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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Protecting people’s access to their money

January 10, 2023 / Source: CFPB

Protecting people’s access to their money By Seth Frotman – JAN 10, 2023 History has made it clear that when companies don’t have to compete for business, there is a risk that they’ll take unfair advantage of the situation. When the COVID-19 pandemic hit in early 2020, Congress and many states and localities provided additional unemployment…

Financial Institution Letter -Regulatory Relief

January 9, 2023 / Source: FDIC

Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Nicole Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Florida affected by Hurricane Nicole. A copy of the Guidance can be found…

On Anti-Corruption Day, A Look at Treasury Efforts to Counter Corruption

January 9, 2023 / Source: Treasury

By: Under Secretary for Terrorism and Financial Intelligence Brian Nelson  International Anti-Corruption Day spotlights the significant threats that corruption poses to the rule of law, economic development, democracy, social cohesion, and national security. On this important day, and in recognition of the Biden-Harris Administration’s U.S. Strategy on Countering Corruption—released one year ago—the Treasury Department is addressing this challenge…

OCC Issues Annual Report for 2022

January 5, 2023 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2022 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. The report specifically highlights the OCC’s work to…

Martin J. Gruenberg Sworn in as 22nd FDIC Chairman Travis Hill Sworn in as Vice Chairman, Jonathan McKernan as Director

January 5, 2023 / Source: FDIC

WASHINGTON – Martin J. Gruenberg was sworn in today as the 22nd Chairman of the Federal Deposit Insurance Corporation (FDIC). Travis Hill, who will serve as Vice Chairman, and Jonathan McKernan, who will serve as Director, were also sworn in as members of the FDIC’s Board of Directors (the Board). “I am honored to serve again as Chairman of the…

The United States and Türkiye Take Joint Action to Disrupt ISIS Financing

January 5, 2023 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated critical nodes of a key financial facilitation network of the Islamic State of Iraq and Syria (ISIS), which included four individuals and two entities in Türkiye, who have enabled the terrorist group’s recruitment and financial transfers to and from…

Minutes of the Federal Open Market Committee, December 13-14, 2022

January 4, 2023 / Source: FRB

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 13–14, 2022. 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 are published in the Board’s…

Agencies issue joint statement on crypto-asset risks to banking organizations

January 4, 2023 / Source: FRB

Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies’ approaches to supervision in this area. In particular, the statement describes several key risks associated with crypto-assets and the crypto-asset sector, as demonstrated by the significant volatility and vulnerabilities over…

CFPB Issues Report on TransUnion, Experian, and Equifax

January 3, 2023 / Source: CFBP

Analysis of nearly half a million complaints reveals ongoing challenges. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer…

Agencies issue joint statement on crypto-asset risks to banking organizations

January 3, 2023 / Source: FRB

Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies’ approaches to supervision in this area. In particular, the statement describes several key risks associated with crypto-assets and the crypto-asset sector, as demonstrated by the significant volatility and vulnerabilities over…

Treasury Releases Additional Information on Clean Vehicle Provisions of Inflation Reduction Act

December 29, 2022 / Source: Treasury

WASHINGTON, D.C. – Today the U.S. Treasury Department and the IRS released the following information on certain clean vehicle provisions of the Inflation Reduction Act. The information provides greater clarity to consumers and businesses that, beginning January 1, 2023, will be able to access tax benefits from the law’s clean vehicle provisions.  In addition to…

Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds

December 29, 2022 / Source: OCC

Summary Today the Office of the Comptroller of the Currency (OCC) announces revisions to the asset-size threshold amounts used to define “small bank or savings association” and “intermediate small bank or savings association” under the Community Reinvestment Act (CRA) regulations. The thresholds—which apply to any national bank, federal savings association, or state savings association (collectively,…

Civil Penalty Inflation Adjustments

December 28, 2022 / Source: CFPB

The Bureau is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The…

Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold

December 28, 2022 / Source: CFPB

The Bureau is amending the official commentary that interprets the requirements of the Bureau’s Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in…

Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold

December 28, 2022 / Source: CFPB

The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index…

North Tonawanda Man Going Back To Prison For COVID-19 Relief Fraud And Violating Supervised Release

December 27, 2022 / Source: Department of Justice

BUFFALO, N.Y. – U.S. Attorney Trini E. Ross announced today that Michael Kornaker, 52, of North Tonawanda, NY, who was convicted of wire fraud and violation of supervised release, was sentenced to serve 28 months in prison by U.S. District Judge Richard J. Arcara. Assistant U.S. Attorney Douglas A. C. Penrose, who handled the case,…

Sanctions forcing Russia’s Sberbank to close UAE office, company says

December 27, 2022 / Source: News Article

MOSCOW, Dec 26 (Reuters) – Russia’s dominant lender Sberbank (SBER.MM) will be forced to close its office in the United Arab Emirates (UAE) early next year, First Deputy Chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure. Sweeping Western sanctions targeted Russia’s financial system after Moscow sent tens of thousands of troops into Ukraine on Feb. 24….

CFPB Orders Servicio UniTeller to Refund Fees and Pay Penalty for Failing to Follow Remittance Rules

December 22, 2022 / Source: CFPB

Remittance provider failed to provide refunds on thousands of transactions WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against Servicio UniTeller, an international remittance company, for multiple violations of the requirements governing electronic money transfers, including failing to refund customers after the company made money transfer errors. The CFPB found Servicio…

New FinCEN Analysis of BSA Data Reveals Trends on the Financial Activity of Russian Oligarchs

December 22, 2022 / Source: FinCEN

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis today on the financial activity of Russian oligarchs. The report focuses on trends seen in Bank Secrecy Act (BSA) reports filed between March 2022 and October 2022 involving Russian oligarchs, high-ranking officials, and sanctioned individuals. The report also highlights the value of BSA data filed by…

CFPB Report Finds Household Financial Health is Declining after Several Years of Increased Savings

December 21, 2022 / Source: CFPB

Annual survey of consumer financial health shows downtrends in ability to repay debts WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the…

Mortgage financing options in a higher interest rate environment

December 21, 2022 / Source: CFPB

Over the past two years, interest rates have risen from historical lows to as high as 7% for 30-year fixed-rate mortgages. Interest rates have remained elevated at levels that haven’t been seen for nearly 20 years. According to recent CFPB analysis of quarterly HMDA data, these higher rates have already led to increased monthly payments and…

Treasury Sanctions Iranian Regime Officials Tied to Continued Violence Against Protestors

December 21, 2022 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting the Prosecutor General and key military and paramilitary officials in Iran, as well as a company manufacturing and providing Iran’s Law Enforcement Forces with anti-riot equipment. As nationwide protests continue throughout Iran, the response from Iranian security forces…

Federal Reserve Board issues technical updates to its policy governing the provision of intraday credit in accounts at Federal Reserve Banks

December 21, 2022 / Source: FRB

The Federal Reserve Board on Wednesday issued technical updates to its policy governing the provision of intraday credit in accounts at the Federal Reserve Banks. In particular, the updates include a new rule establishing settlement times for debits and credits to institutions’ Federal Reserve accounts for certain transactions. The updates streamline the settlement process and…

CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

December 20, 2022 / Source: CFPB

Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to…

Treasury Implements Historic Humanitarian Sanctions Exceptions

December 20, 2022 / Source: Treasury

United States Becomes First Country to Implement New Humanitarian Resolution WASHINGTON –Today, following this month’s adoption of United Nations Security Council Resolution (UNSCR) 2664, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took historic steps to further enable the flow of legitimate humanitarian assistance supporting the basic human needs of vulnerable populations while continuing to deny resources to…