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CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
April 6, 2022 / Source: CFPB
A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans(comma) which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans(comma) borrowers continue to pay for costly loan…
Treasury Sanctions Russia-Based Hydra(comma) World’s Largest Darknet Market(comma) and Ransomware-Enabling Virtual Currency Exchange Garantex
April 5, 2022 / Source: Treasury
WASHINGTON – Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the world’s largest and most prominent darknet market(comma) Hydra Market (Hydra)(comma) in a coordinated international effort to disrupt proliferation of malicious cybercrime services(comma) dangerous drugs(comma) and other illegal offerings available through the Russia-based site. The operation targeting Hydra was…
Home Mortgage Disclosure Act: FFIEC’s 2022 ‘A Guide to HMDA Reporting: Getting It Right!’
April 5, 2022 / Source: OCC
OCC Bulletin 2022-10| April 5(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council's (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2022 guide). The 2022 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C(comma)…
Interest Rate Risk: Interest Rate Risk Statistics Report April 2022
April 5, 2022 / Source: OCC
OCC Bulletin 2022-9| April 4(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) today published the spring 2022 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively(comma) banks). The statistics are for informational purposes only…
Helping borrowers hold mortgage servicers accountable
April 4, 2022 / Source: CFPB
By Seth Frotman – APR 04(comma) 2022 On Monday(comma) the Consumer Financial Protection Bureau (CFPB) filed a friend-of-the-court (“amicus”) brief in McCoy v. Wells Fargo Bank(comma) N.A.(comma) a case in which two mortgage borrowers sued their loan servicer for refusing to answer their questions about their loans. Wells Fargo argued that it is not required to…
Treasury Targets Democratic People’s Republic of Korea (DPRK) Weapons of Mass Destruction Organization and Subsidiaries
April 1, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned five entities for providing support to the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted a series of escalatory ballistic missile…
Acting Comptroller Discusses Large Bank Resolvability
April 1, 2022 / Source: OCC
News Release 2022-33 | April 1(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed financial stability and large bank resolvability at the University of Pennsylvania Wharton School of Business. In his remarks(comma) Acting Comptroller Hsu discussed gaps in resolvability for the largest non-global systemically important banks(comma) potential solutions(comma) and the subsequent effect on financial stability….
Smart Money Management for Young Adults
April 1, 2022 / Source: FDIC
Where to put that money from a summer job and maintain a bank account It is common for young adults—ages 14 to 21—to have a summer job. Once you start earning a paycheck(comma) where is the best place to save your money? In an FDIC-insured bank account with direct deposit! Bank accounts can help keep…
FY 2021 Office of Minority and Women Inclusion (OMWI) annual report to Congress
April 1, 2022 / Source: CFPB
The FY 2021 OMWI annual report to Congress provides detailed information about the diversity and inclusion work of the Consumer Financial Protection Bureau from Oct. 1(comma) 2020 through Sept. 30(comma) 2021(comma) unless otherwise noted. The diversity and inclusion work of the Bureau aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support…
Treasury Targets Sanctions Evasion Networks and Russian Technology Companies Enabling Putin’s War
March 31, 2022 / Source: Treasury
WASHINGTON — Today(comma) the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is continuing to impose severe costs on the Russian Federation for its unprovoked and unjustified war against Ukraine by targeting operators in the Russian technology sector to prevent it from evading unprecedented multilateral sanctions and procure critical western technology. OFAC is…
FDIC Consumer Compliance Supervisory Highlights
March 31, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the March 2022 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2021 through the FDIC’s supervision of state non-member…
2021 Consumer Response annual report
March 31, 2022 / Source: CFPB
The Consumer Financial Protection Bureau began consumer response operations on July 21(comma) 2011(comma) and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace(comma) brings their concerns to the attention of financial institutions(comma) and assists in addressing…
Acting Comptroller Discusses Managing Tail Risks
March 31, 2022 / Source: OCC
News Release 2022-32 | March 31(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed managing low probability(comma) high impact risk events(comma) or tail risks(comma) at the American Bankers Association Risk 2022 Conference. In his remarks(comma) Acting Comptroller Hsu discussed how Russia’s invasion of Ukraine has affected tail risks(comma) and tail risks associated with the trading…
Treasury Sanctions Key Actors in Iran’s Ballistic Missile Program
March 30, 2022 / Source: Treasury
WASHINGTON — Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned an Iran-based procurement agent and his network of companies that procured ballistic missile propellant-related materials for the Islamic Revolutionary Guard Corps Research and Self Sufficiency Jihad Organization (IRGC RSSJO)(comma) the IRGC unit responsible for the research and development of…
Treasury Announces $30 Billion in Emergency Rental Assistance Spent or Obligated with Over 4.7 Million Payments Made to Households Through February 2022
March 30, 2022 / Source: Treasury
Latest Reallocation Guidance Includes New Incentives to Urge State and Local Governments to Fund Additional Eviction Diversion Efforts WASHINGTON — The U.S. Department of the Treasury announced today that through February 2022(comma) state and local Emergency Rental Assistance (ERA) grantees have made over 4.7 million payments to households and spent or obligated approximately $30 billion…
DIC Issues Request for Comment on Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions
March 30, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today is requesting public comment on draft principles that would provide a high-level framework for the safe and sound management of exposures to climate-related financial risks. Although all financial institutions(comma) regardless of size(comma) may have material exposures to climate-related financial risks(comma) these draft principles are intended for…
CFPB Sanctions Edfinancial for Lying about Student Loan Cancellation
March 30, 2022 / Source: CFPB
WASHINGTON(comma) D.C. — The Consumer Financial Protection Bureau (CFPB) today sanctioned Edfinancial Services(comma) a student-loan servicer(comma) for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them. Edfinancial deceived borrowers(comma) with Federal Family Education Loan Program (FFELP)(comma) loans about their eligibility for Public Service Loan Forgiveness (PSLF). The Bureau is…
Overdraft fees can price people out of banking
March 30, 2022 / Source: CFPB
By Joe Valenti – MAR 30(comma) 2022 In 2019(comma) banks and credit unions collected an estimated $15.5 billion from their customers through overdraft and non-sufficient funds fees. These fees are charged when the financial institution determines that a customer’s checking account does not have the funds to cover an expense. They are often assessed for reasons people do…
Computer-Security Incident Notification Implementation
March 29, 2022 / Source: FDIC
Summary: On November 23(comma) 2021(comma) the Federal Deposit Insurance Corporation (FDIC)(comma) the Board of Governors of the Federal Reserve System(comma) and the Office of the Comptroller of the Currency (collectively(comma) the agencies) issued a joint final rule to establish computer-security incident notification requirements (Final Rule) for banking organizations and their bank service providers. Banks and…
Information Technology: OCC Points of Contact for Banks’ Computer-Security Incident Notifications
March 29, 2022 / Source: OCC
OCC Bulletin 2022-8| March 29(comma) 2022 Summary Effective May 1(comma) 2022(comma) banks1 must use the designated points of contact listed in this bulletin to satisfy the incident notification requirements established in the interagency final rule for banks and their bank service providers dated November 23(comma) 2021. The Office of the Comptroller of the Currency (OCC)(comma) Board of Governors…
Credit card late fees
March 29, 2022 / Source: CFPB
Prior to the COVID-19 pandemic(comma) consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic(comma) late fees accounted for over…
CFPB Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
March 29, 2022 / Source: CFPB
WASHINGTON(comma) D.C. — The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee…
Acting Comptroller of the Currency Launches Project REACh Efforts in Dallas
March 28, 2022 / Source: OCC
News Release 2022-30 | March 28, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, bankers, and business leaders to launch Dallas REACh. The Office of the Comptroller of the Currency (OCC) launched Project REACh, the Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights…
U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals Will Help Build a Better America
March 28, 2022 / Source: Treasury
View the full Greenbook here. “This Budget continues the economic momentum and deficit reduction the President set in motion through smart, fiscally sound investments in the security, health, and prosperity of the nation. This Budget also furthers a fairer, more efficient tax code that will allow funding for key fiscal priorities that promote opportunity for…
“Reining in Repeat Offenders”: 2022 Distinguished Lecture on Regulation, University of Pennsylvania Law School
March 28, 2022 / Source: CFPB
By Rohit Chopra – MAR 28, 2022 Thank you for the honor of being chosen as this year’s Distinguished Lecturer on Regulation. I am especially happy to be back at the University of Pennsylvania, even if just virtually. I want to thank Prof. Coglianese and the Penn Program on Regulation for organizing today’s event. Not…