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Rules of Practice and Procedure: Final Rule
December 28, 2023 / Source: OCC
Summary On December 28, 2023, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published a final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules)…
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report
December 27, 2023 / Source: FDIC
Summary: As described more fully in the attached Federal Register notice, the proposed revisions to the reporting forms and instructions for the Call Reports and the FFIEC 002 relate to the reporting on (1) loans to nondepository financial institutions and other loans, (2) guaranteed structured financial products, and (3) proposed longâterm debt requirements. The proposed revisions to…
Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds
December 26, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) announced revisions to the asset-size threshold amounts used to define âsmall bank or savings associationâ and âintermediate small bank or savings associationâ under the Community Reinvestment Act (CRA) regulations. The thresholdsâwhich apply to any national bank, federal savings association, or state savings association1Â (collectively, bank)âbecome effective…
FDIC Releases Public Resolution Plans for Nine Large Banks
December 26, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today released the public sections of resolution plans of nine large domestic covered insured depository institutions due by December 1, 2023. FDIC regulations require a covered insured depository institution to submit a resolution plan under which the FDIC, as receiver, might resolve the institution under the Federal…
U.S. Department of the Treasury Releases Request for Information on Financial Inclusion
December 22, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury) has released a request for information to inform its development of a national strategy for financial inclusion. Treasury was directed to develop a strategy to improve financial inclusion in the Joint Explanatory Statement accompanying the Financial Services and General Government Appropriations Act of 2023. The Treasury Department initiated…
U.S. Department of the Treasury, IRS Release Guidance on Hydrogen Production Credit to Drive American Innovation and Strengthen Energy Security
December 22, 2023 / Source: Treasury
WASHINGTON â Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed regulations on the Clean Hydrogen Production Credit established by the Inflation Reduction Act (IRA), part of President Bidenâs Investing in America agenda and a key pillar of Bidenomics, which is creating good-paying jobs, strengthening energy security, spurring private-sector investment to build…
The FDICâs Regional Service Provider Examination Program
December 21, 2023 / Source: FDIC OIG
December 21, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its audit memorandum on The FDICâs Regional Service Provider Examination Program. Banks routinely rely on third parties for numerous activities, including information technology services, accounting, compliance, human resources, and loan servicing. Under the Bank Service Company Act, the FDIC has…
Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule
December 21, 2023 / Source: FinCEN
Immediate Release December 21, 2023 Today, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the âAccess Ruleâ). The Access Rule prescribes the circumstances under which beneficial ownership information (BOI) reported to FinCEN may be disclosed to authorized BOI recipients, and how it must…
FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
December 21, 2023 / Source: FinCEN
Immediate Release December 21, 2023 WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate transparency by issuing a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI). Issued…
Bank Secrecy Act/Anti-Money Laundering: Interagency Statement for Banks on the Issuance of the Access Rule
December 21, 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, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and state bank and credit union regulators1Â today issued the âInteragency Statement for Banks on the Issuance of the Access Rule.â…
Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budge
December 21, 2023 / Source: CFPB
In accordance with the Dodd-Frank Act, the CFPB orders an annual independent audit of the operations and budget of the Bureau. The purpose of this audit is to provide objective analyses to improve program performance and operations, reduce costs, facilitate decision-making, and contribute to public accountability. Fiscal Year 2021âs independent audit, conducted by Premier Group…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Protect the FDIC Name and Logo from Bad Actors
December 20, 2023 / Source: CFPB
Today, the FDIC Board of Directors is voting on a final rule to update the framework governing official FDIC signs and advertising requirements, as well as misrepresentations related to federal deposit insurance. This may seem like a random issue for the Board to focus on, but itâs not. There is now a murky convergence of…
Federal Bank Regulatory Agencies Release 2022 Small Business, Small Farm, and Community Development Lending Data
December 20, 2023 / Source: OCC
Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2022. The Community Reinvestment Act regulations…
FDIC Signature Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $9 Billion RentâStabilized / RentâControlled Multifamily Loans
December 20, 2023 / Source: FDIC
For release WASHINGTON â The Federal Deposit Insurance Corporation, as Receiver of Signature Bridge Bank, N.A. (FDICâReceiver), today completed the final transaction following the marketing of the $33 billion Commercial Real Estate (CRE) portfolio retained in receivership after the failure of Signature Bank, New York, New York. SBNA Investor LLC (SBNA), an entity directly controlled by…
Agencies Release Annual AssetâSize Thresholds Under Community Reinvestment Act Regulations
December 20, 2023 / Source: FDIC
For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2024 updated assetâsize thresholds used to define âsmall bankâ and âintermediate small bankâ under their current Community Reinvestment Act (CRA) regulations. The CRA regulations establish the framework and criteria by which the relevant agencies assess a…
Invitation to U.S. Treasury Briefing on Beneficial Ownership Information Access Rule Scheduled for Thursday, Dec. 21 at 11 a.m.
December 20, 2023 / Source: FinCEN
Immediate Release December 20, 2023 Please join U.S. Treasury Office of Terrorism and Financial Intelligence Under Secretary Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki for a briefing on the final rule that establishes parameters for access to and protection of beneficial ownership information. This briefing will cover key requirements for how authorized users will be…
Treasury Tightens the Price Cap with New Sanctions and Updated Guidance
December 20, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) continued to tighten enforcement of the price cap on Russian oil by building on previous actions targeting shipowners and vessels implicated in transporting Russian crude oil above the cap. In line with actions previously taken by partners in the Price Cap…
Treasury International Capital Data for October
December 19, 2023 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2023. The next release, which will report on data for November 2023, is scheduled for January 19, 2024. The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
December 19, 2023 / Source: CFPB
Annual student banking report highlights the steep costs and unfavorable terms of college-sponsored credit cards, deposit accounts, and other financial products WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) issued a report today highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored…
2023 College banking and credit card agreements
December 19, 2023 / Source: CFPB
Many colleges directly offer financial products to students and market other products that are offered by third-party financial service providers. When colleges do this, students trust and rely on their schoolsâ offering or marketing of these products as financial advice and may be influenced by what they could perceive as their endorsement to sign up…
Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel
December 19, 2023 / Source: CFPB
This report provides new insights about consumersâ experiences with overdraft and NSF fees, including the credit characteristics of consumers with varying levels of overdraft/NSF activity. We pair the CFPBâs 2023 Making Ends Meet survey with credit bureau data to paint a broad picture of the financial circumstances of consumers who incur overdraft and NSF fees….
CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
December 19, 2023 / Source: CFPB
New report finds many of these customers have cheaper credit options available WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of…
CFPB and Justice Department Sue Developer and Lender Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing
December 19, 2023 / Source: CFPB
Lawsuit alleges company targets Hispanic borrowers with false statements about homesites WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) and the Justice Department today sued Colony Ridge, a Texas-based developer and lender, for operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans. The lawsuit…
Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023
December 18, 2023 / Source: CFPB
By Alexei Alexandrov, Noah Cohen-Harding, and Patrick Lapid As interest rates increased rapidly throughout 2022, the number of refinance mortgage originations declined. The composition of these refinances also changed. Cash-out refinances â where a homeowner borrows an amount substantially greater than what they owe on their existing mortgage â became more common than non-cash-out (also…
Prepared Statement of CFPB Director Rohit Chopra on the Financial Stability Oversight Council’s 2023 Annual Report
December 18, 2023 / Source: CFPB
Thank you, Secretary Yellen. Nine months ago, several large domestic systemically important banks (DSIBs) failed. The stress in the financial system led policymakers to take emergency actions to halt the contagion. One of the key lessons of the DSIB failures was that regulators had hamstrung themselves in the years prior and had not used legal…