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Consumer finances during the pandemic: Insights from the Making Ends Meet Survey
December 21, 2021 / Source: CFPB
Despite a massive increase in unemployment starting in March 2020, consumers’ average financial situation improved in the first several months of the pandemic and continued to improve through June 2021. We use three waves of the Bureau’s Making Ends Meet survey and its association with credit bureau data to understand how consumers have managed during…
Community Bank Leverage Ratio Framework: Interagency Statement
December 21, 2021 / Source: OCC
OCC Bulletin 2021-66| December 21, 2021 Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today issued an interagency statement on the optional community bank leverage ratio framework. The temporary relief measures affecting the framework will expire on…
Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm, and Community Development Lending Data
December 21, 2021 / Source: FDIC
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2020. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The…
Interagency Statement on the Community Bank Leverage Ratio Framework
December 21, 2021 / Source: FDIC
December 21, 2021 | FIL-81-2021 Summary: The federal banking agencies are issuing a statement to provide information and guidance on the use of the two-quarter grace period under the optional community bank leverage ratio (CBLR) framework when the temporary relief measures affecting the framework expire on December 31, 2021. The interagency statement on the community bank…
Other Real Estate Owned: Updated Comptroller’s Handbook Booklet and Rescissions
December 20, 2021 / Source: OCC
OCC Bulletin 2021-65| December 20, 2021 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) today issued an updated “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which is…
OCC Reports Third Quarter 2021 Bank Trading Revenue
December 20, 2021 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $6.8 billion in the third quarter of 2021. The third quarter trading revenue was $1.3 billion, or 15.5 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the…
CFPB and DOJ Put Landlords and Mortgage Servicers on Notice About Servicemembers’ and Veterans’ Rights
December 20, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters today regarding important legal housing protections for military families. One letter was sent to landlords and other housing providers regarding protections for military tenants. A second letter was sent to mortgage servicers regarding military borrowers who have…
FinCEN Analysis Reveals Upward Trend of SARs Related to Wildlife Trafficking
December 20, 2021 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release December 20, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data. The report aims to further inform efforts to combat wildlife trafficking and the associated movement of illicit proceeds, which…
Home Mortgage Disclosure Act: Interagency Examination Procedures
December 17, 2021 / Source: OCC
OCC Bulletin 2021-63| December 17, 2021 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) today issued the revised interagency Home Mortgage Disclosure Act (HMDA)1 examination procedures for determining…
Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulatio
December 17, 2021 / Source: FDIC
Summary: The Board of Governors of the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “federal banking agencies”) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of a no-action position previously…
Financial Stability Oversight Council Releases 2021 Annual Report
December 17, 2021 / Source: Treasury
WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously approved its 2021 annual report. This year’s report describes activities of the Council over the past year, as the U.S. economy has continued to rebound from the disruptions caused by the COVID-19 pandemic. Monetary and fiscal policy, substantial progress in vaccinations, and broadly accommodative financing conditions…
A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters
December 17, 2021 / Source: FRB
A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters Governor Christopher J. Waller At the Forecasters Club of New York, New York, New York Thank you, Mike, for the introduction. It is a privilege for me to address fellow macroeconomic forecasters, and I thought an appropriate subject would be the challenge of…
Agencies release annual asset-size thresholds under Community Reinvestment Act regulations Federal Deposit Insurance Corporation
December 16, 2021 / Source: FRB
Federal Deposit Insurance Corporation Board of Governors of the Federal Reserve System For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these…
Agencies Release Annual Asset-Size Thresholds Under Community Reinvestment Act Regulations
December 16, 2021 / Source: FDIC
For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price…
Risk Management: Principles for Climate-Related Financial Risk Management for Large Banks; Request for Feedback
December 16, 2021 / Source: OCC
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) today announced draft principles designed to support the identification and management of climate-related financial risks by banks with…
Consumer Financial Protection Bureau Opens Inquiry into “Buy Now, Pay Later” Credit
December 16, 2021 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned about accumulating debt, regulatory arbitrage,…
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Issuance Suspension Period Extension
December 15, 2021 / Source: Treasury
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to members of Congressional leadership regarding an extension of the debt issuance suspension period (DISP). The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: On…
Federal Reserve issues FOMC statement December 2021
December 15, 2021 / Source: FRB
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 most adversely affected by the…
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by tornadoes Federal Reserve
December 15, 2021 / Source: FRB
Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration,…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes FDIC
December 15, 2021 / Source: FDIC
For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
December 15, 2021 / Source: OCC
Joint Release Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators,…
Prepared Remarks of Director Rohit Chopra on the FDIC’s Deposit Insurance Fund Restoration Plan
December 14, 2021 / Source: CFPB
The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law. The law requires that the…
Acting Comptroller Issues Statement on RFI on Bank Mergers
December 14, 2021 / Source: OCC
News Release 2021-134 | December 14, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding the Request for Information on bank mergers. I support the view of the majority of the FDIC Board members that the Bank Merger Act (BMA) guidelines are ripe for review. I am particularly focused on the…
Statement by FDIC Chairman Jelena McWilliams on DIF Restoration Plan Semiannual Update
December 14, 2021 / Source: FDIC
Due solely to extraordinary, unprecedented insured deposit growth during the first half of 2020, the Deposit Insurance Fund’s (DIF) reserve ratio fell below the statutory minimum of 1.35% in 2020. During this time the DIF balance grew steadily to $121.9 billion, the highest level ever. As required by statute, the FDIC implemented a Restoration Plan…
FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime
December 14, 2021 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release December 14, 2021 WASHINGTON— Today, FinCEN is issuing a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN is particularly interested in comments on ways to modernize risk-based AML/CFT regulations…