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Treasury Targets Oil Smuggling Network Generating Hundreds of Millions of Dollars for Qods Force and Hizballah
May 25, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating an international oil smuggling and money laundering network led by Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) officials that has facilitated the sale of hundreds of millions of dollars’ worth of Iranian oil for both the IRGC-QF and Hizballah….
Treasury Targets Covert Hamas Investment Network and Finance Official
May 25, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a Hamas finance official as well as an expansive network of three Hamas financial facilitators and six companies that have generated revenue for the terrorist group through the management of an international investment portfolio. Hamas’s Investment Office, whose leadership…
FDIC-Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022
May 25, 2022 / Source: FDIC
For Release Net Income Declined Year Over Year Net Interest Margin Remained Stable Quarter Over Quarter Loan Growth Was Broad-Based Credit Quality Continued to Improve Community Banks Reported a Slight Decline in Net Income Compared to the Industry “The banking industry reported a decline in net income driven by an increase in provision expense. Capital…
Acting Comptroller Discusses Vulnerabilities, Volatility with Cryptocurrency
May 25, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed vulnerabilities in the cryptocurrency framework and recent volatility with stablecoins in remarks at the DC Blockchain Summit 2022. In his remarks, the Acting Comptroller discussed the fragmented ecosystem of cryptocurrency, risk of contagion, and underdeveloped custody and ownership rights. He also emphasized the…
CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance
May 25, 2022 / Source: CFPB
New Office Will Identify Obstacles for New Market Entrants Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will…
CFPB and New York Attorney General Shut Down Debt Collection Ring
May 23, 2022 / Source: CFPB
Companies and individuals used social media to smear consumers and threaten them with imprisonment. Washington, D.C. – The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed stipulated judgment in federal court to settle its case against a debt collection enterprise and its owners and managers. The judgment would…
Acting Comptroller of the Currency Presents Bank Charter to Minority Depository Institution
May 23, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today presented a full-service community national bank charter to Agility Bank, N.A. in Houston. The woman-owned and -led bank is the first new minority depository institution (MDI) national bank in 15 years. Typically, MDIs serve economically challenged communities traditionally underserved by the banking industry and…
Federal Reserve Board issues Economic Well-Being of U.S. Households in 2021 report
May 23, 2022 / Source: FRB
Economic Well-Being of U.S. Households in 2021, May 23, 2022 The Federal Reserve Board on Monday issued its Economic Well-Being of U.S. Households in 2021 report, which examines the financial lives of U.S. adults and their families. The report draws from the Board’s ninth annual Survey of Household Economics and Decision-making, or SHED, which was conducted in…
Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks’ FedNow Service
May 23, 2022 / Source: FRB
The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks’ FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support…
Minority Depository Institution (MDI) Designations
May 23, 2022 / Source: FDIC
On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statement describes the FDIC’s…
CFPB Bolsters Enforcement Efforts by States
May 23, 2022 / Source: CFPB
Interpretive Rule Seeks to Clarify Scope of States’ Ability to Enforce Federal Consumer Financial Protection Laws Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states…
Mortgage Servicing COVID-19 Pandemic Response Metrics: New Observations from Data Reported by Sixteen Servicers for May-December 2021
May 16, 2022 / Source: CFPB
This is the second metrics report providing the CFPB’s observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021. FULL REPORT…
CFPB Releases Report on Mortgage Servicing Metrics
May 16, 2022 / Source: CFPB
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers. This problem is particularly acute for those…
CFPB launches new system to promote consistent enforcement of consumer financial protections
May 16, 2022 / Source: CFPB
To promote consistency among enforcers and fair competition in the market, the CFPB is launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. The CFPB will issue Consumer Financial Protection Circulars to the broad set of government agencies responsible for…
Treasury International Capital Data for March
May 16, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2022. The next release, which will report on data for April, is scheduled for June 15, 2022. The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Treasury Announces 2022 National Illicit Finance Strategy
May 15, 2022 / Source: Treasury
Strategy Provides Roadmap to Close Loopholes Exploited by Criminals and Illicit Actors Recommendations Include Increasing Transparency, Leveraging Partnerships, and Addressing Technological Risks WASHINGTON – Today, the U.S. Department of the Treasury issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy), which identifies measures to increase transparency in the U.S. financial…
Improving how the CFPB gathers feedback
May 15, 2022 / Source: CFPB
At the CFPB, we are committed to delivering trustworthy, impartial, accurate and timely information to the people we serve. To maintain this commitment we provide clear, impartial answers to hundreds of financial questions on Ask CFPB. Ask CFPB offers information you can use to make more informed choices about your money. Ask CFPB helps more than…
Deputy Comptroller Testifies on Artificial Intelligence
May 15, 2022 / Source: OCC
WASHINGTON—Deputy Comptroller for Operational Risk Policy Kevin Greenfield today testified during a hearing before the House Financial Services Committee Task Force on Artificial Intelligence (AI). He discussed the Office of the Comptroller of the Currency’s (OCC) approach to responsible innovation and its supervisory expectations for banks’ use of AI, including regulatory compliance. Greenfield also discussed…
Flood Insurance: Revised Interagency Questions and Answers
May 13, 2022 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the National Credit Union Administration (NCUA), and the Farm Credit Administration (FCA) (collectively, the Agencies) are issuing the revised Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers)….
Acting Comptroller Discusses Expanding Diversity and Inclusion, Minority Homeownership
May 12, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s efforts to reduce barriers to homeownership and promote financial inclusion in remarks at the Asian Real Estate Association of America Diversity and Fair Housing Summit. The Acting Comptroller highlighted the work of Project REACh to support affordable…
Data Spotlight: Profiles of older adults living in mobile homes
May 10, 2022 / Source: CFPB
Where older adults choose to live is often affected by their unique needs and challenges, including having a fixed income, enduring increased medical costs, and needing accommodations that can handle possible physical and cognitive decline. These same factors can influence older adults’ housing experiences. According to the U.S. Census Bureau, about one-third of adults who…
Acting Comptroller Issues Statement on Interagency Proposal to Modernize the Community Reinvestment Act
May 5, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting to consider the interagency notice of proposed rulemaking (NPR) to strengthen and modernize the Community Reinvestment Act (CRA). Today marks an important milestone in our efforts to expand financial access and inclusion for low-and…
Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations
May 5, 2022 / Source: OCC
Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency WASHINGTON—Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years…
CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments
May 4, 2022 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customers’ bank accounts. Bank of America unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the…
OCC to Host Virtual Innovation Office Hours
May 4, 2022 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on June 14-15, 2022, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or…