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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FDIC Names Five New Members to Advisory Committee on Community Banking

April 28, 2024 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced five new members of the agency’s Advisory Committee on Community Banking: Composed of a cross-section of community bankers from around the country, the FDIC’s Advisory Committee shares input on a broad range of community bank policy and regulatory matters. On May 2, 2024, the Advisory…

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Reviewing Investments in and Takeovers of Banks

April 25, 2024 / Source: CFPB

Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the…

FDIC Board of Directors Releases Semiannual Update on Restoration Plan

April 25, 2024 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released the first semiannual update of 2024 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). Staff project that the reserve ratio remains on track to reach the statutory minimum of 1.35 percent ahead of the deadline of September 30, 2028. …

Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act

April 25, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the…

Fact Sheet: HUD Prioritizes Resilient, Efficient, and Green Homes and Community Development

April 25, 2024 / Source: HUD

WASHINGTON – Under the Biden-Harris Administration, the U.S. Department of Housing and Urban Development (HUD) is improving the lives of the families and communities that HUD serves by reducing energy and insurance costs and improving resilience. As the nation drives toward a clean energy and carbon free future, HUD is ensuring that low-income and historically disadvantaged…

CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing

April 24, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules…

Overdraft/NSF Revenue in 2023 down more than 50% versus pre-pandemic levels, saving consumers over $6 billion annually

April 24, 2024 / Source: CFPB

The CFPB continues to closely monitor trends in overdraft/non-sufficient funds (NSF) fee revenue and practices. With 2023 data now available, we can compare overdraft and NSF revenue last year to 2022, when many banks changed their fee policies, and to pre-pandemic levels. Our most recent analysis finds the following: Since the CFPB heightened its supervisory…

Federal Reserve Board announces it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation to acquire Discover Financial Services

April 24, 2024 / Source: FRB

The Federal Reserve Board on Wednesday announced it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation of McLean, Virginia, to acquire Discover Financial Services of Riverwoods, Illinois. The comment period is being extended to provide additional time for interested parties to comment on the proposal….

G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector

April 23, 2024 / Source: Treasury

WASHINGTON — The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial…

Treasury Designates Iranian Cyber Actors Targeting U.S. Companies and Government Agencies

April 23, 2024 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two companies and four individuals involved in malicious cyber activity on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command (IRGC-CEC). These actors targeted more than a dozen U.S. companies and government entities through cyber operations, including…

HUD and Terner Housing Innovation Labs Advance Affordable Housing Initiatives

April 23, 2024 / Source: HUD

DETROIT – Last week, the U.S. Department of Housing and Urban Development (HUD) and Terner Labs cohosted an event in Detroit, Michigan, uniting leaders from the public sector, housing experts, researchers, and technologists for the third iteration of their Housing & Technology Symposium series. HUD leaders also traveled to Minneapolis, Minnesota to highlight innovative affordable housing partnerships. “These…

FinCEN Reminds Financial Institutions to Remain Vigilant to Environmental Crimes

April 22, 2024 / Source: FinCEN

WASHINGTON—As the nation reflects on the many ways to protect our environment this Earth Day, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. Environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of…

Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal without Change of the of Anti-Money Laundering Programs for Certain Financial Institutions

April 22, 2024 / Source: FinCEN

Release Date April 22, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update

HUD Announces Final Rule that will Protect Communities from Flooding Events and Rising Insurance Costs

April 22, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) published a Federal Flood Risk Management Standard (FFRMS) final rule in the Federal Register to help communities prepare for and reduce flood damage. This rule aims to protect communities from flood risk, heavy storms, increased frequency of severe weather events and disasters, changes in development patterns,…

HUD Officials Highlight Climate Resilience Funding Opportunities in Puerto Rico and US Virgin Islands

April 21, 2024 / Source: HUD

PUERTO RICO – This week, the U.S. Department of Housing and Urban Development (HUD) hosted a bilingual roundtable about HUD’s Green and Resilient Retrofit Program (GRRP) for stakeholders in Puerto Rico and the U.S. Virgin Islands. The roundtable was attended by over 150 participants who learned about the GRRP and other federal funding sources for upgrading and renovating…

Treasury Designates Entities Involved in Raising Funds for Violent Extremists in the West Bank

April 21, 2024 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on two entities for their roles in establishing fundraising campaigns on behalf of Yinon Levi (Levi) and David Chai Chasdai (Chasdai), two violent extremists who were sanctioned on February 1, 2024 in connection with violence in the West Bank. The fundraising…

FinCEN Issues Analysis on Elder Financial Exploitation

April 18, 2024 / Source: FinCEN

Financial Institutions Report $27 Billion in Elder Financial Exploitation Suspicious Activity in One-Year Period WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis today focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE), or the illegal or improper use of an…

HUD Makes Nearly $13 Million in Funding Available for Public Housing Agencies to Help Youth Aging out of Foster Care

April 18, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced that it will make available $12,746,450 to public housing authorities (PHAs) on a competitive basis through HUD’s Foster Youth to Independence (FYI) Initiative to provide housing assistance to young adults transitioning out of foster care. HUD Northwest Regional Administrator Andrew Lofton made the…

Interest Rate Risk: Interest Rate Risk Statistics Report

April 18, 2024 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) today published the spring 2024 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…

FDIC’s Office of the Ombudsman publishes 2023 Annual Report of Activities

April 18, 2024 / Source: FDIC

The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report highlighting its activities and the services provided to stakeholders during 2023. The role of FDIC Ombudsman was created by Congressional action in 1995 to provide an informal alternative to the regulatory appeals process.  The Office of the Ombudsman operates independent of…

FinCEN Renews Real Estate Geographic Targeting Orders

April 17, 2024 / Source: FinCEN

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning April 19, 2024, and ending on October 15, 2024….

CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred for Deceiving Students and Hiding Loan Costs

April 17, 2024 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against BloomTech and its CEO, Austen Allred, for deceiving students about the cost of loans and making false claims about graduates’ hiring rates. The CFPB found that BloomTech and Allred falsely told students the school’s “income share” agreement contracts were not loans, when…

HUD Takes a Major Step to Boost Homeownership in Tribal Communities

April 17, 2024 / Source: HUD

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a final rule that will increase lender participation in the Section 184 Indian Housing Loan Guarantee (Section 184) program, strengthen regulations to meet the program’s growing demands, and ensure that the program will remain a vital resource for Native American families looking to…

CFPB Updates Supervision Designation Procedures

April 16, 2024 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for both the CFPB and nonbanks. The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection law. The examinations can help identify issues…

FTC Action Leads to Industry Ban for Ringleader of Student Loan Debt Relief Scam

April 16, 2024 / Source: FTC

The ringleader of a student loan debt relief scam will be permanently banned from the debt relief industry and is required to turn over assets as part of a settlement with the Federal Trade Commission. The settlement with Marco Manzi resolves FTC charges involving the student loan debt relief scheme. The FTC charged that Manzi, Ivan Esquivel, and…