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.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
Federal Reserve Board announces final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board
March 10, 2024 / Source: FRB
The Federal Reserve Board on Friday announced a final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions to allow financial markets and the broader economy to function effectively. The final updates provide…
Junk fees are driving up housing costs. The CFPB wants to hear from you.
March 10, 2024 / Source: CFPB
Families who manage to save up for a down payment and get approved for a mortgage often get an unwelcome surprise: closing costs that all too often are full of junk fees. Closing costs are the fees you pay on the day you finalize the purchase of your home, and they include things like title…
HUD Makes $10 Million Available to Support New Homebuyers and Bridge Wealth Gap
March 7, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling has announced that $10 million in grant funding is available to eligible HUD-approved housing counseling agencies. These agencies will use the funding to prepare and equip prospective homebuyers to successfully navigate the homebuying process. This new funding will enable HUD-approved housing counseling agencies…
FTC Convenes Advisory Group to Fight Scams Against Older Adults
March 7, 2024 / Source: FTC
The Federal Trade Commission will host an online meeting of the Scams Against Older Adults Advisory Group on April 2, 2024. The meeting will include reports from the committees formed at the group’s inaugural meeting. Four committees are addressing separate areas of interest: expanding consumer education and outreach efforts; improving industry training on scam prevention; identifying innovative or…
FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion
March 7, 2024 / Source: FDIC
For Release “The banking industry has shown resilience after a period of liquidity stress in early 2023. Full-year net income remained high, overall asset quality metrics were favorable, and the industry’s liquidity was stable. However, ongoing economic and geopolitical uncertainty, continuing inflationary pressures, volatility in market interest rates, and emerging risks in some bank commercial…
Treasury Targets Companies and Vessels Facilitating Qods Force and Houthi Commodity Shipments
March 6, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Today’s action targets two Hong Kong- and Marshall Islands-based ship owners and two vessels for…
CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
March 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion…
Treasury Department Announces New Efforts to Increase Housing Supply in the United States
March 5, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced new efforts to increase the supply of housing in the year ahead. These efforts include: These announcements build on the Biden-Harris Administration’s Housing Supply Action Plan to boost the nation’s stock of affordable housing and lower housing costs, including through new actions announced last week. Over the past three…
U.S. Department of the Treasury, IRS Release Final Rules on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda
March 5, 2024 / Source: Treasury
WASHINGTON — Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably, which will create…
Treasury Sanctions Zimbabwe’s President and Key Actors for Corruption and Serious Human Rights Abuse
March 4, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 11 individuals, including Zimbabwe’s President Emmerson Mnangagwa, and three entities for their involvement in corruption or serious human rights abuse pursuant to E.O. 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act. Concurrently, President Biden signed an…
New U.S. Department of the Treasury Analysis on Inflation Reduction Act Benefits
March 3, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury published analysis arguing that the Inflation Reduction Act’s benefits are greater than publicized projections while the economic costs are lower than fiscal costs. The analysis by Deputy Assistant Secretary for Climate & Energy Economics Arik Levinson, Economist Karl Dunkle Werner, Economist Matthew Ashenfarb, and Senior…
Vice President Harris, Treasury Department Announce New Funding for Historically Underserved Entrepreneurs in North Carolina as part of Administration’s Strategy to Invest in American Small Businesses
March 3, 2024 / Source: Treasury
DURHAM, NC – Today, Vice President Kamala Harris, Deputy Secretary of the Treasury Wally Adeyemo, and North Carolina Governor Roy Cooper are announcing North Carolina’s award of $32 million in federal funds from the American Rescue Plan (ARP) to 10 venture capital firms under the Treasury Department’s State Small Business Credit Initiative (SSBCI). SSBCI is…
CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products
February 29, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Deficiencies
February 29, 2024 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued an additional public statement at the conclusion of its…
Treasury Announces Enhanced Fraud Detection Process Using AI Recovers $375M in Fiscal Year 2023
February 28, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023. Check fraud has increased nationwide by 385% since the pandemic. To address the increase…
CFPB Director Rohit Chopra Releases a Statement in Response to President Biden’s Executive Order To Protect Americans’ Sensitive Personal Data
February 28, 2024 / Source: CFPB
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau Director Rohit Chopra issued the following statement in response to President Biden’s Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The order focuses on rules to prevent the sale of bulk data to certain foreign entities and encourages the CFPB to consider…
Unlawful fees in the mortgage market
February 28, 2024 / Source: CFPB
Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees….
Treasury Targets Vessel Shipping Iranian Commodities Valued at over $100 Million for Iran’s Ministry of Defense
February 27, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against two companies registered in Hong Kong and the Marshall Islands that own and operate a vessel, the Panama-flagged KOHANA, shipping over $100 million in Iranian commodities to businesses in the People’s Republic of China (PRC) on behalf of…
READOUT: Regional Banking Roundtable on Countering Russian Sanctions Evasion
February 27, 2024 / Source: Treasury
WASHINGTON – Today, as part of Treasury’s efforts to combat Russian sanctions and export controls circumvention both domestically and abroad, Acting Assistant Secretary of the Treasury for Terrorist Financing Anna Morris chaired a roundtable with U.S. regional financial institutions who may have higher exposure to financing and payments for U.S. exports of sensitive goods. Treasury…
Freedom of Information Act: Notice of Proposed Rulemaking to Amend Freedom of Information Act Regulations
February 26, 2024 / Source: OCC
On February 22, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (NPR) that would amend its Freedom of Information Act (FOIA) regulations codified at 12 CFR 4 to include procedures on expedited processing of FOIA requests, provide for appeals of denials of expedited processing and denials of…
Financial Institution Letter –
February 26, 2024 / Source: FDIC
Regulatory Relief February 26, 2024 | FIL-8-2024 SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY WILDFIRES IN WASHINGTON The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of wildfires on customers and operations of financial institutions in affected areas of Washington and will provide regulatory assistance to institutions subject to its supervision. These…
CFPB Orders Federal Supervision for Installment Lender Following Contested Designation
February 25, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance. The CFPB is responsible for supervising a wide range of financial firms to ensure they are complying with federal consumer financial protection laws. The CFPB has supervised nonbank entities in certain industries like mortgage and…
FATF Advances Work to Combat Money Laundering and Terrorist Financing
February 25, 2024 / Source: Treasury
PARIS — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism (AML/CFT), concluded its fifth Plenary under the Singaporean presidency. The FATF made several key advances, including kicking off a public consultation on potential changes to the FATF Recommendation on wire transfer information and…
Miami man arrested in multimillion-dollar bank fraud scheme targeting dozens of victims nationwide
February 25, 2024 / Source: OIG
MIAMI – On Feb. 21, a man was arrested after a federal grand jury returned an indictment charging him with multiple counts of bank fraud and aggravated identity theft. According to allegations in the indictment and statements made in court, from April 2022 through March 2023, Latron Earl Williams, 24, of Miami, Florida, fraudulently obtained…
Credit card interest rate margins at all-time high
February 22, 2024 / Source: CFPB
By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers….