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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…
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…