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Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms, Flooding, and Tornadoes
July 23, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms, Flooding, and Tornadoes July 23, 2021 | FIL-52-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms,…
Los Angeles Man Arrested for $27 Million PPP Fraud Scheme
July 23, 2021 / Source: DOJ
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Thursday, July 22, 2021 Los Angeles Man Arrested for $27 Million PPP Fraud Scheme A California man was arrested today in Los Angeles on criminal charges related to his alleged bank fraud, false statements in a loan application and money laundering arising from the submission…
Twenty-Two Charged in Connection with a More than $11-Million Paycheck Protection Program Fraud Scheme
July 23, 2021 / Source: DOJ
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Twenty-Two Charged in Connection with a More than $11-Million Paycheck Protection Program Fraud Scheme Seventeen more individuals have been charged in connection with a fraudulent scheme to obtain approximately $11.1 million in Paycheck Protection Program (PPP) loans and to use those funds to purchase luxury…
We have resources to help you avoid foreclosure
July 22, 2021 / Source: CFPB
We have resources to help you avoid foreclosure JUL 22, 2021 Over the past 17 months, the COVID-19 pandemic devastated the nation, with its human and economic damage especially concentrated in communities of color. As the nation looks forward to a return to normal, we are here to help homeowners understand their options. The federal…
Federal Reserve Board issues enforcement action with Texico Bancshares Corporation and Texico State Bank
July 22, 2021 / Source: FRB
Press Release July 22, 2021 Federal Reserve Board issues enforcement action with Texico Bancshares Corporation and Texico State Bank The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Texico Bancshares Corporation, Texico, Illinois and Texico State Bank, Texico, Illinois Cease and Desist Order, dated July 15, 2021 Enforcement actions…
Risk Management Manual of Examination Policies July 21, 2021
July 21, 2021 / Source: FDIC
The FDIC’s Risk Management Manual of Examination Policies (RMS Manual) is updated. The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination…
Celebrating 10 years of consumer protection
July 21, 2021 / Source: CFPB
Celebrating 10 years of consumer protection By Dave Uejio – JUL 21, 2021 Today is the 10th anniversary of the Consumer Financial Protection Bureau. We are proud to celebrate 10 years of protecting consumers, and we look forward to the next decade. In the wake of the financial crisis of 2007-2008, it became clear that the…
FDIC Issues Proposed Rule Regarding Deposit Insurance Simplification
July 20, 2021 / Source: FDIC
Press Release FDIC Issues Proposed Rule Regarding Deposit Insurance Simplification For Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued a proposed rule to simplify aspects of the agency’s deposit insurance coverage rules. First, the proposed rule would simplify deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by…
Federal Reserve Board statement on the Community Reinvestment Act
July 20, 2021 / Source: FRB
Press Release July 20, 2021 Federal Reserve Board statement on the Community Reinvestment Act The Federal Reserve Board on Tuesday announced it is committed to working together with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to jointly strengthen and modernize regulations implementing the Community Reinvestment Act…
Interagency Statement on Community Reinvestment Act Joint Agency Action
July 20, 2021 / Source: OCC
News Release 2021-77 | July 20, 2021 Interagency Statement on Community Reinvestment Act Joint Agency Action Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are…
OCC Statement on Rescinding its 2020 Community Reinvestment Act Rule
July 20, 2021 / Source: OCC
News Release 2021-76 | July 20, 2021 OCC Statement on Rescinding its 2020 Community Reinvestment Act Rule WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation…
Agencies Release Public Sections of Resolution Plans for Eight Large Banks July 19, 2021
July 20, 2021 / Source: FDIC
Press Release Agencies Release Public Sections of Resolution Plans for Eight Large Banks The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today released the public sections of eight large domestic firms’ resolution plans, which are required by the Dodd-Frank Act and commonly known as living wills. Resolution plans describe the company’s strategy…
Third-Party Relationships: Notice and Request for Comment on Proposed Interagency Guidance
July 20, 2021 / Source: OCC
OCC Bulletin 2021-31| July 19, 2021 Third-Party Relationships: Notice and Request for Comment on Proposed Interagency Guidance 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), the Board of Governors…
FDIC Minority Depository Institutions Subcommittee to Meet Friday, July 16, 2021
July 16, 2021 / Source: FDIC
Press Release FDIC Minority Depository Institutions Subcommittee to Meet July 21st virtual meeting to address issues important to minority banks Friday, July 16, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the agency's Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at…
Man Sentenced for His Role in COVID-19 Relief Fraud Scheme
July 16, 2021 / Source: FDIC OIG
PRESS RELEASE Man Sentenced for His Role in COVID-19 Relief Fraud Scheme A Wisconsin man was sentenced today to 36 months in prison for fraudulently seeking over $600,000 in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Stephen Smith, 42, of…
OCC Marks the First Anniversary of Project Reach
July 16, 2021 / Source: OCC
News Release 2021-75 | July 15, 2021 OCC Marks the First Anniversary of Project Reach WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated…
FDIC Announces Meeting of the Advisory Committee on Community Banking
July 16, 2021 / Source: FDIC
Press Release FDIC Announces Meeting of the Advisory Committee on Community Banking Agency Names Community Banker from New York to Advisory Committee Thursday, July 15, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Advisory Committee on Community Banking will meet on Thursday, July 22nd to discuss local banking conditions…
Second FinCEN Exchange on Ransomware to Take Place in August
July 15, 2021 / Source: FinCEN
Second FinCEN Exchange on Ransomware to Take Place in August Contact Office of Strategic Communications, 703-905-3770 Immediate Release July 15, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced it will convene a FinCEN Exchange in August 2021 with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss ongoing concerns…
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults
July 14, 2021 / Source: CFPB
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people…
Consumer Fraud Alert – Tips for avoiding VA home loan scams
July 14, 2021 / Source: CFPB
Consumer Fraud Alert – Tips for avoiding VA home loan scams By Patrick Brick, Carolyn Hahn, and Alberto Planas – JUL 14, 2021 Many servicemembers, veterans, and military spouses have been receiving fraudulent calls and mailers from companies who claim to be affiliated with the government, the Department of Veterans Affairs (VA), or their home loan…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
July 13, 2021 / Source: OCC
News Release 2021-74 | July 13, 2021 Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships 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 today requested public comment on proposed guidance designed to help banking organizations manage risks…
Minutes of the Board’s discount rate meetings from May 17 through June 16, 2021
July 13, 2021 / Source: FRB
Press Release July 13, 2021 Minutes of the Board's discount rate meetings from May 17 through June 16, 2021 The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from May 17 through June 16, 2021. The minutes are attached. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: July 13,…
CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization
July 12, 2021 / Source: CFPB
CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action against GreenSky, LLC for enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The…
Federal Reserve Board announces approval of application by First Bank Corp.
July 12, 2021 / Source: FRB
Press Release July 12, 2021 Federal Reserve Board announces approval of application by First Bank Corp. The Federal Reserve Board on Monday announced its approval of the application by First Bank Corp. of Fort Smith, Arkansas, to acquire Central Bancshares of Poteau, Inc., and indirectly acquire The Central National Bank of Poteau, both of Poteau,…
EXCLUSIVE White House to target bank mergers, financial data with competition order
July 10, 2021 / Source: Reuters
President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter. It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules…