Federal Bank Regulatory Agencies Release Overview Webinar of New Community Reinvestment Act Regulations
January 10, 2024 / Source: FDIC
FEDERAL BANK REGULATORY AGENCIES RELEASE OVERVIEW WEBINAR OF NEW COMMUNITY REINVESTMENT ACT REGULATIONS The federal bank regulatory agencies today jointly issued a overview webinar on the final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The nearly one-hour video provides an overview of the new CRA rule issued on October 24, 2023, and…
Remarks by Secretary of the Treasury Janet L. Yellen at Roxbury Community College in Boston, Massachusetts
January 10, 2024 / Source: Treasury
As Prepared for Delivery Good afternoon. Thank you, President Jenkins-Scott, for the introduction. Iâm very glad to be here in Boston with Governor Healey and Mayor Wu to tour Roxbury Community College and see its groundbreaking energy projects and student training programs. I learned while touring that RCC has a âtri-level renewable solution.â It uses…
FinCEN Issues Analysis of Identity-Related Suspicious Activity
January 9, 2024 / Source: FinCEN
Immediate Release January 09, 2024 Report examines suspicious activity tied to the exploitation of identity processes during account creation, account access, and transaction processing WASHINGTONâToday, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on information linked to identity-related suspicious activity in Bank Secrecy Act (BSA) reports filed in calendar year 2021. FinCENâs analysis…
Minutes of the Board’s discount rate meetings from November 13 through December 13, 2023
January 9, 2024 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today’s minutes cover the Board meetings that occurred on November 13 through December 13, 2023. The Board’s process for setting the discount rate is distinct from the…
OCC Hosts Public Appraisal Subcommittee Hearing on Appraisal Bias
January 9, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) will host a public hearing of the Appraisal Subcommittee (ASC) on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m., at its headquarters, 400 7th Street SW, Washington, D.C. Acting Comptroller of the Currency Michael J. Hsu will provide opening remarks. The subcommittee panel…
Community Reinvestment Act: Frequently Asked Questions Regarding the State Small Business Credit Initiative 2.0
January 8, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published answers to frequently asked questions (FAQ) about the State Small Business Credit Initiative 2.0 (SSBCI) based on the facts and circumstances presented in the questions. These FAQs are not regulations and do not have the force and effect of law. Note for Community…
Remarks by Secretary of the Treasury Janet L. Yellen at the Financial Crimes Enforcement Network
January 8, 2024 / Source: Treasury
As Prepared for Delivery Good afternoon. I want to start by thanking Andrea for her leadership. Andrea, your extensive experience and deep commitment have already led to tremendous accomplishments for the Financial Crimes Enforcement Network. Iâm very glad to start the New Year with a visit to FinCENâs office in Virginia to thank you and…
Issue Spotlight: Federal Student Loan Return to Repayment
January 7, 2024 / Source: CFPB
As monthly payments for federally owned student loans come due for the first time in over three years, the Consumer Financial Protection Bureau (CFPB) is actively engaged in oversight of this return to repayment. We are supervising student loan servicers, monitoring consumer complaints, and collaborating with federal and state partners to ensure that servicers are…
CFPB Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments
January 7, 2024 / Source: CFPB
CFPB oversight identifies long hold times, inaccurate billing statements, and processing delays WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPBâs oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due…
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN NOVEMBER 2023
January 4, 2024 / Source: HUD
WASHINGTON –Â The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for November 2023: New Home Sales Sales of new singleâfamily houses in November 2023 were at a seasonally adjusted annual rate of 590,000, according to estimates released jointly today by the U.S….
Minutes of the Federal Open Market Committee, December 12-13, 2023
January 3, 2024 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on December 12â13, 2023. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Holding debt collectors responsible for false statements
January 2, 2024 / Source: CFPB
Federal consumer financial protection laws require companies to treat people honestly and fairly. They also protect honest businesses from being forced to compete with those who break the law. For debt collectors, that means following the Fair Debt Collection Practices Act. The Act prohibits debt collectors from making false statements. Importantly, people can sue debt…
CFPB to distribute nearly $6 million to consumers harmed by predatory loans to veterans
January 2, 2024 / Source: CFPB
In December, the CFPB sent $6 million in financial relief to consumers harmed by illegal lending practices targeting veterans. Five people and their companies misled veterans and other consumers into selling their pension and disability payments, which is illegal under federal and relevant state law. These transactions were instead illegal high-interest loans. The lawsuits involved…
Rules of Practice and U.S. Beneficial Ownership Information Registry Now Accepting Reports: Final Rule
January 2, 2024 / Source: FinCEN
Immediate Release January 01, 2024 Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or Registration WASHINGTON — Today, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires…
Rules of Practice and Procedure: Final Rule
December 28, 2023 / Source: OCC
Summary On December 28, 2023, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published a final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules)…
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report
December 27, 2023 / Source: FDIC
Summary: As described more fully in the attached Federal Register notice, the proposed revisions to the reporting forms and instructions for the Call Reports and the FFIEC 002 relate to the reporting on (1) loans to nondepository financial institutions and other loans, (2) guaranteed structured financial products, and (3) proposed longâterm debt requirements. The proposed revisions to…
Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds
December 26, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) announced revisions to the asset-size threshold amounts used to define âsmall bank or savings associationâ and âintermediate small bank or savings associationâ under the Community Reinvestment Act (CRA) regulations. The thresholdsâwhich apply to any national bank, federal savings association, or state savings association1Â (collectively, bank)âbecome effective…
FDIC Releases Public Resolution Plans for Nine Large Banks
December 26, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today released the public sections of resolution plans of nine large domestic covered insured depository institutions due by December 1, 2023. FDIC regulations require a covered insured depository institution to submit a resolution plan under which the FDIC, as receiver, might resolve the institution under the Federal…
U.S. Department of the Treasury Releases Request for Information on Financial Inclusion
December 22, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury) has released a request for information to inform its development of a national strategy for financial inclusion. Treasury was directed to develop a strategy to improve financial inclusion in the Joint Explanatory Statement accompanying the Financial Services and General Government Appropriations Act of 2023. The Treasury Department initiated…
U.S. Department of the Treasury, IRS Release Guidance on Hydrogen Production Credit to Drive American Innovation and Strengthen Energy Security
December 22, 2023 / Source: Treasury
WASHINGTON â Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed regulations on the Clean Hydrogen Production Credit established by the Inflation Reduction Act (IRA), part of President Bidenâs Investing in America agenda and a key pillar of Bidenomics, which is creating good-paying jobs, strengthening energy security, spurring private-sector investment to build…
The FDICâs Regional Service Provider Examination Program
December 21, 2023 / Source: FDIC OIG
December 21, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its audit memorandum on The FDICâs Regional Service Provider Examination Program. Banks routinely rely on third parties for numerous activities, including information technology services, accounting, compliance, human resources, and loan servicing. Under the Bank Service Company Act, the FDIC has…
Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule
December 21, 2023 / Source: FinCEN
Immediate Release December 21, 2023 Today, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the âAccess Ruleâ). The Access Rule prescribes the circumstances under which beneficial ownership information (BOI) reported to FinCEN may be disclosed to authorized BOI recipients, and how it must…
FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
December 21, 2023 / Source: FinCEN
Immediate Release December 21, 2023 WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate transparency by issuing a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI). Issued…
Bank Secrecy Act/Anti-Money Laundering: Interagency Statement for Banks on the Issuance of the Access Rule
December 21, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and state bank and credit union regulators1Â today issued the âInteragency Statement for Banks on the Issuance of the Access Rule.â…
Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budge
December 21, 2023 / Source: CFPB
In accordance with the Dodd-Frank Act, the CFPB orders an annual independent audit of the operations and budget of the Bureau. The purpose of this audit is to provide objective analyses to improve program performance and operations, reduce costs, facilitate decision-making, and contribute to public accountability. Fiscal Year 2021âs independent audit, conducted by Premier Group…