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FFIEC Announces Availability of 2022 Data on Mortgage Lending Â
June 29, 2023 / Source: FFIEC
WASHINGTON, D.C. â The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage…
Federal Reserve names organizations certified as ready for FedNowÂŽ Service
June 29, 2023 / Source: FRB
CHICAGO â The Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification in advance of the FedNow Service’s launch planned for late July. Many of these organizations will be live when the FedNow Service launches or shortly after, with financial institutions ready to send and receive…
Credit Administration: Final Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts
June 29, 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, and the National Credit Union Administration (collectively, the agencies), in consultation with state bank and credit union regulators, today published the final “Policy Statement on Prudent Commercial Real Estate Loan Accommodations…
The CFPB’s 2022 Fair Lending Annual Report to Congress
June 29, 2023 / Source: CFPB
Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. In 2022, the CFPBâs fair lending work centered on the consumers and communities most affected by unlawful discrimination. These efforts included working with…
Federal Reserve Board releases results of annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession
June 28, 2023 / Source: FRB
The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. “Today’s results confirm that the banking system remains strong and resilient,” Vice Chair for…
Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?
June 28, 2023 / Source: CFPB
The views expressed here are those of the authors and do not necessarily reflect the views of the Consumer Financial Protection Bureau. Links or citations in this post do not constitute an endorsement by the CFPB. In response to the COVID-19 pandemic, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act,…
Treasuryâs Federal Insurance Office Releases Report Assessing Climate-Related Risk, Gaps in Insurance Supervision
June 27, 2023 / Source: Treasury
Today, the U.S. Department of the Treasuryâs Federal Insurance Office (FIO) released a report entitled, Insurance Supervision and Regulation of Climate-Related Risks. The report, which is in response to President Bidenâs Executive Order on Climate-Related Financial Risk, assesses climate-related issues and gaps in the supervision and regulation of insurers. While the business of insurance in the United States is…
Treasury Releases Analysis of the Boom in U.S. Construction of Manufacturing Facilities Driven by Invest in America Agenda
June 27, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office Economic Policy released an analysis of the surge in construction spending for manufacturing in the United States. Since the end of 2021, and the passage of President Bidenâs Invest in America Agenda â Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS…
OCC Reports Improvement in Mortgage Performance for First Quarter of 2023
June 27, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2023 compared to the previous quarter. The OCC Mortgage Metrics Report, First Quarter 2023 showed that 97.6 percent of mortgages included in the report were current and performing at…
CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize
June 27, 2023 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. ACIâs data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar). By unlawfully processing…
Acting Comptroller of the Currency Kicks Off Summer High School Scholars Internship Program
June 26, 2023 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today kicked off the fifth year of the Office of the Comptroller of the Currencyâs (OCC) summer High School Scholars Internship Program (HSSIP). In partnership with the District of Columbiaâs Department of Employment Services Summer Youth Employment Program, the OCC recruits rising seniors and recent high school…
Protecting consumersâ right to challenge discrimination
June 26, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions. Under the law, consumers…
Accepting applications for CFPB advisory committees
June 26, 2023 / Source: CFPB
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They…
Quality Control Standards for Automated Valuation Models: Notice of Proposed Rulemaking
June 25, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
June 25, 2023 / Source: FDIC
Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…
Treasury Department Releases Fact Sheet Detailing Investments in the Economic Future of Latino Communities
June 25, 2023 / Source: Treasury
Fact sheet comes as part of todayâs first Treasury Department summit on investing in the economic future of Latino communities WASHINGTON â Today, the U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Latino households, businesses, and communities. This fact sheet comes as part of the first…
OCC Hosts Credit and Operational Risk Workshops in Charlottesville
June 22, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) will host two workshops August 1-2 in Charlottesville, Va., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on August 1 covers the roles of the board and management, credit…
Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics
June 22, 2023 / Source: FDIC
Introduction I would like to thank the Peterson Institute and Adam Posen for inviting me to speak with you today. The topic I would like to discuss this morning is the Basel III capital framework. Strong, high quality capital is essential to fostering resilience in the banking system through economic cycles and periods of economic…
CFPB Releases Reports on Banking Access and Consumer Finance in Southern States
June 21, 2023 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered âbanking desertsâ because of the absence of sufficient bank or credit union options…
Treasury Sanctions Burmaâs Ministry of Defense and Regime-Controlled Financial Institutions
June 21, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated Burmaâs Ministry of Defense and two regime-controlled financial institutions that facilitate much of the foreign currency exchange within Burma and enable transactions between the military regime and foreign markets, including for the purchase and import of arms and related materiel….
Four Indicted For $17 Million Bank Fraud Scheme
June 21, 2023 / Source: OIG
ASHEVILLE, N.C. â A criminal indictment has been unsealed in federal court in Asheville, charging four individuals with allegedly executing a multi-million dollar bank fraud scheme, announced Dena J. King, U.S. Attorney for the Western District of North Carolina. The indictment charges Kotto Yaphet Paul, 48, of Waxhaw, N.C., Latoya Tamieka Ford, 48, of Covington,…
CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps
June 20, 2023 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors. Some servicemembers have also indicated…
Treasury Sanctions Two South Sudanese Officials Responsible for Conflict-Related Sexual Violence
June 20, 2023 / Source: Treasury
WASHINGTON â Today, following the International Day for the Elimination of Sexual Violence in Conflict, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated two South Sudanese individuals involved in conflict-related sexual violence (CRSV) in South Sudan. The two individuals designated today have abused their positions of political and military authority…
Acting Comptroller Discusses Tokenization, Artificial Intelligence
June 19, 2023 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today discussed the benefits and risks of tokenization and artificial intelligence (AI) in remarks at the American Bankers Associationâs Risk and Compliance Conference in San Antonio. In his remarks, the Acting Comptroller discussed how risk and compliance can facilitate responsible innovation in AI and tokenization, and the…
Federal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services
June 19, 2023 / Source: FRB
To promote transparency, the Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis. A master account is an account…