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Acting Comptroller Discusses Reforming Overdraft Programs
December 9, 2021 / Source: OCC
News Release 2021-129 | December 8, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed reforming bank overdraft programs to improve individuals’ financial health in remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Acting Comptroller Issues Statement on HUD Guidance for Special Purpose Credit Programs
December 9, 2021 / Source: OCC
News Release 2021-130 | December 9, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding special purpose credit programs: Recently, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act (ECOA) and Regulation B generally do not…
How Should Regulators Review Bank Mergers?
December 9, 2021 / Source: CFPB
By Rohit Chopra – DEC 09, 2021 Across our economy, major sectors have become more consolidated. But consolidation can actually make it more difficult for smaller players to break in, denying the public of the benefits of competition. It can also make our economy less resilient and more vulnerable to shocks. At the Consumer Financial Protection…
Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags
December 9, 2021 / Source: CFPB
By Lorelei Salas – DEC 09, 2021 In 2021, we’ve seen many promising signs that the economy is reopening and recovering, including lower unemployment and more household spending. At the same time, our recovery remains fragile, and millions of families continue to struggle to afford their mortgage payments. Through our supervision of the financial marketplace, we…
The LIBOR index for adjustable-rate loans is being discontinued: here’s what to watch for
December 8, 2021 / Source: CFPB
By Davida Farrar – DEC 07, 2021 By June 2023, the LIBOR indexes that historically have been used to set interest rates for many types of adjustable-rate loans will be phased out. For consumers with adjustable-rate mortgages, reverse mortgages, student loans, HELOCs, or credit cards, this may mean a change to the way your lenders and…
Anti-Money Laundering Regulations for Real Estate Transactions
December 8, 2021 / Source: FinCEN
Release Date December 08, 2021 Anti-Money Laundering Regulations for Real Estate Transactions Action Type Advanced Notice of Proposed Rulemaking (ANPRM)
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021
December 8, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021. “Today’s report reveals…
CFPB Issues Final Rule to Facilitate Transition from LIBOR DEC 07, 2021
December 7, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the…
Statement of Director Rohit Chopra on the LIBOR Transition Rule
December 7, 2021 / Source: CFPB
In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to…
Statement by CFPB Director Rohit Chopra on HUD Guidance on Special Purpose Credit Programs
December 7, 2021 / Source: CFPB
Earlier today, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act. The special purpose credit program provisions of ECOA and Regulation B provide targeted means by which creditors can better…
Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)
December 7, 2021 / Source: FinCEN
Millions of corporations, limited liability companies, and other entities are formed within the United States each year. While such entities play an essential and legitimate role in the U.S. and global economies, they can also be used to facilitate illicit activity, such as corruption, and enable those who threaten U.S. national security to access and…
OCC Reports on Risks, Effects of COVID-19 Pandemic on Federal Banking System
December 6, 2021 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021. Banks are weathering the COVID-19 crisis with resilience and satisfactory credit quality and strong earnings, but weak…
FDIC Launches Office of Supervisory Appeals
December 6, 2021 / Source: FDIC
Summary: On December 6, 2021, the FDIC’s new Office of Supervisory Appeals (Office) became fully operational and will begin to consider and decide appeals of material supervisory determinations. The new Office will enhance the independence of the FDIC’s supervisory appeals process and further the FDIC’s goal of ensuring consistency and accountability in the examination process….
FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance
December 6, 2021
RE_ANPRM_FRN_120321_FINAL_508.pdf WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. The systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability…
U.S. Treasury Supports National Action Plan to Combat Human Trafficking
December 3, 2021 / Source: Treasury
WASHINGTON – As a part of the Biden Administration’s commitment to fight against human trafficking, the U.S. Department of the Treasury announced measures to contribute to the updated National Action Plan (NAP) to Combat Human Trafficking and play a part in countering this grave human rights abuse. The NAP brings a whole-of-government approach to address a range…
Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders
December 3, 2021 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued a report on the FDIC’s Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders. Money laundering is a serious crime that aims to conceal or disguise the illicit proceeds of another unlawful activity. The Bank Secrecy Act (BSA) has established recordkeeping…
Give us feedback on the draft CFPB Strategic Plan for FY 2022 – 26
December 2, 2021 / Source: CFPB
The CFPB is required to publish a new strategic plan that communicates the Bureau’s mission, strategic goals, and objectives for the next four years – and we are encouraged to provide an opportunity for the public to comment. We have posted our draft Strategic Plan for fiscal years 2022 to 2026, and we look forward…
CFPB Ombudsman’s Office 2021 Annual Report
December 2, 2021 / Source: CFPB
By Wendy Kamenshine – DEC 02, 2021 The Ombudsman’s Office annual report, which I delivered to the Director, is available today on our webpage. December also marks the Ombudsman’s Office’s tenth anniversary. We look forward to celebrating this milestone in the coming year. Our office is an independent, impartial, and confidential resource that assists consumers, financial entities,…
OCC Announces Assessment Rates for Calendar Year 2022
December 1, 2021 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is publishing its assessment rates for the 2022 calendar year, maintaining the rates established for 2021. The 2022 assessment rates will ensure the agency has sufficient resources to recruit, train, and retain the talent and experience necessary to perform its important mission and continue to invest…
Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services December 2021
December 1, 2021 / Source: FRB
The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 3, 2022, for payment services the Federal Reserve Banks provide to depository institutions, known as priced services. Overall, the Reserve Banks estimate that the price changes will result in a 3.7 percent average price increase. Increases in the fee schedule for…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual December 2021
December 1, 2021 / Source: FFIEC
The Federal Financial Institutions Examination Council (FFIEC) today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: Introduction – Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons The updates should not be interpreted…
CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees
December 1, 2021 / Source: CFPB
Overdraft and Non-Sufficient Fund Penalties Made up Two-Third of Reported Fee Revenue WASHINGTON, D.C. — Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans December 2021
December 1, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. The threshold amount will be effective January 1, 2022, and is based…
Testimony of Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
November 30, 2021 / Source: Treasury
As prepared for delivery Chairman Brown, Ranking Member Toomey, members of the Committee: It is a pleasure to testify today. November has been a very significant month for our economy, and Congress is a large part of the reason why. Our economy has needed updated roads, ports, and broadband networks for many years now,…
Coronavirus and CARES Act
November 30, 2021 / Source: FRB
Chairman Brown, Ranking Member Toomey, and other members of the Committee, thank you for the opportunity to testify today. The economy has continued to strengthen. The rise in Delta variant cases temporarily slowed progress this past summer, restraining previously rapid growth in household and business spending, intensifying supply chain disruptions, and, in some cases, keeping…