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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Stressed Banks?
August 15, 2020 / Source: FDIC
Evidence from the Largest-Ever Supervisory Review” by Puriya Abbassi, Rajkamal Iyer, José-Luis Peydró, and Paul E. Soto Abstract: Regulation needs effective supervision; but regulated entities may deviate with unobserved actions. For identification, we analyze banks, exploiting the European Central Bank’s asset-quality-review (AQR) and supervisory security and credit registers. After the announcement of the AQR, reviewed…
Mortgage Rates Move Up August 13, 2020
August 15, 2020 / Source: Freddie Mac
MCLEAN, Va., Aug. 13, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent. “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,”…
Federal Reserve highlights research and experimentation undertaken to enhance its understanding of the opportunities and risks associated with central bank digital currencies
August 13, 2020 / Source: FRB
Press Release The Federal Reserve on Thursday highlighted the research and experimentation undertaken to enhance its understanding of the opportunities and risks associated with central bank digital currencies. The initiatives complement a broad set of payments-related innovation projects currently underway within the Federal Reserve System. “Given the dollar's important role, it is essential that the…
Anti-Money Laundering (AML) Program Renewal Notice and Customer Identification Program (CIP) Renewal Notice
August 13, 2020 / Source: FinCEN
On August 13, 2020, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register two 60-day notices to renew the Office of Management and Budget (OMB) control numbers assigned to the AML program and CIP regulatory requirements. The notices are required to give the public an opportunity to comment on existing regulatory requirements and…
Federal Banking Agencies Issue Joint Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements
August 13, 2020 / Source: FDIC
Press Release FOR IMMEDIATE RELEASE WASHINGTON—The federal banking agencies today issued a joint statement updating their existing enforcement guidance to enhance transparency regarding how they evaluate enforcement actions that are required by statute when financial institutions fail to meet Bank Secrecy Act/anti-money laundering (BSA/AML) obligations. The statement clarifies that isolated or technical violations or deficiencies…
Deposit Insurance Coverage Seminars: Free Nationwide Series for Bank Officers and Employees
August 12, 2020 / Source: FDIC
Financial Institution Letter August 12, 2020 | FIL-75-2020 Summary: The FDIC will conduct four identical live seminars on FDIC deposit insurance coverage for bank employees and bank officers between September 15, 2020, and December 10, 2020. In addition to a comprehensive overview of FDIC deposit insurance rules, the seminars include deposit insurance coverage information on signature card…
Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility
August 11, 2020 / Source: FRB
Press Release August 11, 2020 The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF). The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative…
Payday Lending Rule FAQs
August 11, 2020 / Source: CFPB
Today, the Bureau issued several Frequently Asked Questions (FAQs) about the Small Dollar Lending Rule. You can access the FAQs here. The Bureau previously issued several resources, including a Small Entity Compliance Guide, to help institutions comply with the Small Dollar Lending Rule. You can access those resources here.
Former banker and mortgage broker sent to prison for defrauding California bank
August 10, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE HOUSTON – Two Houston-area family members have been ordered to federal prison following their convictions on multiple counts to include conspiracy, bank fraud, false statements on credit applications, wire fraud and mail fraud, announced U.S. Attorney Ryan K. Patrick. A federal jury deliberated for approximately seven hours before convicting Carlos…
Federal Reserve Board announces individual large bank capital requirements, which will be effective on October 1
August 10, 2020 / Source: FRB
Press Release August 10, 2020 Following its stress tests earlier this year, the Federal Reserve Board on Monday announced individual large bank capital requirements, which will be effective on October 1. Under its framework for large banks—those with more than $100 billion in total assets—capital requirements are in part determined by stress test results, which…
Arkansas Project Manager Pleads Guilty to Bank Fraud and False Statements in Connection With Covid-Relief Fraud
August 7, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Thursday, August 6, 2020 A project manager employed by a major retailer has pleaded guilty to bank fraud charges for filing fraudulent bank loan applications seeking more than $8 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and…
Office of the Comptroller of the Currency Fees and Assessments: Amended Interim Calendar Year 2020 Fees and Assessments Structure
August 7, 2020 / Source: OCC
OCC Bulletin 2020-73| August 7, 2020 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks (banks) of fees and assessments charged…
OCC Releases CRA Evaluations for 30 National Banks and Federal Savings Associations
August 7, 2020 / Source: OCC
News Release 2020-103 | August 7, 2020 WASHINGTON—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 July 1, 2020 through July 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that…
Federal Reserve announces details of new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States
August 6, 2020 / Source: FRB
Press Release August 06, 2020 The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States. The features and functionality described in the accompanying Federal Register notice represent a key milestone in the FedNow Service's development and are based…
OCC Assesses $80 Million Civil Money Penalty Against Capital One
August 6, 2020 / Source: OCC
News Release 2020-101 | August 6, 2020 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A. The OCC took these actions based on the bank's failure to establish effective risk assessment processes prior to migrating significant information technology operations to…
Additional Loan Accommodations Related to COVID-19 Event
August 5, 2020 / Source: FDIC
Financial Institution Letter August 3, 2020 | FIL-74-2020 Summary: The Federal Financial Institutions Examination Council (FFIEC) on behalf of its members issued a statement to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of the initial loan accommodation periods provided during the Coronavirus…
Troubled Debt Restructurings: Joint Statement on Additional Loan Accommodations Related to COVID-19
August 5, 2020 / Source: OCC
OCC Bulletin 2020-72| August 3, 2020 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Federal Financial Institutions Examination Council on behalf of its members1 today issued a joint statement to provide prudent risk management principles for financial…
FDIC Issues List of Banks Examined for CRA Compliance August 4, 2020
August 4, 2020 / Source: FDIC
FDIC Issues List of Banks Examined for CRA Compliance August 4, 2020 FOR IMMEDIATE RELEASE 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 May 2020. The CRA…
OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19
August 4, 2020 / Source: OCC
News Release 2020-100 | August 4, 2020 OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an interim final rule clarifying rules regarding account withdrawals from collective investment funds (CIF). The rule amends the OCC's requirements applicable to national…
Boulder Man Pleads Guilty To Nearly $32 Million Bank Fraud Scheme
August 3, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Friday, July 31, 2020 Boulder Man Pleads Guilty To Nearly $32 Million Bank Fraud Scheme Michael Scott Leslie engaged in identity theft to obtain funds for fraudulent mortgages DENVER – United States Attorney Jason R. Dunn announced today that Michael Scott Leslie, age 57, of Boulder, Colorado, pleaded guilty to…
Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions.
August 3, 2020 / Source: FinCEN
Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions. The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, today issued responses to three frequently asked questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs clarify the regulatory requirements related to obtaining customer…
FDIC Makes Public June 2020 Enforcement Actions
July 31, 2020 / Source: FDIC
FDIC Makes Public June Enforcement Actions No Administrative Hearings Scheduled for August 2020 July 31, 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June. There are no administrative hearings scheduled for August 2020. The FDIC issued 25 orders…
CFPB issues HMDA FAQs – Multiple Data Points
July 31, 2020 / Source: CFPB
CFPB issues HMDA FAQs – Multiple Data Points Today, the Bureau released two HMDA FAQs in response to questions it has received. The FAQs cover reporting requirements for certain data points, and specifically discuss reporting when the information is not the dispositive factor in a credit decision. You can access the FAQs here:https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/hmda-reporting-requirements/home-mortgage-disclosure-act-faqs/.
Volcker Rule Covered Funds: Final Rule
July 31, 2020 / Source: OCC
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
July 30, 2020 / Source: FDIC
Financial Institution Letter Proposed Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report July 30, 2020 | FIL-73-2020 Summary: On July 22, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the…