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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OCC Finalizes Rule to Eliminate Unnecessary Licensing Requirements

November 16, 2020 / Source: OCC

News Release 2020-150  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent with safe, sound, and fair operation of…

FHFA Further Extends COVID-Related Loan Flexibilities November 2020

November 13, 2020 / Source: FHFA

News Release FOR IMMEDIATE RELEASE 11/13/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until December 31, 2020. The changes are to ensure continued support for bor rowers during the COVID-19 national emergency. The flexibilities were set to expire on…

Surge in COVID-19 Cases Poses Threat to Business and Consumer Sentiment

November 13, 2020 / Source: Fannie Mae

Economic & Housing Weekly Note November 13, 2020 Key Takeaways: The National Federation of Independent Business (NFIB) Small Business Optimism Index was unchanged in October, remaining at 104.0, just below the level seen in February. On net, the share of firms planning on increasing employment fell 5 percentage points to 18 percent, the first decrease…

Consumer Financial Protection Bureau Announces Settlement with Debt Collector for Credit Reporting Violation

November 12, 2020 / Source: CFPB

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Afni, Inc. (Afni) to address its violations in providing information to consumer reporting agencies (CRAs). Afni is a non-bank Illinois-based debt collector that specializes in collecting debt on behalf of telecommunications companies and furnishes information to consumer reporting agencies (CRAs) about consumers’…

FinCEN Holds Virtual FinCEN Exchange on Ransomware

November 12, 2020 / Source: FinCEN

Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers, and federal government agencies to discuss growing concerns regarding ransomware, as well as the efforts to curtail it.  Topics discussed included ransomware detection and reporting, emerging trends and typologies, and recovery…

New report explores the prevalence of actual payment information in consumer credit reporting

November 12, 2020 / Source: CFPB

Today the Consumer Financial Protection Bureau released the latest quarterly consumer credit trends report  exploring the prevalence of actual payment information in consumer credit reporting. Financial institutions’ decisions regarding what data are sent (or “furnished”) to consumer reporting agencies carry important implications for which factors lenders use to evaluate consumers. For consumers seeking credit, actual payment information…

Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company

November 10, 2020 / Source: FRB

Press Release November 10, 2020 Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Farmers Bank & Trust Company, Blytheville, Arkansas Flood insurance violations civil money penalty, dated November 6, 2020 Additional enforcement actions can be searched…

Acting Comptroller of the Currency Discusses Condition of the Federal Banking System and Agency Priorities

November 10, 2020 / Source: OCC

News Release 2020-148  WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Acting Comptroller's testimony discussed the agency's efforts to ensure the federal banking system is a source of strength, extends opportunities to underserved citizens, and operates in a…

Debt and delinquency after military service: A study of the credit records of young veterans in the first year after separation

November 9, 2020 / Source: CFPB

Consumer education and empowerment This report shows that a sizeable fraction of young enlisted servicemembers go delinquent on debt payments or have severe derogatories (for example, defaults) appear on their credit record around the time they leave active duty. The report focuses on three types of credit accounts: auto loans, revolving credit accounts (credit cards),…

OCC Reports Key Risks, Effects of COVID-19 in Federal Banking System

November 9, 2020 / Source: OCC

News Release 2020-147 | November 9, 2020 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020. Banks remain in strong financial condition but profitability is stressed due…

FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies November 6 2020

November 6, 2020 / Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) October 23 updated list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory…

Interagency Statement LIBOR Transition for Loans

November 6, 2020 / Source: FDIC

Financial Institution Letter FIL-104-2020 Summary: The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System (collectively, the agencies) have issued a joint statement reiterating that a bank may use any reference rate for its loans that the bank determines to be appropriate…

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas November 5 2020

November 5, 2020 / Source: FinCEN

Immediate Release November 05, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.  These renewed GTOs are identical to the May 2020 GTOs.  The purchase amount…

Federal Reserve issues FOMC statement November 5 2020

November 5, 2020 / Source: FRB

Press Release Federal Reserve issues FOMC statement The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world….

Consumer Financial Protection Bureau Files Lawsuit Against Driver Loan, LLC And Its CEO

November 5, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers. Driver Loan, based in Doral, Florida, offers short-term, high-interest loans to consumers funded by…

Consumer Financial Protection Bureau Isses No Action Letter to Facilitate Consumer Access to Small-Dollar Loans

November 5, 2020 / Source: CFPB

Bureau also announces the start of an effort to understand how payday lending disclosures can help consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding certain small-dollar credit products. Issued under the updated NAL Policy  from last year, NALs provide increased regulatory certainty that the Bureau…

OCC Updates Director’s Toolkit

November 5, 2020 / Source: OCC

News Release 2020-146 WASHINGTON— The Office of the Comptroller of the Currency today announced updates to its Director’s Toolkit to help bank directors for national banks and federal savings associations fulfill their corporate governance responsibilities. The Director’s Toolkit serves as a helpful guide for bank directors on strategic issues, risk management, and compliance responsibilities. The updated toolkit includes a revised Director's…

FHFA Strategic Plan for FY 2021-2024 Finalized

November 4, 2020 / Source: FHFA

News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the…

FDIC Issues List of Banks Examined for CRA Compliance November 2020

November 4, 2020 / Source: FDIC

Press 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 August 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…

Capital and Liquidity Treatment for Money Market Liquidity Facility and Paycheck Protection Program: Final Rule

November 4, 2020 / Source: OCC

OCC Bulletin 2020-96 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 On October 28, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal…

Qualified Financial Contracts Stay Rule: Exemption Order

November 4, 2020 / Source: OCC

OCC Bulletin 2020-95 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 On September 30, 2020, the Office of the Comptroller of the Currency (OCC) issued an order granting an exemption from the express recognition requirements of…

Consumer Financial Protection Bureau Settles with SMART Payment Plan, LLC for Deceptive Sales Practices

November 2, 2020 / Source: CFPB

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against SMART Payment Plan, LLC (SMART), finding that the company’s disclosures of its loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition against deceptive acts or practices. SMART is a limited liability company with…

Agencies Release Paper on Operational Resilience

November 2, 2020 / Source: OCC

News Release 2020-144  Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today released a paper outlining sound practices designed to help large banks increase operational resilience.  Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics. The…

OCC Releases CRA Evaluations for 22 National Banks and Federal Savings Associations October 2020

November 2, 2020 / Source: OCC

News Release 2020-145  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 October 1, 2020 through October 31, 2020.  The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…