Federal Reserve Board announces approval of application by Adyen, N.V.
May 24, 2021 / Source: FRB
Press Release The Federal Reserve Board on Monday announced its approval of the application by Adyen, N.V., Amsterdam, The Netherlands, to establish a federally-licensed branch in San Francisco, California. Attached is the Board's order relating to this action. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: May 24, 2021
CFPB Takes Action Against Auto Lender for Unfair Loss Damage Waiver Practices
May 21, 2021 / Source: CFPB
California Auto Finance to Provide Refunds and Credits, Correct Credit Records, and Pay a Civil Money Penalty WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW)…
Community Reinvestment Act: Implementation of the June 2020 Final Rule
May 21, 2021 / Source: OCC
OCC Bulletin 2021-24 To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) published in the Federal Register on June 5, 2020, a final rule (June 2020 rule) to modernize the agency’s…
Agencies issue host state loan-to-deposit ratios May 21, 2021
May 21, 2021 / Source: FRB
Joint Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios…
OCC Enforcement Actions and Terminations May 20, 2021
May 21, 2021 / Source: OCC
News Release 2021-57 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances May 20, 2021
May 21, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and…
FHFA Announces Fannie Mae’s and Freddie Mac’s Proposed Duty to Serve Underserved Markets Plans for 2022-2024
May 19, 2021 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today published the proposed 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2022 to December 31, 2024. FHFA issued a final rule in 2016 that implemented…
Minutes of the Federal Open Market Committee, April 27-28, 2021
May 19, 2021 / Source: FRB
Press Release May 19, 2021 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 27–28, 2021. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently…
Acting Comptroller of the Currency Testifies on the Condition of the Federal Banking System
May 19, 2021 / Source: OCC
News Release 2021-56 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House Financial Services Committee on the condition of the federal bankings system, the agency’s response to the COVID-19 pandemic, and its efforts to promote diversity and inclusion. Mr. Hsu’s testimony also included a description of his priorities as head of…
OCC Report Examines Key Risks, Effects of COVID-19 Pandemic on Federal Banking System
May 18, 2021 / Source: OCC
News Release 2021-55 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2021. Banks maintained sound capital and liquidity levels but profitability remains stressed due to…
CFPB Takes Action Against Debt-Settlement Company for Charging Consumers Unlawful Fees
May 18, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4 million for charging unlawful fees and failing to provide required disclosures to its customers, and a civil…
FDIC Issues Request for Information on Digital Assets
May 17, 2021 / Source: FDIC
Press Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today announced that it is gathering information and soliciting comments from interested parties about insured depository institution’ current and potential digital asset activities. The FDIC recognizes that there are novel and unique considerations related to digital assets. Given that banks are increasingly exploring the emerging…
Tax Allocation Agreements: Notice of Proposed Rulemaking
May 17, 2021 / Source: OCC
OCC Bulletin 2021-23| May 17, 2021 To: Chief Executive Officers of National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On May 10, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation…
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
May 17, 2021 / Source: CFPB
WASHINGTON, D.C. – Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer…
Featured Webinar May 2021
May 17, 2021
Description: During this one-hour webinar, we will outline the guidelines and requirements when it comes to providing banking services to hemp-related customers. We will address guidance issued by FinCEN, the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements, the Farm Bill and other guidance and updates which effect the hemp industry. In an effort to enhance the availability of financial…
Regulatory Relief FIL-33-2021
May 14, 2021 / Source: FDIC
Financial Institution Letter Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, and Flooding Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, tornadoes, and flooding. A copy…
Federal Reserve Board announces the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)
May 14, 2021 / Source: FRB
Press Release The Federal Reserve Board on Friday announced the third extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP…
Foreclosure Prevention, Refinance and FPM Report – February 2021
May 13, 2021 / Source: FHFA
February 2021 Highlights – Foreclosure Prevention The Enterprises' Foreclosure Prevention Actions: The Enterprises completed 60,661 foreclosure prevention actions in February, bringing the total to 5,720,846 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications. There were 3,334 permanent loan modifications in February, bringing the total to…
Florida Man Sentenced After Fraudulently Obtaining $3.9 Million in PPP Loans
May 13, 2021 / Source: FDIC OIG
PRESS RELEASE Defendant Purchased Lamborghini with COVID-19 Relief Funds A Florida man was sentenced today to more than six years in prison for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini luxury car for himself. David T. Hines, 29, of Miami, pleaded guilty…
New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering
May 12, 2021 / Source: FDIC OIG
PRESS RELEASE A criminal complaint was filed in the District of New Jersey today charging a dual-resident of New York and Florida with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP). According to court documents, Gregory J. Blotnick, 34, of New York City and West Palm…
Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; Total payments reach nearly 165 million
May 12, 2021 / Source: Treasury
PRESS RELEASES May 12, 2021 WASHINGTON — Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan. Today’s announcement brings the total disbursed so far…
FDIC Publishes 2021 Risk Review
May 12, 2021 / Source: FDIC
Press Release Report highlights emerging risks in banking system WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. The FDIC began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of…
FinCEN Extends Application Deadline for Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity
May 12, 2021 / Source: FinCEN
Immediate Release May 10, 2021 The Financial Crimes Enforcement Network (FinCEN) is extending the deadline for its special monthly virtual FinCEN Innovation Hours Program on June 10, 2021, which will focus on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security. FinCEN encourages participation by financial technology (FinTech) and…
FDiTech Announces New Deputy Director of Office of Innovation
May 10, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Zunera Mazhar as Deputy Director of the agency’s Office of Innovation. Ms. Mazhar will guide the agency’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. “I am extremely excited that Zunera…
FDIC Announces Settlement with Umpqua Bank, Roseburg, Oregon for Unfair and Deceptive Practices in Violation of Section 5 of the Federal Trade Commission Act
May 10, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a settlement with Umpqua Bank, Roseburg, Oregon, for engaging in unfair and deceptive practices, in violation of Section 5 of the Federal Trade Commission Act (Section 5). Umpqua Bank stipulated to the issuance of an Order to Pay Civil Money Penalty (CMP) in…