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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  • Texas Bankers Association Files Freedom of Information Act Request with CFPB

    July 31, 2015 / Source: Texas Bankers Association

    The Texas Bankers Association on Wednesday filed a Freedom of Information Act Request with the Consumer Financial Protection Bureau to obtain all documentation the agency requested from bank software processors on the overdraft activity of their bank customers.

  • House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold

    July 31, 2015 / Source: Ballard Spahr

    Wednesday, four CFPB-related bills were passed by the House Financial Services Committee.

  • OIG identifies information security deficiencies in CFPB’s DT Complaint Database

    July 30, 2015 / Source: Ballard Spahr

    The Office of Inspector General (OIG) for the Fed and CFPB recently completed its review of the information system security controls for the CFPB’s Data Team (DT) Complaint Database. The DT Complaint Database supports the CFPB’s Consumer Response System through which the CFPB collects and responds to consumer complaints and is the source of consumer complaint information published on the CFPB’s website.

  • Finalized Revisions to the Regulatory Capital Rule

    July 29, 2015 / Source: OCC

    The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) finalized revisions to clarify, correct, and update certain provisions of the regulatory capital rule adopted by the agencies in 2013. The revisions apply only to banking organizations subject to the agencies’ advanced approaches risk-based capital framework.

  • Counterfeit Cashier’s Checks of First National Bank of Bastrop, Bastrop, Texas

    July 29, 2015 / Source: OCC

    Counterfeit checks presented to date have been made payable in the amounts of $1,545 and $2,865 and contain purchaser names of either Christopher Drake or Veronica Branton.

  • CFPB Takes Action Against Mortgage Payment Company And Servicer For Deceptive Ads

    July 28, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) took action today against Paymap Inc. and LoanCare, LLC for deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments. Under the terms of the orders announced today, Paymap will return $33.4 million in fees to consumers and pay a $5 million civil penalty to the CFPB, and LoanCare will pay a $100,000 civil penalty.

  • Washington Times Editorial Claims that the NCUA is a Captured Regulatory Agency

    July 28, 2015 / Source: Washington Times

    The Times editorial claims that the recent push to allow credit unions to original large, risk loans by raising limits imposed by Congress to prevent abuse of their special status is proof the NCUA is a captured agency.

  • Auto finance company agrees to change dealer compensation policy to settle CFPB and DOJ fair lending

    July 28, 2015 / Source: Ballard Spahr

    Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA). The settlement includes AHFC’s agreement to change its auto dealer compensation policy, pay $24 million in restitution, and distribute $1 million towards the administration and operation of a consumer financial education program. It is noteworthy, however, that the settlement does not include payment of any monetary penalties by AHFC, which perhaps reflects statements in the DOJ’s and CFPB’s press releases praising AHFC for its industry “leadership” in agreeing to change its policy.

  • Small Texas Bank Winning Big Fight Against CFPB

    July 27, 2015 / Source: HousingWire.com

    A small Texas bank was handed a large victory this week, when a federal court ruled that the bank is allowed to challenge the constitutionality and authority of the Consumer Financial Protection Bureau. The repercussion of this battle could also have a huge ripple effect on the entire financial market.

  • CFPB settles action against provider of student financial aid assistance

    July 24, 2015 / Source: Ballard Spahr

    The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial aid assistance and preparation services to consumers.

  • Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

    July 24, 2015 / Source: Ballard Spahr

    The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.” The hearing was focused on constitutional issues relating to the Dodd-Frank Act, including the constitutionality of the CFPB.

  • Meredith Fuchs named today as Acting Deputy Director of the CFPB

    July 23, 2015 / Source: Ballard Spahr

    Meredith Fuchs, the General Counsel of the CFPB, has been named today by Director Cordray to be the Acting Deputy Director of the CFPB effective August 1, 2015.

  • Sageworks Survey: What Examiners are Examining

    July 23, 2015 / Source: Sageworks

    A new survey of banks and credit unions on the feedback they receive from regulatory agencies.

  • The Department of Defense (“Department”) amends its regulation that implements the Military Lending

    July 22, 2015 / Source: Department of Defense

    The Department of Defense issued a final rule on the Military Lending Act.

  • CFPB sends warning letters on military allotment practices

    July 22, 2015 / Source: Ballard Spahr

    The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments.

  • OCC Newsletter Focuses on Increasing Sustainable Loan Modifications and Reducing Foreclosures

    July 22, 2015 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments electronic newsletter entitled “Hardest Hit Fund: State Programs to Improve Loan Modification Sustainability and Stabilize Communities.”

  • CFPB Finalizes Two Month Extension of TRID

    July 21, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) today issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a home buyer. The Bureau issued the change to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15, at the earliest.

  • The Federal Reserve Announce Steering Committees of new Payments Task Forces

    July 21, 2015 / Source: Federal Reserve

    The Federal Reserve on Tuesday announced the members of the steering committees of both the Faster Payments Task Force and Secure Payments Task Force described in the Strategies for Improving the U.S. Payment System paper released in January 2015.

  • President Obama Announces his Intent to Nominate Dr. Kathryn M. Dominguez for the BOG of the Fed

    July 21, 2015 / Source: WhiteHouse.Gov

    President Obama said, “Dr. Dominguez has the proven experience, judgment, and deep knowledge of the financial system, monetary policy, and international capital markets to serve at the Federal Reserve during this important time for our economy. She brings decades of leadership and expertise from various roles, particularly from her years as a leading economist and academic. I am grateful she has chosen to take on this important role, and I look forward to working with her.”

  • Volcker Rule Effective Today

    July 21, 2015 / Source: Federal Reserve

    The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions (“banking entities”) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account. The final rules also impose limits on banking entities’ investments in, and other relationships with, hedge funds or private equity funds.

  • FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

    July 20, 2015 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing (AML/CFT) deficiencies.

  • Fed Proposes Changes to Dodd-Frank Stress Test

    July 20, 2015 / Source: Federal Reserve

    The Federal Reserve Board on Friday proposed a rule to modify its capital planning and stress testing regulations. The proposed changes would take effect for the 2016 capital plan and stress testing cycles.

  • CFPB to host forum on eClosing

    July 20, 2015 / Source: Ballard Spahr

    On Wednesday, August 5 at 1p.m. EDT, the CFPB will be hosting a forum on the “Know Before You Owe Initiative” on eClosing. The forum will feature remarks from Director Richard Cordray, and include a panel discussion with consumer groups, industry representatives, and members of the public.

  • Cordray Talks Consumer Complaints

    July 17, 2015 / Source: CFPB

    Cordray announced yesterday in his speech at the Americans for Financial Reform Event that the CFPB will begin sharing a summary of consumer complaints every month. The new monthly reports will include complaint data on company performance, complaint volume, state and local information, and product trends. The reports provide a high-level snapshot of trends and analyses found in the consumer complaints the CFPB receives. They can be used to inform the public, the industry, researchers, reporters, and everyone interested in the financial marketplace.

  • Treasury Seeking Public Input on Expanding Access to Credit through Online Marketplace Lending

    July 17, 2015 / Source: Treasury

    Online marketplace lending refers to the segment of the financial services industry that uses investment capital and data-driven online platforms to lend to small businesses and consumers. The Treasury Department is seeking public comment through this Request For Information (RFI) on (i) the various business models of and products offered by online marketplace lenders to small businesses and consumers; (ii) the potential for online marketplace lending to expand access to credit to historically underserved market segments; and (iii) how the financial regulatory framework should evolve to support the safe growth of this industry.