SBA Administrator Issues Statement on the Closure of Paycheck Protection Program
June 8, 2021 / Source: SBA
SBA Administrator Issues Statement on the Closure of Paycheck Protection Program PPP has provided nearly $800 billion to small businesses and nonprofits across the nation, fueling the economy by supporting over 8.5 million small businesses and nonprofits June 1, 2021 | Release Number 21-45 Contact U.S. Small Business Administration at [email protected] WASHINGTON – Today, U.S. Small Business Administrator Isabella…
FHFA Extends COVID-19 Multifamily Forbearance through September 30, 2021
June 8, 2021 / Source: FHFA
News Release FHFA Extends COVID-19 Multifamily Forbearance through September 30, 2021 Multifamily property owners entering into new or modified forbearance plans must offer tenant protections FOR IMMEDIATE RELEASE 6/3/2021 Washington, D.C. — Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying…
Nine Individuals Charged for Roles in Fraud Scam Involving 200 Victims
June 8, 2021 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Tuesday, June 1, 2021 Nine Individuals Charged for Roles in Fraud Scam Involving 200 Victims Victims Defrauded of at Least $2.5 Million CHARLESTON, W.Va. – Three indictments returned by a federal grand jury sitting in Charleston have been unsealed that charge nine men for their involvement in illegal schemes alleged…
Federal Reserve Board announces that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT
June 8, 2021 / Source: FRB
Press Release June 07, 2021 Federal Reserve Board announces that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT The Federal Reserve Board announced on Monday that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT. Stress tests help…
Federal Open Market Committee announces its tentative meeting schedule for 2022
June 4, 2021 / Source: FRB
Press Release June 04, 2021 Federal Open Market Committee announces its tentative meeting schedule for 2022 The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2022: January 25-26 (Tuesday-Wednesday) March 15-16 (Tuesday-Wednesday) May 3-4 (Tuesday-Wednesday) June 14-15 (Tuesday-Wednesday) July 26-27 (Tuesday-Wednesday) September 20-21 (Tuesday-Wednesday) November 1-2 (Tuesday-Wednesday) December 13-14 (Tuesday-Wednesday) January…
OCC Releases CRA Evaluations for 18 National Banks and Federal Savings Associations
June 4, 2021 / Source: OCC
News Release 2021-63 | June 4, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 1, 2021 through May 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that…
FDIC Issues List of Banks Examined for CRA Compliance Thursday, June 3, 2021
June 3, 2021 / Source: FDIC
FDIC Issues List of Banks Examined for CRA Compliance Thursday, June 3, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in March 2021….
Federal Reserve Board announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility
June 3, 2021 / Source: FRB
Press Release June 02, 2021 Federal Reserve Board announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility The Federal Reserve Board on Wednesday announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December…
Federal Reserve Board issues final rule amending Regulation D with regard to interest on reserve balances
June 2, 2021 / Source: FRB
Press Release June 02, 2021 Federal Reserve Board issues final rule amending Regulation D with regard to interest on reserve balances For release at 10:00 a.m. EDT The Federal Reserve Board announced on Tuesday the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves (IORR) rate and…
Summary of Deposits Survey and Filing for June 30, 2021
June 2, 2021 / Source: FDIC
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July…
Addressing racial inequities in consumer finance markets
June 2, 2021 / Source: CFPB
Addressing racial inequities in consumer finance markets By Dave Uejio – JUN 02, 2021 Over the last year, our country has faced many significant challenges, including the COVID-19 pandemic, the murder of George Floyd, and other acts of violence and racism. As a result, our nation has started a critical and long overdue conversation around race and equity….
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of West Virginia Affected by Severe Storms
June 1, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief June 1, 2021 | FIL-38-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of West Virginia affected by severe storms. A copy of the Guidance can be found on the FDIC’s website. Statement of Applicability: This Financial Institution Letter (FIL)…
Federal Reserve Board invites public comment on proposed rule to govern funds transfers over the Federal Reserve Banks’ FedNow Service
June 1, 2021 / Source: FRB
Press Release June 01, 2021 Federal Reserve Board invites public comment on proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow Service The Federal Reserve Board on Tuesday invited comment on a proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The FedNow Service is a new 24x7x365…
Federal Reserve Board invites public comment on proposed changes to its Policy on Payment System Risk that governs the provision of intraday credit
May 28, 2021 / Source: FRB
Press Release May 28, 2021 The Federal Reserve Board on Friday requested public comment on proposed changes to its Policy on Payment System Risk (PSR policy) that governs the provision of intraday credit, or daylight overdrafts, to healthy depository institutions with accounts at the Federal Reserve Banks. The PSR policy establishes limits on the value…
FDIC Issues CRA Examination Schedules for Third Quarter 2021 and Fourth Quarter 2021
May 28, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter 2021 and fourth quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the…
FDIC Makes Public April 2021 Enforcement Actions
May 28, 2021 / Source: FDIC
Press Release No Administrative Hearings Scheduled for June 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. There are no administrative hearings scheduled for June 2021. The FDIC issued five orders in April 2021. The administrative…
Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks, and Barriers to Credit, New CFPB Report Finds
May 27, 2021 / Source: CFPB
Consumers tend to be rural and lower income, and those who do not own the underlying land have the greatest challenges WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners. Manufactured housing is…
Agencies Extend Period for CRA Consideration Given to Community Development Activities in Response to Hurricane Maria Disaster in Puerto Rico and the U.S. Virgin Islands
May 27, 2021 / Source: FDIC
Financial Institution Letter FIL-37-2021 Summary: The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are granting a 36–month extension to the original period provided in the January 2018 Interagency Statement on CRA Consideration for Community Development…
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) Related to FDIC Assessments, Brokered Deposits and Sweep Deposits
May 26, 2021 / Source: FDIC
Financial Institution Letter FIL-36-2021 On May 24, 2021, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached final regulatory reporting changes in the Federal…
FinCEN to Host Innovation Hours Program Workshop on Privacy Enhancing Technologies
May 26, 2021 / Source: FinCEN
Contact Office of Strategic Communications, 703-905-3770 Immediate Release May 26, 2021 WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on September 9, 2021, focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks…
Financial Coaching Initiative: Results and Lessons Learned
May 26, 2021 / Source: CFPB
Consumer education and empowerment In 2015, the Consumer Financial Protection Bureau launched the Financial Coaching Initiative, a pilot program that provided financial coaching services to veterans and economically vulnerable consumers. Professional coaches were embedded into 60 host sites across the country, where they provided free, one-on-one help to consumers to address their personal financial goals….
Executive Order on Climate-Related Financial Risk
May 26, 2021 / Source: The White House
MAY 20, 2021 • PRESIDENTIAL ACTIONS By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Policy. The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments, and companies — such as increased extreme…
OCC Issues Third and Fourth Quarter 2021 CRA Evaluation Schedule
May 25, 2021 / Source: OCC
News Release 2021-60 | May 25, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter and fourth quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public…
Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated
May 25, 2021 / Source: FRB
Press Release The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Huntington Bancshares Incorporated, Columbus, Ohio, to acquire TCF Financial Corporation, Detroit, Michigan, and thereby indirectly acquire TCF's subsidiary national bank, TCF National Bank, Sioux Falls, South Dakota. Attached is…
Two Camden County Residents Charged with Conspiracy to Defraud Victims of More Than $1.4 Million in Coronavirus Relief Fraud Scheme
May 24, 2021 / Source: FDIC OIG
PRESS RELEASE CAMDEN, N.J. – Two Camden County, New Jersey, residents were charged for their role in fraudulently obtaining federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL) totaling $1.4 million, Acting U.S. Attorney Rachael A. Honig announced today. Stephen Bennett, 45, of Berlin, New Jersey, and Rhonda Thomas, 36, of Sicklerville,…