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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  • FDIC January Enforcement Actions

    February 29, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled for March 2016.

  • OCC Revises Civil Money Penalty Policy

    February 29, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) published a revised Policies and Procedures Manual for assessing civil money penalties. This revised PPM 5000-7 (REV), “Civil Money Penalties,” dated February 26, 2016, replaces the PPM of the same title issued in June 1993. The revised PPM sets forth the OCC’s policies and procedures for the assessment of CMPs against institution-affiliated parties (IAP), national banks, federal savings associations, federal branches and agencies, and bank service companies and service providers.

  • OCC Assesses $2.5 MM CMP Against Gibraltar Private Bank & Trust Co. for BSA Violations

    February 25, 2016 / Source: OCC

    WASHINGTON —The Office of the Comptroller of the Currency (OCC) today announced a $2.5 million civil money penalty against Gibraltar Private Bank and Trust Company, Coral Gables, Fla., for violations of the Bank Secrecy Act. The OCC found that the bank engaged in violations of 12 C.F.R. §§ 163.177 and 163.180 beginning in 2010 when it failed to maintain an effective Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

  • FinCEN Penalizes Florida’s Gibraltar Private Bank for Willful AML Compliance Violations

    February 25, 2016 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $4 million civil money penalty (CMP) against Gibraltar Private Bank and Trust Company of Coral Gables, Florida, for willfully violating federal anti-money laundering laws, known collectively as the Bank Secrecy Act. Since first warned of its deficiencies in 2010, Gibraltar’s compliance failures persisted until its primary regulator, the Office of the Comptroller of the Currency (OCC), placed Gibraltar under a Consent Order in 2014. The OCC today also issued a $2.5 million CMP against the bank.

  • Counterfeit Cashier’s Checks of First National Bank & Trust Company, Iron Mountain, Mich.

    February 24, 2016 / Source: OCC

    The above-named bank has reported that several versions of counterfeit cashier’s checks using a correct routing number of 091101730 are being presented for payment nationwide in connection with a mystery shopping scam.

  • Fictitious Correspondence Regarding the Release of Funds

    February 24, 2016 / Source: OCC

    Fictitious correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) regarding funds purportedly under the control of the OCC and possibly other government entities, is in circulation.

  • Community Bank Earnings Rise to $5.1 Billion

    February 24, 2016 / Source: FDIC

    Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.8 billion in the fourth quarter of 2015, up $4.4 billion (11.9 percent) from earnings of $36.5 billion a year earlier. The increase in earnings was mainly attributable to a $6.8 billion increase in net operating revenue and a $2.7 billion decline in non-interest expenses.

  • Home Sales Increase in January

    February 24, 2016 / Source: HUD

    Sales of new single-family houses in January 2016 were at a seasonally adjusted annual rate of 494,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. This is 9.2 percent below the revised December rate of 544,000 and is 5.2 percent below the January 2015 estimate of 521,000.

  • OCC Hosts Credit and Compliance Risks Workshops

    February 23, 2016 / Source: OCC

    The Office of the Comptroller of the Currency will host two workshops in Santa Ana, Calif., at the DoubleTree Santa Ana-Orange County Airport, March 22-23, for directors of national community banks and federal savings associations supervised by the OCC. The Credit Risk workshop on March 22 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

  • OCC Supports America Saves Week

    February 23, 2016 / Source: OCC

    Comptroller of the Currency Thomas J. Curry today issued the following statement in recognition of America Saves Week, February 22 – 27, 2016: The Office of the Comptroller of the Currency is pleased to support America Saves Week, which encourages individuals and families to prepare for the future and build personal wealth.

  • HUD Gives $40 Million for Housing Counseling Grants

    February 22, 2016 / Source: HUD

    The U.S. Department of Housing and Urban Development (HUD) announced it is making $40 million in grants available to support hundreds of housing counseling organizations across the country that assist families, including those buying their first home, struggling to locate affordable rental housing or seeking to avoid foreclosure. It is estimated HUD’s housing counseling grants, and the additional funding they leverage, will reach more than 1.5 million households through a network of approximately 300 national, regional and local organizations.

  • Federal Banking Agencies Expand Number of Banks Qualifying for 18-Month Examination Cycle

    February 22, 2016 / Source: FDIC

    Federal banking agencies increased the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while still maintaining safety and soundness protections. The rules increase the number of institutions that may qualify for an 18-month examination cycle by approximately 617, to nearly 5,000 banks and savings associations. In addition, the rules increase the number of U.S. branches and agencies of foreign banks that may qualify for an 18-month examination cycle by 26 branches and agencies, to a total of 89.

  • Federal Reserve Board Issues Interim Final Rule Regarding Dividend Payments on Reserve Bank Capital

    February 19, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board on Thursday issued an interim final rule that amends Regulation I to implement provisions of the Fixing America's Surface Transportation (FAST) Act.

  • Feds Announce Results of Seven-Day Term Deposits on February 18

    February 19, 2016 / Source: Federal Reserve Board

    n February 18, 2016, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. The operation offered seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point.

  • Federal Reserve Board Announces Termination of Enforcement Action

    February 19, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: Centrue Financial Corporation, Clayton, Missouri and Centrue Bank, Streator, Illinois Written Agreement issued December 18, 2009 Terminated February 16, 2016

  • HMDA- Regulation C Final Rule - Webinar Now Available

    February 18, 2016

    HMDA- Regulation C Final Rule - Webinar is now available! It can be found under "News & Events" "Past Events" "Past Webinars."

  • February Compliance Huddle Recording Now Available

    February 18, 2016

    The February Compliance Huddle is now available to view.

  • Federal Reserve Offers Seven-Day Term Deposits Through its Term Deposit Facility

    February 18, 2016 / Source: Federal Register

    Today the Federal Reserve will conduct a floating-rate offering of term deposits with an early withdrawal feature through its Term Deposit Facility (TDF). The Federal Reserve will offer seven-day term deposits with a rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point. The maximum tender amount per institution will be $5,000,000,000. The operation window will be open from 10:30 a.m. ET to 12:30 p.m. ET, and awarded deposits will settle the same day the operation is executed.

  • FHA “Still in a Precarious State”

    February 18, 2016 / Source: Financial Services Committee

    The Housing and Insurance Subcommittee continued its examination of the “Future of Housing in America”, holding its sixth hearing of the 114th Congress on the topic. Today’s hearing focused on the fiscal health of the Federal Housing Administration (FHA), particularly its Mutual Mortgage Insurance Fund (MMIF) and Home Equity Conversion Mortgage (HECM) – the reverse mortgage insured by the federal government.

  • Fraudsters are Targeting Older Consumers Multiple Times

    February 17, 2016 / Source: CFPB

    The CFPB has received an overload of complaints submitted by consumers. Financial scams are targeting older consumers who had previously been victims of fraudulent money-making schemes, such as bogus timeshare investments and in-home business opportunities. So-called asset recovery companies are contacting these past victims, promising to get refunds for a substantial fee, failing to deliver promised services, and leaving consumers financially worse off than before.

  • Multifamily Housing Supply Unfavorable to Lower-Income Renters

    February 17, 2016 / Source: Fannie Mae

    Lower-income households that are looking for affordable multifamily rental housing are faced with significant challenges. With little new stock affordable to them, many lower-income households are renting apartments that are beyond their financial means, leaving them less money for food, healthcare, transportation to work, and other necessities.

  • Fed Issues Repeal of Regulation AA and Proposal to Repeal Regulation C

    February 16, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board announced the repeal of one regulation and a proposal to repeal a second in order to comply with statutory provisions that transferred certain consumer protection rulewriting authority to the Consumer Financial Protection Bureau. (CFPB).

  • HUD Gives $55 Million for Affordable Housing and Development in Native American Communities

    February 16, 2016 / Source: HUD

    U.S. Department of Housing and Urban Development (HUD) announced $55.5 million to 75 Native American communities throughout the country to improve housing conditions and stimulate community development, including construction projects and local jobs for low- and moderate-income families. The grants are provided through HUD’s Indian Community Development Block Grant (ICDBG) Program, which supports a wide range of community development and affordable housing activities.

  • Federal Reserve Continues Periodic Testing of the TDF

    February 12, 2016 / Source: Federal Reserve

    The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in February. These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The TDF test operations are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.

  • OCC Revised Comptroller’s Handbook Booklet, “Country Risk Management”

    February 12, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) issued today the “Country Risk Management” booklet of the Comptroller's Handbook. This revised booklet replaces the booklet of the same title issued in March 2008.