Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director Consumer Financial Protection Bureau, at the National Consumer Law Center/National Association of Consumer Advocates Spring Training
April 14, 2024 / Source: CFPB
Thank you very much for having me here today. Itâs always great to talk to the people in the trenches, fighting day in and day out for consumers. Iâm Seth Frotman, the General Counsel of the Consumer Financial Protection Bureau. As many of you know, the CFPB administers and is the primary enforcer of the…
Ensuring servicemembers can protect themselves from unlawful financial practices
April 11, 2024 / Source: CFPB
The Servicemembers Civil Relief Act was passed by Congress to enable servicemembers to devote themselves to the defense of the Nation by providing them key protections. This lawâs important provisions include the right to reduced interest on certain loans and shielding servicemembers from foreclosure while they are serving the nation. In an ongoing case, Citibank has been…
Treasury Proposes Regulatory Update to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security
April 11, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities. The proposed rule reflects CFIUSâs evolution and increased focus on monitoring, compliance, and enforcement….
FDIC Releases Comprehensive Report On Orderly Resolution of Global Systemically Important Banks
April 10, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive report on how the FDIC would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In remarks to the Peterson Institute for International Economics in Washington,…
OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers
April 10, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. The proposal also includes a policy statement to clarify the OCCâs review of applications…
HUD Announces $10 Million Funding Opportunity for Community Revitalization Efforts
April 9, 2024 / Source: HUD
WASHINGTON – Today, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD) Adrianne Todman announced a new notice of funding opportunity through the FY24 Choice Neighborhoods Planning Grant that will provide $10 million to support local planning efforts to revitalize communities. She made this announcement while addressing stakeholders at the annual National Association of Housing…
CFPB Comment to Illinois Joint Committee on Administrative Rules on the Stateâs Proposed Community Reinvestment Act Rules
April 9, 2024 / Source: CFPB
April 9, 2024 Via electronic submission Illinois Joint Committee on Administrative Rules700 Stratton BuildingSpringfield, Illinois 62706 Dear Members of the Joint Committee on Administrative Rules: On behalf of the Consumer Financial Protection Bureau (CFPB), I am pleased to submit this comment regarding the Illinois Department of Financial and Professional Regulationâs (IDFPRâs) proposed rules for the…
CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking
April 8, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or…
HUD Awards $83 Million to Boost Local Affordable Housing and Community Development
April 8, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it will award $83 million to three organizations for local affordable housing and community development activities that benefit people with low-incomes. The funding, awarded through HUDâs Capacity Building for Affordable Housing and Community Development program, also known as Section 4, will be…
Supplemental Rulemaking Related to Conforming and Technical Changes to the Community Reinvestment Act (CRA) Regulations and the CRA Sunshine Regulations
March 24, 2024 / Source: FDIC
Summary: On March 21, 2024, the FDIC, the Board of Governors of the Federal Reserve System (Federal Reserve), and the Office of the Comptroller of the Currency (the Agencies), issued an interim final rule and a final rule (together, supplemental rulemaking) related to the Agenciesâ Community Reinvestment Act (CRA) final rule issued on October 24,…
Prepared Remarks of CFPB Director Rohit Chopra at the Peterson Institute for International Economics Event on Revitalizing Bank Merger Review
March 24, 2024 / Source: CFPB
Thank you to the Peterson Institute for International Economics for hosting todayâs event. I especially want to thank Assistant Attorney General for Antitrust Jonathan Kanter for being here today and for his and Attorney General Merrick Garland’s support of the work to bolster competition in banking and financial services. Recently, there has been growing interest…
Treasury Releases Additional Guidance to Drive Investment to Energy Communities As Part of President Bidenâs Investing in America Agenda
March 24, 2024 / Source: Treasury
WASHINGTON â Today the U.S. Treasury Department and Internal Revenue Service (IRS) released guidance that provides additional information about the bonus under the Inflation Reduction Act for clean energy projects and facilities located in communities that have historically powered our nation. This bonus is equipping energy communities to harness the economic benefits of the clean energy boom…
As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments
September 5, 2023 / Source: CFPB
In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020. Many borrowers may be able to reduce their payments or even get their loans cancelled, and they should explore their options before making payments. Borrowers who encounter issues with their student loans…
OCC Hosts Compliance and Credit Risk Workshops in Syracuse
September 5, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) will host two workshops in Syracuse on October 17-18 for directors, senior management, and other key executives of national community banks and federal savings associations. The Compliance Risk: Understanding the Rules workshop on October 17 focuses on the critical elements of an effective compliance risk management…
FDIC Announces Start of Marketing Process for $33 Billion Commercial Real Estate Loan Portfolio of Former Signature Bank, New York
September 5, 2023 / Source: FDIC
WASHINGTON â Today, the Federal Deposit Insurance Corporation (FDIC) announced the start of a marketing process for the approximately $33 billion Commercial Real Estate (CRE) loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The majority of the CRE loan portfolio being marketed is comprised of multifamily properties, primarily…
Tips for recovering financially from Hurricane Idalia
September 3, 2023 / Source: CFPB
Earlier this week, Florida, Georgia, and the Carolinas were hit by Hurricane Idalia, causing damage from storm surge, flooding, and high winds. Recovering from a catastrophic event like this one can feel overwhelming. Itâs not always easy to know where to turn for help and what steps to take. Recovering financially after a natural disaster…
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Idalia
September 3, 2023 / Source: FRB
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject…
Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2022
August 31, 2023 / Source: Treasury
WASHINGTON â Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2022 were released today and posted on the Treasury website here. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2023. The survey was undertaken jointly by…
Treasury Targets Individuals and Entity Supporting the Democratic Peopleâs Republic of Koreaâs Weapons of Mass Destruction Program
August 31, 2023 / Source: Treasury
Action Taken in Coordination with the Republic of Korea and Japan WASHINGTON â In coordination with the Republic of Korea and Japan, the United States sanctioned two individuals and one entityâJon Jin Yong, Sergey Mikhaylovich Kozlov, and Intellekt LLCâinvolved in generating revenue for the Democratic Peopleâs Republic of Koreaâs (DPRK) unlawful development of weapons of mass destruction…
READOUT: FinCEN Hosts Public-Private Dialogue on Countering the DPRK’s Illicit Cyber Activities
August 31, 2023 / Source: FinCEN
WASHINGTONâThe Financial Crimes Enforcement Network (FinCEN) hosted a FinCEN Exchange last week focused on countering the abuse of the digital ecosystem by the Democratic Peopleâs Republic of Korea (DPRK). Â The DPRK continues to use, steal, and launder virtual assets in order to fund its illicit weapons programs. Â The proliferation of cyber events and cyber-enabled crime…
OCC Hosts Compliance and Operational Risk Workshops in Santa Ana
August 30, 2023 / Source: OCC
WASHINGTON â The Office of the Comptroller of the Currency (OCC) will host two workshops in Santa Ana, California, on October 3-4 for directors, senior management, and other key executives of national community banks and federal savings associations. The Compliance Risk: Understanding the Rules workshop on October 3 focuses on the critical elements of an…
Sharing of Threat and Vulnerability Information with Financial Institutions
August 30, 2023 / Source: FDIC OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) issued its report on Sharing of Threat and Vulnerability Information with Financial Institutions. Financial institutions face a wide range of significant and persistent threats to their operations. Whether man-made or natural, these threats can disrupt the delivery of financial services and inflict financial…
Consumer advisory: Take action when home insurance is cancelled or costs surge
August 30, 2023 / Source: CFPB
A notice from your insurer dropping your home insurance policy can feel like your largest investment is at risk. Unexpected jumps in the cost of your coverage can put a strain on your budget. And, problems with getting the right amount and type of insurance can make your home more difficult to sell. Changes in…
Agencies Propose Guidance to Enhance Resolution Planning at Large Banks
August 29, 2023 / Source: FDIC
The Federal Deposit Insurance Corporation and Federal Reserve Board today invited public comment on proposed guidance to help certain large bank holding companies further develop their Dodd-Frank Act Title I resolution plans. These resolution plans, also known as âliving wills,â describe a bank holding companyâs strategy for rapid and orderly resolution under bankruptcy in the…
Agencies Request Comment on Proposed Rule to Require Large Banks to Maintain Long-Term Debt to Improve Financial Stability and Resolution
August 29, 2023 / Source: FDIC
Federal bank regulatory agencies today requested comment on a proposal that would require large banks with total assets of $100 billion or more to maintain a layer of long-term debt, which would improve financial stability by increasing the resolvability and resiliency of such institutions. This proposal follows an advance notice of proposed rulemaking issued in…