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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  • CFPB RELEASES UPDATED EXAM PROCEDURES FOR MILITARY LENDING ACT

    September 30, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) issued the procedures its examiners will use in identifying consumer harm and risks related to the Military Lending Act rule which was updated in July 2015. The exam procedures being released today by the Bureau provide guidance to industry on what the CFPB will be looking for during reviews covering the amended regulation.

  • OCC Assesses Penalty Against Wells Fargo; Orders Restitution for Violations of the SCRA

    September 30, 2016 / Source: OCC

    WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $20 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to servicemembers who were harmed by the bank’s violations of the Servicemembers Civil Relief Act (SCRA).

  • Content Update: Compliance Alliance Revises Lending to Service Members Policy

    September 30, 2016

    Compliance Alliance has revised its “Lending to Servicemembers Policy” (“Policy”), effective September 29, 2016. The revised Policy provides guidance on certain questions regarding compliance with the July 2015 final rule. Furthermore, a technical correction has been made to address the prepayment penalty limitation under the MLA rule.

  • Mortgage Performance Improves in Second Quarter of 2016

    September 30, 2016 / Source: OCC

    Performance of first-lien mortgages improved during the second quarter of 2016 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages.

  • OCC Publishes Final Guidelines for Large Bank Recovery Plans

    September 29, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today released final guidelines for recovery planning by large insured OCC-regulated institutions.

  • Comptroller Discusses How Best to Assess Foreign Correspondent Banking Risk

    September 29, 2016 / Source: OCC

    Comptroller of the Currency Thomas J. Curry today discussed re-evaluation of risks associated with foreign correspondent banking. His remarks came during an appearance at the 15th Annual Anti-Money Laundering and Financial Crime Conference.

  • FTC to Return Almost $20 Million to Consumers Lured by Credit Monitoring Scheme

    September 28, 2016 / Source: FTC

    The Federal Trade Commission will return almost $20 million to more than 145,000 consumers across the country who were victimized by One Technologies LP and its two partner companies, in an online scheme that lured consumers with “free” access to their credit scores and then billed them a recurring $29.95 monthly fee for credit monitoring they never ordered.

  • Wells Fargo Board Forces CEO Stumpf To Forfeit $41 Million In Stock Awards

    September 28, 2016 / Source: Forbes

    Wells Fargo CEO John Stumpf may not lose his job over the phony account scandal that has cost his bank its reputation (and $185 million in fines), but he will lose his bonus — and then some. After weeks of public outcry and prodding from some Wall Street analysts, the Wells Fargo board announced late Tuesday that it is forcing both Stumpf and former community banking head Carrie Tolstedt to forfeit more than $60 million in bonuses and unvested stock awards.

  • CFPB ORDERS LENDUP TO PAY $3.63 MILLION FOR FAILING TO DELIVER PROMISED BENEFITS

    September 27, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) took action against online lender Flurish, Inc., doing business as LendUp, for failing to deliver the promised benefits of its products. The CFPB found that the company did not give consumers the opportunity to build credit and provide access to cheaper loans, as it claimed to consumers it would. The Bureau has ordered the company to provide more than 50,000 consumers with approximately $1.83 million in refunds. The company will also pay a civil penalty of $1.8 million.

  • Freddie Mac Launches New Front-End Risk Transfer Offering

    September 27, 2016 / Source: Freddie Mac

    In a further innovation of its credit risk sharing program,Freddie Mac (OTCQB: FMCC) announced today a new front-end credit risk transfer offering, Freddie Mac Deep MI CRT. Through a forward credit insurance policy by a panel of mortgage insurance company affiliates, this pilot structured transaction provides additional coverage beyond the primary mortgage insurance on 30-year fixed-rate mortgages with 80-95 percent LTVs -- which is placed immediately upon their sale to Freddie Mac. Transactions are executed via a competitive, transparent auction process.

  • Faster Processing and Settlement of ACH Credit Transactions begins Today

    September 23, 2016 / Source: NACHA

    HERNDON, Va., Sept. 23, 2016 – Today, NACHA —The Electronic Payments Association®, the trustee and rule maker of the ACH Network, announced the launch of Phase 1 of Same Day ACH. Same Day ACH is a new faster payments option that reaches all bank accounts and will enable businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.

  • Wells Fargo CEO resigns from advisory role with the Federal Reserve

    September 23, 2016 / Source: The Washington Post

    Stumpf has left his position as a representative for the Twelfth District on the Federal Advisory Council, the San Francisco Fed said Thursday.

  • Comptroller Discusses OCC Supervision of Wells Fargo

    September 23, 2016 / Source: OCC

    WASHINGTON — Comptroller of the Currency Thomas J. Curry today discussed supervision leading up to the recent enforcement actions against Wells Fargo Bank, N.A., for unsafe and unsound sales practices. His remarks came during testimony before U.S. Senate Committee on Banking, Housing, and Urban Affairs.

  • Brown Opening Statement at Hearing on Wells Fargo’s Unauthorized Accounts

    September 21, 2016 / Source: U.S. Senate Committee on Banking, Housing, & Urban Affairs

    WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following opening statement, as prepared for delivery, at today’s hearing entitled “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.”

  • Shelby Opening Remarks at Wells Fargo Hearing

    September 21, 2016 / Source: U.S. Senate Committee on Banking, Housing, & Urban Affairs

    WASHINGTON, DC – Tuesday, September 20, 2016 – U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, today delivered the following opening statement during a full committee hearing on “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.”

  • OCC Releases Bank Supervision Operating Plan for Fiscal Year 2017

    September 19, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2017.

  • Insurance Webinar Now Available

    September 19, 2016

  • September Compliance Huddle is now available

    September 16, 2016

    September Compliance Huddle is now available

  • Comptroller Discusses the Condition of the Federal Banking System

    September 16, 2016 / Source: OCC

    Comptroller of the Currency Thomas J. Curry today discussed how the financial system has progressed since the Great Recession, its present strengths, and the need to remain vigilant against risks. The remarks came at the Harvard Kennedy School, where the Comptroller delivered the 2016 Robert Glauber Lecture.

  • FDIC Board Meeting

    September 15, 2016 / Source: FDIC

    The FDIC Board of Directors will meet in open session at 3:30 p.m. ET on Tuesday, September 20, 2016. The event will be webcast live.

  • FDIC Unveils Resources to Help Community Bankers Learn More about Affordable Mortgage Programs

    September 15, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation (FDIC) on Thursday published a guide and launched an online resource center to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises.

  • Compliance Alliance Hotline to Shut Down Early on Monday, September 19 2016

    September 15, 2016

    Due to mandatory system maintenance, the Compliance Alliance Hotline will be available via live online chat only between the hours of 5:00 p.m. and 6:00 p.m. CT on Monday, September 19 2016.

  • Comptroller Discusses Marketplace Lending

    September 14, 2016 / Source: OCC

    WASHINGTON—Comptroller of the Currency Thomas J. Curry today discussed marketplace lending’s risks and associated policy questions. He delivered his remarks at the inaugural Marketplace Lending Policy Summit.

  • OCC Proposes Framework for Receiverships for Uninsured Federally Chartered National Banks

    September 14, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a proposed rule setting forth a framework for placing uninsured national banks into receivership.

  • 2016 Interagency Fair Lending Hot Topics Outlook Live Webinar

    September 13, 2016 / Source: Consumer Compliance Outlook

    Tuesday, October 4, 2016. Interagency 2016 discussion of fair lending issues and hot topics.