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Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
January 21, 2022 / Source: FinCEN
Release Date January 21, 2022 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe… Action Type Final Rule
FDIC Approves Final Rule Regarding Deposit Insurance Simplification
January 21, 2022 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today approved a final rule to simplify aspects of the agency’s deposit insurance coverage rules. The final rule simplifies deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by merging these two deposit insurance categories and applying a simpler, common calculation to determine…
Federal Reserve Board releases discussion paper that examines pros and cons of a potential U.S. central bank digital currency (CBDC)
January 20, 2022 / Source: FRB
The Federal Reserve Board on Thursday released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system….
Consumer Financial Protection Bureau to Examine Colleges’ In-House Lending Practices
January 20, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As the CFPB begins its supervision, the…
CFPB Releases Report on Diversity and Inclusion within Financial Services
January 19, 2022 / Source: CFPB
By Office of Minority and Women Inclusion (OMWI) – JAN 19, 2022 Today the Bureau’s Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau’s Office of Minority and Women Inclusion (OMWI) is charged…
Americans pay $120 billion in credit card interest and fees each year
January 19, 2022 / Source: CFPB
By Ashwin Vasan and Wei Zhang – JAN 19, 2022 At almost a trillion dollars outstanding, credit cards are the largest consumer lending product by number of users – over 175 million consumers have at least one credit card – and one of the largest sources of consumer debt.1 From 2018 to 2020, the CFPB estimates that…
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2022
January 19, 2022 / Source: OCC
OCC Bulletin 2022-1| January 19, 2022 Summary On January 12, 2022, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Straight-line Winds and Tornadoes
January 19, 2022 / Source: FDIC
Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, straight-line winds and tornadoes. A copy of the Guidance can be found on the FDIC’s website. Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions….
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances Jan 2022
January 18, 2022 / Source: FRB
The Federal Reserve Board on Tuesday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management…
Federal Reserve Board issues enforcement action with Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc, and announces termination of enforcement actions with Iowa Prairie Ba
January 18, 2022 / Source: FRB
The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Allegiant United Holdings, LLC, Irvine, California; Nano Financial Holdings, Inc., Irvine, California; and Nano Banc, Irvine, California Cease and Desist Order dated January 18, 2022 The Federal Reserve Board also announced the termination of the enforcement actions listed below: Iowa…
CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law
January 14, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act (FACA). FACA is…
It’s illegal to penalize borrowers for being religious
January 14, 2022 / Source: CFPB
By Lorelei Salas – JAN 14, 2022 The First Amendment to the U.S. Constitution guarantees the free exercise of religion. Many of our nation’s laws, like the Equal Credit Opportunity Act, protect individuals from discrimination based on their religious beliefs. The Consumer Financial Protection Bureau is concerned that some financial companies are unlawfully considering religion when…
Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2021
January 14, 2022 / Source: FRB
The Federal Reserve Board on Friday announced preliminary financial information indicating that the Reserve Banks had estimated net income of $107.8 billion during 2021, of which $107.4 billion was remitted to the U.S. Treasury as required under the Federal Reserve Act. The Federal Reserve Act requires the Reserve Banks to remit excess earnings to the…
Acting Comptroller Discusses Crypto-Assets and Regulation
January 13, 2022 / Source: OCC
News Release 2022-2 | January 13, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the regulation of stablecoins and other crypto-assets before the BritishAmerican Business Transatlantic Finance Forum 2021-2022 Executive Roundtable. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting
January 13, 2022 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No Surprises Act, or who…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Washington Affected by Flooding and Mudslides
January 12, 2022 / Source: FDIC
Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Washington affected by flooding and mudslides. A copy of the Guidance can be found on the FDIC’s website. Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions. Highlights: Flooding and…
Summary of Commentary on Current Economic Conditions by Federal Reserve District Jan 2022
January 12, 2022 / Source: FRB
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…
Our public inquiry on buy now, pay later
January 12, 2022 / Source: CFPB
Several weeks ago, we issued a market-monitoring inquiry into “buy now, pay later” (BNPL) products and business practices. Now we are inviting anyone interested in this market to submit comments — including families, small businesses, and international regulators. Use of BNPL has seen astronomical growth. Companies like Affirm, Afterpay, Klarna, PayPal, and Zip (formerly Quadpay)…
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…