oversight of Transaction and Examinations of Credit Technology (PROTECT) Act of 2017.” These important…

More than 9,000 Third-Party Senders Have Been Registered with NACHA as of March 1 Deadline

March 9, 2018 / Source: NACHA

More than 9,000 Third-Party Senders Have Been Registered with NACHA as of March 1 Deadline NACHA Rule supports understanding and identification of Third-Party Sender relationships by ODFIs  HERNDON, Va., The Electronic Payments Association® reported that banks and credit unions have registered 9,403 Third-Party Senders as of the March 1, 2018 deadline, resulting from NACHA’s Third-Party Sender…

Federal Reserve Board announces it will not object to the capital plan resubmitted by Capital One

March 9, 2018 / Source: FRB

Press Release March 09, 2018 Federal Reserve Board announces it will not object to the capital plan resubmitted by Capital One Financial Corporation For release at 9:15 a.m. EST The Federal Reserve Board announced on Friday that it will not object to the capital plan resubmitted by Capital One Financial Corporation, as a result of…

Back to Basics Reg CC Funds Availability Webinar is Now Available!

March 8, 2018 / Source:

Back to Basics Reg CC Funds Availability Webinar is now available! It can be found under “News & Events” “Past Events” “Past Webinars.” View Webinar Here

Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

March 8, 2018 / Source: CFPB

CFPB Issues Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy MAR 08, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering…

CFPB Issues Request For Information On Rulemaking Processes

March 8, 2018 / Source: CFPB

CFPB Issues Request For Information On Rulemaking Processes MAR 07, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) about the Bureau’s rulemaking processes. The Bureau is seeking comments and information from interested parties to help assess the overall efficiency and effectiveness of its rulemaking processes. This is…

FDIC Announces Settlement with The Bancorp Bank

March 8, 2018 / Source: FDIC

Press Releases FDIC Announces Settlement with The Bancorp Bank, Wilmington, Delaware, for Unfair and Deceptive Practices Harmed consumers to receive approximately $1.3 million in restitution FOR IMMEDIATE RELEASE March 7, 2018 Media contact: LaJuan Williams-Young 202-898-3876 (office) [email protected] The Federal Deposit Insurance Corporation (FDIC) announced a settlement with The Bancorp Bank, Wilmington, Delaware, relating to…

Federal Reserve Board requests comments on amendments to simplify Regulation J

March 7, 2018 / Source: FRB

Press Release March 06, 2018 Federal Reserve Board requests comments on amendments to simplify Regulation J and make it conform more closely with Regulation CC For release at 12:00 p.m. EST The Federal Reserve Board on Tuesday requested comment on amendments to simplify Regulation J (Collection of Checks and Other Items by Federal Reserve Banks…

FFIEC Revised A Guide to HMDA Reporting: Getting It Right!

March 7, 2018 / Source: FDIC

Financial Institution Letters FIL-10-2018 March 5, 2018 FFIEC Revised A Guide to HMDA Reporting: Getting It Right! Printable Format: FIL-10-2018 – PDF (PDF Help) Summary: The Federal Financial Institutions Examination Council (FFIEC) has revised A Guide to HMDA Reporting: Getting It Right! to reflect the October 2015 Home Mortgage Disclosure Act (HMDA) final rule, as amended in 2017. This compliance…

FDIC Issues List of Banks Examined for CRA Compliance

March 6, 2018 / Source: FDIC

Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE March 5, 2018 Media contact: Greg Hernandez (202) 898-6984 [email protected] 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…

OCC Hosts Mutual Savings Association Advisory Committee Meeting on March 21

March 6, 2018 / Source: OCC

NR 2018-24 FOR IMMEDIATE RELEASE March 5, 2018 Contact: Stephanie Collins (202) 649-6870 OCC Hosts Mutual Savings Association Advisory Committee Meeting on March 21 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Wednesday, March 21, 2018, beginning…