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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United States Announces Leading Pledge to the International Fund for Agricultural Development Replenishment

December 17, 2023 / Source: Treasury

WASHINGTON – Today, the United States announced a pledge of $162 million in support of the Thirteenth Replenishment of Resources for the International Fund for Agricultural Development (IFAD-13 Replenishment).  This pledge makes the United States the leading donor to the IFAD-13 Replenishment. “IFAD reaches across the last mile to invest in rural people and local…

CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices

December 17, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Under the order issued today, the company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief…

Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations

December 17, 2023 / Source: FDIC

Summary: The Board of Governors of the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “federal banking agencies”) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of certain no-action position previously…

U.S. Department of the Treasury, IRS Release Proposed Guidance to Continue U.S. Clean Energy Manufacturing Boom, Strengthen America’s Energy Security

December 14, 2023 / Source: Treasury

WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed guidance on the section 45X Advanced Manufacturing Production Credit established by President Biden’s Inflation Reduction Act (IRA), which is already creating good-paying American jobs by spurring a U.S. manufacturing boom in communities across the country, strengthening America’s energy security, and incentivizing…

New U.S. Department of the Treasury Analysis: Purchasing Power for American Households Now Surpasses Pre-Pandemic Levels

December 14, 2023 / Source: Treasury

WASHINGTON – Today the U.S. Department of the Treasury published an analysis on how President Biden’s economic agenda has raised the purchasing power of American households. As Americans continue to feel the pain of higher prices, President Biden’s economic agenda focuses on giving middle class families more breathing room and easing costs. And, thanks to…

Federal Reserve issues FOMC statement

December 13, 2023 / Source: FRB

Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The U.S. banking system is sound and resilient….

OCC Reports Third Quarter 2023 Bank Trading Revenue

December 13, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $13.2 billion in the third quarter of 2023. The third quarter trading revenue was $470 million, or 3.4 percent, less than in the previous quarter and $474 million, or 3.7 percent, more than in…

OCC Reports Mortgage Performance for Third Quarter of 2023

December 12, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, the same…

FACT SHEET: U.S. Department of the Treasury Actions to Prevent and Disrupt Corruption

December 11, 2023 / Source: Treasury

WASHINGTON — Since the release of the U.S. Strategy on Countering Corruption two years ago, the U.S. Department of the Treasury has redoubled its efforts to address the illicit finance and national security threats posed by corruption. Among its many corrosive effects, corruption siphons essential resources away from communities, weakens democracy and governance, erodes economic development, disadvantages…

OCC Issues Annual Report for 2023

December 11, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2023 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. In 2023, the OCC marked its 160th anniversary of…

OCC Report Identifies Key Risks Facing Federal Banking System

December 10, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023. The OCC reported that the overall strength of the federal banking system remains sound. The OCC expects banks to remain diligent and adhere to prudent risk management practices across…

FinCEN Holds Annual Ceremony to Recognize Law Enforcement Cases Supported by BSA Data

December 10, 2023 / Source: FinCEN

WASHINGTON—During its ninth annual Law Enforcement Awards Program, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recognized agencies that used Bank Secrecy Act (BSA) data to successfully pursue and prosecute criminal investigations. “While these awards recognize our law enforcement partners who have effectively used BSA data in their investigations, it is important…

FDIC Board of Directors Released Semiannual Update on Restoration Plan

December 7, 2023 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released its second semiannual update of 2023 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). The Federal Deposit Insurance Act (FDI Act) requires that the FDIC Board adopt a restoration plan when the DIF’s reserve ratio—the ratio of the fund…

CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting

December 7, 2023 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to…

U.S. Treasury Department Updates Certification Application for Community Development Financial Institutions to Promote Responsible Lending to Financially Underserved Communities

December 7, 2023 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a revised CDFI Certification Application that reflects the evolution of the community finance field, provides greater clarity about what it means to be a Community Development Financial Institution (CDFI), and incorporates extensive feedback from community finance practitioners. “Community Development Financial…

Retail Lending: Risk Management of ‘Buy Now, Pay Later’ Lending

December 6, 2023 / Source: OCC

The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to assist banks1 in effectively managing risks associated with “buy now, pay later” (BNPL) lending and in offering BNPL loans in a responsible manner. The OCC expects banks that offer BNPL loans to do so in a manner that is safe and sound,…

Acting Deputy Comptroller Testifies on Financial Technology

December 5, 2023 / Source: OCC

WASHINGTON—Deputy Comptroller for Compliance Policy and Acting Deputy Comptroller for the Office of Financial Technology Donna Murphy today testified on the activities and initiatives of the Office of the Comptroller of the Currency’s (OCC) Office of Financial Technology before the Subcommittee on Digital Assets, Financial Technology and Inclusion, Committee on Financial Services of the U.S….

Treasury Targets Russian Defense Procurement Network

December 5, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting a network led by Belgium-based Hans De Geetere that is involved in procuring electronics with military applications for Russian end-users. The network consists of nine entities and five individuals based in Russia, Belgium, Cyprus, Sweden, Hong Kong, and the Netherlands. Concurrent…

Treasury Targets Belarusian Revenue Generators for Lukashenka, Human Rights Abuses, and Cogs in Russia’s War Machine

December 5, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 11 entities and seven individuals pursuant to Executive Order (E.O.) 14038 and one individual pursuant to E.O. 14024. This action increases the pressure on Alyaksandr Lukashenka’s (Lukashenka) authoritarian regime for its brutal suppression of Belarus’s democratic civil society,…

U.S. Department of the Treasury, IRS, and Department of Energy Announce Remarkable Demand for Solar and Wind Energy in Low-Income Communities Thanks to Groundbreaking Inflation Reduction Act Program

December 4, 2023 / Source: Treasury

WASHINGTON—Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS), in partnership with the Department of Energy (DOE), announced remarkable demand in the initial application period for solar and wind facilities through the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. During the initial 30-day application window, the program received more than 46,000…

OCC Releases Virtual Workshop Schedule for Community Bank Directors and Senior Management

December 4, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its 2024 schedule of free, virtual workshops for directors, senior management, and other key executives of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings…

Agencies Finalize Rule Updating and Modernizing the Community Reinvestment Act (CRA)

December 1, 2023 / Source: FDIC

Summary: On October 24, 2023, the FDIC Board voted to approve a final rule, to be issued jointly with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC), that makes comprehensive regulatory amendments to the FDIC’s regulation implementing the Community Reinvestment Act of…

Treasury Releases Proposed Guidance to Continue U.S. Manufacturing Boom in Batteries and Clean Vehicles, Strengthen Energy Security

December 1, 2023 / Source: Treasury

WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed guidance on the clean vehicle provisions of the Inflation Reduction Act (IRA) that are lowering costs for consumers, spurring a boom in U.S. manufacturing, and strengthening energy security by building resilient supply chains with allies and partners. Since the IRA was…

OCC Solicits Research on Depositor Behavior, Bank Liquidity, and Run Risk

December 1, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on depositor behavior, bank liquidity, and run risk in the banking system for submission by January 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in…