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].
National Banks and Federal Savings Associations as Lenders: Notice of Proposed Rulemaking
July 20, 2020 / Source: OCC
OCC Bulletin 2020-70| July 20, 2020 National Banks and Federal Savings Associations as Lenders: Notice of Proposed Rulemaking To Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On July 20, 2020, the Office of the Comptroller of the Currency (OCC) signed a proposed…
CFPB Releases Updated COVID-19 Consumer Complaint Data
July 17, 2020 / Source: CFPB
CFPB Releases Updated COVID-19 Consumer Complaint Data WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”). The bulletin shows that mortgage (19 percent), credit card (18 percent), and credit…
CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time
July 17, 2020 / Source: CFPB
CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time JUL 17, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using…
Winchester Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Wednesday, July 15, 2020 Winchester Man Charged with COVID-Relief Fraud Owner of Information Technology Services Company Fraudulently Sought More than $13 million in Small Business Administration Paycheck Protection Program Loans BOSTON – A Winchester man was indicted yesterday in connection with allegedly filing fraudulent loan applications seeking more than $13…
California Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Thursday, July 16, 2020 California Man Charged with COVID-Relief Fraud A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Nicola T. Hanna…
Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations
July 17, 2020 / Source: FRB
Press Release July 17, 2020 Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations For release at 10:00 a.m. EDT The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit…
Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
July 16, 2020 / Source: FinCEN
Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter Immediate Release July 16, 2020 The Financial Crimes Enforcement Network (FinCEN) is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions…
Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding
July 16, 2020 / Source: FDIC
Financial Institution Letter Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding July 16, 2020 | FIL-70-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms and…
OCC Enforcement Actions July 16, 2020
July 16, 2020 / Source: OCC
News Release 2020-95 | July 16, 2020 OCC Enforcement Actions WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued…
Federal Reserve Board announces extension of rule change to bolster effectiveness of the Small Business Administration’s Paycheck Protection Program
July 15, 2020 / Source: FRB
Press Release July 15, 2020 Federal Reserve Board announces extension of rule change to bolster effectiveness of the Small Business Administration's Paycheck Protection Program For release at 4:30 p.m. EDT The Federal Reserve Board on Wednesday announced an extension of a rule change to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection…
Beige Book July 15, 2020
July 15, 2020 / Source: FRB
Beige Book Summary of Commentary on Current Economic Conditions by Federal Reserve District Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists,…
Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College
July 15, 2020 / Source: CFPB
Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College JUL 15, 2020 WASHINGTON, D.C. – To help students navigate paying for college, the Consumer Financial Protection Bureau (Bureau) today released the “Your Financial Path to Graduation” web tool designed to help students clearly understand the total cost of…
Texas Man Charged with COVID Relief Fraud
July 14, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE Tuesday, July 14, 2020 Texas Man Charged with COVID Relief Fraud A Texas man was taken into custody on allegations he fraudulently obtained more than $1.1 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Ryan…
Financially Fit? Comparing the credit records of young servicemembers and civilians
July 14, 2020 / Source: CFPB
Consumer education and empowerment Financially Fit? Comparing the credit records of young servicemembers and civilians JUL 14, 2020 Financial well-being, including credit history, is an important consideration in an individual’s ability to join the military as well as his or her ability to maintain a security clearance and continue in military service. This report uses…
FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies
July 14, 2020 / Source: FinCEN
FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) June 30 reissuance of its list of jurisdictions with strategic deficiencies in their regimes to…
Consolidated Reports of Condition and Income for Second Quarter 2020
July 13, 2020 / Source: FDIC
Consolidated Reports of Condition and Income for Second Quarter 2020 July 10, 2020 | FIL-69-2020 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and…
CFPB Study Shows Financial Product Could Help Consumers Build Credit
July 13, 2020 / Source: CFPB
CFPB Study Shows Financial Product Could Help Consumers Build Credit JUL 13, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a report indicating that a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no…
FHA EXPANDS HOME RETENTION MEASURES FOR HOMEOWNERS FINANCIALLY IMPACTED BY COVID-19
July 10, 2020 / Source: HUD
FHA EXPANDS HOME RETENTION MEASURES FOR HOMEOWNERS FINANCIALLY IMPACTED BY COVID-19 Streamlined loss mitigation options will help more homeowners avoid foreclosure WASHINGTON – The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at…
CFPB Releases Report on Debt Settlements and Credit Counseling
July 10, 2020 / Source: CFPB
CFPB Releases Report on Debt Settlements and Credit Counseling JUL 10, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a report today examining recent trends in debt settlement and credit counseling. Many Americans struggle with their debts, especially during times of crisis. Today’s report documents changes over time in how consumers have used…
FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through August
July 9, 2020 / Source: FHFA
News Release FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through August FOR IMMEDIATE RELEASE 7/9/2020 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 August 31, 2020 to ensure continued support for borrowers…
The FDIC’s Implementation of Enterprise Risk Management
July 9, 2020 / Source: FDIC OIG
The FDIC’s Implementation of Enterprise Risk Management Wednesday, July 8, 2020 The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) issued its report on the FDIC’s Implementation of Enterprise Risk Management (ERM). ERM is an agency-wide approach to addressing the full spectrum of internal and external risks facing an agency. The FDIC…
Innovation spotlight: Providing adverse action notices when using AI/ML models
July 8, 2020 / Source: CFPB
Innovation spotlight: Providing adverse action notices when using AI/ML models By Patrice Alexander Ficklin, Tom Pahl, and Paul Watkins – JUL 07, 2020 As part of our consumer protection mission, Congress tasked the Bureau with ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. One area of innovation we are monitoring…
FinCEN’s “Innovation Hours” Marks One-Year Milestone
July 8, 2020 / Source: FinCEN
FinCEN’s “Innovation Hours” Marks One-Year Milestone Contact Office of Strategic Communications, 703-905-3770 Immediate Release July 08, 2020 Meetings continue to provide valuable insight, virtually WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today that its successful “Innovation Hours Program” marks over a year of providing valuable insight in a series of in-person meetings with industry, which…
Consumer Financial Protection Bureau Issues Final Rule on Small Dollar Lending
July 7, 2020 / Source: CFPB
Consumer Financial Protection Bureau Issues Final Rule on Small Dollar Lending WASHINGTON, D.C. — The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the…
CFPB Announces Consumer Financial Protection Week, Virtual Events Nationwide
July 7, 2020 / Source: CFPB
CFPB Announces Consumer Financial Protection Week, Virtual Events Nationwide WASHINGTON – Today, the Consumer Financial Protection Bureau (Bureau) announced the launch of Consumer Financial Protection Week, which will take place from July 14, 2020, through July 17, 2020. Consumer Financial Protection Week will focus on how the Bureau is protecting consumers in the financial marketplace, the…