FDIC Board of Directors Amends Restoration Plan and Issues a Proposed Rule on Assessments, Revised Deposit Insurance Assessment Rates
June 21, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) today issued a notice of proposed rulemaking to increase deposit insurance assessment rates by 2 basis points for all insured depository institutions in order to increase the likelihood that the reserve ratio of the Deposit Insurance Fund (DIF) reaches the statutory minimum of…
FFIEC Announces Availability of 2021 Data on Mortgage Lending
June 16, 2022 / Source: FFIEC
Washington, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on…
Treasury Targets International Sanctions Evasion Network Supporting Iranian Petrochemical Sales
June 16, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a network of Iranian petrochemical producers, as well as front companies in the People’s Republic of China (PRC) and the United Arab Emirates (UAE) that support Triliance Petrochemical Co. Ltd. (Triliance) and Iran’s Petrochemical Commercial Company (PCC), entities instrumental…
Measuring the impact of financial institution overdraft programs on consumers
June 16, 2022 / Source: CFPB
In December 2021, the CFPB released two research reports on checking account overdraft fees, detailing how banks continue to rely on these fees as a major source of revenue and how they do not compete on transparent, upfront pricing. At that time, CFPB Director Rohit Chopra announced that financial institutions with a higher share of frequent overdrafters or a…
U.S. Sanctions Members of Russian Violent Extremist Group
June 16, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two key supporters of the ethnically motivated violent extremist group known as the Russian Imperial Movement (RIM) pursuant to Executive Order (E.O.) 13224, as amended. RIM was previously designated by the U.S. Department of State as a Specially…
Treasury International Capital Data for April
June 16, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for April 2022. The next release, which will report on data for May, is scheduled for July 18, 2022. The sum total in April of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
FinCEN Issues Advisory on Elder Financial Exploitation
June 16, 2022 / Source: FinCEN
Urges Financial Institutions to Aid in Combatting Growing Threat WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE). EFE involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams. The…
Federal Reserve issues FOMC statement
June 16, 2022 / Source: Federal Reserve
Overall economic activity appears to have picked up after edging down in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting
June 16, 2022 / Source: FRB
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 14-15 meeting. Projections (PDF) | Accessible Materials For media inquiries, email [email protected] or call 202-452-2955. Last Update: June 15, 2022
CFPB Launches Initiative to Improve Customer Service at Big Banks
June 14, 2022 / Source: CFPB
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is seeking public input on how bank customers can assert their rights to better customer service with big banks. A 2010 federal law specifies that consumers have rights to obtain timely responses to requests for information about their accounts from large depository institutions. In today’s Request for…
Prepared Remarks of CFPB Director Rohit Chopra in Great Falls, Montana on Relationship Banking and Customer Service
June 14, 2022 / Source: CFPB
Good morning. Thank you to Great Falls College MSU for hosting the Consumer Financial Protection Bureau and thank you to everyone who has joined us. On this trip to Montana, we’ve been lucky to meet with local bank employees, small businesses in the region, and military families at Malmstrom Air Force Base. Today, we are…
FinCEN Acting Director’s Statement Regarding U.S., U.K. Collaboration on Prize Challenges to Accelerate Development and Adoption of Privacy-Enhancing Technologies
June 14, 2022 / Source: FinCEN
The Office of Servicemember Affairs’ annual report on the top financial concerns facing servicemembers, veter Data available through the Home Mortgage Disclosure Act (HMDA) provides the most comprehensive source of publicly available information on the U.S. mortgage market. Under HMDA, financial institutions maintain, report, and publicly disclose loan-level information about mortgage applications and loans. HMDA…
CFPB publishes Beginner’s Guide to Accessing and Using Home Mortgage Disclosure Act Data
June 14, 2022 / Source: CFPB
The Office of Servicemember Affairs’ annual report on the top financial concerns facing servicemembers, veter Data available through the Home Mortgage Disclosure Act (HMDA) provides the most comprehensive source of publicly available information on the U.S. mortgage market. Under HMDA, financial institutions maintain, report, and publicly disclose loan-level information about mortgage applications and loans. HMDA…
Office of Servicemember Affairs 2021 Annual Report
June 14, 2022 / Source: CFPB
The Office of Servicemember Affairs’ annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. Servicemembers also reported failures by credit reporting companies…
OCC Hosts Mutual Savings Association Advisory Committee Meeting June 27
June 13, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Monday, June 27, 2022. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 1:00 p.m. Eastern Daylight Time (EDT)….
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 13, 2022 / Source: Treasury
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of commu WASHINGTON – The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major…
Acting Comptroller Discusses Importance of CDFIs, MDIs
June 9, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of community development financial institutions (CDFI) and minority depository institutions (MDI) at the 2022 Community Development Bankers Association Peer Forum. In his remarks, the Acting Comptroller highlighted initiatives to revitalize MDIs and increase investments in CDFIs, and the Office of the…
CFPB Launches Inquiry into Practices that Leave Workers Indebted to Employers
June 9, 2022 / Source: CFPB
Emerging products require employees to sign up for debt Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into practices and financial products that may leave employees indebted to their employers. In today’s Request for Information, the CFPB seeks data about, and worker experiences with, these emerging practices and financial products referred…
CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot
June 9, 2022 / Source: CFPB
More than $240,000 disappeared from student loan borrowers’ bank accounts when Frank Gebase, Jr.’s company facilitated a series of unauthorized charges Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without…
Florida Man Arrested for $2.5 Million COVID-Relief Fraud
June 8, 2022 / Source: Department of Justice
BOSTON – A former Massachusetts resident and owner of a Massachusetts-based painting company has been arrested and charged in connection with allegedly filing a fraudulent loan application to obtain $2.5 million in Paycheck Protection Program (PPP) loan funds under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Vinicius Santana, 34, of Boca Raton, Fla….
The U.S. Economic Recovery in International Context
June 8, 2022 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra Overview The economic recovery from the pandemic in the United States has been historic relative to prior episodes and has also been robust relative to the recoveries of many other major advanced economies. And while a counterfactual recovery is…
CFPB Issues Order to Terminate Upstart No-Action Letter
June 8, 2022 / Source: CFPB
Upstart requested termination of 2020 “no-action letter” to change its underwriting and pricing models. Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order to terminate Upstart Network from its list of approved “no-action letters.” The CFPB had granted special regulatory treatment to Upstart by immunizing the lender from being charged with fair…
Treasury Announces First Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet
June 8, 2022 / Source: Treasury
June 7, 2022 Louisiana, New Hampshire, Virginia, and West Virginia are the first states to be approved to receive funds under the American Rescue Plan and will connect over 200,000 homes and businesses WASHINGTON — Today, the U.S. Department of the Treasury announced the first group of plans approved under the American Rescue Plan’s Coronavirus Capital…
Data Spotlight: Financial well-being in America, from 2017 to 2020
June 8, 2022 / Source: CFPB
In 2017, CFPB published its first report on Financial Well-Being in America. Since then, the financial circumstances of many Americans have changed dramatically. This spotlight shows that Americans experienced an average increase in their financial well-being between 2017 and 2020, likely boosted by the large government response to the COVID-19 pandemic. Yet, a deeper analysis…
Terrorist Financing Targeting Center Members Jointly Designate a Broad Range of Financiers of Terrorism
June 7, 2022 / Source: Treasury
WASHINGTON – Today, members of the Terrorist Financing Targeting Center (TFTC) sanctioned 16 individuals, entities, and groups affiliated with a variety of regional terrorist organizations. All of these targets have been previously designated by the United States. The targets included three individuals associated with Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), four ISIS-associated individuals and…