OCC Enforcement Actions and Terminations November 2020
November 19, 2020 / Source: OCC
News Release 2020-154 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…
Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions 11/18/20
November 19, 2020 / Source: CFPB
WASHINGTON, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans 11/18/20
November 19, 2020 / Source: OCC
News Release 2020-153 Joint Release Federal Reserve Board of Governors Consumer Financial Protection Bureau Office of the Comptroller of the Currency WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021…
Seven Charged in Connection with a COVID-Relief Fraud Scheme Involving more than 80 Fraudulent Loan Applications Worth Approximately $16 Million
November 17, 2020 / Source: DOJ
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Tuesday, November 17, 2020 Seven individuals across two states were charged in an indictment unsealed today for their alleged participation in a scheme to obtain approximately $16 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus…
FHFA Releases FY 2020 Performance and Accountability Report
November 17, 2020 / Source: FHFA
News Release FOR IMMEDIATE RELEASE Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2020. For the twelfth consecutive year, FHFA…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding
November 16, 2020 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding FIL-105-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms and…
Bureau seeks formal comments to inform forthcoming guidance on serving LEP consumers
November 16, 2020 / Source: CFPB
Over 65 million people, or about 21 percent of the U.S. population over the age of five, speak a language other than English at home and two-fifths of these have limited proficiency in English. Limited English Proficient (LEP) consumers often face numerous obstacles to accessing financial products and services, many stemming from language barriers. Financial…
OCC Finalizes Rule to Eliminate Unnecessary Licensing Requirements
November 16, 2020 / Source: OCC
News Release 2020-150 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent with safe, sound, and fair operation of…
FHFA Further Extends COVID-Related Loan Flexibilities November 2020
November 13, 2020 / Source: FHFA
News Release FOR IMMEDIATE RELEASE 11/13/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until December 31, 2020. The changes are to ensure continued support for bor rowers during the COVID-19 national emergency. The flexibilities were set to expire on…
Surge in COVID-19 Cases Poses Threat to Business and Consumer Sentiment
November 13, 2020 / Source: Fannie Mae
Economic & Housing Weekly Note November 13, 2020 Key Takeaways: The National Federation of Independent Business (NFIB) Small Business Optimism Index was unchanged in October, remaining at 104.0, just below the level seen in February. On net, the share of firms planning on increasing employment fell 5 percentage points to 18 percent, the first decrease…
Consumer Financial Protection Bureau Announces Settlement with Debt Collector for Credit Reporting Violation
November 12, 2020 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Afni, Inc. (Afni) to address its violations in providing information to consumer reporting agencies (CRAs). Afni is a non-bank Illinois-based debt collector that specializes in collecting debt on behalf of telecommunications companies and furnishes information to consumer reporting agencies (CRAs) about consumers’…
FinCEN Holds Virtual FinCEN Exchange on Ransomware
November 12, 2020 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers, and federal government agencies to discuss growing concerns regarding ransomware, as well as the efforts to curtail it. Topics discussed included ransomware detection and reporting, emerging trends and typologies, and recovery…
New report explores the prevalence of actual payment information in consumer credit reporting
November 12, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau released the latest quarterly consumer credit trends report exploring the prevalence of actual payment information in consumer credit reporting. Financial institutions’ decisions regarding what data are sent (or “furnished”) to consumer reporting agencies carry important implications for which factors lenders use to evaluate consumers. For consumers seeking credit, actual payment information…
Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company
November 10, 2020 / Source: FRB
Press Release November 10, 2020 Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Farmers Bank & Trust Company, Blytheville, Arkansas Flood insurance violations civil money penalty, dated November 6, 2020 Additional enforcement actions can be searched…
Acting Comptroller of the Currency Discusses Condition of the Federal Banking System and Agency Priorities
November 10, 2020 / Source: OCC
News Release 2020-148 WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Acting Comptroller's testimony discussed the agency's efforts to ensure the federal banking system is a source of strength, extends opportunities to underserved citizens, and operates in a…
Debt and delinquency after military service: A study of the credit records of young veterans in the first year after separation
November 9, 2020 / Source: CFPB
Consumer education and empowerment This report shows that a sizeable fraction of young enlisted servicemembers go delinquent on debt payments or have severe derogatories (for example, defaults) appear on their credit record around the time they leave active duty. The report focuses on three types of credit accounts: auto loans, revolving credit accounts (credit cards),…
OCC Reports Key Risks, Effects of COVID-19 in Federal Banking System
November 9, 2020 / Source: OCC
News Release 2020-147 | November 9, 2020 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 Fall 2020. Banks remain in strong financial condition but profitability is stressed due…
FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies November 6 2020
November 6, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) October 23 updated list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory…
Interagency Statement LIBOR Transition for Loans
November 6, 2020 / Source: FDIC
Financial Institution Letter FIL-104-2020 Summary: The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System (collectively, the agencies) have issued a joint statement reiterating that a bank may use any reference rate for its loans that the bank determines to be appropriate…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas November 5 2020
November 5, 2020 / Source: FinCEN
Immediate Release November 05, 2020 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. These renewed GTOs are identical to the May 2020 GTOs. The purchase amount…
Federal Reserve issues FOMC statement November 5 2020
November 5, 2020 / Source: FRB
Press Release Federal Reserve issues FOMC statement 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….
Consumer Financial Protection Bureau Files Lawsuit Against Driver Loan, LLC And Its CEO
November 5, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers. Driver Loan, based in Doral, Florida, offers short-term, high-interest loans to consumers funded by…
Consumer Financial Protection Bureau Isses No Action Letter to Facilitate Consumer Access to Small-Dollar Loans
November 5, 2020 / Source: CFPB
Bureau also announces the start of an effort to understand how payday lending disclosures can help consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding certain small-dollar credit products. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau…
OCC Updates Director’s Toolkit
November 5, 2020 / Source: OCC
News Release 2020-146 WASHINGTON— The Office of the Comptroller of the Currency today announced updates to its Director’s Toolkit to help bank directors for national banks and federal savings associations fulfill their corporate governance responsibilities. The Director’s Toolkit serves as a helpful guide for bank directors on strategic issues, risk management, and compliance responsibilities. The updated toolkit includes a revised Director's…
FHFA Strategic Plan for FY 2021-2024 Finalized
November 4, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the…