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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  • OCC Authorizes Banks Affected by Winter Storm Jonas to Close

    January 22, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks and federal savings associations affected by Winter Storm Jonas to close.

  • OCC Talks About Expanding 18-Month Exam Cycle for More Community Banks

    January 22, 2016 / Source: OCC

    Comptroller of Currency discussed increasing the number of small community banks and savings associations eligible for an 18-month examination cycle. His remarks came during the Federal Deposit Insurance Corporation’s meeting of its board of directors, which approved an interim final rule to allow well-managed community banks and thrifts with less than $1 billion in assets to qualify for the 18-month exam cycle. The previous threshold was $500 million.

  • CFPB Will Hold a Hearing on Checking Accounts in KY

    January 22, 2016 / Source: CFPB

    The CFPB will hold a hearing on the access of checking accounts. The meeting will be held in Louisville, KY on Wednesday, January 27th. Speakers will include: CFPB Director Richard Cordray, members of the public as well as other representatives from the banking industry. This event is free and open to the public but RSVP is mandatory. If you are not able to make it in person a live feed will appear on the CFPB blog.

  • Small Bank Pricing: Notice of Proposed Rulemaking

    January 21, 2016 / Source: FDIC

    On January 21, 2016, the FDIC Board of Directors (Board) approved the attached Notice of Proposed Rulemaking (NPR). The NPR revises an NPR adopted by the Board on June 16, 2015, (2015 NPR) in response to comments received. Like the 2015 NPR, this revised NPR would refine the deposit insurance assessment system for small insured depository institutions (generally, those institutions with less than $10 billion in total assets). Under the revised NPR, refinements would become operative the quarter after the reserve ratio of the Deposit Insurance Fund (DIF) reaches 1.15 percent (or the first quarter after a final rule is adopted that the rule can take effect, whichever is later). Comments on the revised NPR are due 30 days following publication of the revised NPR in the Federal Register.

  • Interagency Advisory on External Audits

    January 21, 2016 / Source: FDIC

    The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (the agencies) are issuing an advisory to indicate their support for the principles and expectations set forth in the Basel Committee on Banking Supervision's March 2014 guidance on "External audits of banks"

  • FinCEN Cracks Down on Real Estate Title Companies- Manhattan and Miami

    January 21, 2016 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in the Borough of Manhattan in New York City, New York, and Miami-Dade County, Florida. The concern of the FinCEN is that purchases made with all cash for high end mortgages may be "attempting to hide their assets." In order to mitigate the potential of money laundering the FinCEN will require certain title insurance companies to identify and report the true “beneficial owner” behind a legal entity involved in certain high-end residential real estate transactions in Manhattan and Miami-Dade County.

  • Free Deposit Insurance Seminar Hosted by FDIC

    January 20, 2016 / Source: FDIC

    The FDIC will host a series of six comprehensive overview FIDC insurance coverage seminars. Advance registration is required.

  • The FDIC is Hosting a Webinar to Help Encourage Individuals to Save

    January 15, 2016 / Source: FDIC

    The FDIC is hosting a webinar titled "Help Encourage Individuals and Families to Save" on Feb. 3 from 2 to 3 p.m. Central. The webinar will highlight strategies and approaches for institutions to consider that encourage savings in conjunction with America Saves Week. This webinar is one in a series of webinars highlighting strategies institutions can use to promote community development and expand access to the banking system.

  • Basel Move Makes the Case for ‘Gold-Plating’ Capital Standards

    January 15, 2016 / Source: American Banker

    An international regulatory body said this week that they are looking at setting new, enhanced leverage ratio requirements for the largest global banks, a move that echoes the higher standards in the U.S.' supplemental leverage ratio and demonstrates why going beyond international accords can influence the rest of the world. The Group of Central Bank Governors and Heads of Supervision — the overseeing body of the Basel Committee on Banking Supervision — said in a release Jan. 11 that it has endorsed several new initiatives, including a final design and calibration of the leverage ratio. The new ratio will remain at the previous 3% minimum of Tier 1 capital, but that the group "discussed additional requirements for Global Systemically Important Banks."

  • Mortgage Rates Fall for the Second Week

    January 15, 2016 / Source: Freddie Mac

    Mortgage rates moving lower with the 30-year fixed-rate and 15- year fixed rate declining for the second straight week.

  • Scheduled Maintenance - Website Will Be Down

    January 15, 2016

    Our website will be unavailable on Saturday, January16, 2016 from 4pm until 9pm Central time. The website will be undergoing routine maintenance. We apologize for any inconvenience this may cause.

  • CFPB Seeks Input on HMDA Resubmissions

    January 13, 2016 / Source: CFPB

    The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate. The RFI responds to comments received by the CFPB in connection with its final HMDA rule issued in October 2015 that it consider changes to the Resubmission Guidelines to reflect the expanded data to be collected under the final rule.

  • Mobile Banking Outpaces Branch Banking for First Time in 2015

    January 13, 2016 / Source: Javelin

    In 2015, bank customer using alternative banking channels outnumbered customers going in the branch to do their everyday banking for the first time ever. This signifies a greater trend towards digital channel engagement. Meanwhile physical channel usage is shrinking. With the growth of smartphones and tablets mobile banking has experienced incredible growth. In 2015, 1 in 10 U.S. adults began using mobile banking for the very first time - amounting to 25 million new mobile bankers.

  • CFPB Releases Guide to Help Consumers Navigate Pension Payouts

    January 12, 2016 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) released a guide to help consumers navigate their pension payout options and make the right decision about their retirement income. The guide gives near-retirees the information they need to understand the trade-offs of taking their pension in a monthly payment or in a lump sum. To help consumers who are considering a lump-sum payout option from a private-sector defined benefit pension plan, the CFPB guide also provides tips and warnings about how to protect and best manage that money.

  • SEC Provides Insight Into Firms’ Obligations When Providing Stock Quote Information to Customers

    January 12, 2016 / Source: FINRA

    FINRA is issuing this Notice to remind firms and registered representatives of their obligations under Rule 603(c) of Regulation NMS (Vendor Display Rule) when providing quotation information to customers. The SEC staff recently made clear its view that if a registered representative provides a quotation to a customer that can be used to assess the current market or the quality of trade execution, reliance on non-consolidated market information as the source of that quotation would not be consistent with the Vendor Display Rule.

  • CFPB Releases Construction Loan Fact Sheet

    January 12, 2016 / Source: CFPB

    The CFPB released a Construction Loan Fact Sheet to help aid banks with the Integrated Disclosure rule implementation. The fact sheet provides an overview of how the integrated disclosure rule may be applied to Construction Loans.

  • FDIC Weekly National Rates and Rate Caps Update

    January 11, 2016 / Source: FDIC

    Background on National Rates and Rate Caps: May 29, 2009 The FDIC has issued the attached final rule making certain revisions to the interest rate restrictions under Part 337.6 of the FDIC Rules and Regulations. Under the final rule, the "national rate" is a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. When evaluating the Part 337.6 compliance of an institution that is less than Well Capitalized, the FDIC will deem the national rate to be the prevailing rate in all market areas, unless it agrees with evidence provided by the institution that it is operating in an area where prevailing deposit interest rates are higher. The final rule is effective January 1, 2010, but the FDIC does not object to the immediate use of the newly defined national rate by an insured depository institution.

  • Consolidated Reports of Condition and Income for Fourth Quarter 2015

    January 11, 2016 / Source: FDIC

    Plan to complete the preparation, editing, and review of your institution's Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR) as early as possible. Starting your preparation early will help you identify and resolve any edit exceptions before the submission deadline. If you later find that certain information needs to be revised, please make the appropriate changes to your Call Report data and promptly submit the revised data file to the CDR. As announced by the FFIEC, this quarter's Call Report does not include new or revised data items.

  • OCC Revises CRA for Small and Intermediate Small Bank Asset Thresholds

    January 08, 2016 / Source: OCC

    On December 29, 2015, the Office of the Comptroller of the Currency (OCC) published in the Federal Register revisions to its Community Reinvestment Act (CRA) regulations that became effective January 1, 2016. The revisions adjust the asset-size thresholds used to define “small bank,” “small savings association,” “intermediate small bank,” and “intermediate small savings association.

  • FTC Announces More Action Against Abusive Debt Collectors

    January 08, 2016 / Source: FTC

    In four separate actions, the Federal Trade Commission is announcing that it has stopped illegal debt collection tactics of several debt collection operations. In addition, other federal and state law enforcement officials have taken 12 more actions as part of a federal-state-local law enforcement initiative against deceptive and abusive debt collection practices.

  • FTC Report Provides Recommendations to Business on Growing Use of Big Data

    January 07, 2016 / Source: Federal Trade Commission

    The report highlights a number of innovative uses of big data that are providing benefits to underserved populations, including increased educational attainment, access to credit through non-traditional methods, specialized health care for underserved communities, and better access to employment. The report outlines some of the various laws that apply to the use of big data, especially in regards to possible issues of discrimination or exclusion, including the Fair Credit Reporting Act, FTC Act and equal opportunity laws. It also provides a range of questions for businesses to consider when they examine whether their big data programs comply with these laws.

  • OCC Report Highlights Top Risks Facing National Banks and Federal Savings Associations

    January 07, 2016 / Source: OCC

    Strategic, underwriting, cybersecurity, compliance, and interest rate risks lead the Office of the Comptroller of the Currency’s (OCC) supervisory concerns in its Semiannual Risk Perspective for Fall 2015.

  • Correction: Daily Email Sent out Tuesday- Board of Directors Webinar

    January 07, 2016

    The Board of Directors webinar that was described in the daily email from CA on Tuesday of this week, was sent in error. The Board webinar will occur on the 28th of this month.

  • OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations

    January 06, 2016 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) yesterday released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2015 through December 31, 2015. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

  • OCC Terminates Mortgage Servicing-Related Consent Orders Against JPMorgan Chase

    January 06, 2016 / Source: OCC

    The OCC announced yesterday in a press release that they terminated mortgage servicing-related consent orders against JPMorgan Chase Bank, N.A. (JPMorgan), and EverBank, and assessed civil money penalties against the banks for previous violations of the orders.