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 Enforcement Actions and Terminations April 15, 2021

April 16, 2021 / Source: OCC

News Release 2021-45 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 with the consent of the…

Treasury Establishes New Office to Lead Implementation of Relief and Recovery Programs

April 15, 2021 / Source: Treasury

PRESS RELEASES   April 14, 2021 WASHINGTON – Today, the U.S. Department of the Treasury announced the establishment of the Office of Recovery Programs to lead the Department’s implementation of economic relief and recovery programs, including nearly $420 billion in programs from the American Rescue Plan Act of 2021. This new office, which will be…

Fair Lending Report 2020

April 15, 2021 / Source: CFPB

To Congress Fair Lending Report 2020 The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in supervision and enforcement; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2020. FULL REPORT Read the full report 

FDIC and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation

April 14, 2021 / Source: FDIC

Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering today announced a strategic partnership to support technological innovation in the banking and financial services sectors. “This exciting collaboration will amplify our efforts to drive innovation in the banking ecosystem and within the FDIC,” said Sultan Meghji, FDIC’s…

CFPB Takes Action Against SettleIt, Inc. for Steering Consumers into High-Cost Loans

April 14, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an online debt-settlement company for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders. The CFPB filed a complaint in federal district court alleging that SettleIt, Inc. engaged in abusive…

FinCEN to Hold Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity

April 13, 2021 / Source: FinCEN

Immediate Release April 12, 2021 WASHINGTON–The Financial Crimes Enforcement Network (FinCEN) will host a special monthly virtual FinCEN Innovation Hours Program on June 10, 2021, focusing on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security.  We encourage participation by financial technology (FinTech) and regulatory technology (RegTech)…

Federal Reserve Board accepting applications for its Community Advisory Council April 12, 2021

April 13, 2021 / Source: FRB

Press Release April 12, 2021 The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). The CAC was formed in 2015. It advises the Board on issues affecting consumers and communities and complements two of the Board's other…

Agencies Issue Statement and Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance

April 9, 2021 / Source: OCC

News Release 2021-43 | April 9, 2021 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Financial Crimes Enforcement Network National Credit Union Administration Office of the Comptroller of the Currency The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, today issued a joint…

FDIC Seeks Input on How to Modernize Sign and Advertising Requirements for Banks

April 9, 2021 / Source: FDIC

Press Release New standards considered to reflect how banks are transforming their business models WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced that it is again seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking…

FDIC Minority Depository Institutions Subcommittee to Meet

April 8, 2021 / Source: FDIC

Press Release April 12th virtual meeting to address issues important to minority banks WASHINGTON—The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at 1 p.m. EDT on Monday, April 12, 2021. During the public portion of the meeting,…

Federal Reserve announces final rule making technical, clarifying changes to the Federal Open Market Committee’s rules describing its Freedom of Information Act procedures

April 8, 2021 / Source: FRB

Press Release The Federal Reserve on Thursday announced a final rule that makes technical, clarifying updates to the Federal Open Market Committee's rules describing its Freedom of Information Act (FOIA) procedures. The final rule is generally similar to the proposal from October 2020, with a few changes in response to public comments. The final rule…

Federal Reserve Board invites public comment on a proposal to automate non-merger-related adjustments to member banks’ subscriptions to Federal Reserve Bank capital stock

April 8, 2021 / Source: FRB

Press Release The Federal Reserve Board on Thursday requested public comment on a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock. The automated process would eliminate the need for member banks to file applications to adjust their stock subscriptions—except in the context of mergers—and would significantly reduce the…

OCC Hosts Virtual Mutual Savings Association Advisory Committee Meeting April 27

April 8, 2021 / Source: OCC

News Release 2021-42 | April 7, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a virtual meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 27, 2021. The virtual meeting is open to the public and will begin at 11:00 a.m. Eastern Daylight Time (EDT). The purpose of…

CFPB Proposes Delay of Effective Date for Recent Debt Collection Rules

April 8, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau today proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued…

Minutes of the Federal Open Market Committee, March 16-17, 2021

April 8, 2021 / Source: FRB

Press Release April 07, 2021 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 16–17, 2021. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently…

CFPB Takes Action Against Debt Collector And Its Owner For Falsely Threatening Consumers with Legal Action

April 6, 2021 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a consent order against a debt collector and its owner for harassing thousands of consumers, falsely threatening them with legal action. The CFPB found that Yorba Capital Management, LLC (Yorba) and its former owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act of 2010…

FDIC Launches #GetBanked Campaign in Houston and Atlanta

April 6, 2021 / Source: FDIC

Press Release Public awareness push to promote financial inclusion among the unbanked For Release WASHINGTON — As part of its ongoing efforts to expand financial inclusion, the Federal Deposit Insurance Corporation (FDIC) today launched a public awareness campaign about the benefits of opening a bank account. The FDIC’s #GetBanked campaign will focus on the Houston and Atlanta…

FDIC Names New Members to Advisory Committee on Community Banking Tuesday, April 6, 2021

April 6, 2021 / Source: FDIC

Press Release April 13th meeting to address a wide range of community banking issues For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced nine new members of its Advisory Committee on Community Banking, which shares input with the FDIC on a broad range of community bank policy and regulatory matters. The Advisory Committee…

Interest Rate Risk: Interest Rate Risk Statistics Report April 1, 2021

April 5, 2021 / Source: OCC

OCC Bulletin 2021-18| April 1, 2021 Interest Rate Risk: Interest Rate Risk Statistics Report 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 The Office of the Comptroller of the Currency (OCC) today published the spring 2021 edition of the…

CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

April 5, 2021 / Source: CFPB

Millions of homeowners expected to exit forbearance in the coming months WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire. Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the…

Consolidated Reports of Condition and Income for First Quarter 2021

April 5, 2021 / Source: FDIC

Financial Institution Letter April 2, 2021  |  FIL-25-2021 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the March 31, 2021, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the…

OCC Promotes April as National Financial Capability Month

April 2, 2021 / Source: OCC

News Release 2021-41 | April 1, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) encourages national banks and federal savings associations (collectively, banks) to support financial literacy education year-round but especially during National Financial Capability Month, which runs through April 30. Banks promote financial literacy by supporting programs that expand financial literacy, economic empowerment, and access…

FDIC Issues List of Banks Examined for CRA Compliance Friday, April 2, 2021

April 2, 2021 / Source: FDIC

For Release WASHINGTON – 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 January 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts…

CFPB Compliance Bulletin Warns Mortgage Servicers: Unprepared is Unacceptable

April 2, 2021 / Source: CFPB

Servicers Should Gear Up for Expected Surge in Homeowners Needing Assistance WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency…

Federal Reserve Board publishes frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board’s longstanding regulations

April 2, 2021 / Source: FRB

Press Release March 31, 2021 Federal Reserve Board publishes frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board’s longstanding regulations The Federal Reserve Board on Wednesday published frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board's longstanding regulations. The FAQs are intended to…