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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Financial Stability Oversight Council Statement on Nonbank Financial Intermediation February 4, 2022

February 4, 2022 / Source: Treasury

Nonbank financial institutions (NBFIs) are an essential source of capital in financial markets and provide vital funding to the U.S. economy.  In 2016, the Financial Stability Oversight Council (Council) issued a statement describing risks to financial stability that may arise from certain asset management products and activities.[1]  The market dislocations of March 2020 demonstrated that…

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Union of Arab Banks Conference

February 3, 2022 / Source: Treasury

Good afternoon and thank you to the Union of Arab Banks for the invitation to speak with your member institutions today. The UAB has an impressive breadth of membership, and I appreciate the opportunity to address financial experts from across the Middle East and Africa. My name is Elizabeth Rosenberg, and I’m the United States’…

OCC to Host Virtual Innovation Office Hours Feb 2022

February 3, 2022 / Source: OCC

News Release 2022-9 | February 3, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on March 16-17, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products…

FinCEN Announces Extension of the Comment Period for its Real Estate Advance Notice of Proposed Rulemaking

February 3, 2022 / Source: FinCEN

Contact Office of Strategic Communications, [email protected] Immediate Release February 03, 2022 WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) announced that it would extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPRM).  On December 8, 2021, FinCEN issued the ANPRM to solicit public comment on a potential rulemaking to address the…

The hidden cost of junk fees

February 2, 2022 / Source: CFPB

When shopping for a product or service, it’s common and prudent to compare your options by looking at the price. Unfortunately, many companies are increasingly using fees to make additional money on fees you don’t shop for on the front-end. Junk fees can show up in the form of “service charges” that inflate ticket prices,…

State Community Reinvestment Laws; Consumer Complaints: Input From State Officials and Consumer Complaint Referrals From States

February 2, 2022 / Source: OCC

OCC Bulletin 2022-2| February 2, 2022 Summary This bulletin addresses the Office of the Comptroller of the Currency’s (OCC) processes for considering input from state banking commissioners regarding national banks’ performance under state community reinvestment laws, including implementation of community reinvestment-related provisions of the Riegle–Neal Interstate Banking and Branching Efficiency Act (Riegle–Neal Act). (Note that the Riegle–Neal…

FDIC Expands #GetBanked Campaign in Los Angeles, Dallas, and Detroit

February 2, 2022 / Source: FDIC

For Release WASHINGTON — As part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) today announced it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas. The FDIC’s #GetBanked campaign is focused on areas where research finds that a…

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

February 2, 2022 / Source: Treasury

February 1, 2022 Letter to the Secretary Dear Madam Secretary: Economic activity rose at a faster pace in the fourth quarter of 2021, in part reflecting recovery from the impact of the Delta variant in Q3. Real GDP grew at a 6.9% annualized rate, above consensus expectations, though this reflected a 4.9pp contribution from inventory…

FDIC and FinCEN Open Registration for Digital Identity Tech Sprint FinCEN

February 1, 2022 / Source: FinCEN

Immediate Release February 01, 2022 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.  Through the Tech Sprint, FDIC’s…

FDIC and FinCEN Open Registration for Digital Identity Tech Sprint

February 1, 2022 / Source: FDIC

For release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.  Through the Tech Sprint, FDIC’s tech lab (FDITECH)…