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With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
March 31, 2020 / Source: U.S. Treasury
PRESS RELEASES With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds March 31, 2020 WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that…
Federal Reserve Board announces it will delay by six months the effective date for its revised control framework
March 31, 2020 / Source: FRB
Press Release March 31, 2020 Federal Reserve Board announces it will delay by six months the effective date for its revised control framework For release at 10:30 a.m. EDT Share The Federal Reserve Board on Tuesday announced that it will delay by six months the effective date for its revised control framework. The delay will…
Adjusting the Calculations for Credit Concentration
March 31, 2020 / Source: FDIC
Financial Institution Letters FIL-31-2020 March 30, 2020 Adjusting the Calculations for Credit Concentration Printable Format: FIL-31-2020 – PDF (PDF Help) Summary: The FDIC, Board of Governors of the Federal Reserve, and Office of the Comptroller of the Currency (the Agencies) are jointly adjusting their calculation for credit concentration ratios used in the supervisory process. The adjustment…
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 21 Via Teleconference
March 30, 2020 / Source: OCC
News Release 2020-44 | March 30, 2020 OCC Hosts Mutual Savings Association Advisory Committee Meeting April 21 Via Teleconference WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 21, 2020, via teleconference. The teleconference is open to the…
OCC Reports Fourth Quarter 2019 Bank Trading Revenue
March 30, 2020 / Source: OCC
News Release 2020-45 | March 30, 2020 OCC Reports Fourth Quarter 2019 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.2 billion in the fourth quarter 2019, which was $4.0 million, or 0.1 percent, less than the previous quarter. In the…
Agencies Announce Two Actions to Support Lending to Households and Businesses
March 27, 2020 / Source: OCC
News Release 2020-42 | March 27, 2020 Agencies Announce Two Actions to Support Lending to Households and Businesses Joint Release Board of Governors of the Federal Reserve Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banking organizations to…
FDIC Makes Public February 2020 Enforcement Actions
March 27, 2020 / Source: FDIC
Press Releases FDIC Makes Public February Enforcement Actions; No Administrative Hearings Scheduled for April 2020 FOR IMMEDIATE RELEASE March 27, 2020 Media contact: David Barr Office: (202) 898-6992 Cell: (703) 622-4790 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February….
Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19
March 27, 2020 / Source: OCC
News Release 2020-41 | March 26, 2020 Statement of the Comptroller of the Currency on the Condition of the Federal Banking System and the Response to COVID-19 WASHINGTON—Comptroller of the Currency Joseph M. Otting made the following statement during today’s Financial Stability Oversight Council meeting regarding the condition of the federal banking system and its response to…
Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19
March 26, 2020 / Source: FRB
Joint Press Release March 26, 2020 Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19 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…
Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus
March 26, 2020 / Source: FRB
Press Release March 26, 2020 Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus For release at 1:00 p.m. EDT Share The Federal Reserve recognizes that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease…
CFPB Provides Flexibility During COVID-19 Pandemic
March 26, 2020 / Source: CFPB
CFPB Provides Flexibility During COVID-19 Pandemic MAR 26, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to…
FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
March 26, 2020 / Source: FinCEN
FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies. These changes may affect U.S. financial institutions’ obligations and…
Pandemic Planning: Essential Critical Infrastructure Workers in the Financial Services Sector
March 25, 2020 / Source: OCC
OCC Bulletin 2020-23| March 25, 2020 Pandemic Planning: Essential Critical Infrastructure Workers in the Financial Services Sector 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) recognizes the potential…
Interagency Webinar on the Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus
March 25, 2020 / Source: FDIC
Financial Institution Letters FIL-24-2020 March 25, 2020 Interagency Webinar on the Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus Printable Format: FIL-24-2020 – PDF (PDF Help) Summary: The FDIC, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union…
Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus
March 25, 2020 / Source: FRB
Press Release March 24, 2020 Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus For release at 5:30 p.m. EDT Share The Federal Reserve Board on Tuesday provided additional information to financial institutions on how its supervisory approach is adjusting in light of the…
Media Advisory: Consumer Financial Protection Bureau Resources for Consumers During COVID-19 Pandemic
March 24, 2020 / Source: CFPB
Media Advisory: Consumer Financial Protection Bureau Resources for Consumers During COVID-19 Pandemic MAR 24, 2020 The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult…
Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions
March 24, 2020 / Source: FDIC
Financial Institution Letters FIL-23-2020 March 23, 2020 Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions Printable Format: FIL-23-2020 – PDF (PDF Help) Summary: The FDIC's Office of Minority and Women Inclusion (OMWI) is requesting diversity self-assessments from FDIC-regulated financial institutions for 2019 in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer…
Federal Reserve Board announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses
March 23, 2020 / Source: FRB
Press Release March 23, 2020 Federal Reserve Board announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses For release at 9:15 a.m. EDT Share The Federal Reserve Board on Monday announced a technical change to support the U.S. economy and allow banks to continue lending…
Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19
March 23, 2020 / Source: OCC
News Release 2020-39 | March 22, 2020 Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Consumer Financial Protection Bureau Conference of State Bank Supervisors The…
OCC Revises Short-Term Investment Fund Rule
March 23, 2020 / Source: OCC
News Release 2020-38 | March 22, 2020 OCC Revises Short-Term Investment Fund Rule WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. The rule allows the OCC to authorize banks to temporarily extend maturity limits…
Consumer Financial Protection Bureau Releases Report on 2019 Administration of the Fair Debt Collection Practices Act; Announces Extension of Comment Period MAR 20, 2020
March 20, 2020 / Source: CFPB
Consumer Financial Protection Bureau Releases Report on 2019 Administration of the Fair Debt Collection Practices Act; Announces Extension of Comment Period MAR 20, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released today the annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights the…
Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets
March 20, 2020 / Source: FRB
Press Release March 20, 2020 Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets For release at 11:00 a.m. EDT Share The Federal Reserve Board on Friday expanded its program of support for the…
Coordinated central bank action to further enhance the provision of U.S. dollar liquidity
March 20, 2020 / Source: FRB
Press Release March 20, 2020 Coordinated central bank action to further enhance the provision of U.S. dollar liquidity For release at 10:00 a.m. EDT Share The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action…
Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
March 19, 2020 / Source: OCC
News Release 2020-36 | March 19, 2020 Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency To support the flow of credit to households and businesses, the federal bank regulatory agencies today…
FDIC Chairman Urges FASB to Delay Certain Accounting Rules Amid Pandemic
March 19, 2020 / Source: FDIC
Press Releases FDIC Chairman Urges FASB to Delay Certain Accounting Rules Amid Pandemic FOR IMMEDIATE RELEASE March 19, 2020 Media Contact: David Barr 202-898-6992 [email protected] WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today sent a letter to the Financial Accounting Standards Board (FASB) urging a delay in transitions to and exclusions from certain accounting…