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.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
Treasury Adds Further Sanctions Targeting Houthi and Hizballah Trade Networks
August 15, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several companies, individuals, and vessels for their involvement in the shipment of Iranian commodities, including oil and liquefied petroleum gas (LPG), to Yemen and the United Arab Emirates (UAE) on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods…
Former Attorney Sentenced to 25 Years in Federal Prison on Embezzlement and Fraud Charges in Connection With Collapse of Washington Federal Bank
August 15, 2024 / Source: DOJ
CHICAGO — A former attorney has been sentenced to 25 years in federal prison for embezzlement and fraud in connection with the failure of Washington Federal Bank for Savings in Chicago. ROBERT M. KOWALSKI served a key role in an embezzlement scheme at Washington Federal. The bank, which was based in Chicago’s Bridgeport neighborhood, was…
Biden-Harris Administration Awards Nearly $140 Million to Expand Affordable Housing for People with Disabilities
August 14, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development awarded $138.5 million in grants for more than a dozen state housing agencies to expand the supply of housing and supportive services for low-income persons with disabilities across America. Funding made possible by HUD’s Section 811 Project Rental Assistance (PRA) for Persons with Disabilities program will allow…
Treasury Unveils New CFIUS Enforcement Website to Provide Further Clarity and Transparency Regarding CFIUS Penalties and Other Enforcement Actions
August 14, 2024 / Source: Treasury
WASHINGTON — Today, in a continuing evolution and sharpening of the Committee on Foreign Investment in the United States (CFIUS) as a critical national security tool, and in furtherance of greater transparency, the Treasury Department updated the CFIUS website to share more details and guidance with the public and the investing community about how CFIUS approaches…
Federal Trade Commission Announces Final Rule Banning Fake Reviews and Testimonials
August 14, 2024 / Source: FTC
The Federal Trade Commission today announced a final rule that will combat fake reviews and testimonials by prohibiting their sale or purchase and allow the agency to seek civil penalties against knowing violators. Image “Fake reviews not only waste people’s time and money, but also pollute the marketplace and divert business away from honest competitors,” said FTC…
ACCESS magazine for August 2024 is now published
August 14, 2024 / Source: Compliance Alliance
A resource like no other—top-tier compliance guidance in a monthly magazine format—that’s Compliance Alliance’s ACCESS Magazine. Articles, FAQs, and more that range across regulations, bank areas, and functions, all with an eye on keeping you in best practices. This month we have: • Spotlight on Jane Lay, our Bank Compliance Leader Award winner from UBank…
Biden-Harris Administration Enhances Program to Build More Affordable Homes
August 13, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury today announced new actions to provide more interest rate certainty for state and local Housing Finance Agencies (HFAs) that use the Federal Housing Administration’s (FHA) risk sharing initiative with the Federal Financing Bank to finance new construction of affordable housing. Since Day…
Qualified Professional Asset Manager (QPAM) Exemption Amendment
August 13, 2024 / Source: FDIC
Summary: This issuance is intended to notify FDIC-supervised institutions of an amendment of the U.S. Department of Labor’s (DOL) Prohibited Transaction Class Exemption rule (PTE 84-14) for Qualified Professional Asset Manager (QPAM) exemptions. The QPAM Exemption (hereafter, PTE 84-14) provides broad relief for employee benefit plan and individual retirement account transactions that would otherwise be…
CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail
August 13, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. Under contract-for-deed deals, the seller agrees to turn over a home’s deed only after the buyer completes a series of payments. The deals often have little oversight,…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
August 13, 2024 / Source: FinCEN
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access Release Date August 13, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
CFPB Comment on Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
August 12, 2024 / Source: CFPB
The Honorable Janet YellenSecretaryU.S. Department of the Treasury1500 Pennsylvania Ave NWWashington, DC 20220 Thank you for the opportunity to comment on this important issue in the financial services sector. The Consumer Financial Protection Bureau (CFPB) is a unit of the Federal Reserve System charged with ensuring that consumer financial markets are fair, transparent, and competitive.1 As…
Proposed Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022
August 11, 2024 / Source: FDIC
Summary: The FDIC is issuing a joint Notice of Proposed Rulemaking (“NPR”) as required by the Financial Data Transparency Act of 2022 (“FDTA”) (PDF). Joining the FDIC in issuing the NPR are the Department of the Treasury; Board of Governors of the Federal Reserve System; Office of the Comptroller of the Currency; Consumer Financial Protection Bureau;…
Classification of Interactive Teller Machines as Domestic Branches or Remote Service Units
August 11, 2024 / Source: FDIC
Summary: Statutory Background Section 18(d) of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. § 1828(d)) requires a state nonmember bank to obtain the FDIC’s consent before establishing a domestic branch. Section 3(o) of the FDI Act (12 U.S.C. § 1813(o)) specifically excludes automated teller machines (ATMs) and remote service units (RSUs) from the…
2023 Financial Literacy Annual Report
August 11, 2024 / Source: CFPB
AUG 09, 2024 The 2023 Financial Literacy Annual Report describes the CFPB’s financial literacy activities and strategy to improve the financial literacy of consumers. This year’s report includes information about the CFPB’s efforts to be a source of unbiased, objective information consumers can trust, as well as examples of effective financial education using the CFPB’s…
FDIC Establishes Initial Submission Dates for Resolution Plans and Informational Filings For Covered Institutions
August 8, 2024 / Source: FDIC
Summary: This FIL supplements FIL 34-2024 regarding Final Rulemaking on Resolution Plans Required for Insured Depository Institutions with $100 Billion or More in Total Assets; Informational Filings Required for Insured Depository Institutions with At Least $50 Billion but Less Than $100 Billion in Total Assets (final rule) issued on June 20, 2024. This final rule was published in the Federal…
Treasury’s FinCEN Launches Nationwide Public Service Announcements to Inform Business Owners about Beneficial Ownership Reporting Requirements
August 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new beneficial ownership reporting requirements. To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio…
Biden-Harris Administration Expands Access to Housing for Veterans
August 8, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a new set of policy changes that will help more veterans receive assistance under the HUD-Department of Veteran Affairs (VA) Supportive Housing (HUD-VASH) program, and improve their access to supportive housing developments. Veterans experiencing homelessness often receive VA benefits as a result of an injury or illness that…
CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees
August 8, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers. The proposed order, if entered by the court, would impose a $2 million civil…
CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans
August 7, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances. The report describes how fees often increase loan costs by 30% or…
Consumer advisory: Steer clear of costly and complex loans for solar energy installation
August 7, 2024 / Source: CFPB
As record heat waves hit areas across the country, people are facing higher energy bills to keep their homes cool. Many homeowners are considering solar panels and other solar energy equipment because it offers an opportunity to lower their monthly costs over the long run. Most Americans are eligible for tax credits to partially offset the cost…
U.S. Department of the Treasury Releases New Data on American Consumer Energy Savings Under Inflation Reduction Act
August 7, 2024 / Source: Treasury
WASHINGTON – Today, in advance of the two-year anniversary of the Inflation Reduction Act, the U.S. Department of the Treasury (Treasury) released new data from the IRS and new analysis by the Office of Economic Policy showing that more than 3.4 million American families benefitted from $8.4 billion in tax credits to lower the costs of clean energy and energy efficiency…
Junk fees that harm competition
August 6, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is working to combat junk fees that hamper fair, transparent, and competitive markets and to ensure that companies don’t use fine print to escape accountability when they break the law. The CFPB has addressed illegal junk fees in a variety of consumer financial markets, including bank accounts, credit cards, and international money transfers,…
U.S. Department of the Treasury Announces Up to $83 Million in American Rescue Plan Small Business Support to Drive Economic Growth for 125 Alaska Tribes
August 6, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced the approval of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. Funded by the Biden-Harris Administration’s American Rescue Plan (ARP), this investment supports the nation’s largest Tribal SSBCI consortium and is part of the…
Federal Reserve Board issues final joint guidance to help certain large banks further develop their resolution plans
August 5, 2024 / Source: FRB
The Federal Reserve Board on Monday issued final joint guidance to help certain large banks further develop their resolution plans. The final guidance is largely similar to the proposed guidance from August 2023 and incorporates changes in response to comments received. The Board developed the guidance jointly with the Federal Deposit Insurance Corporation, and it is now…
HUD Delivers Nearly $28 Million Transaction to Build and Preserve Affordable Housing for Illinois Seniors
August 5, 2024 / Source: HUD
WAUKEGAN – Today, the U.S. Department of Housing and Urban Development announced the completion of a nearly $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA), to expand affordable housing options for low-income seniors in Waukegan, Illinois. “The Biden-Harris Administration and HUD are committed to ensuring our country’s seniors can afford their…