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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Federal Reserve Board issues enforcement action with Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc, and announces termination of enforcement actions with Iowa Prairie Ba

January 18, 2022 / Source: FRB

The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Allegiant United Holdings, LLC, Irvine, California; Nano Financial Holdings, Inc., Irvine, California; and Nano Banc, Irvine, California Cease and Desist Order dated January 18, 2022 The Federal Reserve Board also announced the termination of the enforcement actions listed below: Iowa…

CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law

January 14, 2022 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act (FACA). FACA is…

It’s illegal to penalize borrowers for being religious

January 14, 2022 / Source: CFPB

By Lorelei Salas – JAN 14, 2022 The First Amendment to the U.S. Constitution guarantees the free exercise of religion. Many of our nation’s laws, like the Equal Credit Opportunity Act, protect individuals from discrimination based on their religious beliefs. The Consumer Financial Protection Bureau is concerned that some financial companies are unlawfully considering religion when…

Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2021

January 14, 2022 / Source: FRB

The Federal Reserve Board on Friday announced preliminary financial information indicating that the Reserve Banks had estimated net income of $107.8 billion during 2021, of which $107.4 billion was remitted to the U.S. Treasury as required under the Federal Reserve Act. The Federal Reserve Act requires the Reserve Banks to remit excess earnings to the…

Acting Comptroller Discusses Crypto-Assets and Regulation

January 13, 2022 / Source: OCC

News Release 2022-2 | January 13, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the regulation of stablecoins and other crypto-assets before the BritishAmerican Business Transatlantic Finance Forum 2021-2022 Executive Roundtable. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu

CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting

January 13, 2022 / Source: CFPB

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No Surprises Act, or who…

Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Washington Affected by Flooding and Mudslides

January 12, 2022 / Source: FDIC

Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Washington affected by flooding and mudslides. A copy of the Guidance can be found on the FDIC’s website. Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions. Highlights: Flooding and…

Summary of Commentary on Current Economic Conditions by Federal Reserve District Jan 2022

January 12, 2022 / Source: FRB

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, market experts, and other sources. The Beige Book summarizes this information by District…

Our public inquiry on buy now, pay later

January 12, 2022 / Source: CFPB

Several weeks ago, we issued a market-monitoring inquiry into “buy now, pay later” (BNPL) products and business practices. Now we are inviting anyone interested in this market to submit comments — including families, small businesses, and international regulators. Use of BNPL has seen astronomical growth. Companies like Affirm, Afterpay, Klarna, PayPal, and Zip (formerly Quadpay)…

CFPB Sues United Holding Group, Its Affiliates, and Its Owners for Illegal Debt Collection Practices

January 11, 2022 / Source: CFPB

JAN 10, 2022 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued United Debt Holding (UDH), JTM Capital Management (JTM), United Holding Group (UHG), and their owners, Craig Manseth, Jacob Adamo, and Darren Turco, for illegal debt-collection practices. The Bureau alleges that the defendants placed consumer debt with, or sold consumer debt to, collection…

FDIC and FinCEN Launch Digital Identity Tech Sprint FDIC

January 11, 2022 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase…

FDIC and FinCEN Launch Digital Identity Tech Sprint FinCEN

January 11, 2022 / Source: FinCEN

Contact Brian Sullivan, FDIC 202-412-1436 [email protected] Jayna Desai, FinCEN 703-905-3770 [email protected] FDIC: PR-3-2022 Immediate Release January 11, 2022 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate,…

Tax Filing Season Begins January 24

January 10, 2022 / Source: Treasury

WASHINGTON – The Internal Revenue Service (IRS) announced today that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers will allow the IRS time over the course of the coming…

Federal Reserve Board finalizes technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock

January 10, 2022 / Source: FRB

The Federal Reserve Board on Monday finalized a technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock. The final rule is substantially similar to the proposal. In particular, the final rule amends Regulation I to reduce the quarterly reporting burden for member banks by…

November Sets New Record for Emergency Rental Assistance Disbursed””$2.9 Billion to Aid 665,000 Households””As Eviction Filings Remain Below Pre-Pandemic Levels Nationally

January 7, 2022 / Source: Treasury

WASHINGTON — State and local governments provided assistance to approximately 665,000 renters and landlords in November 2021 with funding through the Department of the Treasury’s Emergency Rental Assistance (ERA) programs, bringing the total number of payments for the ERA programs to more than 3.1 million. The $2.9 billion in ERA expenditures from both ERA 1…

Consolidated Reports of Condition and Income for Fourth Quarter 2021

January 7, 2022 / Source: FDIC

Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2021, report date and provide guidance on certain reporting issues.  This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution.  Please plan to complete as…

Protecting servicemembers from predatory lending

January 7, 2022 / Source: CFPB

By Seth Frotman and Jim Rice – JAN 07, 2022 Financial readiness is military readiness. A servicemember who is focused on repaying a predatory loan is not focused on her mission. And a servicemember who loses his security clearance as a result of a default or other credit issue may not be able to serve at…

Hold credit reporting companies accountable for incorrect reports and shoddy service

January 6, 2022 / Source: CFPB

By Darian Dorsey – JAN 05, 2022 This is an unfair system …” “This is predatory and life ruining and preventing me from purchasing a home.” “The credit reporting system is broken.” In less than two years, we have received more than 800,000 credit or consumer reporting complaints. That averages out to more than a thousand…

Treasury Issues Final Rule for State and Local Fiscal Recovery Funds Program to Support the Ongoing COVID Response

January 6, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury issued the Final Rule for the State and Local Fiscal Recovery Funds (SLFRF) program, enacted as a part of the American Rescue Plan, which delivers $350 billion to state, local, and Tribal governments to support their response to and recovery from the COVID-19 pandemic. The SLFRF…

CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

January 5, 2022 / Source: CFPB

WASHINGTON, D.C. — A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25%…

SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY WILDFIRES AND STRAIGHT-LINE WINDS IN COLORADO

January 5, 2022 / Source: FDIC

The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of the wildfires and straight-line winds on customers and operations of financial institutions in affected areas of Colorado and will provide regulatory assistance to institutions subject to its supervision.  These initiatives will provide regulatory relief and facilitate recovery.  The FDIC encourages depository institutions in the…

FDIC Issues List of Banks Examined for CRA Compliance January 2022

January 4, 2022 / Source: FDIC

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 October 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…

FDIC Names Two Agency Veterans to Senior Ranks

January 4, 2022 / Source: FDIC

WASHINGTON – Last week, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the selection of two agency veterans to serve in senior leadership roles. FDIC Chairman Jelena McWilliams appointed Nikita Pearson to serve as Deputy to the Chairman for External Affairs and Dan Bendler to lead the FDIC’s Division of Administration….

OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations Jan 2022

January 3, 2022 / Source: OCC

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 December 1, 2021 through December 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…

Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Powell Valley National Bank, Big Stone Gap, Va.

January 3, 2022 / Source: OCC

The above-named bank has reported that counterfeit cashier’s checks using the bank’s routing number of 051403818 are being presented for payment nationwide in connection with potentially various job opportunity scams, including car wrapping. The counterfeit checks resemble the bank’s authentic item, but may be identified by the following: The checks contain a straight thin dark…