FDIC Issues List of Banks Examined for CRA Compliance November 2020
November 4, 2020 / 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 August 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Capital and Liquidity Treatment for Money Market Liquidity Facility and Paycheck Protection Program: Final Rule
November 4, 2020 / Source: OCC
OCC Bulletin 2020-96 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 On October 28, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal…
Qualified Financial Contracts Stay Rule: Exemption Order
November 4, 2020 / Source: OCC
OCC Bulletin 2020-95 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 On September 30, 2020, the Office of the Comptroller of the Currency (OCC) issued an order granting an exemption from the express recognition requirements of…
Consumer Financial Protection Bureau Settles with SMART Payment Plan, LLC for Deceptive Sales Practices
November 2, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against SMART Payment Plan, LLC (SMART), finding that the company’s disclosures of its loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition against deceptive acts or practices. SMART is a limited liability company with…
Agencies Release Paper on Operational Resilience
November 2, 2020 / Source: OCC
News Release 2020-144 Joint 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 released a paper outlining sound practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics. The…
OCC Releases CRA Evaluations for 22 National Banks and Federal Savings Associations October 2020
November 2, 2020 / Source: OCC
News Release 2020-145 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 October 1, 2020 through October 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the
October 30, 2020 / Source: FRB
Press Release The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available…
FDIC Makes Public September Enforcement Actions
October 30, 2020 / Source: FDIC
Press Release No Administrative Hearings Scheduled for November 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September. There are no administrative hearings scheduled for November 2020. The FDIC issued 11 orders in September 2020. The administrative enforcement actions…
Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act
October 30, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means…
Final Rule: Total Loss Absorbing Capital (TLAC) Holdings
October 29, 2020 / Source: FDIC
Financial Institution Letter FIL-102-2020 Summary: The federal bank regulatory agencies have issued a joint final rule that amends the capital rule to require advanced approaches banking organizations to deduct from regulatory capital certain investments in unsecured debt instruments issued by global systemically important banks (GSIBs) and certain subsidiaries of GSIBs that are issued for the…
Agencies propose regulation on the role of supervisory guidance
October 29, 2020 / Source: FRB
Joint Press Release October 29, 2020 Agencies propose regulation on the role of supervisory guidance 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 today invited comment on a proposal outlining and…
Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank
October 29, 2020 / Source: OCC
News Release 2020-141 WASHINGTON, D.C.—The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the…
Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation
October 29, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s…
CFPB Private Education Loan Ombudsman Issues 2020 Annual Report
October 29, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman (Ombudsman) today issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans. This is an overall decrease from last year and continues a…
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
October 28, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017. Inaccurate HMDA data can make it difficult for the public and regulators…
R.I. Man Admits to Fraudulently Seeking $4.7 Million in COVID-19 Stimulus Loans
October 28, 2020 / Source: FDIC OIG
PRESS RELEASE PROVIDENCE – A Middletown, R.I., man currently serving a term of federal supervised release having been convicted and incarcerated for robbing four banks, admitted in federal court in Providence today to fraudulently seeking more than $4.7 million in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the…
FDIC Risk Management Manual of Examination Policies October 2020
October 28, 2020 / Source: FDIC
The RMS Manual provides FDIC examiners information relating to 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,…
Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
October 27, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’…
Interest Rate Risk: Interest Rate Risk Statistics Report
October 27, 2020 / Source: OCC
OCC Bulletin 2020-91 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) today published the first semiannual Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered…
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Zeta to Close SHARE THIS PAGE:
October 27, 2020 / Source: OCC
News Release 2020-140 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices along the Gulf Coast of the United States and in other areas impacted by Hurricane Zeta at their discretion. In issuing…
Office of the Comptroller of the Currency Issues True Lender Rule
October 27, 2020 / Source: OCC
News Release 2020-139 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can…
Equity Bank of Andover, Kansas Assumes All of the Deposits of Almena State Bank of Almena, Kansas
October 26, 2020 / Source: FDIC
Press Release WASHINGTON – Almena State Bank of Almena, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties unrelated to the current economic conditions resulting from the…
Concentrations of Credit: Revised Comptroller’s Handbook Booklet and Rescissions
October 26, 2020 / Source: OCC
OCC Bulletin 2020-90 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 “Concentrations of Credit” booklet of the Comptroller’s Handbook, which is prepared for use…
FDIC Announces Meeting of Advisory Committee on Community Banking
October 23, 2020 / Source: FDIC
FOR RELEASE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will host a meeting of its Advisory Committee on Community Banking at 1 p.m. ET on Wednesday, October 28, to discuss issues that have particular impact on community banks and the local communities they serve. Committee members will discuss local banking conditions; proposed changes to…
Agencies Invite Comment on Proposed Rule under Bank Secrecy Act
October 23, 2020 / Source: FinCEN
Immediate Release The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to…