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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  • Cybersecurity is an Issue for Most Federal Agencies

    March 31, 2016 / Source: U.S Government Accountability Office

    According to the U.S Government Accountability Office annual report, federal agencies have significant weaknesses in information security controls. These weakness continue to threaten the confidentiality, integrity, and availability of critical information and information systems used to support their operations, assets, and personnel.

  • Fannie Mae Improves Options for Energy Efficiency Financing

    March 31, 2016 / Source: Fannie Mae

    Fannie Mae (FNMA/OTC) has introduced HomeStyle® Energy mortgage, an enhanced option for borrowers who want to finance energy and water efficiency improvements to their home.

  • OCC Hosts Risk Governance and Compliance Workshops in Illinois

    March 30, 2016 / Source: OCC

    The OCC will host two workshops in Springfield, Ill., May 3-4, for directors of national community banks and federal savings associations supervised by the OCC.

  • Federal Reserve Provides Information on Mobile Financial Services

    March 30, 2016 / Source: Federal Reserve Board

    Mobile banking use continued to rise last year as smartphone adoption grew and consumers were increasingly drawn to the convenience of mobile financial services, according to a Federal Reserve Board report, Consumers and Mobile Financial Services 2016, released today.

  • Mortgage Performance Improves Through Fourth Quarter of 2015

    March 30, 2016 / Source: OCC

    Performance of first-lien mortgages improved during the fourth quarter of 2015 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages.

  • Yellen Addresses Uncertainty and Monetary Policy

    March 30, 2016 / Source: Federal Reserve Board

    In December, the Federal Open Market Committee (FOMC) raised the target range for the federal funds rate, the Federal Reserve's main policy rate, by 1/4 percentage point. In light of this expectation, the Committee stated in December, and reiterated at the two subsequent meetings, that it "expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.

  • Federal Reserve Engages in Effort to Assess Faster Payments Solutions

    March 30, 2016 / Source: Federal Reserve Board

    The Federal Reserve on Tuesday announced the selection of McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the United States payments industry.

  • Fictitious Correspondence Regarding the Release of Funds Supposedly Under the Control of OCC

    March 29, 2016 / Source: OCC

    Fictitious correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) or other government entities regarding funds purportedly under the control of the OCC, is in circulation. Correspondence may be distributed via e-mail, fax, or postal mail. Any document claiming that the OCC is involved in holding any funds for the benefit of any individual or entity is fraudulent. The OCC does not participate in the transfer of funds for, or on behalf of, individuals, business enterprises, or governmental entities.

  • CFPB Monthly Complaint Snapshot Examines Prepaid Complaints

    March 29, 2016 / Source: CFPB

    Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about prepaid products.

  • Federal Reserve Board Begins 2016 Survey of Consumer Finances

    March 29, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board in April will begin a statistical study of household finances, the Survey of Consumer Finances, that will provide policymakers with important insight into the economic condition of a broad cross section of American families.

  • HUD Reports New Residential Sales in February

    March 28, 2016

    Sales of new single-family houses in February 2016 were at a seasonally adjusted annual rate of 512,000, 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 2.0 percent above the revised January rate of 502,000 and is 6.1 percent below the February 2015 estimate of 545,000.

  • FDIC Highlights Resources for Bank Customers on Precautions When Using Computers and the Internet

    March 28, 2016

    The Federal Deposit Insurance Corporation (FDIC) announced new resources to educate bank customers about appropriate steps they can take to help avoid fraud and other cyber threats when banking online or on their mobile devices.

  • CFPB Issues a Review of Service members Complaints and their Enforcement Actions

    March 25, 2016 / Source: CFPB

    The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families.

  • OCC Expands Examination Cycle Eligibility

    March 25, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation have published an interagency interim final rule amending the regulations governing eligibility for the 18-month on-site examination cycle, pursuant to the Fixing America’s Surface Transportation Act (FAST Act). The rule makes qualifying 1- and 2-rated national banks, federal savings associations, and federal branches and agencies (collectively, banks) with less than $1 billion in total assets eligible for an 18-month (rather than a 12-month) examination cycle.

  • Social Media Webinar Now Available

    March 25, 2016

    Social Media Webinar is now available! It can be found under "News & Events" "Past Events" "Past Webinars."

  • Federal Reserve Board Issues Enforcement Action

    March 24, 2016

    Federal Reserve Board issued and enforcement action today against National Bank of Pakistan, Karachi, Pakistan.

  • CFPB Issues Advisory Booklet to Help Banks Protect Older Americans

    March 24, 2016 / Source: CFPB

    The CFPB has identified the benchmarks provided in this advisory to help financial institutions assess and strengthen their current practices for preventing, detecting, and responding to the financial exploitation of older people. Elder financial exploitation has been called the crime of the 21st century. Deploying effective interventions has never been more important. Recent studies suggest that financial exploitation—the illegal or improper use of an older person’s funds, property or assets— is the most common form of elder abuse and yet only a small fraction of incidents are reported. Older people are attractive targets because they often have assets and a regular source of income.

  • CFPB Wins Final Judgment Against Morgan Drexen for Illegal Debt-Relief Scheme

    March 24, 2016 / Source: CFPB

    The CFPB's lawsuit against Morgan Drexen alleged that the company charged illegal upfront fees and deceived consumers. The court found that the company violated federal law, prohibited Morgan Drexen from collecting any further fees from its customers, and ordered it to pay $132,882,488 in restitution and a $40 million civil penalty.

  • Foreclosure Protection Extended for Military Service Members

    March 23, 2016

    House of Representatives passed S. 2393, which extends the one-year protection from foreclosure in the Servicemembers Civil Relief Act (SCRA) through 2017.

  • FDIC Announces Community Banking Conference “Strategies for Long-Term Success”

    March 23, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) today announced it will bring together community bankers, regulators, researchers, and others for a conference on community banking on April 6 in Arlington, Va. As part of the FDIC's Community Banking Initiative, the conference will explore strategies for long-term success in the community banking sector.

  • CFPB- High Rate of Complaints from Servicemembers Regarding Debt Collection

    March 22, 2016 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) released an annual report today from the Office of Servicemember Affairs highlighting complaints submitted in 2015 and CFPB enforcement actions that directly impacted the military community.

  • OCC- Notice of Proposed Rulemaking Economic Growth and Regulatory Paperwork Reduction Act of 1996

    March 22, 2016 / Source: OCC

    Office of the Comptroller of the Currency (OCC) issued on March 14, 2016, a notice of proposed rulemaking that would remove outdated or otherwise unnecessary provisions in certain rules to reduce regulatory burden on national banks and federal savings associations (FSA).

  • OCC Hosts Risk Governance and Credit Workshops in Virginia

    March 22, 2016 / Source: OCC

    The Office of the Comptroller of the Currency will host two workshops in Williamsburg, Va., at the DoubleTree by Hilton Williamsburg, April 19-20, for directors of national community banks and federal savings associations supervised by the OCC.

  • FDIC Provides Guidance to Financial Institutions in Areas of Louisiana Hit By Flooding

    March 22, 2016 / 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 Louisiana affected by severe weather.

  • Agencies Release Guidance to Banks on Applying CIP Requirements to Holders of Prepaid Cards

    March 21, 2016 / Source: Federal Reserve Board

    Federal financial institution regulatory agencies today issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks. The guidance applies to banks, savings associations, credit unions, and U.S. branches and agencies of foreign banks.