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Federal Reserve Board announces approval of application by First Horizon National Corporation
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces approval of application by First Horizon National Corporation The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Horizon National Corporation, Memphis, Tennessee, to merge with IBERIABANK Corporation and thereby indirectly…
Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response The Federal Reserve Board on Monday announced that it will resume examination activities for all banks, after previously announcing a reduced focus on…
Monetary Policy Report June 12, 2020
June 12, 2020 / Source: FRB
Monetary Policy Report Current Report: June 12, 2020 Report The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.” This report—called the Monetary Policy Report—is submitted semiannually to the Senate Committee on Banking, Housing, and…
Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
June 12, 2020 / Source: FDIC
FIL-60-2020 June 12, 2020 Printable Format: FIL-60-2020 – PDF (PDF Help) DEPOSITORY INSTITUTION REPORTS TO: CHIEF EXECUTIVE OFFICER (also of interest to the Chief Financial Officer) SUBJECT: Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report The Federal…
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
June 11, 2020 / Source: CFPB
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud JUN 10, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide (Networks…
FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July
June 11, 2020 / Source: FHFA
News Release FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July FOR IMMEDIATE RELEASE 6/11/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities…
Federal Reserve issues FOMC statement June 10, 2020
June 10, 2020 / Source: FRB
Press Release June 10, 2020 Federal Reserve issues FOMC statement 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 coronavirus outbreak is causing tremendous human and economic hardship across the United States and…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting
June 10, 2020 / Source: FRB
Press Release June 10, 2020 Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 9-10 meeting. The table…
FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions
June 10, 2020 / Source: FDIC
Press Releases FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions FOR IMMEDIATE RELEASE June 10, 2020 MEDIA CONTACT: Brian Sullivan 202-898-3468 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a report submitted to Congress that chronicles the efforts the agency made to preserve and promote Minority Depository Institutions (MDIs)…
Employment Contracts, Mutual to Stock Conversions, and Technical Amendments: Final Rule
June 10, 2020 / Source: OCC
OCC Bulletin 2020-60| June 10, 2020 Employment Contracts, Mutual to Stock Conversions, and Technical Amendments: Final Rule 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 On June 9, 2020, the Office of the Comptroller of the Currency (OCC)…
Federal Reserve Board announces that results from both its Dodd-Frank Act stress tests and the related Comprehensive Capital Analysis and Review will be released on Thursday, June 25, at 4:30 p.m. EDT
June 9, 2020 / Source: FRB
Press Release June 09, 2020 Federal Reserve Board announces that results from both its Dodd-Frank Act stress tests and the related Comprehensive Capital Analysis and Review will be released on Thursday, June 25, at 4:30 p.m. EDT For release at 4:00 p.m. EDT The Federal Reserve Board announced on Tuesday that results from both its…
Taskforce on Federal Consumer Financial Law charting a path ahead
June 9, 2020 / Source: CFPB
Taskforce on Federal Consumer Financial Law charting a path ahead By Todd Zywicki – JUN 08, 2020 The CFPB established the Taskforce on Federal Consumer Financial Law (Taskforce) to examine laws and regulations governing financial products and services and provide Director Kraninger with recommendations to modernize, harmonize, and strengthen them. Taskforce members include: Dr. J. Howard Beales III; Dr. Thomas…
Joint Statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza Regarding Enactment of the Paycheck Protection Program Flexibility Act
June 8, 2020 / Source: Treasury
STATEMENTS & REMARKS Joint Statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza Regarding Enactment of the Paycheck Protection Program Flexibility Act June 8, 2020 WASHINGTON—U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued the following statement today following the enactment of the Paycheck Protection Program…
Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support
June 8, 2020 / Source: FRB
Press Release June 08, 2020 Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered…
OCC Hosts Mutual Savings Association Advisory Committee Meeting June 29 Via Webinar
June 8, 2020 / Source: OCC
News Release 2020-77 | June 8, 2020 OCC Hosts Mutual Savings Association Advisory Committee Meeting June 29 Via Webinar 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 Monday, June 29, 2020, via webinar. The teleconference is open to the public…
Mortgage Rates Tick Up Slightly June 4, 2020
June 5, 2020 / Source: Freddie Mac
Mortgage Rates Tick Up Slightly PDF Version MCLEAN, Va., June 04, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.18 percent. “While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity…
Summary of Deposits Survey and Filing for June 30, 2020
June 5, 2020 / Source: FDIC
Financial Institution Letters FIL-59-2020 June 3, 2020 Summary of Deposits Survey and Filing for June 30, 2020 FIL-59-2020 – PDF (PDF Help) Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices…
FDIC Issues List of Banks Examined for CRA Compliance June 4, 2020
June 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE June 4, 2020 David Barr (703) 622-4790 [email protected] The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned…
CFPB Takes Steps to Facilitate LIBOR Transition
June 4, 2020 / Source: CFPB
CFPB Takes Steps to Facilitate LIBOR Transition WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today took steps to facilitate the transition away from LIBOR for consumers and regulated entities. The Bureau released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) to help consumers better understand adjustable rate mortgage loan products. The Bureau also…
OCC Requests Comment on Proposal to Update Activities and Operations Rules and its Rules on Digital Activities
June 4, 2020 / Source: OCC
News Release 2020-76 | June 4, 2020 OCC Requests Comment on Proposal to Update Activities and Operations Rules and its Rules on Digital Activities WASHINGTON–The Office of the Comptroller of the Currency (OCC) today released two issuances for public comment. The OCC published a Notice of Proposed Rulemaking (NPR) for public comment to update its rules for national…
Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers
June 3, 2020 / Source: CFPB
Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary…
FHFA Publishes Final Rule on the FHLBanks’ Housing Goals
June 3, 2020 / Source: FHFA
News Release FHFA Publishes Final Rule on the FHLBanks' Housing Goals Rule provides greater availability of mortgage financing for underserved borrowers FOR IMMEDIATE RELEASE 6/3/2020 Washington, D.C. – To help underserved borrowers, the Federal Housing Finance Agency (FHFA) today sent to the Federal Register for publication a final rule on the Federal Home Loan Banks’ (FHLBanks)…
Consumer Compliance Examination Manual May 2020 Update
June 3, 2020 / Source: FDIC
Consumer Compliance Examination Manual May 2020 Update The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations. The CEM is designed to promote…
Consumer Financial Protection Bureau Settles with Short-term Lenders for Engaging in Unfair and Deceptive Acts and Practices
June 2, 2020 / Source: CFPB
Consumer Financial Protection Bureau Settles with Short-term Lenders for Engaging in Unfair and Deceptive Acts and Practices JUN 02, 2020 WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Main Street Personal Finance, Inc. and its subsidiaries—ACAC, Inc., which conducts business under the name Approved Cash Advance, and Quik Lend, Inc.—(collectively,…
OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations June 2020
June 2, 2020 / Source: OCC
News Release 2020-74 | June 2, 2020 OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 1, 2020 through May 31, 2020. The list contains only national…