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CFPB Sues United Holding Group, Its Affiliates, and Its Owners for Illegal Debt Collection Practices
January 11, 2022 / Source: CFPB
JAN 10, 2022 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued United Debt Holding (UDH), JTM Capital Management (JTM), United Holding Group (UHG), and their owners, Craig Manseth, Jacob Adamo, and Darren Turco, for illegal debt-collection practices. The Bureau alleges that the defendants placed consumer debt with, or sold consumer debt to, collection…
FDIC and FinCEN Launch Digital Identity Tech Sprint FDIC
January 11, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase…
FDIC and FinCEN Launch Digital Identity Tech Sprint FinCEN
January 11, 2022 / Source: FinCEN
Contact Brian Sullivan, FDIC 202-412-1436 [email protected] Jayna Desai, FinCEN 703-905-3770 [email protected] FDIC: PR-3-2022 Immediate Release January 11, 2022 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate,…
Tax Filing Season Begins January 24
January 10, 2022 / Source: Treasury
WASHINGTON – The Internal Revenue Service (IRS) announced today that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers will allow the IRS time over the course of the coming…
Federal Reserve Board finalizes technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock
January 10, 2022 / Source: FRB
The Federal Reserve Board on Monday finalized a technical rule that will streamline reporting requirements for member banks related to their subscriptions to Federal Reserve Bank capital stock. The final rule is substantially similar to the proposal. In particular, the final rule amends Regulation I to reduce the quarterly reporting burden for member banks by…
November Sets New Record for Emergency Rental Assistance Disbursed””$2.9 Billion to Aid 665,000 Households””As Eviction Filings Remain Below Pre-Pandemic Levels Nationally
January 7, 2022 / Source: Treasury
WASHINGTON — State and local governments provided assistance to approximately 665,000 renters and landlords in November 2021 with funding through the Department of the Treasury’s Emergency Rental Assistance (ERA) programs, bringing the total number of payments for the ERA programs to more than 3.1 million. The $2.9 billion in ERA expenditures from both ERA 1…
Consolidated Reports of Condition and Income for Fourth Quarter 2021
January 7, 2022 / Source: FDIC
Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2021, report date and provide guidance on certain reporting issues. This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution. Please plan to complete as…
Protecting servicemembers from predatory lending
January 7, 2022 / Source: CFPB
By Seth Frotman and Jim Rice – JAN 07, 2022 Financial readiness is military readiness. A servicemember who is focused on repaying a predatory loan is not focused on her mission. And a servicemember who loses his security clearance as a result of a default or other credit issue may not be able to serve at…
Hold credit reporting companies accountable for incorrect reports and shoddy service
January 6, 2022 / Source: CFPB
By Darian Dorsey – JAN 05, 2022 This is an unfair system …” “This is predatory and life ruining and preventing me from purchasing a home.” “The credit reporting system is broken.” In less than two years, we have received more than 800,000 credit or consumer reporting complaints. That averages out to more than a thousand…
Treasury Issues Final Rule for State and Local Fiscal Recovery Funds Program to Support the Ongoing COVID Response
January 6, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury issued the Final Rule for the State and Local Fiscal Recovery Funds (SLFRF) program, enacted as a part of the American Rescue Plan, which delivers $350 billion to state, local, and Tribal governments to support their response to and recovery from the COVID-19 pandemic. The SLFRF…
CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus
January 5, 2022 / Source: CFPB
WASHINGTON, D.C. — A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25%…
SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY WILDFIRES AND STRAIGHT-LINE WINDS IN COLORADO
January 5, 2022 / Source: FDIC
The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of the wildfires and straight-line winds on customers and operations of financial institutions in affected areas of Colorado and will provide regulatory assistance to institutions subject to its supervision. These initiatives will provide regulatory relief and facilitate recovery. The FDIC encourages depository institutions in the…
FDIC Names Two Agency Veterans to Senior Ranks
January 4, 2022 / Source: FDIC
WASHINGTON – Last week, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the selection of two agency veterans to serve in senior leadership roles. FDIC Chairman Jelena McWilliams appointed Nikita Pearson to serve as Deputy to the Chairman for External Affairs and Dan Bendler to lead the FDIC’s Division of Administration….
FDIC Issues List of Banks Examined for CRA Compliance January 2022
January 4, 2022 / Source: FDIC
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 October 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations Jan 2022
January 3, 2022 / Source: OCC
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 December 1, 2021 through December 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…
Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Powell Valley National Bank, Big Stone Gap, Va.
January 3, 2022 / Source: OCC
The above-named bank has reported that counterfeit cashier’s checks using the bank’s routing number of 051403818 are being presented for payment nationwide in connection with potentially various job opportunity scams, including car wrapping. The counterfeit checks resemble the bank’s authentic item, but may be identified by the following: The checks contain a straight thin dark…
Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds
December 31, 2021 / Source: OCC
Highlights Beginning January 1, 2022, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion is a “small bank or savings association” under the CRA regulations. A “small bank or savings association” with assets of at least $346 million as of December 31…
Federal Bank Regulatory Agencies Release 2020 Small Business, Small , Farm and Community Development Lending Data – OCC
December 23, 2021 / Source: OCC
Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency 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…
Solicitation of Application for Membership on the Bank Secrecy Act Advisory Group (BSAAG)
December 23, 2021 / Source: FinCEN
Release Date December 23, 2021 Solicitation of Application for Membership on the Bank Secrecy Act Advisory Gro… Action Type Notice and Request for Nominations
Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm, and Community Development Lending Data December 2021
December 23, 2021 / Source: FFIEC
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…
Making Ends Meet series: Consumer finances during the pandemic
December 22, 2021 / Source: CFPB
By Scott Fulford and Cortnie Shupe – DEC 21, 2021 Before the pandemic, many households were financially fragile. Half of consumers reported they could cover expenses for only two months or fewer if their household lost its main source of income. Nearly 40 percent had difficulty paying a bill or expense in the 12 months before…
Federal Reserve issues update to Payments Study
December 22, 2021 / Source: FRB
The Federal Reserve on Wednesday issued an update to the Federal Reserve Payments Study (FRPS) to include findings from recent survey data. The findings highlight changes in card payments and increased adoption of innovative payment methods following the emergence of COVID-19. For example, the recent data show that the number and value of both in-person…
Bank Secrecy Act Regulations: Reports of Foreign Financial Accounts Civil Penalties
December 22, 2021 / Source: FinCEN
Release Date December 22, 2021 Bank Secrecy Act Regulations: Reports of Foreign Financial Accounts Civil Penal… Action Type Final Rule
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…