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Compliance News

The latest compliance news items. Past months’ news items are found under the specific Compliance Topic page related to the news item.

Bank members-only content =

August 2018 | September 2018

September News

  • Bureau Releases New Resource: Interactive Regulations (9/13/18)
    The Bureau released a new version of its electronic regulations platform called Interactive Bureau Regulations (previously known as eRegulations). The information provided will be more accurate and up-to-date than what was previously available through eRegulations. Interactive Bureau Regulations also includes a new feature that allows users to select multiple regulations when conducting a word or term search. Feedback about this new resource should be sent to the Bureau.
  • ABA Staff Analysis: Annual Privacy Notice Requirement under GLBA, Effective Sept. 17 login required (9/13/18)
    ABA recently released guidance and summary on the Bureau of Consumer Financial Protection's updates to Regulation P, the rule that implements the privacy provisions in the Gramm-Leach-Bliley Act. The final rule implements a proposal issued in July 2016 to implement changes Congress made in December 2015 and reflects changes ABA recommended. ABA members must login to download the document. Contact Rob Rowe with questions.
  • Bureau Responds to ABA Concerns Over Records Disclosure Proposal in Final Rule (9/13/18)
    The final rule makes clarifying changes to the Bureau's practices related to Freedom of Information Act requests, requests for information in connection with legal proceedings, and the Privacy Act. It takes effect Oct. 12, 2018. As a result of ABA's advocacy​, the Bureau omitted from the final rule previously proposed changes that would have threatened the confidentiality of supervisory information banks provide to Bureau examiners by allowing the Bureau to disclose confidential supervisory information to any agency it deems "relevant to the exercise of the Agency's statutory or regulatory authority" — including state attorneys general, foreign regulators and state bar associations.
  • Fed Approves ABA-Supported Changes to Reg CC (9/13/18)
    As part of its ongoing effort to update Regulation CC to reflect a payments system that is largely electronic, the Federal Reserve approved changes to Reg CC’s liability provisions to address situations involving a dispute about whether portions of an electronic check have been altered or whether the item is a forgery. The changes — which ABA supported​ — take effect Jan. 1, 2019. For more information, contact ABA's Nessa Feddis.
  • Bureau Updates Model Disclosure Forms to Reflect Changes to FCRA​ (9/13/18)
    The Bureau issued an interim final rule making changes to two model disclosure forms — summary of consumer rights and summary of identity theft rights — to reflect changes made to the Fair Credit Reporting Act by S. 2155, the new regulatory reform law. The changes become effective Sept. 21, and the updated model forms are available both in English and in Spanish. The law requires consumer reporting agencies to provide consumers with the ability to freeze their credit free of charge, and for consumers to be notified of the security freeze right when receiving either of the two disclosures. It also extends to one year the minimum time that reporting agencies must include an initial fraud alert in a consumer’s file, which alerts prospective lenders that the consumer may have been a victim of identity theft.
  • Agencies Affirm: No Enforcement Actions Based on Guidance (9/12/18)
    In a joint statement, the financial regulatory agencies clarified the role of supervisory guidance in bank supervision, noting that it "does not have the force and effect of law." Regulators from the Federal Reserve, FDIC, OCC, Bureau of Consumer Financial Protection and the National Credit Union Administration affirmed that supervisory guidance is intended to outline expectations and general views regarding appropriate practices for a given subject area, and that they would not pursue enforcement actions based on it. ABA welcomed the announcement.
  • OCC, N.C. Regulator Permit Banks to Close for Hurricane Florence (9/12/18)
    With Hurricane Florence expected to make landfall on the southeastern Atlantic coast this week, the OCC and the North Carolina Commissioner of Banks preemptively authorized banks affected by the severe weather to close. The OCC also reiterated guidance intended to help banks facilitate recovery in the wake of natural disasters. Working in consultation with state bankers associations, ABA stands ready to assist bankers​ with disaster preparedness and recovery efforts.​​
  • FinCEN Grants Relief from CDD Rule for CDs, Auto-Renewals (9/10/18)
    The Financial Crimes Enforcement Network on Friday announced that it would grant relief from beneficial ownership requirements for certificate of deposit rollovers and loans that renew automatically; loans where the renewal, modification or extension does not require underwriting; and safe deposit box renewals. The exception applies to rollovers, renewals, modification or extensions occurring on or after May 11, 2018. FinCEN earlier this year granted temporary exceptive relief to CD rollover and automatically renewing loans in response to concerns raised by ABA and others in the banking industry. For more information, contact ABA's Rob Rowe.
  • Bureau Revamps Policy to Encourage Innovative Consumer Disclosures (9/10/18)
    The proposed policy addresses several concerns ABA raised about the original program in 2013. It allows groups of institutions or associations to submit applications on behalf of members, unlike the Bureau’s earlier policy. It also provides longer standard testing periods and allows testers to continue using effective disclosures while the Bureau amends its rules to incorporate successfully tested disclosures. Comments on the proposed policy are due by Oct. 10. For more information, contact ABA's Nessa Feddis.
  • Bureau: Banks Effectively Managing ECOA Compliance Risk in Small Biz Lending (9/7/18)
    With respect to small business lending, the Bureau found that the financial institutions it examined were effectively managing the risks of violations under the Equal Credit Opportunity Act (ECOA), and that boards and management teams were generally maintaining active oversight over the institutions' compliance management framework. Exams revealed, however, that banks are collecting only limited data on small business lending decisions, which the Bureau noted could affect their ability to effectively monitor and test for ECOA violations. The Bureau also flagged several issues related to mortgage servicing.
  • Changes to SCRA "Proof of Military Service" login required (9/7/18)
    Recently, there have been changes to SCRA "Proof of Military Service" requirements that should simplify the steps bankers take to verify SCRA eligibility. Previously, the requirement was to provide a copy of their military orders. The change provides greater flexibility and allows alternative methods to prove eligibility, including a letter from the person's commanding officer. Second, creditors are also granted a safe harbor by confirming eligibility for SCRA coverage using the Defense Manpower Data Center database to confirm active duty status. For questions, contact ABA's Rob Rowe​.​
  • Bureau Clarifies HMDA Partial Exemptions under S. 2155 (9/4/18)
    The Bureau of Consumer Financial Protection on Friday issued an interpretive rule clarifying several changes to Home Mortgage Disclosure Act regulations made under S. 2155, the bipartisan regulatory reform law. Under the interpretive rule, which takes effect upon being published in the Federal Register, banks subject to the partial exemptions may report exempt data fields provided that they report all data fields within any exempt data point that they do choose to report. The rule clarifies that only loans and lines of credit that are otherwise HMDA-reportable count toward the thresholds to qualify for the partial exemptions. It also specifies the 26 data points that are subject to the exemption and the 22 that are covered by the partial exemptions. For more information, contact ABA's Rod Alba.
  • ABA Issues Staff Analysis  on DOL's New Directives Affecting Compliance Reviews (9/4/18)
    ABA issued a staff analysis of five new directives announced recently by the Department of Labor’s Office of Federal Contractor Compliance Programs (OFCCP). The directives may be of interest to banks because OFCCP has asserted in a frequently asked questions document that deposit insurance is a federal contract and that all FDIC-insured banks are therefore federal contractors subject to OFCCP's authority. However, OFCCP's position is disputed by many. ABA members must login to view the Staff Analysis. For more information, contact ABA's Jonathan Thessin.​
  • OCC Asks for Feedback on Modernizing CRA​ (9/4/18)
    The OCC on Aug. 28 issued a long-anticipated advance notice of proposed rulemaking seeking input on the best ways to modernize Community Reinvestment Act regulations. The ANPR asks for comment on several issues, including how to: 
    • Encourage more lending areas that need it most, including low- and moderate-income areas
    • Broaden and clarify the types of activities eligible for CRA consideration 
    • Update assessment area definitions to accommodate digital lending channels 
    • Measure bank CRA performance by a metric-based framework, “using quantitative benchmarks” that would assign numerical values to CRA activities 
    • Evaluate CRA activities more consistently 
    • Reduce the cost and burden of CRA evaluation 
ABA staff are reviewing the ANPR and will provide resources to facilitate banker comments, which will be due 75 days after publication in the Federal RegisterBankers can access more ABA resources on CRA reform at For more questions or to join ABA's open working group on CRA modernization, contact ABA's Krista Shonk.

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August News

  • Bureau Announces 2019 Reg Z Dollar Thresholds (8/27/18)
    The Bureau of Consumer Financial Protection has announced 2019 changes in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act. The thresholds are based on changes in the Consumer Price Index and take effect on Jan. 1, 2019.
  • OCC Seeks Nominations for Minority, Mutual Advisory Boards (8/27/18)
    The OCC is seeking nominations for its Minority Depository Institutions Advisory Committee (MDIAC) and its Mutual Savings Association Advisory Committee (MSAAC). For the MDIAC, nominees must be directors or officers at minority-owned and OCC-supervised banks or at OCC-supervised banks with a commitment to supporting minority banks. For the MSAAC, nominees must be officers or directors of federal mutual savings associations or of federal stock savings associations that are part of a mutual holding company. Nominations are due by Oct. 15 and current members may reapply.​​
  • Bureau on New Security Clearance Rules for Servicemembers (8/27/18)
    The Bureau of Consumer Financial Protection last week wrote in their blog about the new security clearance rules for servicemembers. "The Department of Defense (DoD) will now "continuously" monitor the financial status of servicemembers with security clearances," the Bureau wrote. "This means that a past-due bill or an error on your credit report could jeopardize your clearance status." The Bureau's Office of Servicemember Affairs (OSA) offers resources for servicemembers, veterans, and their families with their financial challenges at​.
  • Agencies Issue Interim Final Rules Expanding Examination Cycles for Qualifying Financial Institutions (8/23/18)
    The agencies issued interim final rules that would allow qualifying insured depository institutions with less than $3 billion in total assets to benefit from an extended 18-month on-site examination cycle. The rules also make parallel changes to the agencies’ regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks. Comments are due 60 days after publication in the Federal Register. Contact ABA's Shaun Kern​ for more information.
  • ABA, State Associations: HUD’s Disparate Impact Rule Ignores Supreme Court Precedent (8/21/18)
    In promulgating its 2013 rule implementing the Fair Housing Act's discriminatory effects standard, the Department of Housing and Urban Development erred in ignoring Supreme Court precedent on determining disparate impact, ABA and 52 state bankers associations wrote in a comment letter to HUD. ABA and the state bankers associations called on HUD to amend the rule to include a proper definition of a disparate impact claim; articulate the cautionary standards, safeguards, limitations and other requirements described by the Supreme Court in its Inclusive Communities decision; and provide further guidance to the industry. For more information, contact ABA's Rod Alba​.
  • OCC Updates CRA Policies and Procedures Manual (8/17/18)
    The OCC updated its policies and procedures manual to clarify its policy and methodology for determining how evidence of discrimination or illegal credit practices will affect a bank’s Community Reinvestment Act rating. The updated version replaces a previous edition of the manual issued in October 2017. ABA created a side-by-side comparison of the manuals . ABA members must login to view the comparison chart. For more information, contact ABA's Krista Shonk​.
  • ​FFIEC Releases New CRA Geocoding System and Updated Census Data Products (8/17/18)
    The Federal Financial Institutions Examination Council (FFIEC) announced the availability of the 2018 Geocoding System with updated 2018 Census demographic data. The FFIEC Geocoding/Mapping System helps financial institutions meet their legal requirements for reporting HMDA and CRA data. FFIEC also released the 2018 Census Data Products which includes the FFIEC Census Windows Application and FFIEC Online Census Data System (formerly FFIEC Census Reports). Visit ABA's CRA  and HMDA  pages for more information.
  • FCC Seeks Comment on Blocking of Presumptively Illegal Calls (8/13/18)
    The Federal Communications Commission is seeking comment on how it might "further empower" companies that provide telephone service (Voice Service Providers) to block fraudulent and other illegal calls. The FCC's request comes after it authorized (but did not require) Voice Service Providers last November to block calls from phone numbers that are invalid or unassigned to a specific user. In its ongoing effort to combat illegal calls, the FCC now seeks comment on "additional criteria" by which Voice Service Providers may block calls that are "highly likely to be illegal." Contact Jonathan Thessin for more information.
  • Bureau Final Rule Codifies Legal Exemption for Annual Privacy Notice Requirements (8/13/18)
    The Bureau of Consumer Financial Protection on Friday issued its long-awaited final rule amending Regulation P to incorporate a new legal exception to the requirement for banks to send annual privacy notices to their customers. Under a law passed by Congress in 2015, banks are no longer required to send an annual privacy notice if they have not changed their policies and practices about how they share customer information since the previous notice was sent, provided they only share nonpublic personal information with third parties as permitted by one of the statutory or regulatory exceptions.  For more information, contact ABA's Rob Rowe​.
  • ABA Staff Analysis: FEMA's Notice of Proposed Rulemaking on Flood Insurance ​ (8/10/18)
    The Federal Emergency Management Agency issued a Notice of Proposed Rulemaking to modify its regulations which implement statutory provisions of the National Flood Insurance Program (NFIP). The changes are largely related to the operation of the NFIP and the Standard Flood Insurance Policy, and for the most part, do not appear to have a substantial, direct impact on lender operations with respect to flood insurance. However, bankers should be aware of two specific proposed changes: clarifications regarding Residential Condominium Building Association Policies, and exclusions for floods in progress. ​
  • Bureau Announces File Format Verification Tool for HMDA Data Collection​ (8/8/18)
    The Bureau of Consumer Financial Protection announced the File Format Verification Tool (FFVT) for HMDA data collected in 2018 and submitted in 2019. The FFVT is a resource for testing whether the HMDA file meets certain formatting requirements specified in the HMDA Filing Instructions Guide. FFVT allows HMDA filers to test the formatting of their files without logging in. No Federal agency will receive or be able to view the files. Questions regarding HMDA reporting should be sent to
  • FinCEN Extends Temporary Relief for CD Rollovers and Loan Renewals (8/8/18)
    FinCEN has extended the temporary relief that was granted for CD rollovers and loan renewals by an additional 30 days. The new expiration date will be Sept. 8, 2018. While FinCEN is putting the finishing touches on a more permanent solution, FinCEN created a Customer Due Diligence (CDD)-specific page that pulls together all of the various documents on the CDD Rule, including this extension to help banks with their compliance efforts. See ABA's BSA/AML page​ for more resources on the CDD rule.
  • Bureau Announces New Global Initiative; Requests Comments (8/7/18)
    The Bureau of Consumer Financial Protection (BCFP) announced a new global initiative, the Global Financial Innovation Network (GFIN), to facilitate innovation and promote regulatory best practices in consumer financial services, and help innovative firms navigate between countries as they look to scale new ideas. The Bureau, working in collaboration with 11 financial regulators, released a Consultation Document proposing GFIN's main functions. The Bureau and other regulators are requesting comments on the mission statement for GFIN, its proposed functions, and where it should prioritize activity. Interested parties can provide feedback to the Bureau's new Office of Innovation by Oct. 14.
  • ABA Staff Analysis: W3C Releases Updated Website Accessibility Guidelines  (8/6/18)
    In a Staff Analysis, ABA notified member banks that the World Wide Web Consortium (W3C) has updated the Web Content Accessibility Guidelines (WCAG) 2.0, by publishing WCAG 2.1. WCAG 2.1 adds 17 new success criteria to make content more accessible to a wider range of people with disabilities, including new accommodations for individuals with blindness and low vision, deafness and hearing loss, limited movement, speech disabilities, photosensitivity, and learning disabilities and cognitive limitations. The new guidelines also address accessibility of web content on desktops, laptops, tablets, and significantly, mobile devices. Contact ABA's Teshale Smith​ for more information.
  • ABA Releases Staff Analysis of Treasury Fintech Report​  (8/2/18)
    ABA released a members-only staff analysis of the Treasury report. The analysis covers eight key takeaways from the report: the OCC's fintech charter, customer data access, the regulatory sandbox, third-party risk management, the "valid-when-made" doctrine, small-dollar loans, data security standards and the Telephone Consumer Protection Act. View more ABA resources at
  • Interest Magazine Highlights OIG's Work against Fraud, Waste, and Abuse Related to Board and Bureau's Programs​ (8/2/18)
    The Office of Inspector General's (OIG) second issue of Interest Magazine highlights the OIG's investigative work regarding operations of the Federal Reserve Board and the Bureau of Consumer Financial Protection. From October 2016 through September 2017, the OIG has issued 11 indictments, ordered $16.4 million in criminal fines, restitution, and special assessments, and $863 million in civil judgments. Its investigative accomplishments include former bank officials sentenced for conspiracy and bank fraud involving over $1 billion, and a former Board employee who installed unauthorized software to earn bitcoins.
  • ABA Issues Checklist, FAQ for GDPR Risk Management (8/1/18)
    As banks continue to assess their risks related to the European Union's General Data Protection Regulation, which came into effect on May 25, ABA has released a new round of members-only resources to help. Following up on a suite of free member resources provided earlier in the year, ABA unveiled a GDPR risk management checklist and a 32-page FAQ document addressing the most common questions received from community, midsize and regional banks. For more information, contact ABA's Denyette DePierro.
  • Senate Passes ABA-Backed Flood Insurance Extension (8/1/18)
    With hours to spare, the Senate on July 31 passed an ABA-supported measure extending the National Flood Insurance Program through Nov. 30, providing certainty for lenders and borrowers during this year’s hurricane season. The 86-to-12 vote sent the extension to President Trump ahead of the program's scheduled expiration at midnight yesterday. ABA President and CEO Rob Nichols welcomed the Senate's action. "Avoiding a lapse in program authority will protect borrowers from closing delays, additional costs and other complications," he said. ABA will continue to work with lawmakers to secure a long-term NFIP reauthorization and reforms.

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