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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  • Board of Directors - Spotting Red Flags in Board Reports Webinar Now Available!

    January 29, 2016

    Board of Directors - Spotting Red Flags in Board Reports Webinar is now available! It can be found under "News & Events" "Past Events" "Past Webinars."

  • Feds Extend Comment Period Until March 2016

    January 29, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board on Friday extended until March 21, 2016 the comment period for the proposed policy statement detailing the framework the Board would follow in setting the Countercyclical Capital Buffer (CCyB). The Federal Reserve Board on Friday extended until March 21, 2016 the comment period for the proposed policy statement detailing the framework the Board would follow in setting the Countercyclical Capital Buffer (CCyB). The CCyB is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on internationally active banking organizations when there is an elevated risk of above-normal losses in the future. The CCyB would then be available to help banking organizations absorb shocks associated with declining credit conditions. The proposed policy statement provides background on the range of financial system vulnerabilities and other factors the Board could take into account as it evaluates settings for the buffer. The Board extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by February 19, 2016.

  • OCC Releases 2016 Dodd-Frank Stress Test Senarios

    January 29, 2016 / Source: OCC

    The OCC released financial scenarios for 2016 stress test. Stress test will cover financial institutions with more than $10 billion in assets. They will include: baseline, adverse, and severely adverse scenarios. Section 165(i)(2) of the Dodd-Frank Act requires certain financial companies, including national banks and federal savings associations with total consolidated assets of more than $10 billion, to conduct annual stress tests.

  • CFPB Examines Financial Service Complaints

    January 29, 2016 / Source: CFPB

    The CFPB released its latest monthly consumer complaint snapshot, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair. that shows that consumer complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service. This month’s snapshot also highlights trends seen in complaints coming from New York State and the New York metro area. As of Jan. 1, 2016, the Bureau has handled over 790,000 complaints across all products. “Many of the financial services examined in today’s report are used by people struggling to make ends meet who can least afford to have issues with their financial products,” said CFPB Director Richard Cordray. “The Bureau will continue to use complaints submitted about these products to target bad actors in the financial marketplace.”

  • Housing Market Continues to Increase

    January 28, 2016 / Source: U.S. Census Bureau News

    In a report released by the U.S. Department of Housing and Urban Development, sales of single-family homes have increased 10.8% in December from 9.9% in November. The median sales price of new houses sold in December 2015 was $288,900; the average sales price was $346,400. An estimated 501,000 new homes were sold in 2015. This is 14.5 percent increased compared to 437,000 new homes built in 2014.

  • Fed Rate Remains Unchanged

    January 28, 2016 / Source: FOMC

    The Federal Open Market Committee decided in a meeting held yesterday that they would not raise the target range for the federal funds rate. They decided to keep rates at their current target range of 1/4 to 1/2 percent. This decision was based in part of a slowing economy reflecting declines in energy prices and decline in labor resources. On the bright side, household spending and business fixed investment have been increasing at moderate rates in recent months, and the housing sector has improved.

  • CFPB Postpones Field Hearing on Checking Account Access to Feb. 3

    January 27, 2016 / Source: Ballard Sphar

    The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally scheduled for today. As we previously reported, we expect the hearing to coincide with an announcement by the CFPB of steps it is taking to address concerns raised by Director Cordray in connection with the CFPB’s October 2014 forum on checking account screening policies and practices.

  • Lump-Sum Pension Payout

    January 27, 2016 / Source: CFPB

    Before you think about taking out a lump sum pension payout, the CFPB has some tools and advice that may help you. The most important thing to understand is when taking out a lump sum, the responsibility falls solely on you to maintain and make the money last throughout retirement. You risk inflation and potential fraud schemes.

  • CFPB Accepting Applications for Advisory Board and Council

    January 27, 2016 / Source: CFPB

    CFPB will be taking applications from now until February 29, 2016 for Advisory board and council positions. Seven (7) seats on the Consumer Advisory Board and eight (8) seats on the Community Bank Advisory Council will become vacant in the fall of 2016. Applications can be submitted electronically or by mail.

  • CFPB Issues Consent Order with Used Car Dealership

    January 26, 2016 / Source: CFPB

    The CFPB has announced that it has entered into a consent order with a Colorado buy-here pay-here used car dealer to settle charges that the dealer’s sales and advertising practices violated the Truth in Lending Act and the Consumer Financial Protection Act prohibition of unfair, deceptive, or abusive acts or practices. The consent order requires the dealer to pay $700,000 in restitution and imposes a civil penalty of $100,000 which is suspended based on the dealer’s inability to pay.

  • CFPB Makes Mortgage Process Easier

    January 25, 2016 / Source: CFPB

    The CFPB’s mortgage initiative is designed to help consumers understand their loan options, shop for the mortgage that’s best for them, and avoid costly surprises at the closing table. Tools and resources are available at your finger tips: Sample Loan Estimate, Sample Closing Disclosure, Owning a Home and a Home Loan Toolkit

  • OCC’s Community Bank Director Workshops-2016

    January 25, 2016 / Source: OCC

    The OCC host a series of Director Workshops to meet the needs of new directors as well as experienced directors who want to review the fundamentals or get critical updates.These sessions will be led by some of OCC's most experienced and qualified professionals and get solid, cost-effective training related to the challenges you face every day.Space is limited to 35 participants, register early

  • OCC Authorizes Banks Affected by Winter Storm Jonas to Close

    January 22, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks and federal savings associations affected by Winter Storm Jonas to close.

  • OCC Talks About Expanding 18-Month Exam Cycle for More Community Banks

    January 22, 2016 / Source: OCC

    Comptroller of Currency discussed increasing the number of small community banks and savings associations eligible for an 18-month examination cycle. His remarks came during the Federal Deposit Insurance Corporation’s meeting of its board of directors, which approved an interim final rule to allow well-managed community banks and thrifts with less than $1 billion in assets to qualify for the 18-month exam cycle. The previous threshold was $500 million.

  • CFPB Will Hold a Hearing on Checking Accounts in KY

    January 22, 2016 / Source: CFPB

    The CFPB will hold a hearing on the access of checking accounts. The meeting will be held in Louisville, KY on Wednesday, January 27th. Speakers will include: CFPB Director Richard Cordray, members of the public as well as other representatives from the banking industry. This event is free and open to the public but RSVP is mandatory. If you are not able to make it in person a live feed will appear on the CFPB blog.

  • Small Bank Pricing: Notice of Proposed Rulemaking

    January 21, 2016 / Source: FDIC

    On January 21, 2016, the FDIC Board of Directors (Board) approved the attached Notice of Proposed Rulemaking (NPR). The NPR revises an NPR adopted by the Board on June 16, 2015, (2015 NPR) in response to comments received. Like the 2015 NPR, this revised NPR would refine the deposit insurance assessment system for small insured depository institutions (generally, those institutions with less than $10 billion in total assets). Under the revised NPR, refinements would become operative the quarter after the reserve ratio of the Deposit Insurance Fund (DIF) reaches 1.15 percent (or the first quarter after a final rule is adopted that the rule can take effect, whichever is later). Comments on the revised NPR are due 30 days following publication of the revised NPR in the Federal Register.

  • Interagency Advisory on External Audits

    January 21, 2016 / Source: FDIC

    The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (the agencies) are issuing an advisory to indicate their support for the principles and expectations set forth in the Basel Committee on Banking Supervision's March 2014 guidance on "External audits of banks"

  • FinCEN Cracks Down on Real Estate Title Companies- Manhattan and Miami

    January 21, 2016 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in the Borough of Manhattan in New York City, New York, and Miami-Dade County, Florida. The concern of the FinCEN is that purchases made with all cash for high end mortgages may be "attempting to hide their assets." In order to mitigate the potential of money laundering the FinCEN will require certain title insurance companies to identify and report the true “beneficial owner” behind a legal entity involved in certain high-end residential real estate transactions in Manhattan and Miami-Dade County.

  • Free Deposit Insurance Seminar Hosted by FDIC

    January 20, 2016 / Source: FDIC

    The FDIC will host a series of six comprehensive overview FIDC insurance coverage seminars. Advance registration is required.

  • The FDIC is Hosting a Webinar to Help Encourage Individuals to Save

    January 15, 2016 / Source: FDIC

    The FDIC is hosting a webinar titled "Help Encourage Individuals and Families to Save" on Feb. 3 from 2 to 3 p.m. Central. The webinar will highlight strategies and approaches for institutions to consider that encourage savings in conjunction with America Saves Week. This webinar is one in a series of webinars highlighting strategies institutions can use to promote community development and expand access to the banking system.

  • Basel Move Makes the Case for ‘Gold-Plating’ Capital Standards

    January 15, 2016 / Source: American Banker

    An international regulatory body said this week that they are looking at setting new, enhanced leverage ratio requirements for the largest global banks, a move that echoes the higher standards in the U.S.' supplemental leverage ratio and demonstrates why going beyond international accords can influence the rest of the world. The Group of Central Bank Governors and Heads of Supervision — the overseeing body of the Basel Committee on Banking Supervision — said in a release Jan. 11 that it has endorsed several new initiatives, including a final design and calibration of the leverage ratio. The new ratio will remain at the previous 3% minimum of Tier 1 capital, but that the group "discussed additional requirements for Global Systemically Important Banks."

  • Mortgage Rates Fall for the Second Week

    January 15, 2016 / Source: Freddie Mac

    Mortgage rates moving lower with the 30-year fixed-rate and 15- year fixed rate declining for the second straight week.

  • Scheduled Maintenance - Website Will Be Down

    January 15, 2016

    Our website will be unavailable on Saturday, January16, 2016 from 4pm until 9pm Central time. The website will be undergoing routine maintenance. We apologize for any inconvenience this may cause.

  • CFPB Seeks Input on HMDA Resubmissions

    January 13, 2016 / Source: CFPB

    The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate. The RFI responds to comments received by the CFPB in connection with its final HMDA rule issued in October 2015 that it consider changes to the Resubmission Guidelines to reflect the expanded data to be collected under the final rule.

  • Mobile Banking Outpaces Branch Banking for First Time in 2015

    January 13, 2016 / Source: Javelin

    In 2015, bank customer using alternative banking channels outnumbered customers going in the branch to do their everyday banking for the first time ever. This signifies a greater trend towards digital channel engagement. Meanwhile physical channel usage is shrinking. With the growth of smartphones and tablets mobile banking has experienced incredible growth. In 2015, 1 in 10 U.S. adults began using mobile banking for the very first time - amounting to 25 million new mobile bankers.