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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  • Feds Announce Termination of Enforcement Action

    May 31, 2016 / Source: Federal Reserve Board

    The Federal Reserve Board announced today the termination of the enforcement action.

  • FDIC- Summary of Deposits Survey

    May 31, 2016 / Source: FDIC

    The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July 31, 2016. No filing extensions will be granted.

  • FDIC Issues Third Quarter 2016 CRA Examination Schedule

    May 31, 2016 / Source: FDIC

    FDIC Issues Third Quarter 2016 CRA Examination Schedule

  • Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households

    May 31, 2016 / Source: Federal Reserve

    American families overall reported continued mild improvement in their financial well-being in 2015 although many families were struggling financially and felt excluded from economic advancement, according to the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households.

  • CFPB Takes Action Against Former WF Employee for Illegal Mortgage Fee-Shifting

    May 27, 2016

    The Consumer Financial Protection Bureau (CFPB) has taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s request.

  • CFPB May 2016 Complaint Report Highlights Credit Reporting Complaints

    May 27, 2016

    The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting and complaints from consumers in New Mexico and the Albuquerque metro area. The CFPB began taking complaints about credit reporting in October 2012. Credit reporting complaints were also the subject of the CFPB’s August 2015 monthly report.

  • Spring 2016 Rulemaking Agenda

    May 26, 2016 / Source: CFPB

    An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.

  • Wells Fargo to Pay $70M Fine for Foreclosure Settlement Failures

    May 26, 2016 / Source: National Mortgage News

    Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank's five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis. U.S. regulators announced the fine for the San Francisco-based bank on Wednesday as part of an agreement that also frees the nation's biggest mortgage lender from loan-servicing restrictions imposed last year.

  • FDIC Report Shows Mobile Banking Can Help Underserved Consumers

    May 25, 2016 / Source: FDIC

    Mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking, according to a Federal Deposit Insurance Corporation (FDIC) report released today. The report was released at a meeting of the FDIC's Advisory Committee on Economic Inclusion (ComE-IN), which focused on Mobile Financial Services (MFS).

  • Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households

    May 25, 2016 / Source: FRB

    American families overall reported continued mild improvement in their financial well-being in 2015 although many families were struggling financially and felt excluded from economic advancement, according to the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households.

  • OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank

    May 25, 2016 / Source: OCC

    WASHINGTON—The Office of the Comptroller of the Currency (OCC) today terminated its mortgage servicing-related order against Wells Fargo Bank, N.A. (Wells Fargo), and assessed a $70 million civil money penalty against the bank for previous violations of the order.

  • Household Debt Steps Up, Delinquencies Drop

    May 25, 2016 / Source: FRBNY

    Household indebtedness continued to advance during the first three months of 2016 according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit, which was released today. Repayment trends also generally improved across the board, driven primarily by continuing improvements in mortgage delinquency rates.

  • FDIC Extends Comment Period for Recordkeeping Proposal

    May 24, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) is extending the comment period for proposed recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts.

  • Federal Reserve Board announces termination of enforcement action

    May 24, 2016 / Source: FRB

    The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below: American Bancorporation of Minnesota, Inc., Baxter, Minnesota Written Agreement dated February 16, 2011 Terminated May 19, 2016 Search of Federal Reserve enforcement actions. For media inquiries, call 202-452-2955.

  • CFPB Monthly Complaints Snapshot Spotlights Credit Reporting Complaints

    May 24, 2016 / Source: CFPB

    WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its monthly consumer complaint snapshot, highlighting credit reporting complaints. The report shows that consumers continue to complain about incorrect information on their credit reports as well as difficulty having errors resolved.

  • FDIC Advisory Committee on Economic Inclusion to Meet This Week

    May 23, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Wednesday, May 25, to discuss the Mobile Financial Services Report. The committee will discuss a proposal to partner with institutions to develop and test a number of mobile strategies included in the report to expand economic inclusion.

  • FHA Proposes to Strengthen Reverse Mortgage Program

    May 23, 2016 / Source: HUD

    The Federal Housing Administration (FHA) proposed a new rule to strengthen its Home Equity Conversion Mortgage (HECM) Program. In addition to formalizing many of the structural improvements announced recently, FHA’s proposed rule is intended to make certain FHA-insured reverse mortgages remain a viable and sustainable resource for senior homeowners hoping to remain in their homes and age in place.

  • UDAAP After the Repeal of Regulation AA Webinar Now Available!

    May 20, 2016

  • FinCEN Proposes to Amend Definition of Broker-Dealer in Securities to Include Funding Portals

    May 20, 2016 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) proposed to amend the Bank Secrecy Act’s (BSA) definition of “Broker or Dealer in Securities” in order to ensure that funding portals implement policies and procedures reasonably designed to achieve compliance with the BSA requirements, including the filing of suspicious activity reports, currently applicable to brokers or dealers in securities. This proposal does not affect other activities, beyond securities, conducted by these businesses.

  • June Rate Hike Possible

    May 20, 2016 / Source: Federal Open Market Committee

    Minutes from an April FOMC meeting released yesterday revealed the Federal Reserve will likely raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment. The information reviewed for the April 26-27 FOMC meeting indicated that labor market conditions improved further in the first quarter even though growth in real gross domestic product (GDP) appeared to have slowed. Consumer price inflation continued to run below the Committee's longer-run objective of 2 percent, restrained in part by earlier decreases in energy prices and declining prices of non-energy imports. Survey-based measures of longer-run inflation expectations were little changed, on balance, in recent months, while market-based measures of inflation compensation were still low.

  • OCC Hosts Risk Governance and Credit Workshops in Milwaukee

    May 19, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency will host two workshops in Milwaukee at the Crowne Plaza Milwaukee Airport, June 28-29, for directors of national community banks and federal savings associations supervised by the OCC.

  • Compliance With SEC MMF Rules by Bank Fiduciaries, Deposit Sweep Arrangements, and Bank Investments

    May 19, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to highlight actions that national banks and federal savings associations (collectively, banks) should take and factors that banks should consider based on the U.S. Securities and Exchange Commission’s (SEC) revised money market fund (MMF) rules in effect now and going into effect.

  • OCC Enforcement Actions and Terminations for May 2016

    May 19, 2016 / Source: OCC

    WASHINGTON -- The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • CFPB Issue Guidance on How Banks Handle Customer Deposit Account Discrepancies

    May 18, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) and four federal financial regulatory agencies issued guidance providing supervisory expectations on how financial institutions should handle consumer deposit discrepancies. The interagency guidance states that banks should avoid or reconcile, or resolve discrepancies between the amount they credit to a consumer’s account and how much was actually deposited. The guidance calls on banks to adopt policies that treat consumers fairly when they make deposits and do not violate law.

  • Interagency Guidance: Deposit-Reconciliation Practices

    May 18, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) are issuing guidance to ensure that financial institutions are aware of the Agencies' supervisory expectations regarding deposit-reconciliation practices that may be detrimental to customers.