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 Highlight Mortgage Complaints in Third Monthly Complaint Report

    September 23, 2015 / Source: Ballard Spahr

    The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro area.

  • CFPB Announces New Members of the Consumer Advisory Board and Community Bank Advisory Council

    September 21, 2015 / Source: CFPB

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

  • CFPB Announces Regulation Z Thresholds for 2016

    September 21, 2015 / Source: CFPB

    The CFPB has announced new thresholds for Regulation Z effective January 1, 2016.

  • CFPB Launches Suite of Tools to Help Homebuyers

    September 17, 2015 / Source: CFPB

    The CFPB announced that they have launched a suite of web-based materials designed specifically to help consumer understand the new forms.

  • Agencies Hosting Fair Lending Webinar

    September 17, 2015 / Source: Federal Reserve

    The webinar will be held on October 15th and will cover fair lending hot topics.

  • State Bank Regulators Issues Requirements For Virtual Currency Activities

    September 17, 2015 / Source: Conference of State Bank Supervisors

    The Conference of State Bank Supervisors (“CSBS”) formed the CSBS Emerging Payments Task Force (“Task Force”) to examine the intersection between state supervision, state law, and payments developments, and to identify areas for consistent regulatory approaches among states. This effort included an assessment of virtual currency activities and extensive outreach with a broad range of stakeholders. After engagement with industry participants, state and federal regulators, and other stakeholders, CSBS concluded that activities involving third party control of virtual currency, including for the purposes of transmitting, exchanging, holding, or otherwise controlling virtual currency, should be subject to state licensure and supervision.

  • NY Fed: Consumers Spending Anticipation Unchanged

    September 15, 2015 / Source: New York Fed

    The New York Fed’s Survey of Consumer Expectations (SCE) provides timely and comprehensive information about consumer expectations through three broad categories: inflation, labor market and household finance.

  • CFPB Takes Action Against the 2 Largest Debt Buyers for Using Deceptive Tactics to Collect Bad Debt

    September 10, 2015 / Source: CFPB

    The CFPB has ordered the companies to overhaul their debt collection and litigation practices and to stop reselling debts to third parties. Encore must pay up to $42 million in consumer refunds and a $10 million penalty, and stop collection on over $125 million worth of debts. Portfolio Recovery Associates must pay $19 million in consumer refunds and an $8 million penalty, and stop collecting on over $3 million worth of debts.

  • CFPB Obtains Preliminary Injunction Against Debt Relief Companies

    September 10, 2015 / Source: Ballard Spahr

    A Florida federal district court has entered a preliminary injunction against several companies and an individual who were named as defendants in a complaint filed by the CFPB in August 2015 charging them with violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR).

  • Federal Reserve Releases July Consumer Credit Information

    September 09, 2015 / Source: Federal Reserve

    In July, consumer credit increased at a seasonally adjusted annual rate of 6-3/4 percent. This is down from June. Revolving credit increased at an annual rate of 5-3/4 percent, while nonrevolving credit increased at an annual rate of 7 percent.

  • Are Prepaids Being Used as a Savings Vehicle?

    September 09, 2015 / Source: Boston Fed

    The Boston Fed published an article stating that general purpose prepaid cards are being used as a short term saving vehicles for low income individuals.

  • FDIC Publishes FIL on Military Lending Act Final Rule

    September 09, 2015 / Source: FDIC

    The Department of Defense (DOD) issued a final rule amending the implementing regulations of the Military Lending Act of 2006 (MLA). The final rule expands specific protections provided to service members and their families under the MLA and addresses a wider range of credit products than the DOD's previous regulation. FDIC-supervised institutions and other creditors must comply with the rule for new covered transactions beginning October 3, 2016. For credit extended in a new credit card account under an open-end consumer credit plan, compliance is required beginning October 3, 2017.

  • OCC August CRA Performance Evaluations Released

    September 08, 2015 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 1, 2015 through August 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.

  • Federal Reserve’s Consumer Compliance Outlook Released for Second Quarter

    September 08, 2015 / Source: Federal Reserve

    Consumer Compliance Outlook is a Federal Reserve System publication dedicated to consumer compliance issues.

  • FTC Dallas debt collection program draws a crowd

    September 03, 2015 / Source: Ballard Spahr

    The FTC has announced that it is moving its second “Debt Collection Dialogue,” scheduled to be held in Dallas, Texas on September 29, 2015, to a larger venue. The FTC is moving to the larger venue because the number of pre-registrations had almost reached the maximum for the previously scheduled venue. It is also re-opening pre-registration, which closed on August 13.

  • Interagency task force issues recommendations on federal student loan servicing contracts

    September 03, 2015 / Source: Ballard Spahr

    Pursuant to a March 2015 Presidential directive, an interagency task force consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council has issued recommendations on best practices in performance-based contracting intended to ensure that federal student loan servicers “help borrowers responsibly make monthly payments on their student loans.” In developing its recommendations, the task force consulted with the CFPB.

  • Agencies Release Q4 CRA Exam Schedule

    September 01, 2015 / Source: Agencies

    The FDIC and OCC released their 4th quarter Community Reinvestment Act examination schedules. The exams will take place between October and December.

  • Sally Cline Joins West Virginia Bankers Association Will Transition into CEO Role

    September 01, 2015 / Source: West Virginia Bankers Association

    Sara (Sally) McLaughlin Cline, has been named as Executive Vice President of the West Virginia Bankers Association (WVBA) and as the successor to become the organization’s Chief Executive Officer upon the retirement of Joe Ellison next year. Cline, who has served as Commissioner of the West Virginia Division of Financial Institutions since 2008, joins WVBA after a more than 30 year career as a regulator and banker.

  • CFPB Issues Second Monthly Complaints Report

    August 28, 2015 / Source: Ballard Spahr

    The CFPB issues their second monthly complaints report - this one for August 2015. The report highlights credit reporting complaints and complaints out of the Los Angeles metro area.

  • FDIC Releases New Issue of ‘FDIC Consumer News’

    August 28, 2015 / Source: FDIC

    The new issues covers mobile banking and payments, ATM fees and security, credit scores, and bank reward programs.

  • Fannie Mae Announces Improved Affordable Lending Product

    August 26, 2015 / Source: Fannie Mae

    Fannie Mae (FNMA/OTC) announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s integrated suite of risk management tools for greater certainty and efficiency. HomeReady reflects extensive research and lender input, and will replace Fannie Mae’s MyCommunityMortgage®.

  • Agencies Announce Availability of 2014 Small Business, Small Farm, and CD Lending Data

    August 25, 2015 / Source: OCC

    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.

  • FinCEN Proposes AML Regulations for Investment Advisers

    August 25, 2015 / Source: FinCEN

    The Financial Crimes Enforcement Network (FinCEN) today proposed a rule requiring certain investment advisers to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA). FinCEN also proposed to include investment advisers in the general definition of “financial institution,” which, among other things, would require them to file Currency Transaction Reports (CTRs) andkeep records relating to the transmittal of funds.

  • FHA: Guidelines Supporting Borrowers Who Seek to Make Homes Energy Efficient

    August 25, 2015 / Source: HUD

    Today, FHA announced anticipated guidelines for two new initiatives that will support borrowers seeking to make energy efficient improvements to their homes, including guidance that will allow borrowers to use Single Family FHA financing for properties with existing Property Assessed Clean Energy (PACE) loans that meet certain conditions. FHA also announced its new partnership with the Department of Energy (DOE) helping borrowers using Single Family FHA’s Energy Efficient Home (EEH) program to take advantage of energy cost savings when measured by DOE’s Home Energy Score.

  • FDIC’s Summer 2015 Supervisory Insights Covers Strategic Planning and Investments

    August 25, 2015 / Source: FDIC

    Summer 2015 Supervisory Insights cover strategic planning, investments in securitizations, and the regulatory/supervisory round-up.