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What the new CDC eviction moratorium means for you
August 5, 2021 / Source: CFPB
What the new CDC eviction moratorium means for you AUG 05, 2021 The CDC issued a new eviction moratorium on August 3, 2021 to temporarily halt evictions in counties where COVID-19 is spreading rapidly. If you are struggling to pay rent, the new pause in evictions may help you stay in your home, but you may need…
Small Business Administration Lending: Risk Management Principles
August 5, 2021 / Source: OCC
OCC Bulletin 2021-34 Small Business Administration Lending: Risk Management Principles 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 The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 and examiners about sound…
Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act: OCC Contact Information for Certain Notices and Posters
August 5, 2021 / Source: OCC
OCC Bulletin 2021-35 Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act: OCC Contact Information for Certain Notices and Posters 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 This bulletin informs national banks, federal savings…
Federal Reserve Board announces termination of enforcement action with JPMorgan Chase & Co.
August 5, 2021 / Source: FRB
Press Release Federal Reserve Board announces termination of enforcement action with JPMorgan Chase & Co. The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: JPMorgan Chase & Co., New York, New York Cease and Desist Order, dated May 20, 2015 (PDF) Terminated August 3, 2021 Additional enforcement actions can…
Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
August 5, 2021 / Source: FRB
Press Release Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1 Following its stress test earlier this year, the Federal Reserve Board on Thursday announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold…
FDIC Issues List of Banks Examined for CRA Compliance Wednesday, August 4, 2021
August 5, 2021 / Source: FDIC
Press Release FDIC Issues List of Banks Examined for CRA Compliance For Release WASHINGTON – 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 to institutions in May 2021. The CRA…
Security and Management of Mobile Devices
August 5, 2021 / Source: FDIC OIG
Security and Management of Mobile Devices Wednesday, August 4, 2021 The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued its report on the Security and Management of Mobile Devices. The objective was to determine whether the FDIC had established and implemented effective controls to secure and manage its mobile devices….
Federal Reserve Board issues enforcement actions with Commercial Bank and a former employee of Regions Bank
August 3, 2021 / Source: FRB
Press Release Federal Reserve Board issues enforcement actions with Commercial Bank and a former employee of Regions Bank The Federal Reserve Board on Tuesday announced the execution of the enforcement actions listed below: Consent prohibition against Kristyn Kelly Former employee of Regions Bank, Birmingham, AL Unauthorized transactions in a customer account Commercial Bank, Harrogate, Tennessee…
Federal Reserve Board extends comment period on proposed rule to govern funds transfers over the Federal Reserve Banks’ FedNow Service
August 3, 2021 / Source: FRB
Press Release Federal Reserve Board extends comment period on proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow Service The Federal Reserve Board announced on Tuesday that it will extend until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The…
OCC Releases CRA Evaluations for 14 National Banks and Federal Savings Associations
August 3, 2021 / Source: OCC
News Release 2021-80 OCC Releases CRA Evaluations for 14 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 July 1, 2021 through July 31, 2021. The list contains only national banks, federal…
Acting Comptroller of the Currency Testifies on Regulatory Priorities
August 3, 2021 / Source: OCC
News Release 2021-79 Acting Comptroller of the Currency Testifies on Regulatory Priorities WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified at a hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs. The Acting Comptroller’s testimony discussed the agency’s priorities, review of key regulatory standards, and efforts to promote fairness and inclusion…
Federal housing protections have ended – Learn how to avoid foreclosure and eviction
August 3, 2021 / Source: CFPB
Federal housing protections have ended – Learn how to avoid foreclosure and eviction Some important federal protections put in place to protect homeowners from foreclosure and renters from eviction during the COVID-19 pandemic ended on July 31. If you are having trouble making your rent or mortgage payments, it’s important to take action to prevent…
Federal Reserve Board announces that it is seeking individuals to serve on its Insurance Policy Advisory Committee
July 30, 2021 / Source: FRB
Press Release July 30, 2021 Federal Reserve Board announces that it is seeking individuals to serve on its Insurance Policy Advisory Committee The Federal Reserve Board on Friday announced that is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy…
FDIC Makes Public June Enforcement Actions Friday, July 30, 2021
July 30, 2021 / Source: FDIC
Press Release FDIC Makes Public June Enforcement Actions No Administrative Hearings Scheduled for August 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June. There are no administrative hearings scheduled for August 2021. The FDIC issued 14…
CFPB Confirms Effective Date for Debt Collection Final Rules
July 30, 2021 / Source: CFPB
CFPB Confirms Effective Date for Debt Collection Final Rules WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. The CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective…
Annual Report of the Board of Governors of the Federal Reserve System
July 29, 2021 / Source: FRB
Annual Report Current Report 2020 PDF This report covers the calendar-year operations and activities carried out by the Board in its five key functional areas: (1) monetary policy, (2) financial stability, (3) supervision and regulation, (4) payment system and Reserve Bank oversight, and (5) consumer and community affairs. The appendix of this report contains additional…
Answers to Frequently Asked Questions about the Impact of London Interbank Offered Rate (LIBOR) Transitions on Regulatory Capital Instruments
July 29, 2021 / Source: FDIC
Financial Institution Letter Answers to Frequently Asked Questions about the Impact of London Interbank Offered Rate (LIBOR) Transitions on Regulatory Capital Instruments July 29, 2021 | FIL-54-2021 Summary: The Federal Deposit Insurance Corporation (FDIC) is issuing answers to frequently asked questions (FAQs) about the impact of LIBOR transitions on regulatory capital instruments under 12 CFR 324. Among…
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
July 29, 2021 / Source: CFPB
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use Data Highlights Borrowers’ Experiences Obtaining a Mortgage WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO)….
Statement Regarding Repurchase Agreement Arrangements July 28, 2021
July 28, 2021 / Source: FRB
Press Release July 28, 2021 Statement Regarding Repurchase Agreement Arrangements The Federal Open Market Committee on Wednesday announced the establishment of two standing repurchase agreement (repo) facilities—a domestic standing repo facility (SRF) and a repo facility for foreign and international monetary authorities (FIMA repo facility). These facilities will serve as backstops in money markets to…
Federal Reserve issues FOMC statement July 28, 2021
July 28, 2021 / Source: FRB
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. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors…
CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance
July 28, 2021 / Source: CFPB
CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance New resource helps renters and landlords find state and local programs distributing federal rental assistance funds WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an online tool to help renters and landlords impacted by the pandemic easily find and apply for…
CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels
July 27, 2021 / Source: CFPB
CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving this recovery as applications…
OCC Announces Climate Change Risk Officer, Membership in the NGFS
July 27, 2021 / Source: OCC
News Release 2021-78 | July 27, 2021 OCC Announces Climate Change Risk Officer, Membership in the NGFS WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the appointment of Darrin Benhart as its Climate Change Risk Officer and its membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). “Prudently managing…
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) Related to Deferred Taxes and the Standardized Approach for Counterparty Credit Risk (SA-CCR)
July 26, 2021 / Source: FDIC
Financial Institution Letter Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) Related to Deferred Taxes and the Standardized Approach for Counterparty Credit Risk (SA-CCR) July 26, 2021 | FIL-53-2021 The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency…
Consumer Advisory – Know Your Rights Under the Servicemember Civil Relief Act (SCRA)
July 26, 2021 / Source: CFPB
Consumer Advisory – Know Your Rights Under the Servicemember Civil Relief Act (SCRA) By Mechel Glass and Raun Lazier The Servicemember Civil Relief Act (SCRA) has been amended to make it easier to terminate residential housing and automobile leases without penalty. Servicemembers, veterans, and their families should also be aware to do the necessary due…