Banker Compliance News

Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.

Whitelist [email protected] to ensure that you receive your update email.

If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].

Cash Advance Company Cleo AI Agrees to Pay $17 Million As Result of FTC Lawsuit Charging It Deceives Consumers

March 27, 2025 / Source: FTC

Online cash advance company Cleo AI has agreed to pay $17 million to settle the Federal Trade Commission’s allegations that the company deceived consumers about how much money they could get and how fast that money could be available. The complaint, filed in federal district court along with the proposed settlement order, also alleges that Cleo made it…

U.S. Department of the Treasury Announces Publication of Interim Final Rule Removing Reporting Requirements for U.S. Companies and U.S. Persons

March 26, 2025 / Source: Treasury

WASHINGTON –– The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies. This publication in…

FTC Chairman Andrew N. Ferguson Appoints Deputy Directors of the Bureaus of Competition and Consumer Protection

March 26, 2025 / Source: FTC

Federal Trade Commission Chairman Andrew N. Ferguson today announced he has appointed Taylor C. Hoogendoorn as Deputy Director of the Bureau of Competition and Katherine White as Deputy Director of the Bureau of Consumer Protection.  Hoogendoorn is a talented litigator with expertise in a wide range of litigation, including antitrust, tort, contractual, energy, and intellectual…

CFPB Seeks to Vacate Abusive, Unjust Case Against Townstone

March 26, 2025 / Source: CFPB

WASHINGTON, D.C. â€“ Today, the Acting Director of the Consumer Financial Protection Bureau (CFPB) Russ Vought is seeking to vacate the settlement the CFPB extracted from Townstone after a seven-year harassment saga. Using a “redlining screen” based on an arbitrary number of mortgages, CFPB set out to destroy a small Midwest firm with about ten employees…

Acting Comptroller Discusses Financial Inclusion

March 25, 2025 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood today discussed financial inclusion in remarks at the National Association of Hispanic Real Estate Professionals’ Homeownership and Housing Policy Conference. Mr. Hood’s written remarks in support of his presentation discussed the work of the OCC’s Project REACh to support affordable homeownership. Related Links

Speech – Latinos, Entrepreneurs, and the U.S. Economy

March 25, 2025 / Source: FRB

Thank you, Ramiro, and thank you for the opportunity to speak with all of you today.1 Welcome to Washington, D.C.! Bienvenidos a la capital! I hope you have a productive conference and an enjoyable visit. I am honored to speak with you today because I have long appreciated the efforts of the U.S. Hispanic Chamber of…

Treasury Sanctions Additional Iranian Intelligence Officers Involved in the Probable Death and Cover-Up of Robert Levinson

March 25, 2025 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the Federal Bureau of Investigation (FBI), is imposing sanctions on three Iranian Ministry of Intelligence and Security (MOIS) officials who were involved in the abduction, detention, and probable death of former FBI Special Agent Robert A. “Bob” Levinson….

FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

March 24, 2025 / Source: FinCEN

WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In that interim final rule, FinCEN revises the definition of “reporting…

HUD Secretary Scott Turner, DHS Secretary Kristi Noem Establish Interagency Partnership to End Illegal Immigrant Alien Exploitation of Housing Programs

March 24, 2025 / Source: HUD

WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner and U.S. Department of Homeland Security (DHS) Secretary Kristi Noem today signed the “American Housing Programs for American Citizens” Memorandum of Understanding (MOU), to end the wasteful misappropriation of taxpayer dollars to benefit illegal aliens instead of American citizens. As part of…

Speech – Helping Small Businesses Reach Their Potential

March 24, 2025 / Source: FRB

Thank you for the opportunity to speak to you today.1 The United States has an enviable entrepreneurial culture and a strong track record of building new companies. Yet, new and small business owners often navigate significant challenges from establishment to growth. These challenges typically include limitations in accessing capital, in developing robust business and professional networks…

OCC Reports Mortgage Performance for Fourth Quarter of 2024

March 24, 2025 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2024. The OCC Mortgage Metrics Report, Fourth Quarter 2024 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…

Secretary Scott Turner Discusses HUD Priorities and Housing Agenda – “We want to create a culture of excellence at HUD.”

March 23, 2025 / Source: HUD

Washington, DC – U.S. Housing and Urban Development (HUD) Secretary Scott Turner sat down with Bret Baier on Fox News’ ‘Special Report’ for a behind the scenes look at HUD headquarters and to layout his priorities and vision for the department. Watch the full interview HERE filmed live from HUD or read highlights below. HUD’s Mission to Serve…

READOUT: Financial Stability Oversight Council Meeting on March 20, 2025

March 23, 2025 / Source: Treasury

During the meeting, Secretary Bessent shared his priorities for the Council. As Chairperson, he intends to prioritize enhancements to the member agencies’ supervisory and regulatory frameworks, as well as other efforts to position banks and other regulated entities to foster innovation and otherwise support economic growth. He encouraged the member agencies to re-focus their supervision…

Federal Reserve Board releases annual audited financial statements

March 21, 2025 / Source: FRB

The Federal Reserve Board on Friday released annual audited financial statements for the Federal Reserve System for 2024. An independent accounting firm issued unqualified opinions, asserting that its audit found no material misstatements in accordance with applicable auditing standards. The Board released audited individual and combined statements for the 12 Federal Reserve Banks, the Board,…

Bank Supervision: Removing References to Reputation Risk

March 20, 2025 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) has commenced removing references to banks’1 reputation risk from its Comptroller’s Handbook booklets and guidance issuances. Concurrently, the OCC has instructed its examiners that they should no longer examine for reputation risk. Note for Community Banks The OCC’s discontinuation of examining for reputation risk applies to community banks….

Treasury Sanctions Network Supporting Iran’s Oil Exports

March 20, 2025 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a “teapot” oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Foreign Terrorist Organization, Ansarallah, commonly known as the Houthis, and the…

Federal Reserve Board issues enforcement actions

March 20, 2025 / Source: FRB

The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: Frankewing Bancshares, Inc., Frankewing, TennesseeCease and Desist Order dated February 20, 2025 Bank of Hawaii, Honolulu, HawaiiFlood insurance violations, civil money penalty, dated February 24, 2025 Additional enforcement actions can be searched for here. For media inquiries, please email [email protected] or call 202-452-2955.

Digitalization: Resources for Community Banks

March 19, 2025 / Source: OCC

The Office of the Comptroller of the Currency (OCC) has established a new Digitalization page on its website—www.occ.gov—dedicated to resources to help community banks1 meet their digitalization objectives. Note for Community Banks This bulletin applies to community banks. Highlights Digitalization is the use of technology to change a business model, provide new revenue and value-producing opportunities, or automate…

Treasury International Capital Data for January

March 19, 2025 / Source: Treasury

WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2024. The next release, which will report on data for February 2025, is scheduled for April 16, 2025. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…

Federal Reserve Board and Federal Open Market Committee release economic projections from the March 18-19 FOMC meeting

March 19, 2025 / Source: FRB

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 18-19 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials

Federal Reserve issues FOMC statement

March 19, 2025 / Source: FRB

Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run….

OCC Conditionally Approves Fintech Business Model for a National Bank

March 18, 2025 / Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the application for financial technology (fintech) company SmartBiz Loans to change the business model of CenTrust Bank, N.A., Northbrook, Illinois, upon its acquisition of CenTrust Bank, N.A. Upon acquisition, CenTrust Bank, N.A. was renamed SmartBiz Bank, N.A. CenTrust further applied to…

Treasury Targets Mexico-Based Leader of Transnational Criminal Organization Responsible for Smuggling Thousands of Migrants Across the U.S. Southern Border

March 18, 2025 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Jumilca Sandivel Hernandez Perez (Hernandez Perez), a key leader of the Lopez Human Smuggling Organization (HSO), a Guatemala-based Transnational Criminal Organization responsible for the smuggling of thousands of illegal aliens from Guatemala, through Mexico, and into the United States. Additionally, Hernandez Perez has coordinated…

U.S. Department of the Treasury Brings Back IRS Whistleblowers Wrongly Punished in Biden Probe

March 18, 2025 / Source: Treasury

WASHINGTON – The United States Department of the Treasury and Internal Revenue Service (IRS) today announced that the two IRS whistleblowers who had been wrongfully targeted for investigating Hunter Biden’s evasion of taxes on his $8.3 million income would be brought in to the U.S. Department of Treasury as Senior Advisors. “I am pleased to…

Statement by Governor Bowman

March 18, 2025

I would like to express my thanks to President Trump for nominating me as the Vice Chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role. If confirmed, I will promote a safe and sound banking system through a pragmatic approach to supervision…