CFPB and New York Attorney General File Suit to Seize Hidden Assets from Operator of Shuttered Debt Collection Scheme
April 23, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James today filed a complaint in federal court to seize a $1.6 million home, the ownership of which the complaint alleges was fraudulently transferred by the operator of a massive and now-defunct debt-collection scheme. Douglas MacKinnon transferred ownership of his home…
OCC Conditionally Approves Chartering of Paxos National Trust
April 23, 2021
News Release 2021-49 | April 23, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced preliminary conditional approval of the application to charter Paxos National Trust, New York. The OCC granted a national trust bank charter to Paxos after thorough review of the company and its current operations. In granting this charter, the OCC applied…
Agencies Invite Comment on Proposed Rule for Income Tax Allocation Agreements
April 22, 2021 / Source: FDIC
For release The federal bank regulatory agencies today invited comment on a proposed rule that updates and codifies existing guidance on income tax allocation agreements involving depository institutions and their affiliates. Under the proposed rule, banks that file tax returns as part of a consolidated tax filing group would be required to enter into…
FDIC Issues Proposed Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo
April 22, 2021 / Source: FDIC
For Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued a proposed rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. This statutory authority allows the FDIC to bring formal enforcement actions, such as cease and desist…
Business Email Compromise and Check Fraud Continue to Hit U.S. Businesses, Report Finds
April 21, 2021 / Source: NACHA
Nacha Business Email Compromise and check fraud continued to give U.S. companies major headaches in 2020, a new report from the Association for Financial Professionals (AFP) found. More than three-quarters of organizations were targeted by Business Email Compromise (BEC) attacks, according to the “2021 AFP Payments Fraud and Control Survey Report.” BEC typically involves scammers…
FHFA Announces Extension of COVID-Related Loan Flexibilities
April 21, 2021 / Source: FHFA
Flexibilities to retire at the end of May due to low usage FOR IMMEDIATE RELEASE Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30,…
SUNY-Geneseo Wins FDIC’s Inaugural Academic Challenge
April 20, 2021 / Source: FDIC
Undergraduate team selected for examination of community banks’ impact on local economies For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a four-member team of undergraduate students from the State University of New York College at Geneseo won the agency’s inaugural FDIC Academic Challenge, a competition among university and college students concerning the…
OCC Releases CRA Evaluations for 15 National Banks and Federal Savings Associations April 20, 2021
April 20, 2021 / Source: OCC
News Release 2021-47 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 March 1, 2021 through March 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
April 19, 2021 / Source: CFPB
Bureau Issues Interim Final Rule on Fair Debt Collection Practices Act WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the…
Credit Risk: Termination of Portfolio Stress Test Tool for Income-Producing Commercial Real Estate
April 19, 2021 / Source: OCC
OCC Bulletin 2021-21 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 Effective immediately, the Office of the Comptroller of the Currency (OCC) has terminated its Portfolio Stress Test Tool for Income-Producing Commercial Real Estate on BankNet….
Debt Collection Small Entity Compliance Guide April 16
April 16, 2021 / Source: CFPB
Today, the Bureau updated the Debt Collection Small Entity Compliance Guide to include discussion of the December 2020 Final Rule. You can access the updated Small Entity Compliance Guide here: https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/debt-collection/.
FDIC Consumer Compliance Examination Manual Update April 15, 2021
April 16, 2021 / Source: FDIC
The CEM provides supervisory information regarding consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations. The CEM is designed to promote consistency and efficiency in the examination process and compliance with applicable laws…
Risk Management Manual of Examination Policies April 16, 2021
April 16, 2021 / Source: FDIC
The RMS Manual provides information relating to FDIC examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity, sensitivity…
Deputy Comptroller for Market Risk Policy Testifies on LIBOR Transition
April 16, 2021 / Source: OCC
News Release 2021-46 | April 15, 2021 WASHINGTON—Deputy Comptroller for Market Risk Policy Kevin Walsh today testified during a hearing before the U.S. House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets regarding the upcoming cessation of the London Interbank Offered Rates (LIBOR). Related Links Oral Statement (PDF) Written Testimony (PDF) Media Contact Stephanie Collins (202) 649-6870 Topic(s):…
OCC Enforcement Actions and Terminations April 15, 2021
April 16, 2021 / Source: OCC
News Release 2021-45 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…
Treasury Establishes New Office to Lead Implementation of Relief and Recovery Programs
April 15, 2021 / Source: Treasury
PRESS RELEASES April 14, 2021 WASHINGTON – Today, the U.S. Department of the Treasury announced the establishment of the Office of Recovery Programs to lead the Department’s implementation of economic relief and recovery programs, including nearly $420 billion in programs from the American Rescue Plan Act of 2021. This new office, which will be…
Fair Lending Report 2020
April 15, 2021 / Source: CFPB
To Congress Fair Lending Report 2020 The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in supervision and enforcement; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2020. FULL REPORT Read the full report
FDIC and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation
April 14, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering today announced a strategic partnership to support technological innovation in the banking and financial services sectors. “This exciting collaboration will amplify our efforts to drive innovation in the banking ecosystem and within the FDIC,” said Sultan Meghji, FDIC’s…
CFPB Takes Action Against SettleIt, Inc. for Steering Consumers into High-Cost Loans
April 14, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an online debt-settlement company for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders. The CFPB filed a complaint in federal district court alleging that SettleIt, Inc. engaged in abusive…
FinCEN to Hold Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity
April 13, 2021 / Source: FinCEN
Immediate Release April 12, 2021 WASHINGTON–The Financial Crimes Enforcement Network (FinCEN) will host a special monthly virtual FinCEN Innovation Hours Program on June 10, 2021, focusing on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security. We encourage participation by financial technology (FinTech) and regulatory technology (RegTech)…
Federal Reserve Board accepting applications for its Community Advisory Council April 12, 2021
April 13, 2021 / Source: FRB
Press Release April 12, 2021 The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). The CAC was formed in 2015. It advises the Board on issues affecting consumers and communities and complements two of the Board's other…
Agencies Issue Statement and Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance
April 9, 2021 / Source: OCC
News Release 2021-43 | April 9, 2021 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Financial Crimes Enforcement Network National Credit Union Administration Office of the Comptroller of the Currency The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, today issued a joint…
FDIC Seeks Input on How to Modernize Sign and Advertising Requirements for Banks
April 9, 2021 / Source: FDIC
Press Release New standards considered to reflect how banks are transforming their business models WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced that it is again seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking…
FDIC Minority Depository Institutions Subcommittee to Meet
April 8, 2021 / Source: FDIC
Press Release April 12th virtual meeting to address issues important to minority banks WASHINGTON—The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at 1 p.m. EDT on Monday, April 12, 2021. During the public portion of the meeting,…
Federal Reserve announces final rule making technical, clarifying changes to the Federal Open Market Committee’s rules describing its Freedom of Information Act procedures
April 8, 2021 / Source: FRB
Press Release The Federal Reserve on Thursday announced a final rule that makes technical, clarifying updates to the Federal Open Market Committee's rules describing its Freedom of Information Act (FOIA) procedures. The final rule is generally similar to the proposal from October 2020, with a few changes in response to public comments. The final rule…