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Federal Reserve submits – Monetary Policy Report–on recent economic developments and its plans for monetary policy.
July 10, 2021 / Source: FRB
The Fed is accountable to the public & the U.S. Congress. Twice a year, the Federal Reserve submits an extensive report–the Monetary Policy Report–on recent economic developments and its plans for monetary policy. Next week, Chair Powell presents the Monetary Policy Report to Congress. The Federal Reserve Chair testifies twice each year on economic developments…
FinCEN Welcomes First-Ever Chief Digital Currency Advisor and First Director of Strategic Communications
July 6, 2021 / Source: FinCEN
WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced leadership additions to the bureau. Michele Korver, who led a distinguished career at the United States Department of Justice, now serves as FinCEN’s first-ever Chief Digital Currency Advisor. Jayna Desai, formerly of the U.S. Customs and Border Protection, now serves as FinCEN’s first Director…
Updates to Public Information on Brokered Deposits
July 6, 2021 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) has updated the resources available on the FDIC’s Banker Resource Center Brokered Deposits. The website has been updated to include a list of entities for which a Primary Purpose Exception Notice has been submitted. The webpage also includes an updated Question and Answer document addressing questions received on the…
FDITECH Opens Registration for Tech Sprint to Reach the Unbanked
July 6, 2021 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. Interested organizations can request to participate in this Tech Sprint by visiting the FDIC’s…
OCC Announces Organizational Changes
July 6, 2021 / Source: OCC
News Release 2021-73 | July 6, 2021 OCC Announces Organizational Changes WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced structural changes intended to enhance the agency’s efficiency and effectiveness. “The changes announced today will improve collaboration, alignment, and engagement within the agency,” said Acting Comptroller of the Currency Michael J. Hsu. The agency is realigning…
FDIC Issues List of Banks Examined for CRA Compliance July 2, 2021
July 2, 2021 / Source: FDIC
Press Release FDIC Issues List of Banks Examined for CRA Compliance June 2021 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 April 2021….
OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations
July 2, 2021 / Source: OCC
News Release 2021-72 OCC Releases CRA Evaluations for 16 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 June 1, 2021 through June 30, 2021. The list contains only national banks, federal…
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals
July 2, 2021 / Source: CFPB
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals By Patrice Alexander Ficklin – JUL 02, 2021 As the Bureau’s Fair Lending Director, I am pleased to highlight that the CFPB has prioritized resources to focus on the role of racial bias in home appraisals, a growing topic of conversation within our communities. Home ownership is a key…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 1, 2021 / Source: FinCEN
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies Contact Office of Strategic Communications, 703-905-3770 Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering,…
Federal Reserve Board issues enforcement action with First Vision Bank
July 1, 2021 / Source: FRB
Federal Reserve Board issues enforcement action with First Vision Bank The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: First Vision Bank, Tullahoma, Tennessee Flood insurance violations; civil money penalty Consent Order, dated June 30, 2021 Enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment…
Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard
July 1, 2021 / Source: FRB
Press Release Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard The Federal Reserve announced on Thursday it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard. Known as the Scaled CECL Allowance…
Complaint Bulletin: COVID-19 issues described in consumer complaints
July 1, 2021 / Source: CFPB
Consumer complaint Complaint Bulletin: COVID-19 issues described in consumer complaints JUL 01, 2021 The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Complaint Bulletin analyzes COVID-19 issues described in consumer complaints….
Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market
July 1, 2021 / Source: CFPB
Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market By Alexandra Dobre and Young Jo Asian American and Pacific Islanders (AAPIs) are often seen as a homogeneous group. Even though this expansive demographic group ranges from Asian Indians, Chinese, and Japanese to Hawaiians, Samoans, and other Pacific Islanders, the…
As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately
July 1, 2021 / Source: CFPB
As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental…
Message from the FinCEN Director: 180-Day Update on AML Act Implementation
June 30, 2021 / Source: FinCEN
Message from the FinCEN Director: 180-Day Update on AML Act Implementation Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced FinCEN’s delivery of two key requirements pursuant to the Anti-Money Laundering of 2020 (the “AML Act”), which includes the Corporate Transparency Act….
FinCEN Completes Assessment on the Use of No-Action Letters
June 30, 2021 / Source: FinCEN
FinCEN Completes Assessment on the Use of No-Action Letters Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act…
FinCEN Issues First National AML/CFT Priorities and Accompanying Statements
June 30, 2021 / Source: FinCEN
FinCEN Issues First National AML/CFT Priorities and Accompanying Statements Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices,…
Dedicating July to military consumer protection JUN 30, 2021
June 30, 2021 / Source: CFPB
Dedicating July to military consumer protection By Jim Rice – JUN 30, 2021 July is recognized as Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for servicemembers, veterans, and military families. Military families make enormous sacrifices for our nation, but as a result of their service, they often face some unique…
Commercial Credit on Consumer Credit Reports JUN 30, 2021
June 30, 2021 / Source: CFPB
Industry and markets Commercial Credit on Consumer Credit Reports JUN 30, 2021 This is part of a series of reports of consumer credit trends produced by the Consumer Financial Protection Bureau using a longitudinal sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies. This report explores…
Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations
June 30, 2021 / Source: FFIEC
Press Release The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations The booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of…
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020
June 29, 2021 / Source: CFPB
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020 Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior…
CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services
June 29, 2021 / Source: CFPB
CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services Proposed order would ban Burlington Financial Group and its owners and executives from future telemarketing and impose civil money penalties payable to the CFPB and the State of Georgia WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed…
OCC Reports First Quarter 2021 Bank Trading Revenue
June 29, 2021 / Source: OCC
News Release 2021-70 OCC Reports First Quarter 2021 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $10.5 billion in the first quarter of 2021. The first quarter trading revenue was $4.2 billion, or 65.9 percent, more than the previous quarter. In…
Mortgage Performance Declines in First Quarter 2021
June 29, 2021 / Source: OCC
News Release 2021-71 Mortgage Performance Declines in First Quarter 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current…
Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservati
June 28, 2021 / Source: Treasury
PRESS RELEASES Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservation Crime WASHINGTON – Today the Financial Action Task Force (FATF) concluded its fourth virtual plenary since the start of the ongoing COVID-19 pandemic. The FATF advanced…