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 dayâposting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.
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Appraisal standards must include federal prohibitions against discrimination
February 14, 2023 / Source: CFPB
Homeownership is one of the best paths for building intergenerational wealth. For some homebuyers and owners, however, a homeâs valuation may be skewed by skin color or community demographics. Biased home appraisals can worsen racial inequities and distort the housing market. Today, the CFPB and leaders from across the federal government submitted a joint letter  to The…
Market Snapshot: Trends in Third-Party Debt Collections Tradelines Reporting
February 14, 2023 / Source: CFPB
This report provides an overview of the trends in third-party debt collections tradelines on consumer credit reports from 2018 to 2022. The report uses data from the Bureauâs Consumer Credit Panel (CCP), a nationally representative sample of de-identified credit records maintained by one of the three nationwide credit reporting companies. A collections tradeline is an…
CFPB Finds One-Third Decline in Collections Items on Consumer Credit Reports
February 14, 2023 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The share of…
FACT SHEET: State and Local Fiscal Recovery Funds Helping Communities Recover from the Pandemic
February 14, 2023 / Source: Treasury
The State and Local Fiscal Recovery Funds (SLFRF) provided under President Bidenâs American Rescue Plan Act continue to play a crucial role in allowing county governments to stabilize their budgets, respond to the pandemic, and invest in their communities. SLFRF provides more than $65 billion in flexible aid to county governments, representing the first time in history…
Treasury, Energy Release Guidance on Inflation Reduction Act Programs to Incentivize Investments in Underserved Communities, Hard-Hit Coal Communities
February 13, 2023 / Source: Treasury
WASHINGTON, D.C. â Today the U.S. Treasury Department, the U.S. Department of Energy, and the Internal Revenue Service (IRS) released information on key provisions of the Inflation Reduction Act to incentivize investment in underserved communities and hard-hit coal communities. âThanks to President Bidenâs leadership, the Inflation Reduction Act ensures all Americans benefit from the growth…
Joint Statement on the U.S.-EU Financial Regulatory Forum
February 13, 2023 / Source: Treasury
WASHINGTONÂ â The U.S.-EU Joint Regulatory Forum took place on February 7-8, 2023, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. EU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions…
Treasury Sanctions Corrupt Elites Across Bulgarian Political Spectrum
February 12, 2023 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned five current or former Bulgarian government officials â Rumen Stoyanov Ovcharov (Ovcharov), Aleksandar Hristov Nikolov (Nikolov), Ivan Kirov Genov (Genov), Nikolay Simeonov Malinov (Malinov), and Vladislav Ivanov Goranov (Goranov) â for their extensive involvement in corruption in Bulgaria. OFAC also…
OCC Chief Counsel Discusses Bank Mergers
February 12, 2023 / Source: OCC
WASHINGTONâSenior Deputy Comptroller and Chief Counsel Ben W. McDonough today discussed the need to evaluate the framework for evaluating bank mergers in remarks delivered on behalf of Acting Comptroller Michael J. Hsu at the Office of the Comptroller of the Currencyâs Bank Merger Symposium. The remarks included a discussion of the future of bank merger…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2023
February 9, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCCâs rule that implements the stress testing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection…
Federal Reserve Board releases hypothetical scenarios for its 2023 bank stress tests
February 9, 2023 / Source: FRB
The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real…
Treasury Sanctions Companies Involved in Production, Sale, and Shipment of Iranian Petrochemicals and Petroleum
February 9, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned nine entities across multiple jurisdictions that have played a critical role in the production, sale, and shipment of hundreds of millions of dollarsâ worth of Iranian petrochemicals and petroleum to buyers in Asia. Treasury is targeting six Iran-based petrochemical…
United States and United Kingdom Sanction Members of Russia-Based Trickbot Cybercrime Gang
February 9, 2023 / Source: Treasury
The United States and United Kingdom issue historic joint cyber sanctions WASHINGTON â Today, the United States, in coordination with the United Kingdom, is designating seven individuals who are part of the Russia-based cybercrime gang Trickbot. This action represents the very first sanctions of their kind for the U.K., and result from a collaborative partnership…
New Treasury Report Assesses Opportunities, Challenges Facing Financial Sector Cloud-Based Technology Adoption
February 8, 2023 / Source: Treasury
Treasury launches interagency Cloud Services Steering Committee to bolster regulatory and private sector cooperation WASHINGTONâThe U.S. Department of the Treasury today released a report on the potential benefits and challenges associated with the increasing trend of financial sector firms adopting cloud services technology. While cloud services can increase access and reliability for local communities as…
Treasury Sanctions MS-13-Affiliates for Drug Trafficking and Contract Killings in Central America and the United States
February 8, 2023 / Source: Treasury
Action Part of Interagency Effort to Disrupt Mara Salvatrucha (MS-13) WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Yulan Adonay Archaga Carias a.k.a. âAlexander Mendozaâ a.k.a. âPorky,â an MS-13 gang leader based in Honduras, and David Elias Campbell Licona a.k.a. âJorge Eduardo Perez Paz,â an MS-13 associate…
The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation
February 8, 2023 / Source: FRB
February 08, 2023 The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation Governor Christopher J. Waller At the 2023 Arkansas State University Agribusiness Conference, Jonesboro, Arkansas Share Watch Live Thank you, Bert, and thank you for the opportunity to talk about where the economy is heading, what the Federal Reserve is…
Our agency-wide effort to listen to the people we serve
February 8, 2023 / Source: CFPB
The CFPB is committed to making financial markets work for all consumers. We have launched a series of ambitious efforts to improve how we collect information from the public. These efforts will ensure our work is guided by the people we serve. The Paperwork Reduction Act: Driving improvements in user experience The Paperwork Reduction Act (PRA)  ensures…
CFPB Issues Guidance to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms
February 7, 2023 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. When shoppers use a…
Statement of CFPB Director Rohit Chopra on Mortgage Comparison Shopping in a Time of Higher Interest Rates
February 7, 2023 / Source: CFPB
Homebuying, refinancing, or cashing out equity can be grueling processes with tens of thousands of dollars on the line. Over the last year, mortgage interest rates have increased rapidly, adding to the stress of homebuying. Given these higher rates, it has become more important than ever for Americans to shop and compare products. People often…
Banksâ overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels
February 7, 2023 / Source: CFPB
Third quarter of 2022 is down more than 40% compared to third quarter of 2019, suggesting $5B reduction in fees on annual basis. FEB 07, 2023 Since late 2021, several banks have announced changes to their overdraft programs that have been expected to reduce overdraft/non-sufficient fund (NSF) fee revenue. Our most recent analysis finds that…
Branch Closings: Revised Comptrollerâs Licensing Manual Booklet
February 7, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today the âBranch Closingsâ booklet of the Comptrollerâs Licensing Manual. The revised booklet replaces the booklet of the same title issued June 2017, makes corrections where necessary, and contains updated guidance. Note for Community Banks This booklet applies to all national banks, federal savings associations, and…
Statement by Secretary of the Treasury Janet L. Yellen on the Announcement on the Price Caps for Seaborne Russian-Origin Petroleum Products
February 6, 2023 / Source: Treasury
WASHINGTON â Secretary of the Treasury Janet L. Yellen released the following statement following the announcement by the price cap coalition to set price caps on the price of seaborne Russian refined oil products. âI applaud the G7 price cap coalition for jointly setting caps on the price of seaborne Russian refined oil products. Todayâs…
FDIC Supervisory Approach Regarding Changes to HMDAâs Closed-End Mortgage Loan Volume Reporting Threshold
February 6, 2023 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) is issuing this Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDICâs supervisory approach for enforcing related requirements. For FDIC-supervised institutions that meet Regulation Câs coverage requirements, the threshold for reporting…
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction
February 3, 2023 / Source: FinCEN
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction Release Date February 03, 2023 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe⌠Action Type Notice of Corrections
Treasury Sanctions Board of Directors of Iranian UAV Manufacturer
February 3, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating eight senior executives of Paravar Pars Company (Paravar Pars), an Iran-based firm that was previously sanctioned by the United States and European Union for manufacturing Shahed-series unmanned aerial vehicles (UAVs) for Iranâs Islamic Revolutionary Guard Corps Aerospace Force…
Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act
February 3, 2023 / Source: Treasury
WASHINGTONâToday, the U.S. Treasury Department updated the vehicle classification standard used to determine the applicable Manufacturer Suggested Retail Price (MSRP) limitation for clean vehicle tax credits available under the Inflation Reduction Act. On December 29, 2022, Treasury published a notice of intent to propose regulations containing information for consumers and manufacturers in advance of the January 1,…