Acting Comptroller Discusses Promoting Prudent Credit Risk Management and Diversity and Inclusion
December 5, 2022 / Source: OCC
WASHINGTON— Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of continued prudent credit risk management and diversity and inclusion, two important safety and soundness topics, at the RMA Risk Management and Internal Audit Virtual Conference. The Acting Comptroller highlighted benefits to banks from the Current Expected Credit Losses standard, and the…
Beige Book – November 30, 2022
December 1, 2022 / Source: FRB
This report was prepared at the Federal Reserve Bank of Boston based on information collected on or before November 23rd, 2022. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials. Federal Reserve Banks collect information for the Beige Book from…
FDIC-Insured Institutions Reported Net Income of $71.7 Billion in Third Quarter 2022
December 1, 2022 / Source: FDIC
For Release Net Income Increased Quarter Over Quarter and Year Over Year Net Interest Margin Widened Unrealized Losses on Securities Increased Loan Growth Was Broad Based Asset Quality Metrics Remained Favorable Despite Growth In Early-Stage Delinquencies Community Banks Also Reported Increased Net Income “The banking industry reported generally positive results in the third quarter as…
The CFPB Ombudsman’s Office shares its FY2022 Annual Report
December 1, 2022 / Source: CFPB
The Ombudsman’s Office annual report, which I delivered to the Director, is available today on our webpage. The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB. As we mark ten fiscal years of advocating for fair…
Office of the Comptroller of the Currency Fees and Assessments: Calendar Year 2023 Fees and Assessments Structure
December 1, 2022 / Source: OCC
Summary This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the Office of the Comptroller of the Currency (OCC) for calendar year 2023. The bulletin becomes effective January 1, 2023. Note for Community Banks This notice applies to all national banks,…
Protecting borrowers’ control over their money
December 1, 2022 / Source: CFPB
As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a…
Statement by Under Secretary Brian Nelson on the FATF Report on Money Laundering from Fentanyl and Synthetic Opioids
November 30, 2022 / Source: Treasury
WASHINGTON – Today, the Financial Action Task Force (FATF) released its first ever report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade, which claims thousands of lives around the world. The report was co-led by the United States and Canada. Below is a statement…
Inflation and the Labor Market
November 30, 2022 / Source: FRB
Chair Jerome H. Powell At the Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington, D.C. Today I will offer a progress report on the Federal Open Market Committee’s (FOMC) efforts to restore price stability to the U.S. economy for the benefit of the American people. The report must begin by acknowledging the reality…
Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers
November 30, 2022 / Source: CFPB
Mortgage interest rates rose sharply over recent months. While we’re beginning to see the impact of these changes on borrowers and potential homebuyers, fresh data can provide valuable and timely insights into the risks and trends in the overall mortgage markets that would otherwise not be available until later time. In accordance with the 2015 HMDA…
Protecting borrowers’ control over their money
November 30, 2022 / Source: CFPB
As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a…
Treasury Announces Guidance on Inflation Reduction Act’s Strong Labor Protections
November 29, 2022 / Source: Treasury
Guidance starts 60-day “clock” for key labor provisions to take effect WASHINGTON – Today, the Treasury Department announced initial guidance on the Inflation Reduction Act’s strong labor standards that firms must meet to qualify for enhanced clean energy and climate tax incentives. The guidance, which can be read in full here and will be published in the…
Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2023
November 29, 2022 / Source: FRB
The Federal Reserve Board on Tuesday announced technical details related to reserve requirements for depository institutions. The annual indexation and publication of these amounts are required by law and does not indicate a change in depository institutions’ reserve requirements, which will remain zero. If reserve requirement ratios were not zero, these amounts would be used…
Civil Money Penalties: Revised Policies and Procedures Manual for Civil Money Penalties
November 29, 2022 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP), which the agency will begin using on January 1, 2023. This version of PPM 5000-7, “Civil Money Penalties,” replaces the November 13, 2018, version conveyed by OCC Bulletin 2018-41, “OCC Enforcement Actions: OCC…
What Can We Learn from the Pandemic and the War about Supply Shocks, Inflation, and Monetary Policy?
November 28, 2022 / Source: FRB
Policymakers and researchers have begun reassessing certain features of the economy and monetary policy in light of recent experience. After several decades in which supply was highly elastic and inflation was low and relatively stable, a series of supply shocks associated with the pandemic and Russia’s war against Ukraine have contributed to high inflation, in…
Treasury Sanctions Iranian Officials Connected to the Continued Protest Crackdown
November 28, 2022 / Source: Treaury
WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating three Iranian security officials for the Iranian regime’s continued crackdown on ongoing protests throughout the country, including most recently in Kurdish areas. The Iranian regime has increased its aggressive actions against the Iranian people as part of its ongoing…
Treasury Issues Venezuela General License 41 Upon Resumption of Mexico City Talks
November 28, 2022 / Source: Treaury
WASHINGTON — On November 26th, the Unitary Platform and the Maduro regime announced the resumption of talks in Mexico City; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections. Following this announcement…
Statement by Secretary of the Treasury Janet L. Yellen on the Disbursement of $4.5 Billion in Direct Budget Support for Ukraine
November 22, 2022 / Source: Treaury
WASHINGTON – Secretary of the Treasury Janet L. Yellen issued the following statement on the disbursement of $4.5 billion in direct budget support for Ukraine: “Today, the United States continued to uphold its unwavering commitment to Ukraine with the mobilization of an additional $4.5 billion in grants for direct budget support. These funds will begin disbursing in…
Fair Credit Reporting Act Disclosures
November 22, 2022 / Source: CFPB
Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable…
Counter ISIS Finance Group Leaders Joint Statement
November 21, 2022 / Source: Treasury
WASHINGTON — On November 8 and 9, 2022, the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS, held its seventeenth meeting on combating ISIS financing worldwide. The United States, Italy, and Saudi Arabia hosted this meeting virtually, joined by several dozen member states and observers. The following is…
Remarks by Assistant Secretary Elizabeth Rosenberg at the Crypto Council for Innovation
November 21, 2022 / Source: Treasury
As prepared for delivery Thank you to the Crypto Council for Innovation for hosting me and bringing together representatives from across industry today. My name is Elizabeth Rosenberg and I’m the Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Treasury. In mid-September and pursuant to President Biden’s Executive Order on Digital Assets,…
Supervisory Highlights, Issue 28, Fall 2022
November 21, 2022 / Source: CFPB
Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections This is the 28th edition of Supervisory Highlights. The findings in this report cover examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing and payday lending completed between January 1, 2022, and…
CFPB Takes Action Against Carrington Mortgage for Cheating Homeowners out of CARES Act Rights
November 17, 2022 / Source: CFPB
Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Carrington Mortgage Services for deceptive acts or practices under the Consumer Financial Protection Act in connection with mortgage forbearances. The CFPB found that Carrington failed to implement many protections,…
Interest Rate Risk: Interest Rate Risk Statistics Report
November 17, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2022 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
Acting Comptroller Emphasizes Caution with Crypto
November 17, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu discussed the continued risks of crypto to consumers during remarks before the U.S. Department of the Treasury’s Financial Literacy Education Commission. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency’s careful and cautious approach to crypto that has helped mitigate the…
OCC Announces Deputy Comptroller for Northeast and East Regions
November 17, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the selection of Johnny Stanley as the Deputy Comptroller for the Northeast and East Regions. He will assume these duties December 4. In this role, Mr. Stanley will oversee more than 200 community banks and federal savings associations located in 19 states with assets…