OCC Releases CRA Evaluations for 15 National Banks and Federal Savings Associations May 4, 2021
May 10, 2021 / Source: OCC
News Release 2021-50 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 April 1, 2021 through April 30, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing
May 7, 2021 / Source: FRB
Press Release May 07, 2021 The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The…
Michael J. Hsu to Become Acting Comptroller of the Currency May 10, 2021
May 7, 2021 / Source: OCC
News Release 2021-51 | May 7, 2021 WASHINGTON—The U.S. Department of the Treasury today announced that Michael J. Hsu will become Acting Comptroller of the Currency on May 10, 2021, pursuant to 12 USC 4 as designated by Secretary of the Treasury Janet Yellen. Blake Paulson, who has served as Acting Comptroller of the Currency since January 14,…
FDIC Announces Meeting of Advisory Committee on Economic Inclusion
May 6, 2021 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet virtually on Thursday, May 13, with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access via the FDIC Public Awareness Campaign #GetBanked, which was launched on April 5, 2021. The panel on Technology and…
Office of Servicemember Affairs Annual Report MAY 06, 2021
May 6, 2021 / Source: CFPB
Consumer complaint We are proud to share some of the great work done by the Bureau and the Office of Servicemember Affairs (OSA) in 2020, highlighted in our eighth annual report. Even though the pandemic has changed where we work and how we interact with our colleagues, we remain committed to educating and empowering servicemembers,…
Consumer use of payday, auto title, and pawn loans: Insights from the Making Ends Meet Survey
May 6, 2021 / Source: CFPB
Data point MAY 05, 2021 In this research brief, we examine the prevalence, persistence of use, and alternate credit sources available for consumers who use payday, auto title, and pawn loans. We use the first two waves of the Bureau’s Making Ends Meet survey, conducted in June 2019 and June 2020, to examine how consumers…
FDIC’s Office of the Ombudsman Publishes Report on 2019 & 2020 Activities
May 6, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report detailing its activities, as well as assistance provided on behalf of the banking industry, for calendar years 2019 and 2020. The FDIC Office of the Ombudsman is an independent, neutral, and confidential liaison between the agency and…
Federal Reserve Board invites public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks
May 6, 2021 / Source: FRB
Press Release May 05, 2021 The Federal Reserve Board on Wednesday invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks (“Account Access Guidelines”). Recent years have seen the introduction of new financial products and delivery mechanisms for traditional banking services, notably leveraging emerging technologies, including from…
FDIC Issues List of Banks Examined for CRA Compliance May 4, 2021
May 4, 2021 / Source: FDIC
Press Release 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 February 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice About Tenants’ Pandemic Protections
May 4, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. The letters remind these landlords of federal protections in place to keep tenants in their homes…
CFPB Issues Reports Detailing Mortgage Borrowers’ Continuing COVID-19 Challenges
May 4, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than…
Fite Elected as State Liaison Committee Chairman, Reappointed to FFIEC State Liaison Committee
May 3, 2021 / Source: FFIEC
Press Release For Immediate Release May 3, 2021 The Federal Financial Institutions Examination Council’s (FFIEC) State Liaison Committee (SLC) today announced the election of Thomas Fite as SLC Chairman. The SLC Chairman’s one-year term runs from May 1 until April 30 of the following year. The SLC can re-elect the chairman for additional terms. Additionally,…
Regulatory Relief FIL-32-2021
May 3, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Severe Storms, Straight-line Winds, and Tornadoes April 30, 2021 | FIL-32-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe…
Regulatory Relief FIL-31-2021
May 3, 2021 / Source: FDIC
Financial Institution Letter Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky Affected by Severe Storms, Flooding, Landslides, and Mudslides FIL-31-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by severe storms, flooding, landslides, and…
Changes in consumer financial status during the early months of the pandemic
April 30, 2021 / Source: CFPB
Data point A new analysis in our Making Ends Meet survey series looks at the early impact of COVID-19 on the financial status of consumers. The results show that fewer consumers had difficulty paying a bill in the initial months of the COVID-19 pandemic than one year earlier and that both credit scores and CFPB…
Credit Card Lending: Revised Comptroller’s Handbook Booklet and Rescissions
April 30, 2021 / Source: OCC
OCC Bulletin 2021-22| April 29, 2021 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) issued today the revised “Credit Card Lending” booklet of the Comptroller’s Handbook, which is prepared for…
Federal Reserve issues FOMC statement April 28, 2021
April 29, 2021 / Source: FRB
Press Release The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Amid progress on vaccinations and…
Federal Reserve Board issues enforcement actions with former employee of Barclays Bank PLC and former employee of Texas Community Bank
April 29, 2021 / Source: FRB
Press Release April 29, 2021 The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: Consent cease and desist order and civil money penalty against Peter Little Former employee of Barclays Bank PLC, New York, New York Engaging in manipulative and collusive foreign exchange trading practices Consent prohibition against…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas April 29, 2021
April 29, 2021 / Source: FinCEN
Immediate Release April 29, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The GTOs are identical to the November 2020 GTOs. The purchase amount threshold…
CFPB Consumer Complaint Bulletin Examines County-Level Demographic Data
April 28, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a bulletin today analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage…
CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule
April 28, 2021 / Source: CFPB
APR 27, 2021 SHARE & PRINT WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help…
FHFA House Price Index Up 0.9 Percent in February; Up 12.2 Percent from Last Year
April 27, 2021 / Source: FHFA
FOR IMMEDIATE RELEASE 4/27/2021 Washington, D.C. – House prices rose nationwide in February, up 0.9 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 12.2 percent from February 2020 to February 2021. The previously reported 1.0 percent price change for January 2021 remained unchanged. For the…
CFPB Takes Action Against Reverse Mortgage Lender for Deceptive Advertising
April 27, 2021 / Source: CFPB
Nationwide Equities Corporation Sent Misleading Ads to Hundreds of Thousands of Older Borrowers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Nationwide Equities Corporation for sending deceptive loan advertisements to hundreds of thousands of older borrowers. The Bureau found that advertisements from Nationwide Equities misled consumers about how much money they…
California Man Charged with COVID-Relief Fraud Scheme
April 27, 2021 / Source: FDIC OIG
PRESS RELEASE A federal grand jury in Los Angeles, California, returned an indictment on April 13, charging a California man with stealing hundreds of thousands of dollars from the Paycheck Protection Program (PPP). According to court documents, Oumar Sissoko, 59, of Temecula, submitted a PPP loan application on behalf of his company, Road Doctor California…
Innovation and collaboration: Tech sprints support improvements in consumer notifications and data collection and processing
April 27, 2021 / Source: CFPB
Today, I’m excited to share the team presentations from the Bureau’s first two tech sprints. Our tech sprint program emphasizes a “technology first” approach that asks, across a range of challenges, what role advanced technology can play to strengthen compliance, encourage innovation, drive down cost and burden, and promote transparency. The tech sprint model recognizes…