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 Launches Office of Supervisory Appeals

December 6, 2021 / Source: FDIC

Summary: On December 6, 2021, the FDIC’s new Office of Supervisory Appeals (Office) became fully operational and will begin to consider and decide appeals of material supervisory determinations.  The new Office will enhance the independence of the FDIC’s supervisory appeals process and further the FDIC’s goal of ensuring consistency and accountability in the examination process….

FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance

December 6, 2021

RE_ANPRM_FRN_120321_FINAL_508.pdf WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. The systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability…

U.S. Treasury Supports National Action Plan to Combat Human Trafficking

December 3, 2021 / Source: Treasury

WASHINGTON – As a part of the Biden Administration’s commitment to fight against human trafficking, the U.S. Department of the Treasury announced measures to contribute to the updated National Action Plan (NAP) to Combat Human Trafficking and play a part in countering this grave human rights abuse. The NAP brings a whole-of-government approach to address a range…

Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders

December 3, 2021 / Source: FDIC OIG

The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued a report on the FDIC’s Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders.   Money laundering is a serious crime that aims to conceal or disguise the illicit proceeds of another unlawful activity.  The Bank Secrecy Act (BSA) has established recordkeeping…

Give us feedback on the draft CFPB Strategic Plan for FY 2022 – 26

December 2, 2021 / Source: CFPB

The CFPB is required to publish a new strategic plan that communicates the Bureau’s mission, strategic goals, and objectives for the next four years – and we are encouraged to provide an opportunity for the public to comment. We have posted our draft Strategic Plan for fiscal years 2022 to 2026, and we look forward…

CFPB Ombudsman’s Office 2021 Annual Report

December 2, 2021 / Source: CFPB

By Wendy Kamenshine – DEC 02, 2021 The Ombudsman’s Office annual report, which I delivered to the Director, is available today on our webpage. December also marks the Ombudsman’s Office’s tenth anniversary. We look forward to celebrating this milestone in the coming year. Our office is an independent, impartial, and confidential resource that assists consumers, financial entities,…

OCC Announces Assessment Rates for Calendar Year 2022

December 1, 2021 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is publishing its assessment rates for the 2022 calendar year, maintaining the rates established for 2021. The 2022 assessment rates will ensure the agency has sufficient resources to recruit, train, and retain the talent and experience necessary to perform its important mission and continue to invest…

Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services December 2021

December 1, 2021 / Source: FRB

The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 3, 2022, for payment services the Federal Reserve Banks provide to depository institutions, known as priced services. Overall, the Reserve Banks estimate that the price changes will result in a 3.7 percent average price increase. Increases in the fee schedule for…

Federal and State Regulators Release Updates to the BSA/AML Examination Manual December 2021

December 1, 2021 / Source: FFIEC

The Federal Financial Institutions Examination Council (FFIEC) today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: Introduction – Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons The updates should not be interpreted…

CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees

December 1, 2021 / Source: CFPB

Overdraft and Non-Sufficient Fund Penalties Made up Two-Third of Reported Fee Revenue WASHINGTON, D.C. — Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought…

Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans December 2021

December 1, 2021 / Source: CFPB

WASHINGTON, D.C. — The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. The threshold amount will be effective January 1, 2022, and is based…