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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  • CFPB Issues Second Monthly Complaints Report

    August 28, 2015 / Source: Ballard Spahr

    The CFPB issues their second monthly complaints report - this one for August 2015. The report highlights credit reporting complaints and complaints out of the Los Angeles metro area.

  • FDIC Releases New Issue of ‘FDIC Consumer News’

    August 28, 2015 / Source: FDIC

    The new issues covers mobile banking and payments, ATM fees and security, credit scores, and bank reward programs.

  • Fannie Mae Announces Improved Affordable Lending Product

    August 26, 2015 / Source: Fannie Mae

    Fannie Mae (FNMA/OTC) announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s integrated suite of risk management tools for greater certainty and efficiency. HomeReady reflects extensive research and lender input, and will replace Fannie Mae’s MyCommunityMortgage®.

  • Agencies Announce Availability of 2014 Small Business, Small Farm, and CD Lending Data

    August 25, 2015 / Source: OCC

    The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA.

  • FinCEN Proposes AML Regulations for Investment Advisers

    August 25, 2015 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) today proposed a rule requiring certain investment advisers to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA). FinCEN also proposed to include investment advisers in the general definition of “financial institution,” which, among other things, would require them to file Currency Transaction Reports (CTRs) andkeep records relating to the transmittal of funds.

  • FHA: Guidelines Supporting Borrowers Who Seek to Make Homes Energy Efficient

    August 25, 2015 / Source: HUD

    Today, FHA announced anticipated guidelines for two new initiatives that will support borrowers seeking to make energy efficient improvements to their homes, including guidance that will allow borrowers to use Single Family FHA financing for properties with existing Property Assessed Clean Energy (PACE) loans that meet certain conditions. FHA also announced its new partnership with the Department of Energy (DOE) helping borrowers using Single Family FHA’s Energy Efficient Home (EEH) program to take advantage of energy cost savings when measured by DOE’s Home Energy Score.

  • FDIC’s Summer 2015 Supervisory Insights Covers Strategic Planning and Investments

    August 25, 2015 / Source: FDIC

    Summer 2015 Supervisory Insights cover strategic planning, investments in securitizations, and the regulatory/supervisory round-up.

  • CFPB lawsuit against pension advance companies could have broader implications

    August 24, 2015 / Source: Ballard Spahr

    A new lawsuit, filed by the CFPB and the New York Department of Financial Services (NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again demonstrates the aggressive approach taken by both agencies. The lawsuit follows a consumer advisory issued by the CFPB in March 2015 regarding “pension advance traps to avoid.”

  • ABA Shares Free Magazine Story on Disparate Impact

    August 20, 2015 / Source: ABA

    In the September/October issues of the ABA Bank Compliance magazine, the cover story focuses on fair lending and the Supreme Court's decision in Texas v ICP. ABA released this story for free this month, despite the magazine being subscription only.

  • Bankers To Obama: Stop ‘Abusing’ Disparate Impact Charges Read More At Investor’s Business Daily: h

    August 20, 2015 / Source: Investor's Business Daily

    Fed up with frivolous claims of discrimination leveled against mortgage lenders, the American Bankers Association is demanding Obama regulators and prosecutors adopt a higher standard of proof.

  • Compliance Question Correction

    August 19, 2015 / Source: Compliance Alliance

    There was an inaccurate amount listed in a flood question that was published on behalf of CA. The correct amounts of civil money penalties for flood violations are: $2,000, and there is no longer an aggregate maximum.

  • CFPB seeks information on income-driven student loan repayment plans

    August 19, 2015 / Source: Ballard Spahr

    In a new blog post, the CFPB tells borrowers, that in response to its solicitation of borrower “stories” about problems with student loans, it has heard “about problems related to enrolling in income-driven repayment plans that ended up costing you hundreds of dollars in unexpected payments.”

  • CFPB Issues Compliance Bulletin - Amendment to the Interstate Land Sales Full Disclosure Act

    August 18, 2015 / Source: Federal Register

    The Bureau of Consumer Financial Protection is issuing a compliance bulletin titled “Amendment to the Interstate Land Sales Full Disclosure Act” to provide information to developers and other interested parties relating to a recent Congressional amendment to the Interstate Land Sales Full Disclosure Act. This bulletin is applicable August 17, 2015.

  • Robert Steven Kaplan Named President and CEO of Dallas Fed

    August 18, 2015 / Source: Dallas Fed

    The Federal Reserve Bank of Dallas announced the appointment of Robert Steven Kaplan as president and chief executive officer. In this role, Kaplan will represent the Eleventh Federal Reserve District on the Federal Open Market Committee in the formulation of U.S. monetary policy and will oversee the 1,200 employees of the Dallas Fed. His appointment is effective September 8, 2015.

  • CFPB Launches a Suite of Materials to help Real Estate Professionals with TRID

    August 18, 2015 / Source: CFPB

    The CFPB have launched a suite of web-based materials designed specifically for real estate professionals to understand the Know Before You Owe mortgage disclosure rule. The materials provide a guide for real estate professionals to ensure smooth and on-time closings while facilitating the best experience for their clients.

  • FDIC Releases Guidance for Banks Serving Areas of Kentucky Hit by Storms

    August 17, 2015 / Source: FDIC

    The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Kentucky affected by severe storms, tornadoes, straight-line winds, flooding, landslides, and mudslides.

  • FinCEN Admin Ruling: Issuing Physical/Digital Negotiable Certificates of Ownership of Precious Metal

    August 14, 2015 / Source: FinCEN

    The letter is in response to a letter from July 15, 2014, seeking an administrative ruling from the Financial Crimes Enforcement Network (“FinCEN”), regarding FinCEN’s money services business (“MSB”) regulations underthe Bank Secrecy Act (“BSA”). Specifically, the letter asked for FinCEN’s determination as to whether the operations and transaction services offered by the specific company requesting the ruling make it a money transmitter as defined under the BSA.

  • House Subcommittee Investigating What Moves the FDIC is Making to Prevent Puerto Rican Default

    August 14, 2015 / Source: Sean Duffy

    Puerto Rico recently announced that roughly $72 billion of their debt is at risk of default. Since the announcement, concerns have been raised over the solvency of Puerto Rican banks and outside banks that hold their debt, and whether they are prepared to handle default.

  • August Compliance Huddle Recording Available

    August 13, 2015

    Missed the huddle yesterday? No problem! The recording is now available under "News & Events," "Past Events," "Past Huddles."

  • OCC Assesses $10 Million Penalty Against Citizens Bank; Orders Reimbursement for UDAAP

    August 13, 2015 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today assessed a $10 million penalty against Citizens Bank, National Association (formerly known as RBS Citizens, National Association), Providence, Rhode Island, and ordered the bank to identify and reimburse harmed customers.

  • CFPB Issues Index for TRID Questions

    August 13, 2015 / Source: CFPB

    CFPB staff has been participating in a series of webinars sponsored by the Federal Reserve to address implementation of the new rule. This document contains a list of each question answered in the webinars and the date of the webinar in which the question was covered. By clicking on the date while holding down your control key, you will be linked to the webinar table of contents, where you can then choose the segment of interest.

  • FDIC Announces Regulatory Relief for Banks in Areas that Support Areas Affected by Storms

    August 13, 2015 / Source: FDIC

    Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas that Support the Oglala Sioux Tribe of the Pine Ridge Indian Reservation Affected by Severe Storms, Straight-Line Winds, and Flooding

  • Prepared Remarks of CFPB Director Richard Cordray at the CFPB Forum on eClosings

    August 06, 2015 / Source: CFPB

    Cordray speaks on the potential of increased accuracy and efficiency for eClosings.

  • CFPB Study Finds Electronic Mortgage Closings Can Benefit Consumers

    August 06, 2015 / Source: CFPB

    Consumers Reported Greater Understanding, Efficiency, and Feelings of Empowerment

  • CFPB Sues Offshore Payday Lender

    August 06, 2015 / Source: CFPB

    Bureau Alleges the NDG Enterprise Collected Money Illegally, Seeks Refunds for Consumers