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.

Whitelist info@compliancealliance.com 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 info@compliancealliance.com.

  • OCC Encourages National Banks to Work with Customers Affected by Recent Extreme Weather

    December 31, 2015 / Source: OCC

    The Office of the Comptroller of the Currency reminds national banks and federal savings associations of guidance to assist financial institutions and customers affected by extreme weather, such as the recent flooding along the Mississippi River.

  • Compliance Alliance to Close at 2:00 p.m. on Thursday, December 31

    December 31, 2015

    Compliance Alliance will close at 2:00 p.m. today in recognition of New Year's Eve, and will be closed all day on Friday, December 31 in recognition of New Year's Day. We will resume business at 7:00 a.m. on Monday, January 4, 2016. Please have a safe and happy New Year's celebration.

  • CFPB Eyeing Discrimination Claims Against Berkshire Unit

    December 30, 2015 / Source: American Banker

    An investigation into potential discriminatory lending practices of a company owned by Berkshire Hathaway is spurring attention by the Consumer Financial Protection Bureau.

  • Federal Reserve Board announces approval of application by Chemical Bank

    December 30, 2015 / Source: FRB

    The Federal Reserve Board on Wednesday announced its approval of the application filed by Chemical Bank, Midland, Michigan, to establish a mobile branch in several counties in Michigan.

  • FTC Stops Alleged Deceptive Office Supply Scam

    December 29, 2015 / Source: FTC

    At the Federal Trade Commission’s request, a federal court has temporarily halted and frozen the assets of an operation that the FTC alleges bilked millions of dollars from nonprofit organizations and small businesses through an office supply scam. The FTC seeks to permanently stop the illegal practices and make the defendants return victims’ money.

  • Regulators Release Annual CRA Asset Threshold Adjustments for Small and Intermediate Institutions

    December 28, 2015 / Source: OCC

    [Last Tuesday], the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.

  • CFPB Proposes Order to Stop Illegal Debt Collection Lawsuit Mill

    December 28, 2015 / Source: CFPB

    Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed consent order in federal court that would resolve a lawsuit against Frederick J. Hanna & Associates, a Georgia-based law firm, and its three principal partners, for operating an illegal debt collection lawsuit mill.

  • Christmas Hours: Compliance Alliance to Close at Noon on Christmas Eve

    December 24, 2015

    In recognition of the Christmas holidays, Compliance Alliance will be closing at 12 p.m. CT on December 24, 2015, and all day on December 25, 2015. We will return on Monday, December 28, 2015. We wish all of our members a Merry Christmas and a safe, and Happy New Year.

  • The OCC Issues an Alert: Beware of Counterfeit Cashier’s Checks

    December 24, 2015 / Source: OCC

    [First National Bank, Davenport, IA] has reported that counterfeit cashier’s checks using a correct routing number of 071122564 are being presented for payment nationwide in connection with various online scams.

  • FTC Issues Enforcement Policy Statement on Native Advertising and Deceptively Formatted Ads

    December 23, 2015 / Source: FTC

    The Federal Trade Commission issued an enforcement policy statement [on Tuesday] explaining how established consumer protection principles apply to different advertising formats, including “native” ads that look like surrounding non-advertising content.

  • CFPB unveils adjustments to HMDA/TILA asset exemption thresholds

    December 23, 2015 / Source: CFPB

    The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB is making no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. Banks, savings associations, and credit unions with assets at or below $44 million as of December 31, 2015 will continue to be exempt from collecting HMDA data in 2016.

  • OCC Releases Q3 Report

    December 22, 2015 / Source: OCC

    The OCC’s quarterly report on bank trading and derivatives activities is based on call report information provided by all insured U.S. commercial banks, savings associations and trust companies (collectively, “banks”), reports filed by U.S. financial holding companies, and other published data. Beginning in the first quarter of 2012, savings associations reported their financial results in the call reports. As a result, their trading and derivatives activity is now included in the OCC’s quarterly derivatives report.

  • The Fed Releases Capital Planning Expectations

    December 22, 2015 / Source: FRB

    The Federal Reserve Board on Monday released guidance to its examiners and banking institutions that consolidates the capital planning expectations for all large financial institutions and clarifies differences in those expectations based on firm size and complexity. The guidance is designed to tailor the Federal Reserve's expectations for large financial institutions.

  • FDIC Consumer Newsletter Features Shopping Tips for Loans and Credit Cards

    December 21, 2015 / Source: FDIC

    The latest FDIC Consumer News features tips on how to be better informed and better prepared before applying for credit while avoiding costly mistakes. The Fall 2015 edition also features simple banking strategies for small business, owners plus answers to questions from consumers about deposit insurance. Here is an overview of what is in this issue.

  • Final Rule Amending the Filing Requirements for Changes in Control

    December 21, 2015 / Source: FDIC

    The final rule amending the FDIC's filing requirements and processing procedures for notices filed under the Change in Bank Control Act consolidates and conforms the regulations of state nonmember banks, state savings associations, and certain parent companies, and makes existing FDIC practices more transparent. The final rule adopts certain provisions intended to establish consistency with the regulations of the other federal banking agencies. The final rule takes effect January 1, 2016.

  • Mortgages Rates Trend Upward

    December 18, 2015 / Source: Freddie Mac

    Fixed mortgage rates ticking slightly higher for the second week in a row amid the Federal Reserve's decision to raise short-term interest rates for the first time since 2006. •30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending December 17, 2015, up from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent. •15-year FRM this week averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent. •5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.95 percent. •1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.2 point, up from 2.64 percent last week. At this time last year, the 1-year ARM averaged 2.38 percent.

  • 2016 Scorecard for Fannie Mae & Freddie Mac Released

    December 18, 2015 / Source: FHFA

    Regulators set the following goals for Fannie Mae and Freddie Mac in 2016. 40% of their scorecard places emphasis on credit availability and foreclosure prevention activities for new and refinanced mortgages, 30% of their scorecard is placed on how well they can increase the role of private capital in the mortgage market in order to reduce taxpayer risk and the other 30% is focused on how well they are able to build a new single-family infrastructure for use by the enterprises and also adaptable for use by others in the secondary market in the future.

  • LifeLock to Pay $100 Million to Consumers to Settle FTC Charges it Violated 2010 Order

    December 17, 2015 / Source: Federal Trade Commission

    LifeLock will pay $100 million to settle Federal Trade Commission contempt charges that it violated the terms of a 2010 federal court order that requires the company to secure consumers’ personal information and prohibits the company from deceptive advertising. This is the largest monetary award obtained by the Commission in an order enforcement action. “This settlement demonstrates the Commission’s commitment to enforcing the orders it has in place against companies, including orders requiring reasonable security for consumer data,” said FTC Chairwoman Edith Ramirez. “The fact that consumers paid Lifelock for help in protecting their sensitive personal information makes the charges in this case particularly troubling.”

  • Federal Banking Agencies Seek Comment on Effort to Reduce Regulatory Burden

    December 17, 2015 / Source: Federal Reserve

    The federal banking agencies approved a notice requesting comment on the fourth and final set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.

  • Feds Raise Interest Rates for the First Time in Over a Decade

    December 17, 2015 / Source: FOMC

    The Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise, over the medium term, to its 2 percent objective. Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent. The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

  • FHFA Issues Proposed Rule to Serve Underserved Markets

    December 16, 2015 / Source: Federal Housing Finance Agency

    The Federal Housing Finance Agency (FHFA) proposed a rule to implement the Duty to Serve provisions of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. This statute requires Fannie Mae and Freddie Mac (the Enterprises) to serve three specified underserved markets: manufactured housing, affordable housing preservation and rural markets. The proposed rule would require the Enterprises to adopt plans to improve the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in the three specified underserved markets.

  • FDIC Board Approves 2016 Operating Budget

    December 16, 2015 / Source: FDIC

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a $2.21 billion operating budget for 2016, down 4.7 percent from 2015. The Board also approved an authorized staffing level of 6,569 positions for 2016, a net reduction of 317 positions authorized for 2015. "As the U.S. banking industry continues to show improvement and the number of bank failures steadily declines, we remain focused on fulfilling the responsibilities of our mission while prudently managing costs," FDIC Chairman Martin Gruenberg said.

  • Federal Reserve Board Announces Termination of the Enforcement Action

    December 15, 2015 / Source: Federal Reserve Board

    The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below: Mid State Banks Inc., Hawkinsville, Georgia Written Agreement issued June 2, 2010 Terminated December 9, 2015

  • FDIC Community Banking Reference Data Updated

    December 15, 2015 / Source: FDIC

    Community banks play a vital role in the functioning of the U.S financial system and the broader economy, from lending to small business owners and farmers, to providing critical banking services in small towns and rural communities across the nation. FDIC monitors industry trends and provides technical assistance in a variety of ways, including training videos, research, and workshops. The Banking reference data is updated to provide a comprehensive analysis of Community Banking studies and resources.

  • Mortgages Continue to Show Improvement in the 3rd Quarter

    December 15, 2015 / Source: OCC

    According to the OCC Mortgage Metric Report, mortgages saw an increase during the third quarter. Overall, the performance of mortgages improved on a year-over-year basis. The percentage of current and performing mortgages in the portfolio was 93.9 percent at the end of the third quarter of 2015, up from 93.0 percent a year earlier. The percentage of mortgages that were 30 to 59 days past due was 2.3 percent of the portfolio, a decrease of 4.4 percent from a year earlier. The percentage of mortgages in the portfolio that were seriously delinquent—60 or more days past due or held by bankrupt borrowers whose payments were 30 or more days past due—decreased 16.1 percent from a year earlier, to 2.6 percent of the portfolio.