News Topic: Compliance

The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect. ... Read full article

The two banks' tax reform expectations differ as they move in opposite directions; bank bows to pressure to report pay discrepancies. ... Read full article

JPMorgan Chase, Wells Fargo are the first to report; payments company will run pilot to see if digital currency speeds transactions and lowers costs. ... Read full article

The disclosure of a key part of Wells Fargo's exam rating is fueling speculation that further regulatory action may soon be taken against the megabank and raising renewed questions about its regulator's oversight. ... Read full article

The bank says it received an “outstanding” rating on its most recent Community Reinvestment Act examination. Its previous rating, a “needs to improve,” not only was bad publicity but restricted its ability to buy banks. ... Read full article

Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives. ... Read full article

Despite impending data requirements, many small banks are still struggling with automating loan risk calculations. ... Read full article

Keith Noreika, who made waves during his brief stint as acting Comptroller of the Currency, has rejoined Simpson Thacher Bartlett as a partner. ... Read full article

The OCC said Thursday that the bank has yet to fully meet the conditions of a 2012 consent order requiring it to address problems in its Bank Secrecy Act and anti-money-laundering compliance programs. ... Read full article

Attorney General Jeff Sessions’ decision to rescind an Obama-era directive that helped foster the marijuana sector’s growth raises new risks for banks and credit unions that do business with growers and dispensaries. ... Read full article

The railroad industry executive will replace Raymond Fortin as general counsel ... Read full article

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history. ... Read full article

It will pay $11.5 million to resolve Finra claims that a brokerage unit displayed inaccurate research ratings for hundreds of securities for nearly five years. ... Read full article

The Consumer Financial Protection Bureau on Wednesday launched a rate spread calculator and validation tool for financial companies reporting Home Mortgage Disclosure Act data starting Jan. 1. ... Read full article

Was the president’s recent tweet about enforcement measures against Wells Fargo an articulation of the administration’s approach for holding banks and executives accountable? Or is a tweet just a tweet? ... Read full article

Moments after the Consumer Financial Protection Bureau said it would reopen its mortgage disclosure rule, the bureau announced that the effective date for the prepaid rule would similarly be scrapped. ... Read full article

The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018. ... Read full article

It was a bad year for the CEO of Equifax, the founder of a high-flying fintech and the regulatory agency bankers love to hate. ... Read full article