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CFPB Takes Action to Stop False Identification by Background Screeners
November 4, 2021 / Source: CFPB
Mistaken identity matching undermines housing and labor market recoveries WASHINGTON, D.C. — The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, where an applicant…
Acting Comptroller Discusses Regulatory Perimeter
November 4, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed clarifying and modernizing the bank regulatory perimeter at the American Fintech Council’s Fintech Policy Summit 2021. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Federal Reserve issues FOMC statement November 3rd, 2021
November 3, 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…
Remarks by Secretary of the Treasury Janet L. Yellen at COP26 in Glasgow, Scotland: “Delivering Finance for Emerging Markets and Developing Economies
November 3, 2021 / Source: Treasury
Thank you all for the chance to speak today. I know some of you and have met many new colleagues since I have arrived. Because the reality is, it is not common for Finance Ministers to attend a COP. In fact, I am the first U.S. Treasury Secretary to do so. The reason I am…
FDIC Creates New Office of Minority and Community Development Banking to Support Mission-Driven Banks
November 2, 2021 / Source: FDIC
WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today announced the creation of a new office to support the agency’s ongoing strategic and direct engagement with Minority Depository Institutions (MDIs), Community Development Financial Institution banks (CDFIs), and other mission-driven banks. The new office will further promote private sector investments in low- and moderate-income…
CFPB Finds Credit Report Disputes Far More Common in Majority Black and Hispanic Neighborhoods
November 2, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released research finding that consumers in majority Black and Hispanic neighborhoods, as well as younger consumers and those with low credit scores, are far more likely to have disputes appear on their credit reports. The new research is a part of a series of reports focusing…
Statement by the Acting Comptroller of the Currency on the Report on Stablecoins
November 1, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement on release of the Report on Stablecoins by the President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency: I want to thank Secretary Yellen for the opportunity to work with the PWG…
Economy Statement by Catherine Wolfram, Acting Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee November 1, 2021
November 1, 2021 / Source: Treasury
The U.S. economy grew rapidly during the first half of this year, bringing the level of real GDP above the pre-pandemic level by the second quarter. However, the pace of real GDP growth slowed in the third quarter, in large part due to supply-side disruptions that have been exacerbated by the persistence of the pandemic. …
Remarks by Under Secretary for Domestic Finance Nellie Liang to the Stanford Graduate School of Business
November 1, 2021 / Source: Treasury
Thank you, Professor Duffie, for allowing me to speak here today and talk with you about the new report on stablecoins by the President’s Working Group on Financial Markets (PWG). The PWG, which includes Treasury, the Federal Reserve Board, the SEC, and the CFTC, was created to strengthen U.S. financial markets. Secretary Yellen convened…
Report on U.S. Portfolio Holdings of Foreign Securities at End-Year 2020
October 29, 2021 / Source: Treasury
WASHINGTON – The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2020 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of…
The Substantial Revenue-Raising Potential of Tax Compliance Efforts
October 29, 2021 / Source: Treasury
By: Natasha Sarin, Deputy Assistant Secretary for Economic Policy Today, the “tax gap”—the difference between taxes owed to the federal government and taxes collected totals around $600 billion annually. Over a decade, left unaddressed, we will lose $7 trillion from those who fail to pay what they owe. This tax gap is not distributed evenly: unpaid…
FinCEN Renews Real Estate Geographic Targeting Orders for 12 Metropolitan Areas
October 29, 2021 / Source: FinCEN
October 29, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area. The terms of…
Retail Lending: Revised Comptroller’s Handbook Booklet and Rescissions
October 28, 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 issued version 2.0 of the “Retail Lending” booklet of the Comptroller’s Handbook. This booklet discusses risks associated with retail…
Truth in Lending Act: Revised Interagency Examination Procedures and Rescissions
October 28, 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 Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council1 (FFIEC) has adopted revised interagency examination procedures for the Truth in Lending Act (TILA), implemented…
Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC’s June 2020 CRA Rule
October 27, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about a notice of proposed rulemaking soliciting comments on the proposal to…
OCC Issues Consent Order Against Cenlar FSB
October 27, 2021 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today issued a Consent Order against Cenlar FSB of Ewing, N.J. The OCC took this action based on the bank’s failure to establish effective controls and risk management practices related to its mortgage servicing and subservicing activities. The order requires the bank to take comprehensive corrective…
Treasury Sanctions Libyan Individual for Serious Human Rights Abuse of African Migrants
October 26, 2021 / Source: Treasury
Corresponding UN Security Council Designation Highlights Focus on Abuse of Migrants WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), corresponding with an action by the United Nations Security Council, sanctioned Libyan national Osama Al Kuni Ibrahim (Al Kuni), who is responsible for serious human rights abuse against migrants…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies October 26, 2021
October 26, 2021 / Source: FinCEN
Immediate Release October 26, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists…
Acting Comptroller Discusses LIBOR Cessation and Replacement
October 26, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of maintaining trust in the banking system during the transition from LIBOR to replacement rates at the Alternative Reference Rates Committee (ARRC) Symposium. His remarks highlighted the importance of a smooth transition away from LIBOR and the potential negative effects that complacency by…
More than 510,000 Households Received Emergency Rental Assistance in September, Totaling Nearly $2.8 Billion in Payments
October 25, 2021 / Source: Treasury
WASHINGTON — State and local governments distributed nearly $2.8 billion from the Department of Treasury’s Emergency Rental Assistance (ERA) program to more than 510,000 households in September, up from 459,000[1] in August. Through September 30, state, local, and Tribal governments have made over 2 million payments to households and distributed over $10 billion. The September data…
A Coordinated Strategy to Advance Racial Equity at Treasury
October 25, 2021 / Source: Treasury
By Deputy Secretary of the Treasury Wally Adeyemo President Biden has made clear since Day One that advancing racial equity is not just a moral priority for our country—it is also critical to our economic success. Taking steps to unlock the unrealized potential of underserved communities makes our economy stronger and benefits all Americans. This…
The Lack of New Bank Formations is a Significant Issue for the Banking Industry
October 22, 2021 / Source: FRB
Governor Michelle W. Bowman At the 2021 Community Bankers Symposium: Banking on the Future, Federal Reserve Bank of Chicago, Chicago, Illinois Good morning. I appreciate the opportunity to be part of this symposium on “Banking on the Future,” especially since the future of banking is one of the highest priorities in my work at the…
Remarks by FDIC Chairman Jelena McWilliams at the 2021 Community Bankers Symposium: Banking on the Future
October 22, 2021 / Source: FDIC
Thank you for your participation in this symposium. Though I wish we could have held this event in person, I am grateful to everyone who helped to organize and who participated in this event. Especially in times like these, it is critical for us to come together to celebrate the successes of our community banks…
Remarks by Acting Comptroller Michael J. Hsu at the Department of Justice, Combatting Redlining Initiative Announcement
October 22, 2021 / Source: OCC
October 22, 2021 It is an honor to be here today and to share this stage with our great partners at DOJ and CFPB. As the regulator of our nation’s largest banks and of community and midsize banks all across our great country, one of my highest priorities as Acting Comptroller of the Currency is…
Payment Systems: Revised Comptroller’s Handbook Booklet and Rescissions
October 21, 2021 / Source: OCC
OCC Bulletin 2021-49| October 21, 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) issued today the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared…