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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  • Proposed Cybersecurity Information Sharing Act Hits Senate Floor

    October 27, 2015 / Source: Senator Richard Burr (R-NC)

    The Senate is scheduled to vote this week on the Cybersecurity Information Sharing Act (S.754), proposed by Sen. Richard Burr (R-NC) a bill that would strengthen the ability of the public and private sectors to share critical cyber threat information without compromising customer privacy. Cybersecurity Information Sharing Act of 2015

  • CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market

    October 27, 2015 / Source: CFPB

    On October 15, 2015 the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulation. The Bureau is working with other federal agencies to streamline the reporting process for financial institutions. “The Home Mortgage Disclosure Act helps financial regulators, the public, housing officials, and even the industry itself keep a watchful eye on emerging trends and problem areas in the nation’s mortgage market – the largest consumer financial market in the world,” said CFPB Director Richard Cordray. “With today’s final rule we are shedding more light to foster better understanding of the market, and also ensuring that lenders have sufficient time to come into compliance.”

  • Comptroller Curry, Votes to Increase the FDIC Bank Reserve Ratio.

    October 26, 2015 / Source: Comptroller of the Currency Thomas J. Curry

    Comptroller of the Currency Thomas J. Curry made the following statement at a board meeting of the Federal Deposit Insurance Corporation (FDIC) on his vote to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requirement to increase the FDIC bank reserve ratio from 1.15 percent to 1.35 percent. The proposal is also sensitive to community banks under $10 billion in total assets by providing an assessment credit for use in the future for their portion of their regular assessment that contributes to raising the ratio from 1.15 percent to 1.35 percent.

  • FDIC Board Approves Joint Final Rule on Swap Margin Requirements

    October 26, 2015 / Source: FDIC

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is a joint final rule with the Office of the Comptroller of the Currency, the Federal Reserve Board, the Farm Credit Administration, and the Federal Housing Finance Agency and will apply to entities supervised by these agencies that register with the Commodity Futures Trading Commission (CFTC) or Securities and Exchange Commission (SEC) as a dealer or major participant in swaps.

  • Director Cordray’s Arbitration Comments to the CFPB’s Consumer Advisory Board

    October 23, 2015 / Source: CFPB

    Follow the link to read Cordray's comments.

  • FDIC Proposes Changes to Deposit Insurance Assessments

    October 23, 2015 / Source: FDIC

    Pursuant to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and its authority under section 7 of the Federal Deposit Insurance Act (FDI Act), the FDIC proposes to impose a surcharge on the quarterly assessments of insured depository institutions with total consolidated assets of $10 billion or more.

  • CFPB Releases Financial Education Curriculum Tool

    October 22, 2015 / Source: Ballard Spahr

    The CFPB has released a “youth financial education curriculum review tool” for curriculum developers and educators to use to review financial education materials and determine which curricula best suits their students.

  • Comptroller Comments on Credit Risk and Basel

    October 22, 2015 / Source: OCC

    Comptroller Curry's speech yesterday expressed concern about growing credit risk in auto loans, noting relaxed underwriting standards and the fact that 30 percent of new vehicle loans now have maturities of more than six years.

  • Director Cordray sends warning to vendors on TRID rule compliance

    October 21, 2015 / Source: Ballard Spahr

    In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply with the TILA-RESPA Integrated Disclosure (TRID) rule which became effective on October 3.

  • Lawmakers Oppose Action on Fed Dividend Proposal

    October 21, 2015 / Source: Congressman Bill Huizenga

    Lawmakers sent a letter to the house yesterday asking them to stop a proposal to reduce dividend payments on the Fed's stock. Follow the link to read the letter.

  • CFPB Issues Final HMDA Rule

    October 20, 2015 / Source: CFPB

    The CFPB issues the final changes to HMDA. The effective dates are staggered with the first date being January 1, 2017.

  • Fannie Mae Announces Innovations for Lenders, Borrowers

    October 20, 2015 / Source: Fannie Mae

    Fannie Mae (FNMA/OTC) announced a series of innovations to bring more certainty and simplicity to lenders, employ stronger data capabilities, and help borrowers have access to sustainable mortgage credit.

  • CFPB Issues Final Rule for HMDA

    October 15, 2015 / Source: CFPB

    Today, the CFPB issued a final rule changing Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). To support you in implementing these changes, the CFPB launched a new HMDA Regulatory Implementation page where you can find resources to help you comply with the new rule.

  • Recordings Now Available!

    October 15, 2015

    The Loan Origination Webinar as well as the October Compliance Huddle recordings are now available. They can be found under the "News & Events" tab, "Past Events."

  • Mortgage Applications Decrease in Latest MBA Weekly Survey

    October 15, 2015 / Source: Mortgage Bankers Association

    Mortgage applications decreased 27.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 9, 2015.

  • Fair Lending Director: Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities

    October 13, 2015 / Source: Ball

    Follow the link to read a summary of remarks from Ms. Ficklin at the American Bar Association’s Consumer Financial Services Institute written by Mark Furletti from Ballard Spahr.

  • FDIC: Guidance to Help Facilitate Recovery in Areas of South Carolina Affected by Severe Weather

    October 13, 2015 / Source: FDIC

    The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of South Carolina affected by severe storms and flooding.

  • CFPB Issues Official Guidance on Marketing Service Agreements and RESPA’s Section 8

    October 09, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB or the Bureau) issues this compliance bulletin to remind participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2601, et seq.) and describe the substantial risks posed by entering into marketing services agreements (MSAs).1 The Bureau has received numerous inquiries and whistleblower tips from industry participants describing the harm that can stem from the use of MSAs, but has not received similar input suggesting the use of those agreements benefits either consumers or industry. Based on the Bureau’s investigative efforts, it appears that many MSAs are designed to evade RESPA’s prohibition on the payment and acceptance of kickbacks and referral fees. This bulletin provides an overview of RESPA’s prohibitions against kickbacks and unearned fees and general information on MSAs, describes examples of market behavior gleaned from CFPB’s enforcement experience in this area, and describes the legal and compliance risks we have observed from such arrangements.

  • Fannie Mae and Freddie Mac Issue Guidance on TRID Compliance

    October 08, 2015 / Source: Fannie Mae

    Fannie Mae and Freddie Mac issued letters to the mortgage lenders they work with explaining their posture towards compliance with the TILA-RESPA integrated disclosures. Fannie's letter states, "Fannie Mae is aware that some lenders continue to address the implementation of TRID’s technical requirements. In recognition of this, until further notice, Fannie Mae will not conduct routine post-purchase loan file reviews for technical compliance with TRID; however, consistent with current practices, Fannie Mae will evaluate whether the correct forms were used in connection with the origination of a mortgage loan.

  • House passes bipartisan TRID grace period bill 303-121

    October 08, 2015 / Source: Housingwire

    Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from the Consumer Financial Protection Bureau that went into effect Oct. 4.The grace period runs through February 1.

  • CFPB Considers Proposal to Ban Arbitration Clauses that Allow Companies to Avoid Accountability

    October 07, 2015 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer financial products like credit cards and bank accounts, most arbitration clauses deny consumers the right to participate in group lawsuits against companies. With this free pass, companies can sidestep the legal system, avoid big refunds, and continue to pursue profitable practices that may violate the law and harm countless consumers. The CFPB’s proposals under consideration would give consumers their day in court and deter companies from wrongdoing.

  • Cordray and Keating on Fraud Against Seniors

    October 07, 2015 / Source: The Hill

    Cordray and Keating wrote an op-ed for The Hill newspaper highlighting how banks can help stop fraud against seniors.

  • FDIC Expands Money Smart

    October 06, 2015 / Source: FDIC

    Money Smart is a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships. The FDIC in collaboration with SBA, offers the Money Smart for Small Business instructor-led curriculum focusing on the needs of new or existing entrepreneurs. The Money Smart program may be used by financial institutions and other organizations interested in sponsoring financial education workshops.

  • Information Security and Cybersecurity Top Challenges for the CFPB and Fed According to IG

    October 06, 2015 / Source: Inspector General

    The CFPB and the Fed's inspector general issued reports ranking top management challenges for their respective agencies. Information security tops the list for the CFPB, and Cybersecurity tops the list for the Fed with information security at number two.

  • Regulators Close Two Banks on Friday

    October 05, 2015 / Source: FDIC

    These two closures account for the seventh and eighth failure of the year. State regulators closed the Bank of Georgia in Peachtree City, GA. The OCC closed Hometown National Bank in Longview, Wash.