Federal Reserve Board invites public comment on a proposal to automate non-merger-related adjustments to member banks’ subscriptions to Federal Reserve Bank capital stock
April 8, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday requested public comment on a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock. The automated process would eliminate the need for member banks to file applications to adjust their stock subscriptions—except in the context of mergers—and would significantly reduce the…
OCC Hosts Virtual Mutual Savings Association Advisory Committee Meeting April 27
April 8, 2021 / Source: OCC
News Release 2021-42 | April 7, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a virtual meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 27, 2021. The virtual meeting is open to the public and will begin at 11:00 a.m. Eastern Daylight Time (EDT). The purpose of…
CFPB Proposes Delay of Effective Date for Recent Debt Collection Rules
April 8, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau today proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued…
Minutes of the Federal Open Market Committee, March 16-17, 2021
April 8, 2021 / Source: FRB
Press Release April 07, 2021 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 16–17, 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…
CFPB Takes Action Against Debt Collector And Its Owner For Falsely Threatening Consumers with Legal Action
April 6, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a consent order against a debt collector and its owner for harassing thousands of consumers, falsely threatening them with legal action. The CFPB found that Yorba Capital Management, LLC (Yorba) and its former owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act of 2010…
FDIC Launches #GetBanked Campaign in Houston and Atlanta
April 6, 2021 / Source: FDIC
Press Release Public awareness push to promote financial inclusion among the unbanked For Release WASHINGTON — As part of its ongoing efforts to expand financial inclusion, the Federal Deposit Insurance Corporation (FDIC) today launched a public awareness campaign about the benefits of opening a bank account. The FDIC’s #GetBanked campaign will focus on the Houston and Atlanta…
FDIC Names New Members to Advisory Committee on Community Banking Tuesday, April 6, 2021
April 6, 2021 / Source: FDIC
Press Release April 13th meeting to address a wide range of community banking issues For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced nine new members of its Advisory Committee on Community Banking, which shares input with the FDIC on a broad range of community bank policy and regulatory matters. The Advisory Committee…
Interest Rate Risk: Interest Rate Risk Statistics Report April 1, 2021
April 5, 2021 / Source: OCC
OCC Bulletin 2021-18| April 1, 2021 Interest Rate Risk: Interest Rate Risk Statistics Report 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) today published the spring 2021 edition of the…
CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures
April 5, 2021 / Source: CFPB
Millions of homeowners expected to exit forbearance in the coming months WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire. Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the…
Consolidated Reports of Condition and Income for First Quarter 2021
April 5, 2021 / Source: FDIC
Financial Institution Letter April 2, 2021 | FIL-25-2021 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the March 31, 2021, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the…
OCC Promotes April as National Financial Capability Month
April 2, 2021 / Source: OCC
News Release 2021-41 | April 1, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) encourages national banks and federal savings associations (collectively, banks) to support financial literacy education year-round but especially during National Financial Capability Month, which runs through April 30. Banks promote financial literacy by supporting programs that expand financial literacy, economic empowerment, and access…
FDIC Issues List of Banks Examined for CRA Compliance Friday, April 2, 2021
April 2, 2021 / Source: FDIC
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 January 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts…
CFPB Compliance Bulletin Warns Mortgage Servicers: Unprepared is Unacceptable
April 2, 2021 / Source: CFPB
Servicers Should Gear Up for Expected Surge in Homeowners Needing Assistance WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency…
Federal Reserve Board publishes frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board’s longstanding regulations
April 2, 2021 / Source: FRB
Press Release March 31, 2021 Federal Reserve Board publishes frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board’s longstanding regulations The Federal Reserve Board on Wednesday published frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board's longstanding regulations. The FAQs are intended to…
FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement
April 2, 2021 / Source: FinCEN
Contact Office of Strategic Communications, 703-905-3770 Immediate Release April 01, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). This ANPRM is the…
Artificial Intelligence: Request for Information on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning
April 1, 2021 / Source: OCC
OCC Bulletin 2021-17| March 31, 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) and other members of the Federal Financial Institutions Examination Council are requesting information on…
CFPB Rescinds Series Of Policy Statements To Ensure Industry Complies With Consumer Protection Laws
April 1, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal…
FDIC Consumer Compliance Supervisory Highlights Wednesday, March 31, 2021
April 1, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the March 2021 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2020 through the FDIC’s supervision of…
Home Mortgage Disclosure Act: FFIEC’s 2021 ‘A Guide to HMDA Reporting: Getting It Right!’
March 31, 2021 / Source: OCC
OCC Bulletin 2021-16| March 30, 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) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A…
SBA Administrator Isabella Casillas Guzman’s Statement on President Biden signing the PPP Extension Act of 2021 into law
March 31, 2021 / Source: SBA
PRESS RELEASE March 30, 2021 | Release Number 21-25 Contact U.S. Small Business Administration at [email protected] WASHINGTON – As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still…
CFPB Acting Director Uejio and FTC Acting Chairwoman Slaughter Issue Joint Statement on Preventing Illegal Evictions
March 29, 2021 / Source: CFPB
WASHINGTON, D.C. – Consumer Financial Protection Bureau Acting Director Dave Uejio and Federal Trade Commission Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect American consumers facing economic hardship due to COVID-19. CFPB Acting Director Dave Uejio and FTC Acting Chairwoman Rebecca Slaughter: “Staff at both…
Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence
March 29, 2021 / Source: OCC
News Release 2021-39 | March 29, 2021 Joint Release Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the…
FDIC’s Rapid Phased Prototyping Initiative
March 26, 2021 / Source: FDIC
Financial Institution Letter March 26, 2021 | FIL-19-2021 Summary: The Federal Deposit Insurance Corporation (FDIC) is providing information and clarification for FDIC-supervised financial institutions on the FDIC’s Rapid Phased Prototyping (RPP) initiative. The RPP initiative is a competition designed to accelerate the adoption of modern technological solutions to help the FDIC fulfill its mission. In particular, the…
FDIC Makes Public February Enforcement Actions Friday, March 26, 2021
March 26, 2021 / Source: FDIC
Press Release FDIC Makes Public February Enforcement Actions No Administrative Hearings Scheduled for April 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 February. There are no administrative hearings scheduled for April 2021. The FDIC issued nine…
OCC Reports Decline in Mortgage Performance for Fourth Quarter 2020
March 26, 2021 / Source: OCC
News Release 2021-38 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the fourth quarter of 2020. The OCC Mortgage Metrics Report, Fourth Quarter 2020 showed that 93.3 percent of mortgages included in the report were current and performing at the end of the…