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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FinCEN Publishes an Administrative Ruling Regarding Customer Identification Program and Customer Due Diligence Requirements for Designated Beneficiaries of Individual Retirement Accounts

March 17, 2024 / Source: FinCEN

CDD_and_CIP_Requirements_for_Beneficiaries_of_IRAs_03152024_508_vf.pdf288.58 KB FIN-2024-R001 FinCEN Publishes an Administrative Ruling Regarding Customer Identification Program and Customer Due Diligence Requirements for Designated Beneficiaries of Individual Retirement Accounts Issued Date March 15, 2024 Financial Institution Securities and Futures

Treasury Department Announces New Funding to Support Small Businesses in Six States and Three U.S. Territories as Part of the Biden-Harris Administration’s Investing in America Agenda

March 17, 2024 / Source: Treasury

WASHINGTON – As part of the Biden-Harris Administration’s Investing in America Agenda, the U.S. Department of the Treasury today announced six new awards to states and two new awards to territories under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $27 million. These awards will be used to provide…

Federal Reserve Board issues enforcement action against JPMorgan Chase & Co. and fines the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct

March 14, 2024 / Source: FRB

The Federal Reserve Board on Thursday issued an enforcement action against JPMorgan Chase & Co. and fined the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct. The Board’s action requires JPMorgan Chase to review and take corrective action to address the firm’s inadequate monitoring practices,…

Prepared Remarks of CFPB Director Rohit Chopra at the Financial Data Exchange Global Summit

March 14, 2024 / Source: CFPB

Today, I want to discuss the status of where we are on accelerating America’s shift to open banking, with a focus on the role of standard setters and standard-setting. I then want to discuss some of the dangers of how the standard-setting process can be weaponized in an anticompetitive way. I’ll close with how standard-setting…

HUD Invests Nearly $70 Million to Empower Tribal Communities Across the Nation

March 14, 2024 / Source: HUD

WASHINGTON – Today the U.S. Department of Housing and Urban Development (HUD) announced the allocation of nearly $70 million to 38 Tribal communities through the Indian Community Development Block Grant (ICDBG) program to support the development of housing for families living on Indian reservations and in other Indian areas. This allocation marks the second round of…

HUD Launches Website to Combat Source of Income Discrimination for Families Using Housing Vouchers

March 13, 2024 / Source: HUD

WASHINGTON – Today, Principal Deputy Assistant Secretary for Public and Indian Housing, Richard J. Monocchio, announced the launch of HUD’s new website detailing protections against Source of Income (SOI) discrimination for families with Housing Choice Vouchers (HCVs). SOI discrimination is the practice where landlords, owners, and real estate brokers refuse to rent to current or prospective…

New U.S. Department of the Treasury Analysis Continues to Show Inflation Reduction Act Achieving Key Goal of Driving Investment to Rural, Underserved Communities

March 13, 2024 / Source: Treasury

WASHINGTON – Today, ahead of U.S. Secretary of the Treasury Janet L. Yellen’s visit to Advanced Nano Products in Elizabethtown, Kentucky, the U.S. Department of the Treasury published new analysis on the impact of the Inflation Reduction Act in continuing to drive clean energy investment to communities that have been underserved and at the forefront of fossil…

Agencies Take Temporary Action on Appraisal Requirements in Area Affected by Hawaii Wildfires

March 13, 2024 / Source: FDIC

To help facilitate recovery efforts from wildfires in Hawaii last year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate–related transactions in Maui County. This temporary action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks and credit unions…

HUD Awards $2.75 Million to Train and Equip Skilled Housing Counseling Professionals

March 12, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling announced today it has awarded $2.75 million in grants to seven nonprofit organizations to fund training and education for current and prospective HUD-certified housing counselors. “Our nation’s housing counselors are important to helping people of all backgrounds get the guidance and…

Acting Comptroller Discusses Operational Resiliency

March 12, 2024 / Source: OCC

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of operational resiliency in remarks at the Institute of International Bankers Annual Washington Conference. In his remarks, Mr. Hsu discussed the growing risks of disruptions that may impede the provision of financial services or adversely impact systems. He also discussed considerations to strengthen…

Bitcoin Fog Operator Convicted of Money Laundering Conspiracy

March 12, 2024 / Source: Dept of Justice

Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency Since 2011 A federal jury in Washington, D.C., convicted a dual Russian-Swedish national today for his operation of the longest-running bitcoin money laundering service on the darknet. “Roman Sterlingov thought he could use the shadows of the internet to launder hundreds of millions of dollars…

FSOC and the Brookings Institution to host Conference on Artificial Intelligence and Financial Stability on June 6-7, 2024

March 11, 2024 / Source: Treasury

WASHINGTON – The Financial Stability Oversight Council (FSOC) in partnership with the Brookings Institution, will host a two-day conference on Artificial Intelligence (AI) and Financial Stability. AI in financial services has grown rapidly. Innovations in AI can offer many benefits, such as reducing costs and improving efficiencies, but they can also introduce or exacerbate risks…

Remarks by Vice Chairman Travis Hill at the Mercatus Center on “Banking’s Next Chapter? Remarks on Tokenization and Other Issues”

March 11, 2024 / Source: FDIC

Thank you to the Mercatus Center for having me today. I am going to devote most of my remarks to a discussion of tokenization and the future of our financial system, and then will conclude by briefly discussing a few discrete issues related to bank failures. Tokenization Money and payments have been evolving for as…

U.S. Department of the Treasury Outlines Tax Proposals to Reduce the Deficit, Lower Costs for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share

March 11, 2024 / Source: Treasury

WASHINGTON—Today, the U.S. Department of the Treasury released the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, or “Greenbook,” to explain the revenue proposals included in President Joe Biden’s budget.  The Greenbook outlines critical tax proposals that will support President Biden’s investments in the American people by ensuring the wealthy and large corporations pay…

Consumer Advisory: Opportunity to cancel student loan debt ends soon

March 11, 2024 / Source: CFPB

Many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer , but you may need to take steps to qualify. The deadline to act is April 30, 2024. Here’s what you need to know. Some borrowers need…

U.S. Department of the Treasury and State Insurance Regulators Launch Coordinated Effort on Homeowners Insurance Data Collection to Assess the Effects of Climate Risk on U.S. Insurance Markets

March 10, 2024 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) advanced its efforts to collect insurance data to better understand the impacts of climate-related financial risks on the insurance sector, by launching a first-of-its kind collaboration with state insurance regulators and the National Association of Insurance Commissioners (NAIC). This FIO and NAIC…

Federal Reserve Board announces final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board

March 10, 2024 / Source: FRB

The Federal Reserve Board on Friday announced a final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions to allow financial markets and the broader economy to function effectively. The final updates provide…

Junk fees are driving up housing costs. The CFPB wants to hear from you.

March 10, 2024 / Source: CFPB

Families who manage to save up for a down payment and get approved for a mortgage often get an unwelcome surprise: closing costs that all too often are full of junk fees. Closing costs are the fees you pay on the day you finalize the purchase of your home, and they include things like title…

HUD Makes $10 Million Available to Support New Homebuyers and Bridge Wealth Gap

March 7, 2024 / Source: HUD

WASHINGTON – The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling has announced that $10 million in grant funding is available to eligible HUD-approved housing counseling agencies. These agencies will use the funding to prepare and equip prospective homebuyers to successfully navigate the homebuying process. This new funding will enable HUD-approved housing counseling agencies…

FTC Convenes Advisory Group to Fight Scams Against Older Adults

March 7, 2024 / Source: FTC

The Federal Trade Commission will host an online meeting of the Scams Against Older Adults Advisory Group on April 2, 2024. The meeting will include reports from the committees formed at the group’s inaugural meeting. Four committees are addressing separate areas of interest: expanding consumer education and outreach efforts; improving industry training on scam prevention; identifying innovative or…

FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion

March 7, 2024 / Source: FDIC

For Release “The banking industry has shown resilience after a period of liquidity stress in early 2023.  Full-year net income remained high, overall asset quality metrics were favorable, and the industry’s liquidity was stable.  However, ongoing economic and geopolitical uncertainty, continuing inflationary pressures, volatility in market interest rates, and emerging risks in some bank commercial…

Treasury Targets Companies and Vessels Facilitating Qods Force and Houthi Commodity Shipments

March 6, 2024 / Source: Treasury

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Today’s action targets two Hong Kong- and Marshall Islands-based ship owners and two vessels for…

CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

March 5, 2024 / Source: CFPB

WASHINGTON, D.C. â€“ The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion…

Treasury Department Announces New Efforts to Increase Housing Supply in the United States

March 5, 2024 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury announced new efforts to increase the supply of housing in the year ahead. These efforts include: These announcements build on the Biden-Harris Administration’s Housing Supply Action Plan to boost the nation’s stock of affordable housing and lower housing costs, including through new actions announced last week. Over the past three…

U.S. Department of the Treasury, IRS Release Final Rules on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda

March 5, 2024 / Source: Treasury

WASHINGTON — Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably, which will create…