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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FDIC Appoints First Chief Innovation Officer

February 17, 2021 / Source: FDIC

Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today named Sultan Meghji as the agency’s first Chief Innovation Officer, charged with leading the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector. “As a recognized expert in financial technology, Sultan brings years of technical knowledge and an entrepreneurial…

OCC Releases Dodd-Frank Act Stress Test Scenarios for 2021

February 12, 2021 / Source: OCC

News Release 2021-20 | February 12, 2021 WASHINGTON—The 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 OCC’s rule that implements stress test requirements of the Dodd-Frank Wall Street Reform…

Federal Reserve Board releases hypothetical scenarios for its 2021 bank stress tests

February 12, 2021 / Source: FRB

Press Release The Federal Reserve Board on Friday released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events but due to continuing economic uncertainty placed restrictions on bank payouts to preserve the strength of the banking sector….

Break up with online romance scams

February 12, 2021 / Source: CFPB

By Erin Scheithe – FEB 11, 2021 After months of social distancing and being apart from family and friends, it’s hard to resist connecting with new people. But scammers are taking advantage of this loneliness to trick people out of their money. If you or someone you know gets a message from a stranger on the internet, beware,…

Man Purchased Lamborghini After Receiving $3.9 Million in PPP Loans

February 12, 2021 / Source: FDIC OIG

PRESS RELEASE A Florida man pleaded guilty today for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini sports car for himself. Authorities seized the Lamborghini and $3.4 million from the bank accounts of David T. Hines, 29, of Miami, at the…

Libor Transition: Self-Assessment Tool for Banks

February 11, 2021 / Source: OCC

OCC Bulletin 2021-7 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 This bulletin provides a self-assessment tool for banks1 to evaluate their preparedness for the expected cessation of the London InterBank Offered Rate (Libor). Note for Community…

Consumers and their experiences to be at the foundation of CFPB policymaking

February 11, 2021 / Source: CFPB

By Dave Uejio – FEB 10, 2021 As consumers of financial products and services, you deserve a Bureau designed to serve and listen to you, the American people. Last week I met with staff from the Division of Consumer Education and External Affairs (CEEA). During the meeting, I listened to CEEA leadership and staff suggest how CEEA could…

FHFA Extends Foreclosure and REO Eviction Moratoriums and COVID Forbearance Period

February 9, 2021 / Source: FHFA

News Release Borrowers can now be in COVID forbearance for up to 15 months Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021. The foreclosure moratorium applies to Enterprise-backed,…

Federal Reserve Board announces the second extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)

February 9, 2021 / Source: FRB

Press Release The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP…

Federal Grand Jury Indicts Two Brothers For Allegedly Defrauding The Payroll Protection Program

February 8, 2021 / Source: FDIC OIG

PRESS RELEASE BUFFALO, NY – U.S. Attorney James P. Kennedy, Jr. announced today that a federal grand jury has returned an indictment charging Larry Jordan, 42, of Lancaster, NY, and Sutukh El a/k/a Curtis Jordan a/k/a Hugo Hurt, 38, of Buffalo, NY, with wire and bank fraud conspiracy, bank fraud, and engaging in monetary transactions…

Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2020 Financial Results

February 8, 2021 / Source: Fannie Mae

Press Release Company to Host Conference Call WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its fourth quarter and full-year 2020 financial results on Friday morning, February 12, 2021, before the opening of U.S. financial markets. Fannie Mae will host a conference call for the media to discuss the company's results at…

OCC Conditionally Approves Conversion of Protego Trust Bank

February 5, 2021 / Source: OCC

News Release 2021-19 WASHINGTON—The OCC granted conditional approval to Protego after thorough review of its conversion application. Protego is currently in the organizational phase of development and will have up to 18 months to meet the terms of its conditional approval before it converts to a national trust bank and begins to operate. The federal banking…

FinCEN Statement on Financial Crimes Tech Symposium

February 5, 2021 / Source: FinCEN

Immediate Release February 04, 2021 Section 6211 of the Anti-Money Laundering Act of 2020 (the “AML Act”) requires the Department of the Treasury to periodically convene a global anti-money laundering and financial crime symposium focused on how new technology can be used to more effectively combat financial crimes and other illicit activities.  The AML Act…

FDIC Issues List of Banks Examined for CRA Compliance February 4, 2021

February 4, 2021 / 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 November 2020.  The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…

The Bureau is working hard to address housing insecurity, promote racial equity, and protect small businesses’ access to credit

February 4, 2021 / Source: CFPB

By Dave Uejio – FEB 04, 2021 It has been just over two weeks since President Biden’s inauguration and my appointment as Acting Director of the Bureau. I have been meeting with the dedicated members of the Bureau’s divisions, and I am continually impressed, though not surprised, by their readiness and commitment to provide relief for consumers facing…

Real Estate for Bank Premises: Notice of Proposed Rulemaking

February 3, 2021 / Source: OCC

OCC Bulletin 2021-6 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 January 4, 2021, the Office of the Comptroller of the Currency (OCC) approved a proposed rule that would modify the requirements applicable to premises…

OCC to Host Virtual Innovation Office Hours

February 3, 2021 / Source: OCC

News Release 2021-18  WASHINGTON — Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services. Each meeting will last no longer than one hour. Interested parties should request a…

OCC Releases CRA Evaluations for 21 National Banks and Federal Savings Associations February 2, 2021

February 2, 2021 / Source: OCC

News Release 2021-17   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 January 1, 2021 through January 31, 2021.  The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have…

FinCEN Issues Advisory on Health Insurance and Health Care Frauds Related to COVID-19

February 2, 2021 / Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions of COVID-19-related fraud involving health care benefit programs and health insurance.  The advisory contains financial red flag indicators, select case studies, and information on reporting suspicious activity related to these frauds. COVID-19 Health Care 508 Final.pdf FIN-2021-A001

Paycheck Protection Program Frequently Asked Questions (FAQs)

February 1, 2021 / Source: FinCEN

Paycheck_Protection_program_ FAQs_Jan2021.pdf Immediate Release February 01, 2021

Struggling during the pandemic? COVID-19 financial relief and protections extended

February 1, 2021 / Source: CFPB

The federal government is extending relief and protections for many student loan borrowers, renters, and homeowners who are having trouble making payments during the COVID-19 pandemic. Keep reading to learn more about these important updates that may help you. But, remember the COVID-19 pandemic and relief efforts continue to change and develop. Check our COVID-19 webpage for…

OCC Releases Community Reinvestment Act Bank Type Determinations, Distressed and Underserved Areas, and Banking Industry Compensation Value

February 1, 2021 / Source: OCC

News Release 2021-16  WASHINGTON— The Office of the Comptroller of the Currency (OCC) today announced the availability of the 2021 list of bank type determinations, the 2021 list of distressed and underserved areas, and the banking industry median hourly compensation value. These two lists and the determined compensation value apply only to national banks, federal and…