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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  • Final Rule for Flood Insurance on Escrow, Detached Structures, and LPI.

    June 23, 2015 / Source: Federal Reserve

    The agencies are amending their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Specifically, the final rule requires the escrow of flood insurance payments on residential improved real estate securing a loan, consistent with the changes set forth in HFIAA. The final rule also incorporates an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. Furthermore, the final rule implements the provisions of Biggert-Waters related to the force placement of flood insurance. Finally, the final rule integrates the OCC’s flood insurance regulations for national banks and Federal savings associations. The Agencies plan to address the private flood insurance provisions in BiggertWaters in a separate rulemaking

  • FTC Provides Enforcement Report to CFPB Covering Regulations Z, M, and E.

    June 12, 2015 / Source: Ballard Spahr

    The FTC submitted their annual enforcement report to the CFPB covering their enforcement activities in 2014 related to Regulation Z, Regulation M, and Regulation E.

  • CFPB files amicus brief in U.S. Supreme Court ECOA case

    June 11, 2015 / Source: Ballard Spahr

    The CFPB, together with the Solicitor General, has submitted an amicus brief in Hawkins v. Community Bank of Raymore, the case in which the question before the U.S. Supreme Court is whether the Equal Credit Opportunity Act (ECOA) applies to loan guarantors. The Court agreed to hear the case in March 2015 and is expected to hear oral argument in the Court’s term that begins in October 2015.

  • Focal Points for Banks and Nonbanks in the CFPB’s New Auto Finance Exam

    June 11, 2015 / Source: Ballard Spahr

    the CFPB finalized its larger participant rule for nonbank auto finance companies, making them subject to supervision after the effective date of the rule. But the Bureau’s press release and newly-released auto finance examination procedures, to me, are even more significant, because they signal areas of future concentration for the Bureau in examinations of both banks and nonbanks in the auto finance space.

  • Agencies Issue Final Standards for Assessing Diversity Policies and Practices of Regulated Entities

    June 09, 2015 / Source: OCC

    Federal agencies today issued a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate. Compliance Alliance will be creating a toolkit to assist you with compliance as soon as the final rule is made available.

  • 32 Democratic Senators Call for Strong Payday Lending Rules

    June 08, 2015 / Source: Ballard Spahr

    A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging effects of predatory lending.”

  • CFPB Issues Report on Reverse Mortgage Ads and Consumer Risk

    June 08, 2015 / Source: CFPB

    The CFPB reviewed a variety of advertisements for reverse mortgages. In their report, they call many of the ads confusing, incomplete, and inaccurate.

  • Office of Inspector General Note Some Opportunities for Improvement in Regulator Coordination

    June 05, 2015 / Source: Federal Reserve

    A report was released covering a review conducted by the inspectors general for the prudential regulatory agencies and the CFPB. Generally, it was determined that the agencies were coordinated consistent with the Dodd-Frank Act, but the report did note some opportunities for improvement. One of the recommended improvements included more simultaneous exams.

  • Mortgage Rates Reach 2015 High

    June 05, 2015 / Source: Freddie Mac Newsroom

    Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year.

  • CFPB Says They Will be “Sensitive” When Enforcing TRID to Members of Congress

    June 04, 2015 / Source: CFPB

    Consumer Financial Protection Bureau Director Richard Cordray told members of Congress yesterday that when enforcing the TILA-RESPA integrated mortgage disclosures starting on Aug. 1, the bureau would be “sensitive” to good-faith efforts by lenders to comply. “I have spoken with our fellow regulators to clarify that our oversight of the implementation of the Rule will be sensitive to the progress made by those entities that have been squarely focused on making good-faith efforts to come into compliance with the Rule on time,” Cordray wrote. This falls short of the grace period that was requested by congress and lobbyists.

  • Committee Democrats Announce Support for Measure to Aid Main Street Banks, Protect Consumers

    June 04, 2015 / Source: U.S. House Committee on Financial Services - Democrats

    The Democratic proposal would allow mortgages held in portfolio to receive the Qualified Mortgage safe harbor (but only for banks with less than $10 billion in assets), reduce the burden of unnecessary privacy notice paperwork and extend the exam cycle for more institutions. The bill would also give the Consumer Financial Protection Bureau authority to enforce the Servicemember Civil Relief Act and permanently extend provisions relating to tenants in a property being rented when it is foreclosed upon.

  • Comptroller Discusses Payment Technology, Innovation and Cybersecurity

    June 03, 2015 / Source: OCC

    Comptroller of the Currency Thomas J. Curry today discussed emerging payment systems technology, innovation, access, and cybersecurity in banking during a speech at the 2015 BITS Emerging Payment Forum.

  • Agencies Release Statement on Company-run Stress Tests at Medium-sized Financial Companies

    June 03, 2015 / Source: Federal Reserve

    Agencies issued a statement intended to clarify the disclosure requirements for the annual stress tests conducted by financial institutions with total consolidated assets between $10 billion and $50 billion.

  • The Supreme Court Rules In Favor of Banks

    June 02, 2015 / Source: Supreme Court

    The Supreme Court ruled against borrowers who sought to void second mortgages in Chapter 7 bankruptcy when their houses were worth less than the balance owed on the first mortgages yesterday.

  • FDIC Releases Guidance for Flooding-Hit Banks in Texas

    June 02, 2015 / Source: FDIC

    As reported by Compliance Alliance last week, FDIC and OCC announced relief for flooding hit banks. FDIC's original announcement only covered Oklahoma, but they have now expanded it to Texas.

  • CFPB & DOJ announce settlement with mortgage lender charged with discriminatory broker compensation

    June 01, 2015 / Source: Ballard Spahr

    The CFPB announced last week that, together with the Department of Justice (DOJ), it had entered into a proposed consent order with Provident Funding Associates, a wholesale mortgage lender, to settle charges that Provident violated the FHA and ECOA by allowing its wholesale brokers to charge higher fees to African-American and Hispanic borrowers than non-Hispanic white borrowers. The consent order requires Provident to pay $9 million in monetary relief to aggrieved borrowers.

  • Consumer Sentiment Falls to Six Month Low

    June 01, 2015 / Source: MarketWatch

    The University of Michigan’s gauge of consumer sentiment fell to a final May reading of 90.7, compared with a final April level of 95.9. Economists polled by Dow Jones Newswires had expected a final May level of 89.5, compared with a preliminary estimate of 88.6. Though it was above expectations, data released Friday showed that consumer sentiment dropped in May to a six-month low.

  • Important: BSA Webinar Date Change

    June 01, 2015

    Due to the ABA Regulatory Conference, the BSA webinar has been moved from Thursday, June 18 to Thursday, June 11. All registered attendees have been sent an updated registration email containing the new date. If you are no longer able to participate, we understand and hope that you review the recording at a later date. We apologize for the inconvenience!

  • Pending Home Sales Climb in April to Highest Level since May 2006

    May 29, 2015 / Source: National Association of Realtors

    Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors®. Led by the Northeast and Midwest, all four major regions saw increases in April.

  • Mortgage Rates Reach High for 2015

    May 29, 2015 / Source: Freddie Mac Newsroom

    Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year.

  • FDIC, OCC Announce Relief for Flooding Hit Banks

    May 29, 2015 / Source: FDIC & OCC

    Because of the serious conditions resulting from flooding in the Oklahoma and Texas, the OCC's Senior Deputy Controller of Midsize and Community Bank Supervision, Toney Bland, finds that an emergency condition exists. The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Oklahoma affected by severe storms, tornadoes, straight-line winds, and flooding.

  • Fed Releases 2014 Survey of Household Economics and Decisionmaking

    May 28, 2015 / Source: Federal Reserve

    The numbers within the report show an improvement from last year's figures and increasing economic optimism

  • FFC: Telephone Consumer Protection Act May Allow for a Specific Exemption for Fraud Alerts

    May 28, 2015 / Source: FCC

    The proposal would allow for very limited and specific exemptions for urgent circumstances. An example of an urgent circumstance would be a free call or text to alert a customer of potential fraudulent activity on their account.

  • Members of Congress Urge for TILA-RESPA Grace Period

    May 27, 2015 / Source: Congress of the United States

    In light of foreseeable challenges during the implementation period, lawmakers are calling for a TILA-RESPA grace period through 2015. The letter reasons that January and February are slower months for home settlement and thus will be an easier transition time for the industry.

  • 58 Members of Congress Urge CFPB to Ban Consumer Arbitration

    May 27, 2015 / Source: Ballard Spahr

    Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit the use of forced arbitration clauses in financial contracts and give consumers a meaningful choice after disputes arise.”