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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  • EEOC Issues Final Enforcement Guidance on Retaliation and Related Issues after Public Input Process

    August 31, 2016 / Source: EEOC

    Today the U.S. Equal Employment Opportunity Commission (EEOC) issued its final Enforcement Guidance on Retaliation and Related Issues, to replace its 1998 Compliance Manual section on retaliation. The guidance also addresses the separate "interference" provision under the Americans with Disabilities Act (ADA), which prohibits coercion, threats, or other acts that interfere with the exercise of ADA rights.

  • CFPB Monthly Complaints Snapshot Spotlights Bank Account and Service Complaints

    August 31, 2016 / Source: CFPB

    Today, the Consumer Financial Protection Bureau (CFPB) released a monthly complaint snapshot highlighting consumer complaints about bank accounts and services. The report shows that consumers continue to experience problems managing their accounts. This month’s report also highlights trends seen in complaints coming from Ohio. As of Aug. 1, 2016, the Bureau has handled approximately 954,400 total complaints across all products.

  • FIL-58-2016: Changes to Deposit Insurance Assessments

    August 31, 2016 / Source: FDIC

    On June 30, 2016, the Deposit Insurance Fund Reserve Ratio rose to 1.17 percent from 1.13 percent on March 31. FDIC regulations provide for three major changes to deposit insurance assessments the quarter after the reserve ratio first reaches or surpasses 1.15 percent, i.e., the third quarter of 2016, which will be reflected in banks' December 2016 assessment invoices: (1) the range of initial assessment rates for all institutions decline based on final rules approved by the FDIC Board of Directors (Board) on February 7, 2011, and April 26, 2016; (2) surcharges on insured depository institutions with total consolidated assets of $10 billion or more (large banks) begin pursuant to a final rule approved by the Board on March 15, 2016; and (3) a revised method to calculate risk-based assessment rates for established small banks applies pursuant to the final rule approved by the Board on April 26, 2016.

  • Rep. Maloney Asks Financial Regulators for Volcker Rule Data Update

    August 30, 2016 / Source: Congresswoman Carolyn B. Maloney

    Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and GSEs, today sent a letter to U.S. financial regulators asking for an update on the ongoing implementation of the Volcker Rule. In the letter to the Federal Reserve, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and the Securities and Exchange Commission, the Congresswoman requested “an update on the quantitative trading metrics that the agencies have been collecting” under the Volcker Rule.

  • Senior Deputy Comptroller: Efforts to Improve Financial Services to Members of the Armed Forces

    August 30, 2016 / Source: OCC

    Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer today discussed efforts to improve financial services to America’s military service members, during remarks at the 2016 Association of Military Banks of America Workshop.

  • FTC Seeks Comment on Safeguards Rule

    August 29, 2016 / Source: FTC

    The Federal Trade Commission is seeking public comment on Standards for Safeguarding Customer Information (the “Safeguards Rule”) as part of its systematic review of all FTC rules and guides.

  • FDIC Makes Public July Enforcement Actions

    August 29, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. One administrative hearing is scheduled for September 2016. The FDIC issued a total of 21 orders. The administrative enforcement actions in those orders consisted of one consent order; nine removal and prohibition orders; five Section 19 orders; and six terminations of consent orders and cease and desist orders.

  • The Federal Reserve’s Monetary Policy Toolkit: Past, Present, and Future

    August 29, 2016 / Source: FRB

    Speeches of Federal Reserve Officials Chair Janet L. Yellen At "Designing Resilient Monetary Policy Frameworks for the Future," a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming

  • MLA Limitations on Terms of Consumer Credit Extended to Service Members and Dependents

    August 26, 2016 / Source: Federal Register

    The Department of Defense (Department) is interpreting its regulation implementing the Military Lending Act (the MLA). The MLA as implemented by the Department, limits the military annual percentage rate (MAPR) that a creditor may charge to a maximum of 36 percent, requires certain disclosures, and provides other substantive consumer protections on “consumer credit” extended to Service members and their families.

  • FinCEN Proposes Customer ID, Anti-Money Laundering Programs, and Beneficial Ownership Requirements

    August 26, 2016 / Source: FinCEN

    To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) is proposing to require banks lacking a Federal functional regulator to establish and implement Anti-Money Laundering Programs. FinCEN also is proposing to extend Customer Identification Programs (CIP) requirements and beneficial ownership requirements consistent with the recently implemented Customer Due Diligence amendments to those banks not already subject to these requirements.

  • CFPB Orders First National Bank of Omaha to Pay $32.25 Million for Illegal Credit Card Practices

    August 25, 2016 / Source: CFPB

    WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered First National Bank of Omaha to provide $27.75 million in relief to roughly 257,000 consumers harmed by illegal practices with credit card add-on products.

  • Federal Reserve Board announces termination of enforcement action

    August 25, 2016 / Source: Federal Reserve

    The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: Cornerstone Bank, Overland Park, Kansas Written Agreement dated January 14, 2010 Terminated August 22, 2016

  • Consumers are becoming more willing to pay to use their banks’ mobile apps

    August 25, 2016 / Source: Business Insider

    Bank app users in the U.S. may become more willing to pay a small monthly subscription fee to use their mobile banking app, according to a recent study by S&P Global Market Intelligence.

  • Unauthorized Banking: Banc of Omaha

    August 25, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) has been informed that an entity calling itself Banc of Omaha purports to be a lender specializing in business capital. Banc of Omaha is not a licensed or chartered bank but is using a logo similar to that of Mutual of Omaha Bank, which is a chartered financial institution regulated by the OCC.

  • Federal Assistance to Louisiana Flood Survivors Tops $56 Million

    August 24, 2016 / Source: FEMA

    The Federal Emergency Management Agency (FEMA) announced today more than $56 million dollars has been approved in federal support within the first week of the president's major disaster declaration for the State of Louisiana.

  • CFPB Issues Guide and Best Practices to Help Communities Create Protection Partnerships for Seniors

    August 24, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) released a report that found that hundreds of counties around the country have developed coordinated community-based efforts to prevent, detect, and respond to elder financial exploitation. The report also found that a strong collaboration among community stakeholders – like financial institutions, adult protective services, and law enforcement – can be very effective in protecting their older residents from financial exploitation. To help other communities across the country create their own protection partnerships to fight elder financial abuse, today the CFPB also released a resource guide and best practices.

  • NR 2016-96, Bank Accounting Advisory Series Updated

    August 23, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This update includes recent answers to frequently asked questions from the industry and examiners covering areas such as contingencies, and fair value accounting.

  • CFPB Takes Action Against Wells Fargo for Illegal Student Loan Servicing Practices

    August 23, 2016 / Source: CFPB

    Wells Fargo to Pay $3.6 Million Penalty to the Bureau. The Consumer Financial Protection Bureau (CFPB) today took action against Wells Fargo Bank for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers.

  • FIL-57-2016: Supervisory Insights Journal: Summer 2016 Issue Now Available

    August 22, 2016 / Source: FDIC

    The Summer 2016 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors. The first article provides an overview of the current state of de novo bank formation, and the second article summarizes the types of issues most frequently observed by FDIC risk management examiners as reflected in the Matters Requiring Board Attention page of recent Reports of Examination.

  • Consumer Financial Protection Bureau Announces New Advisory Board And Council Members

    August 22, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The four bodies provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.

  • CFPB Finds Consumers Complain Of Needless Hurdles In Applying For Lower Student Loan Payments

    August 19, 2016 / Source: CFPB

    CFPB Calls on Student Loan Servicers to Strengthen Practices, Publishes “Fix It Form” for Servicers to Adopt.

  • Availability of 2015 Small Business, Small Farm, and Community Development Lending Data

    August 19, 2016 / Source: FDIC

    Joint Release/Federal Financial Institutions Regulatory Agencies Announce Availability of 2015 Small Business, Small Farm, and Community Development Lending Data. The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA.

  • Fraudulent Checks Webinar Now Available

    August 19, 2016

  • Federal Reserve Board launches Facebook page

    August 18, 2016 / Source: FRB

    The Federal Reserve Board launched a Facebook page on Thursday with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content.

  • FIL-56-2016: Ability-to-Repay and Qualified Mortgages Rule Videos Updated

    August 18, 2016 / Source: FDIC

    As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule. The updated videos provide financial institution management, compliance officers, and staff with resources for a better understanding of the current requirements of the Ability-to-Repay and Qualified Mortgages Rule.