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HUD Announces Over $3.5 Billion to Help People Experiencing Homelessness
July 31, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced that it will provide more than $3.5 billion in competitive funding to homeless services organizations across the country for supportive services and housing programs for people experiencing homelessness. “This year’s funding opportunity makes available the largest amount of funding in history under the…
CFPB Director’s Notebook: What We’re Hearing: Financial Challenges Along the Gulf Coast
July 31, 2024 / Source: CFPB
There are many reasons why financial regulators failed to take action in the mid-2000s to prevent the subprime mortgage crisis. High on this list was a lack of attention to local market conditions and the lived experiences of families and businesses around the country. Staying connected to communities is crucial for effective regulation. That’s why…
Federal Reserve issues FOMC statement
July 31, 2024 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective….
FDIC Board Approves Proposed Rule to Amend the Agency’s Regulations Governing Parent Companies of Industrial Banks and Industrial Loan Companies
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to amend part 354 of the FDIC Rules and Regulations governing parent companies of industrial banks and industrial loan companies (collectively referred to herein as industrial banks). The proposed amendments would revise part 354 to clarify and…
FDIC Board Approves Proposed Rule to Revise Brokered Deposit Regulations
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements section 29 of the Federal Deposit Insurance Act. Based on the FDIC’s experience since the adoption of…
FDIC Board Approves Request for Information on Deposits
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a request for information (RFI) soliciting the public’s comments on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits. “The request for information seeks more granular information on the composition and characteristics…
FDIC Board Approves Revisions to Section 19 Regulations
July 30, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved revisions to regulations under Section 19 of the Federal Deposit Insurance (FDI) Act to conform to the Fair Hiring in Banking Act (FHBA), which became effective on December 23, 2022. “I strongly support these changes which would expand employment opportunities in the…
Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee
July 29, 2024 / Source: Treasury
Introduction Throughout the second quarter of 2024, U.S. economic data continued to show robust growth in output and labor markets, even as inflation slowed further. Headline GDP growth accelerated to 2.8 percent over the past three months, supported by strong underlying demand from household consumption and business investment. Although the pace of job growth moderated somewhat…
HUD Announces Over $150 Million Investment to Tribal Communities for Construction of Innovative, Affordable Housing
July 29, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced awards totaling $150.9 million for new affordable and innovative housing investments in Tribal communities. Principal Deputy Assistant Secretary Richard Monocchio made the announcement today in Anchorage, Alaska, where he presented $6 million to the Cook Inlet Housing Authority to build 51 new housing…
Bank-Fintech Arrangements: Request for Information on Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses
July 28, 2024 / Source: OCC
Summary Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute…
FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements
July 28, 2024 / Source: FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them. A separate regulatory requirement currently requires many financial institutions to also collect…
FDIC Makes Public June Enforcement Actions
July 28, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024. The administrative enforcement actions in those…
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
July 25, 2024 / Source: FDIC
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory experience has identified…
2023 Financial Institution Diversity Self-Assessment: Voluntary Self-Assessments Accepted Now through October 31, 2024
July 25, 2024 / Source: FDIC
Summary: In accordance with the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies1 (Interagency Statement) developed pursuant to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity…
Agencies Announce Public Outreach Meeting As Part of Their Review of Regulations
July 25, 2024 / Source: FDIC
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…
CFPB Report Highlights Junk Fees Charged by School Lunch Payment Platforms
July 25, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report on payment processing companies that help school districts process children’s school lunch payments. These private companies process payments made by parents who may have limited or zero payment alternatives. With a captive customer base, these companies can have broad control over fees assessed…
HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JUNE 2024
July 24, 2024 / Source: HUD
WASHINGTON – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for June 2024: New Home SalesSales of new single-family houses in June 2024 were at a seasonally adjusted annual rate of 617,000, according to estimates released jointly today by the U.S. Census Bureau…
CFPB Warns Against Intimidation of Whistleblowers
July 24, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law enforcement may intimidate…
FTC, DOJ, and International Enforcers Issue Joint Statement on AI Competition Issues
July 23, 2024 / Source: FTC
Today, FTC Chair Lina M. Khan, alongside international antitrust enforcers and the Department of Justice, Antitrust Division, issued a statement affirming a commitment to protecting competition across the artificial intelligence (AI) ecosystem to ensure effective competition that provides fair and honest treatment for both consumers and businesses. Jonathan Kanter, Assistant Attorney General with the U.S….
Webinar: Understanding Beneficial Ownership Information and How to Report
July 23, 2024 / Source: FinCEN
Immediate Release July 23, 2024 The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the U.S. Small Business Administration (SBA) will host a virtual information session on beneficial ownership information (BOI) reporting requirements on Wednesday, July 24 at 2 p.m. Eastern Time (ET). The Corporate Transparency Act requires many companies doing business…
CFPB to distribute more than $53 million to consumers harmed by BrightSpeed Solutions
July 23, 2024 / Source: CFPB
In July, 122,507 consumers harmed by BrightSpeed Solutions and its founder, Kevin Howard, will begin receiving refund checks in the mail. The CFPB brought a lawsuit against the privately-owned, third-party payment processor and its founder, Kevin Howard, for knowingly facilitating payments for companies that tricked consumers into expensive and unnecessary antivirus software or services. In…
Final Rule on Real Estate Valuations: Quality Control Standards for Automated Valuation Models
July 22, 2024 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau (the agencies) jointly issued a Final Rule to implement the quality control standards mandated by the…
FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information
July 22, 2024 / Source: FinCEN
Immediate Release July 22, 2024 The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will publish in the Federal Register a 30-day notice pursuant to the Paperwork Reduction Act of 1995 (PRA) for beneficial ownership information requests (BOI requests). This notice follows a 60-day notice on BOI requests that FinCEN previously issued for public…
HUD Offers Housing Counselor Certification Exam in Additional Languages
July 22, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today the availability of a newly updated certification exam for housing counselors. In addition to content updates, the exam and associated training materials are now available in Spanish, Traditional Chinese, Korean, and Vietnamese. The announcement was made last week by Deputy Assistant Secretary for…
HUD Launches New $175 Million Opportunity to Build Housing
July 22, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) made $175 million available through first-of-its-kind funding for new construction, acquisition, or rehabilitation of permanent supportive housing. Through one-time awards under the Continuum of Care (CoC) program, the CoCBuilds Notice of Funding Opportunity (NOFO) will enable communities to develop new units of rental housing with…