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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OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Delta to Close

October 8, 2020 / Source: OCC

News Release 2020-133 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Delta at their discretion. In issuing the proclamation, the OCC expects that only those bank offices directly affected…

Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies

October 7, 2020 / Source: FRB

Press Release The Federal Reserve Board on Wednesday announced an enforcement action against Citigroup Inc. of New York, New York, that requires the firm to correct several longstanding deficiencies. In particular, the cease and desist order requires Citigroup to enhance its firm-wide risk management and internal controls. Among other things, the firm has not taken…

Minutes of the Federal Open Market Committee, September 15-16, 2020

October 7, 2020 / Source: FRB

Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 15–16, 2020. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes. The…

CFPB provides clearer rules of the road for RESPA marketing service agreements

October 7, 2020 / Source: CFPB

In order to provide clearer rules of the road and promote a culture of compliance, the Bureau is publishing guidance in the form of Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and…

OCC Assesses $400 Million Civil Money Penalty Against Citibank

October 7, 2020 / Source: OCC

News Release 2020-132&nbsp WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. The OCC took these actions based on the bank’s unsafe or unsound banking practices…

FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters

October 6, 2020 / Source: FinCEN

Filers Have Until December 31, 2020 to File The Financial Crimes Enforcement Network (FinCEN) announced today that victims of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally have until December 31, 2020, to file Reports of Foreign Bank and Financial Accounts (FBAR) for the 2019 calendar year. Read the…

Children’s Savings Account Programs: Measuring Program Performance and Outcomes

October 6, 2020 / Source: CFPB

Consumer education and empowerment Children’s Savings Account (CSA) programs provide children and families with long-term savings or investment accounts and incentives to save for postsecondary education. CSA programs are structured in different ways including their reach, sources of funding, and other features. Given this diversity, programs have different goals and opportunities around how they collect…

Play it safe online

October 6, 2020 / Source: CFPB

October is National Cybersecurity Awareness Month. It’s a good time to think about protecting your personal information while you’re online. Being online lets you follow the news, connect with friends and family, shop, manage finances, and more. Getting online may help reduce social isolation and increase independence for older adults – especially during the pandemic…

Consumer Financial Protection Bureau Issues Policy Statement on Applications for Early Termination of Consent Orders

October 5, 2020 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a policy statement on applications for early termination of administrative consent orders (Consent Orders). The policy statement outlines the early termination application process for entities subject to a Consent Order and the standards that the Bureau intends to use when evaluating applications. In order for…

FDIC Issues List of Banks Examined for CRA Compliance July 2020

October 5, 2020 / Source: FDIC

Press Release FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE 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 July 2020. The CRA is…

Treasury Issues Ransomware Advisories to Increase Awareness and Thwart Attacks

October 2, 2020 / Source: FinCEN

Immediate Release October 01, 2020 The U.S. Department of the Treasury today issued a pair of advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope. The Financial Crimes Enforcement Network (FinCEN) advisory, entitled Advisory on Ransomware and the Use of the Financial…

Nacha Adopts Rules for the Ongoing Modernization of ACH Payments

October 2, 2020 / Source: NACHA

Nacha has approved eight new amendments to the Nacha Operating Rules governing the use of ACH payments. Many of the changes reflect a long-term strategy to modernize the ACH system, both through infrastructure improvements such as Same Day ACH; and making ACH payments easier to use for the country’s consumers, businesses and other organizations. Most…

Community Reinvestment Act: Small Bank Compliance Guide

October 2, 2020 / Source: OCC

OCC Bulletin 2020-86 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued three items required to support the implementation of the Community Reinvestment Act (CRA) rule the agency…

Current Expected Credit Losses: Final Rule

October 2, 2020 / Source: OCC

OCC Bulletin 2020-85 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the…

Federal Reserve Board extends temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks

October 2, 2020 / Source: FRB

Press Release The Federal Reserve Board on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) and waive overdraft fees for institutions that are…

OCC Releases CRA Evaluations for 12 National Banks and Federal Savings Associations

October 1, 2020 / Source: OCC

News Release 2020-131 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 September 1, 2020 through September 30, 2020.  The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2021

October 1, 2020 / Source: OCC

News Release 2020-130  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2021. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers. OCC staff members…

Truth in Lending Act: Revised Interagency Examination Procedures

October 1, 2020 / Source: OCC

OCC Bulletin 2020-84 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council1 (FFIEC) has adopted revised interagency examination procedures for the Truth in Lending Act…

FinCEN Requests Comments on Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts

October 1, 2020 / Source: FinCEN

Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts Release Date September 30, 2020 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update

Federal Reserve Board invites public comment on proposal that would update the Board’s capital planning requirements to be consistent with other Board rules that were recently modified

October 1, 2020 / Source: FRB

Press Release The Federal Reserve Board on Wednesday invited public comment on a proposal that would update the Board's capital planning requirements to be consistent with other Board rules that were recently modified. Last year, the Board finalized a framework that sorts large banks into different categories based on their risks, with rules that are…