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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Treasury Sanctions the IRGC Cooperative Foundation and Senior Iranian Officials Connected to Protest Suppression

January 23, 2023 / Source: Treasury

By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season—the annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…

Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act

January 23, 2023 / Source: Treasury

By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season—the annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…

OCC Solicits Research on Emerging Risks in the Banking System

January 23, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters…

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

January 19, 2023 / Source: Treasury

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit. The full text of the letter can be found here and is available below.   The Honorable Kevin McCarthy Speaker U.S. House of Representatives Washington, DC  20515   Dear Mr. Speaker: I write to…

Staying the Course to Bring Inflation Down

January 19, 2023 / Source: FRB

Inflation has declined in recent months, which is important for American households, businesses, and consumers. Inflation is high, and it will take time and resolve to get it back down to 2 percent. We are determined to stay the course.1 Financial conditions have tightened considerably over the last year as the Federal Reserve and foreign…

CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want

January 19, 2023 / Source: CFPB

New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that…

Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties

January 18, 2023 / Source: FinCEN

Release Date : January 18, 2023 FinanciaCrimes Enforcement Network; Inflation Adjustment of Civil Monetary Pena… Action Type :Final Rule

Treasury International Capital Data for November

January 18, 2023 / Source: Treasury

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2022.  The next release, which will report on data for December 2022, is scheduled for February 15, 2023. The sum total in November of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…

FinCEN Identifies Virtual Currency Exchange Bitzlato as a “Primary Money Laundering Concern” in Connection with Russian Illicit Finance

January 18, 2023 / Source: FinCEN

Action is the First Order Issued under Powerful New “Section 9714” Authority WASHINGTON— Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance. This is the first order issued pursuant to…

CFPB releases updates to mortgage servicing exam procedures

January 18, 2023 / Source: CFPB

Today, the Consumer Financial Protection Bureau (CFPB) is releasing our updated Mortgage Servicing Examination Procedures, providing transparency to stakeholders about how we do our work. The Examination Procedures describe the types of information that CFPB examiners gather to evaluate mortgage servicers’ policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to…

What’s ahead for Wells Fargo and its customers

January 17, 2023 / Source: CFPB

Recently, the CFPB took action against Wells Fargo Bank for breaking federal consumer protection laws that apply to financial products, including auto loans, mortgages, and bank accounts. Wells Fargo is required to pay more than $2 billion to customers who were harmed, plus a $1.7 billion fine that goes to the victims’ relief fund. One in…

Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Reports

January 17, 2023 / Source: FinCEN

Release Date: January 17, 2023 Action Type: Notice and Request for Comment, Forms Renewal/Update Read More: Agency Information Collection Activities; Proposed Collection; Comment Request;…

Federal Reserve Board provides additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise

January 17, 2023 / Source: FRB

The Federal Reserve Board on Tuesday provided additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise. As described in the instruction document released today, the six largest U.S. banks will analyze the impact of…

Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2023

January 17, 2023 / Source: OCC

Summary On January 4, 2023, 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…

Acting Comptroller Discusses Management of Large Banks

January 17, 2023 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed large bank manageability in remarks at Brookings. The Acting Comptroller shared his views on detecting, preventing and addressing risks that can result in large banks becoming too-big-to-manage. He reflected that large banks that repeatedly try but fail to fix their material deficiencies prolong risks to…

Servicemember reports about identity theft are increasing

January 12, 2023 / Source: CFPB

Identity theft can quickly reverse a good credit report, filling it with unknown, maxed-out credit card accounts or collections accounts for mystery debts. It can spell trouble for anyone, but for servicemembers, identity theft resulting in negative information on a credit report can lead to the loss of a security clearance or even discharge. In…

OCC Issues Revisions to Fair Lending Booklet

January 12, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a revised version of the “Fair Lending” booklet of the Comptroller’s Handbook. The “Fair Lending” booklet provides information and examination procedures to assist OCC examiners in assessing fair lending risk and evaluating compliance with the Fair Housing Act, the Equal Credit Opportunity Act (ECOA), and…

CFPB Takes Action to Halt Debt Collection Mill From Bombarding Consumers with Junk Lawsuits

January 11, 2023 / Source: CFPB

Forster & Garbus illegally sued borrowers on behalf of Citibank and Discover, among others WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has reached a settlement in its lawsuit against law firm Forster & Garbus, LLP for illegal debt-collection practices. If approved by the court, the proposed settlement would prohibit Forster & Garbus from filing…

CFPB Proposes Rule to Establish Public Registry of Terms and Conditions in Form Contracts That Claim to Waive or Limit Consumer Rights and Protections

January 11, 2023 / Source: CFPB

Companies can use terms and conditions in non-negotiable form contracts to try to hide consumer harm, to stifle criticism about products and services, and to undermine consumer financial protection law WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of supervised nonbanks’ terms and conditions in “take…

Racial Differences in Economic Security: Non-Housing Assets

January 10, 2023 / Source: Treasury

This is the fourth installment in a series of blog posts on racial inequality produced by the Office of Economic Policy.  The other posts can be found at these links:  1. Racial Inequality in the United States, 2. Racial Differences in Economic Security: The Racial Wealth Gap, 3. Racial Differences in Economic Security: Housing In this post, we…

Minutes of the Board’s discount rate meetings on November 14 through December 14, 2022

January 10, 2023 / Source: FRB

Protecting people’s access to their money The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from November 14 through December 14, 2022. For media inquiries, please email [email protected] or call (202) 452-2955. Attachment (PDF) Last Update: January 10, 2023

Protecting people’s access to their money

January 10, 2023 / Source: CFPB

Protecting people’s access to their money By Seth Frotman – JAN 10, 2023 History has made it clear that when companies don’t have to compete for business, there is a risk that they’ll take unfair advantage of the situation. When the COVID-19 pandemic hit in early 2020, Congress and many states and localities provided additional unemployment…

Financial Institution Letter -Regulatory Relief

January 9, 2023 / Source: FDIC

Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Nicole Summary: 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 Nicole. A copy of the Guidance can be found…

On Anti-Corruption Day, A Look at Treasury Efforts to Counter Corruption

January 9, 2023 / Source: Treasury

By: Under Secretary for Terrorism and Financial Intelligence Brian Nelson  International Anti-Corruption Day spotlights the significant threats that corruption poses to the rule of law, economic development, democracy, social cohesion, and national security. On this important day, and in recognition of the Biden-Harris Administration’s U.S. Strategy on Countering Corruption—released one year ago—the Treasury Department is addressing this challenge…

OCC Issues Annual Report for 2022

January 5, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2022 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. The report specifically highlights the OCC’s work to…