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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FinCEN Issues Advisory on Iran-Backed Terrorist Organizations

May 8, 2024 / Source: FinCEN

WASHINGTON — Today, in light of intensified terrorist activity in the Middle East, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights the means by which certain terrorist organizations receive support from…

Speech – Current Assessment of Financial Stability

May 8, 2024 / Source: FRB

Governor Lisa D. Cook Thank you, David. And thank you to the Brookings Institution for hosting me today. I am especially grateful to return to the place where, in my first job as an aspiring economist, I was a research assistant for Alice Rivlin over three decades ago. Today, I would like to talk about…

CFPB to distribute nearly $40 million to consumers misled by fintech company LendUp Loans

May 8, 2024 / Source: CFPB

This month, 118,101 consumers who were deceived by LendUp Loans LLC will receive checks in the mail. LendUp Loans, headquartered in Oakland, California, offered single-payment and installment loans to consumers online and marketed itself as an alternative to payday lenders. A central component of LendUp’s marketing and brand identity was the “LendUp Ladder.” The company…

CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

May 7, 2024 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or even months for balance refunds after closing their accounts – a failure that inflicted significant financial harm on consumers who did not have access…

HUD Revitalizes Housing Voucher Program

May 7, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the publication of a new rule implementing portions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Principal Deputy Assistant Secretary for Public and Indian Housing Richard J. Monocchio made the announcement in DeKalb County, Georgia. “HUD is meeting the moment to address the…

Biden-Harris Administration Announces $5.5 Billion in Grants for Affordable Housing, Community Development, and Homeless Assistance to Drive Economic Growth

May 7, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced $5.5 billion in funding that will go to 1,200 communities through more than 2,400 grants to States, urban counties, insular areas, DC, Puerto Rico, and localities across the country. These annual formula grants provide critical funding for a wide range of activities to address their…

Agencies Issue Proposal on Incentive-Based Compensation

May 6, 2024 / Source: FDIC

Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956).  The…

CFPB Takes Action to Require National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency to Pay More than $5 Million for Student Loan Servicing Failures

May 6, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans. The CFPB alleges that the defendants failed to respond to borrowers seeking…

Prepared Remarks of FinCEN Director Andrea Gacki During the SIFMA AML Conference

May 6, 2024 / Source: FinCEN

Good morning, it is an honor to join you here today for the first time in my capacity as Director of FinCEN. I very much appreciate SIFMA’s invitation to be a part of today’s discussion. I had the opportunity to speak with SIFMA’s AML Committee earlier this year, and I valued that dialogue and your…

Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices

May 5, 2024 / Source: FDIC

Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to…

U.S. Department of the Treasury Releases Final Rules to Lower Consumer Costs, Continue U.S. Manufacturing Boom in Batteries and Clean Vehicles, Strengthen Energy Security

May 5, 2024 / Source: Treasury

WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released final rules on the clean vehicle provisions of the Inflation Reduction Act (IRA) that are lowering costs for consumers, spurring a boom in U.S. manufacturing, and strengthening energy security by building resilient supply chains with allies and partners. Since President…

HUD Issues Fair Housing Act Guidance on Applications of Artificial Intelligence

May 2, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular concerns: the tenant screening process and its application to the advertising of housing opportunities through online platforms that use targeted ads. Today’s announcement is…

HUD Announces Nearly $90 Million to Make Low-income Families’ Homes Safer and Healthier

May 2, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced nearly $90 million available to reduce residential health hazards for low-income families, including lead-based paint hazards, carbon monoxide, mold, radon, fire safety, and asbestos, advancing President Biden’s Lead Pipe and Paint Action Plan. With this investment, since 1993, HUD has made more than $3.5 billion…

More competition and less complexity: How the CFPB is working to lower prices in the credit card market

May 2, 2024 / Source: CFPB

Consumers are faced with making complex decisions around pricing across a multitude of markets. Americans see this as they look to plan summer trips. From flights to rental cars to amusement park tickets, it can feel like there’s too much fine print and too many junk fees not included in the upfront price. Some argue…

HUD Issues New Guidance to Protect Borrowers from Appraisal Bias

May 1, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic bias in home appraisals. FHA’s new requirement for lenders participating in its Single Family program will enable borrowers to request a re-assessment of the…

CFPB Highlights the Hidden Costs of Health Savings Accounts

May 1, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay. There were approximately 36 million health savings accounts in 2023 – holding more than $116 billion. These accounts provide tax benefits to help offset the costs of high…

Federal Reserve issues FOMC statement

May 1, 2024 / Source: FRB

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective. The…

Remarks by James L. Anderson, Deputy General Counsel, FDIC, on Merger Policies of the Federal Banking Agencies before the Subcommittee on Financial Institutions and Monetary Policy Committee on Financial Services, U.S. House of Representatives

May 1, 2024 / Source: FDIC

Introduction Chairman Barr, Ranking Member Foster, and members of the Subcommittee, thank you for the opportunity to appear today to discuss the Federal Deposit Insurance Corporation’s (FDIC) role in bank merger transactions.  My testimony today will summarize the statutory framework under which the FDIC evaluates bank merger transactions, the current merger application submission and review…

CFPB Publishes Research Finding Higher Price Complexity Leads Consumers to Pay More

April 30, 2024 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of buyers and sellers interacting in simple markets, and found that participants tended to pay more when prices…

Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Ways & Means, U.S. House of Representatives

April 30, 2024 / Source: Treasury

Chairman Smith, Ranking Member Neal, and Members of the Committee: Thank you for the invitation to testify. The Biden Administration has driven a historic economic recovery over the past three years. GDP growth has been strong, growing 3.0 percent over the past four quarters. Inflation has decreased significantly since its peak, though we have more…

FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements

April 29, 2024 / Source: FinCEN

Immediate Release April 29, 2024 The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information reporting requirements…

CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports

April 29, 2024 / Source: CFPB

 Submit a Complaint Search /Newsroom CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports People living in the South continue to be most likely to have medical bills on their reports APR 29, 2024 SHARE & PRINT WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released research showing that 15 million Americans still have…

Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee

April 29, 2024 / Source: Treasury

April 29, 2024 INTRODUCTION Over the past three months, incoming U.S. economic data continue to show robust growth in the labor market, household consumption, and business investment, even as inflation remains well below its peak.  Although headline GDP growth slowed more than expected in the first quarter, underlying demand from households and businesses remained remarkably…

Supervisory Highlights, Issue 33 (Spring 2024)

April 28, 2024 / Source: CFPB

This is the 33rd edition of Supervisory Highlights. The findings in this report cover select examinations regarding mortgage servicing, that were completed from April 1, 2023 through December 31, 2023. FULL REPORT Read the full report 

U.S. Department of the Treasury’s Federal Insurance Office Launches New Partnership with the National Science Foundation on Terrorism and Catastrophic Cyber Risks

April 28, 2024 / Source: Treasury

WASHINGTON – This week, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) hosted the 2024 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) Annual Conference.  IFTRIP is a forum of 15 nations, including the United States, supporting initiatives for closer international collaboration among sovereign-backed terrorism reinsurance pools.  FIO began serving as chair of…