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OCC Promotes Earned Income Tax Credit Awareness Day
January 29, 2021 / Source: OCC
News Release 2021-15 WASHINGTON—In an effort to make more eligible working families aware of the benefits of the earned income tax credit (EITC), the Office of the Comptroller of the Currency is promoting the 15th annual EITC Awareness Day on January 29. “We continue to encourage more eligible Americans to take advantage of EITCs,” Acting Comptroller of the…
FDIC Makes Public December Enforcement Actions Friday, January 29, 2021
January 29, 2021 / Source: FDIC
FOR RELEASE The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December. There are no administrative hearings scheduled for February 2021. The FDIC issued 10 orders in December 2020. The administrative enforcement actions in those orders consisted of three consent orders, one…
Removal of Transferred OTS Regulations Regarding Securities Offerings of State Savings Associations, Rescission of Statement of Policy on the Use of Offering Circulars, Proposed Rulemaking Regarding S
January 29, 2021 / Source: FDIC
Financial Institution Letter FIL-6-2021 Summary: On January 19, 2021, the FDIC Board of Directors approved a notice of proposed rulemaking that would rescind and remove 12 CFR part 390, subpart W, entitled Securities Offerings; rescind the 1996 Statement of Policy on the Use of Offering Circulars in Connection with the Public Distribution of Bank Securities;…
OCC Puts Hold on Fair Access Rule
January 29, 2021 / Source: OCC
News Release 2021-14 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services. The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of…
The Bureau is taking much-needed action to protect conumers, particularly the most economically vulnerable
January 29, 2021 / Source: CFPB
By Dave Uejio – JAN 28, 2021 Last week, I was honored to have been appointed Acting Director of the CFPB by the President. Having joined the Bureau in 2011, I have seen firsthand the impact of the Bureau’s mission and the incredible work being done by its staff. I know that the Bureau’s staff shares my devotion…
Federal Reserve issues FOMC statement January 27, 2021
January 28, 2021 / Source: FRB
Press Release The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery…
New guide helps military families with unique financial challenges
January 28, 2021 / Source: CFPB
The coronavirus pandemic has brought many challenges to families all over the country. Many families will take a long time to recover from financial hardship, and some people will have to build a new financial foundation. Military families also faced unique financial challenges as a result of the pandemic and today the Bureau is providing…
Period for Proposed Rulemaking on Certain CVC and Digital Asset Transactions
January 26, 2021 / Source: FinCEN
Immediate Release January 26, 2021 FinCEN has submitted for publication in the Federal Register an Extension Notice, which will lengthen the reopened comment period and set one deadline for all comments addressing its NPRM regarding certain transactions involving convertible virtual currency or digital assets with legal tender status. News Release: https://www.fincen.gov/news/news-releases/fincen-extends-reopened-comment-period-proposed-rulemaking-certain-convertible Extension Notice: https://www.federalregister.gov/public-inspection/2021-01918/requirements-for-certain-transactions-involving-convertible-virtual-currency-or-digital-assets
Balancing savings and debt: Findings from an online experiment
January 26, 2021 / Source: CFPB
Many consumers have savings and debt at the same time, and so are faced with a trade-off: how much debt to pay down versus how much savings to retain. This brief summarizes the results of an online experiment using hypothetical scenarios to explore how the amount of available savings might influence whether a consumer is…
ACH Network Volume Climbs 8.9% in Fourth Quarter
January 25, 2021 / Source: NACHA
ACH Growth Gets Boost from Stimulus Payments and Shift from Checks Strong growth continued on the ACH Network in the final quarter of 2020, with 7 billion payments made, an increase of nearly 9% from a year earlier. Combined with data on check payments, the results show the dramatic impact of the pandemic on the…
FACT SHEET: Treasury to Work to Ensure Families Get Access to Economic Impact Payments
January 25, 2021 / Source: Treasury
FEATURED STORIES In response to President Biden’s COVID-19 Economic Relief Executive Order launching an all-of-government effort to provide economic relief, the U.S. Department of the Treasury will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief. As many as 8 million…
Federal Reserve Board announces that the public comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021
January 22, 2021 / Source: FRB
Press Release The Federal Reserve Board on Friday announced that the public comment period has been extended through February 22, 2021, for the application by First Citizens BancShares, Inc. of Raleigh, North Carolina, to acquire CIT Group, Inc. of New York, New York. The comment period is being extended to provide additional time for interested…
The FDIC’s Personnel Security and Suitability Program
January 22, 2021 / Source: FDIC OIG
The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued an evaluation report on the FDIC’s Personnel Security and Suitability Program (PSSP). The effectiveness of the FDIC’s PSSP is critically important to ensure that FDIC employees and contractor personnel are properly screened and investigated prior to being granted access to systems…
Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
January 21, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC (LendUp) alleging violations of the Military Lending Act (MLA). Today’s action is the first resolution in the Bureau’s broader sweep of investigations of multiple lenders that may be violating the MLA….
OCC Enforcement Actions and Terminations January 21, 2021
January 21, 2021 / Source: OCC
News Release 2021-13 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the…
Semi-Annual Report Fall 2020
January 21, 2021 / Source: CFPB
To Congress The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2020 and ending September 30, 2020. FULL REPORT Read the full report
OCC Publication Focuses on Bank Investments in Opportunity Zones
January 20, 2021 / Source: OCC
News Release 2021-11 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies….
Federal Reserve Board finalizes a rule that updates the Board’s capital planning requirements to be consistent with other Board rules that were recently modified
January 20, 2021 / Source: FRB
Press Release The Federal Reserve Board on Tuesday finalized a rule that updates the Board's capital planning requirements to be consistent with other Board rules that were recently modified. The final rule is generally similar to the proposal. In 2019, the Board finalized a framework that sorts large banks into different categories based on their…
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations
January 20, 2021 / Source: FDIC
Financial Institution Letter FIL-05-2021 Summary: The FDIC, Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency have issued responses to frequently asked questions (FAQs) regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit…
Revised Guidelines for Appeals of Material Supervisory Determinations January 19, 2021
January 20, 2021 / Source: FDIC
Financial Institution Letter FIL-04-2021 Summary: On January 19, 2021, the FDIC’s Board of Directors adopted revised Guidelines for Appeals of Material Supervisory Determinations. The revised guidelines are intended to enhance the independence of appeals decisions and to clarify the procedures and timeframes that apply to appeals when the FDIC is taking a formal enforcement action. The…
Supervisory Highlights, COVID-19 Prioritized Assessments Special Edition (Issue 23)
January 19, 2021 / Source: CFPB
Supervisory Highlights This is a special edition of Supervisory Highlights that details the Bureau’s Prioritized Assessment (PA) work. PA observations are described in the areas of mortgage, auto and student loan servicing, credit card account management, consumer reporting-furnishing, debt collection, deposits, prepaid cards, and small business lending. FULL REPORT Read the full report
Consumer Financial Protection Bureau Issues Final Rule on the Role of Supervisory Guidance
January 19, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions. The rule codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018, which clarified the differences between regulations and supervisory guidance. Unlike a…
Consumer Financial Protection Bureau Issues Rule on Higher-Priced Mortgage Loan Escrow Exemption
January 19, 2021 / Source: CFPB
WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The…
FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act
January 15, 2021 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, FinCEN determined and Capital One admitted to willfully failing to implement and maintain…
Consolidated Reports of Condition and Income for Fourth Quarter 2020
January 15, 2021 / Source: FDIC
Financial Institution Letter FIL-2-2021 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central…