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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  • Prepared Remarks of CFPB Director Richard Cordray at the Consumer Advisory Board Meeting

    October 31, 2016 / Source: CFPB

    Welcome to this meeting of the Consumer Advisory Board. As always, it is a pleasure to be here. You have much to offer the Consumer Financial Protection Bureau – telling us what you are seeing and hearing from your various vantage points.

  • OCC Hosts Risk Governance and Compliance Workshops in Philadelphia

    October 31, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency will host two workshops in Philadelphia at the Sheraton Suites Philadelphia Airport, December 6-7, for directors of national community banks and federal savings associations supervised by the OCC.

  • OCC Notifies Congress of Incident Involving Unauthorized Removal of Information

    October 28, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today notified Congress and other federal agencies of a major information security incident, as required by the Federal Information Security Modernization Act (FISMA).

  • OCC Enforcement Actions and Terminations for October 2016

    October 28, 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.


    October 28, 2016 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) is issuing warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.

  • Monthly Complaint Report, Vol. 16

    October 28, 2016 / Source: CFPB

    The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Monthly Complaint Report provides a high-level snapshot of trends in consumer complaints.

  • Electronic Filing of Part 363 Annual Reports and Other Reports and Notices

    October 27, 2016 / Source: FDIC

    The FDIC has launched a program that provides insured depository institutions subject to Part 363 of the FDIC's regulations the option to file the annual reports and other reports and notices required under Part 363 electronically through the FDIC's secure website, FDICconnect (FCX), rather than in paper form. The "Financial Institution Part 363 Reporting" transaction is in the Supervisory Business Center (SBC) area of FCX. Institutions are encouraged to file their Part 363 Annual Reports and other required reports and notices electronically using FCX-SBC. The results of the program will be evaluated to determine whether to propose amendments to Part 363 to mandate electronic filing with the FDIC.

  • Cybersecurity Awareness Month — Industry Webinar

    October 27, 2016 / Source: FDIC

    President Obama designated October as National Cybersecurity Awareness Month to raise awareness of both threats to the technologies that have become part of our everyday lives and the need to proactively defend our digital landscape. In recognition of this important designation, the FFIEC will host the webinar Getting the Most Out of Your FS-ISAC Membership for financial institutions on October 31, 2016, at 1 p.m. EDT.

  • OCC Issues Responsible Innovation Framework

    October 27, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system.

  • Comptroller Discuss Interagency Collaboration

    October 26, 2016 / Source: OCC

    Comptroller of the Currency Thomas J. Curry today discussed the importance of interagency collaboration to the supervision and regulation of the financial services industry. The remarks came during an event for bank regulators related to accounting and auditing of regulated financial institutions.

  • Prepared Remarks of CFPB Director Richard Cordray at the Mortgage Bankers Association

    October 26, 2016 / Source: CFPB

    Over the past five years, the Consumer Financial Protection Bureau and the Mortgage Bankers Association have each been working in our own ways to revive a mortgage industry that was devastated by the financial crisis. During the run-up to the crisis, we saw established traditions of responsible lending pushed aside by predatory actors whose misconduct hurt millions of Americans. It led to disruptions in the mortgage markets, transmitted through securitization channels to the broader financial system, which triggered its collapse. In the wake of that crisis, you have been doing the hard work of extending credit at a time when economic activity was greatly impaired by extreme financial conditions. You have undergone intense scrutiny, including from within your own ranks, to diagnose what happened.

  • Temporary Real Estate Appraisal Exceptions in Areas Affected by Severe Storms and Flooding in LA..

    October 25, 2016 / Source: OCC

    Agencies Issue an Exception on Real Estate Transactions from the Appraisal Requirements for Transactions in Areas Affected by Severe Storms and Flooding in Louisiana.

  • What’s next in FinTech: It’s not just fundin’ games

    October 25, 2016 / Source: FTC

    Peer-to-peer payment systems and crowdfunding are emerging financial technologies that could render the “Sorry, I forgot my wallet” cliché obsolete. Those talked-about trends are up for discussion at the FTC’s second FinTech Forum, set for Wednesday, October 26, 2016.

  • NACHA Issues Update on Same Day ACH Implementation

    October 24, 2016 / Source: NACHA

    HERNDON, Va., Oct. 17, 2016 – NACHA —The Electronic Payments Association®, the trustee and rule maker of the ACH Network, issued the following statement today:

  • OCC: Charles M. Steele Named Deputy Chief Counsel

    October 24, 2016 / Source: OCC

    WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced Charles M. Steele as the agency’s Deputy Chief Counsel. Mr. Steele will supervise the Administrative and Internal Law, Community and Consumer Law, Enforcement and Compliance, and Litigation divisions. He also will supervise the district counsel staffs in the OCC’s Southern District and Western District offices. Mr. Steele assumed his duties today.

  • Share of U.S. Households without a Bank Account Drops

    October 21, 2016 / Source: FDIC

    The number of U.S. households without a bank account fell significantly in 2015, according to the National Survey of Unbanked and Underbanked Households released by the Federal Deposit Insurance Corporation (FDIC) on Thursday. Seven percent of U.S. households were unbanked in 2015. That was the lowest share in the survey's history and a decrease from 7.7 percent in 2013 and 8.2 percent in 2011. While improving economic conditions during the two years through the 2015 survey account for part of the drop in the unbanked rate, the rate fell further than expected based on economic factors alone.

  • Posting of Mortgage Servicing Webinar to be Delayed

    October 21, 2016

  • CFPB Must Now Justify Costs of Rules, Hensarling Warns

    October 21, 2016 / Source: The National Law Journal

    House Financial Services Committee Chairman Jeb Hensarling, seizing on a federal appeals court ruling last week, warned Consumer Financial Protection Bureau Director Richard Cordray on Wednesday that his agency is no longer independent and must now follow executive orders that require regulatory authorities ensure the benefits of proposed regulations outweigh the costs.

  • October Compliance Huddle is now available

    October 21, 2016

    October Compliance Huddle is now available

  • Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

    October 20, 2016 / Source: OCC

    The three federal banking regulatory agencies today approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply to large and interconnected entities under their supervision. The standards would apply as well to services provided by third parties to these firms.

  • CFPB Ombudsman’s Office celebrates Conflict Resolution Month

    October 20, 2016 / Source: CFPB

    Did you know that October is conflict resolution month? Across the United States, local, state, and federal governments, businesses, and educational institutions are bringing awareness to the benefits of conflict resolution and how it can assist you. Conflict resolution practitioners are third party neutrals, such as ombudsmen, mediators, and facilitators, who can assist in resolving issues but do not advocate for a particular outcome.

  • Banker Teleconference Series Timely and Comprehensive Information from the FDIC

    October 19, 2016 / Source: FDIC

    The Federal Deposit Insurance Corporation's Division of Depositor and Consumer Protection (DCP) offers a series of events for bankers, including teleconferences and webinars, to maintain open lines of communication and update bank management and staff on important bank regulatory and emerging issues in the compliance and consumer protection area. The next event is an interagency webinar scheduled for Wednesday, November 9, 2016. The FDIC will be joined by the Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, National Credit Union Administration, and Office of the Comptroller of the Currency to discuss overdraft practices. FDIC staff will cover requirements and best practices regarding bank overdraft programs. Advance registration is required.

  • Studies Illuminate the History of the Office of the Comptroller of the Currency, the Federal Banking

    October 19, 2016 / Source: OCC

    WASHINGTON — The international publisher, Routledge, today released Banking Modern America: Studies in Regulatory History, a collection of essays providing unique perspective on the history of the Office of the Comptroller of the Currency (OCC), the federal banking system, and bank supervision.

  • Frequently Asked Questions on the FFIEC Cybersecurity Assessment Tool

    October 18, 2016 / Source: OCC

    On June 30, 2015, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, issued a Cybersecurity Assessment Tool (Assessment) that financial institutions may use to evaluate their risks and cybersecurity preparedness. At the same time, the Office of the Comptroller of the Currency (OCC) announced that examiners will gradually incorporate the Assessment into examinations of national banks, federal savings associations, and federal branches and agencies (collectively, banks) of all sizes.

  • Former Bank President Mark Warne Sentenced To 78 Months Imprisonment

    October 18, 2016 / Source: FDIC Office of Inspector General

    HAMMOND- United States Attorney David A. Capp announced that Mark Warne, 46, of Brook, Indiana was sentenced before Chief Judge Philip Simon following his guilty plea to Bank Fraud.