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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FACT SHEET: Treasury’s Work to Support States, Localities, and Communities in the Climate Transition

March 3, 2022 / Source: Treasury

Recognizing the importance of partnering with state and local governments in ensuring the resilience of the financial system to climate-related risks and expediting the transition to a net-zero economy, the U.S. Department of the Treasury convened a virtual roundtable, “The Climate Transition: Federal Policy and State and Local Government Best Practices,” on Thursday, March 3,…

Treasury Launches Historic Equity Measurements for American Rescue Plan Small Business Investments Program

March 3, 2022 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury launched a historic demographic information collection effort to measure equity outcomes for small businesses supported by the State Small Business Credit Initiative (SSBCI) program. The information collected by Treasury will support the program’s commitment to expanding access to capital for businesses owned and controlled by socially…

Treasury Sanctions Russians Bankrolling Putin and Russia-Backed Influence Actors

March 3, 2022 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State intensified pressure on Russia by sanctioning numerous Russian elites and their family members, identifying certain property of these persons as blocked, and sanctioning Russian intelligence-directed disinformation outlets. The elites sanctioned continue to provide direct…

Prepared Remarks of FinCEN Deputy Director AnnaLou Tirol, Delivered Virtually at AML Intelligence’s Women in FinCrime Event

March 3, 2022 / Source: FinCEN

Thank you so much.  Good morning and good afternoon, depending on where you might be joining from today.  It's an honor to be invited to Women in FinCrime and to join so many amazing women leaders and trailblazers.  I personally and professionally appreciate the opportunity to share some thoughts with you about FinCEN’s ongoing work,…

Semiannual Monetary Policy Report to the Congress March 2022

March 2, 2022 / Source: FRB

Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report. Before I begin, let me briefly address Russia's attack on Ukraine. The conflict is causing tremendous hardship for the Ukrainian people. The implications for the U.S. economy are highly uncertain, and we will…

Summary of Commentary on Current Economic Conditions by Federal Reserve District March 2022

March 2, 2022 / Source: FRB

Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…

Secretary of the Treasury Janet L. Yellen’s Remarks at the University of Illinois Chicago’s Innovation Center

March 2, 2022 / Source: Treasury

Remarks as prepared Thank you to the University of Illinois at Chicago’s Innovation Lab for hosting us and to Governor Pritzker and Mayor Lightfoot for welcoming me to the wonderful city of Chicago. I want to begin by saying my thoughts are with the people of Ukraine, who continue to exemplify exceptional bravery as they…

Prepared Remarks of Director Rohit Chopra on New CFPB Medical Debt Report

March 1, 2022 / Source: CFPB

By Rohit Chopra   Good morning. Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with…

GAO-IG Act Reporting

March 1, 2022 / Source: CFPB

FEB 28, 2022 On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act) was enacted as Public Law number 115-414. The GAO-IG Act requires agencies to annually submit a report to Congress on the status of open public audit recommendations. This report is published by the Consumer Financial Protection Bureau in compliance…

CFPB Estimates $88 Billion in Medical Bills on Credit Reports

March 1, 2022 / Source: CFPB

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are common, and where patients often have…

FDIC-Insured Institutions Reported Net Income of $63.9 Billion in Fourth Quarter 2021

March 1, 2022 / Source: FDIC

For Release Negative Provision Expense Drove Increased Full-Year 2021 Net Income Quarterly Net Income Continued to Increase Year Over Year Net Interest Margin Remained Stable Quarter Over Quarter Quarterly Loan Growth Was Broad-Based Asset Quality Continued to Improve Community Banks Reported an Increase in Quarterly Net Income and Full-Year Net Income “With strong capital and…

Federal Reserve Board invites public comment on supplement to its May 2021 proposal

March 1, 2022 / Source: FRB

The Federal Reserve Board on Tuesday invited public comment on a supplement to its May 2021 proposal intended to ensure that Reserve Banks use a transparent and consistent set of factors when reviewing requests to access Federal Reserve accounts and payment services. Institutions offering novel types of financial products or with novel charters have emerged…