Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020
March 25, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately 542,300 complaints last year—a nearly 54% increase over the approximately…
OCC Hosts Minority Depository Institutions Advisory Committee Meeting April 13 Via Webinar
March 23, 2021 / Source: OCC
News Release 2021-36 | March 23, 2021 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, April 13, 2021, via webinar. The meeting is open to the public and will begin at 1:00 p.m. Eastern Daylight Time (EDT)….
OCC Reports Fourth Quarter 2020 Bank Trading Revenue
March 23, 2021 / Source: OCC
News Release 2021-37 | March 23, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $6.3 billion in the fourth quarter of 2020. The fourth quarter trading revenue was $588.0 million, or 8.5 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading…
FinCEN Exchange Brings Together Public and Private Stakeholders to Discuss Bank Secrecy Act Suspicious Activity Reporting Statistics
March 23, 2021 / Source: FinCEN
Immediate Release March 23, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange event to discuss Bank Secrecy Act (BSA) filing statistics for low-dollar, voluntarily-filed suspicious activity reports (SARs) that contain a transaction nexus to Arizona, New Mexico, Texas, Oklahoma, and Louisiana. During today’s event, representatives from depository institutions, money…
Emergency Capital Investment Program: Regulatory Capital Treatment of Instruments Issued Under the Emergency Capital Investment Program: Interim Final Rule
March 22, 2021 / Source: OCC
OCC Bulletin 2021-14| March 22, 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 On March 22, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and…
CFPB Submits 2020 Report to Congress on the Administration of the Fair Debt Collection Practices Act
March 22, 2021 / Source: CFPB
Report highlights commitment to protect consumers during the COVID-19 Pandemic WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who…
Federal Reserve System publishes annual financial statements March 22, 2021
March 22, 2021 / Source: FRB
Press Release The Federal Reserve System on Monday released the 2020 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, the Board of Governors, and five limited liability companies (LLC's) that manage and operate some of the credit facilities established by the Board…
Severe Weather in February Temporarily Dampens the Pace of Recovery
March 19, 2021 / Source: Fannie Mae
Economic & Housing Weekly Note March 19, 2021 Key Takeaways: The Federal Open Market Committee (FOMC) kept the target rate for the federal funds rate unchanged at 0.0 to 0.25 percent at its March 16-17 meeting, while also keeping the pace of asset purchases unchanged. The FOMC released new economic projections, showing a more positive…
Temporary Supplementary Leverage Ratio Changes to Expire as Scheduled
March 19, 2021 / Source: OCC
News Release 2021-35 | March 19, 2021 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March…
OCC Appoints Five New Members to Mutual Savings Association Advisory Committee
March 18, 2021 / Source: OCC
News Release 2021-34 | March 18, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today appointed five new members to its Mutual Savings Association Advisory Committee (MSAAC). The MSAAC's role includes assessing the condition of mutual savings associations, considering regulatory changes, and recommending steps the OCC may take to ensure the health and vitality of the…
OCC Appoints Seven New Members to Minority Depository Institutions Advisory Committee
March 18, 2021 / Source: OCC
News Release 2021-33 | March 18, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today named seven new members to its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC advises the OCC on steps it can take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions….
OCC Enforcement Actions and Terminations March 18, 2021
March 18, 2021 / Source: OCC
News Release 2021-32 | WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the…
Federal Reserve issues FOMC statement March 17, 2021
March 18, 2021 / Source: FRB
Press Release 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. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the…
Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers
March 18, 2021 / Source: CFPB
WASHINGTON, D.C. – Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued the following statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American Rescue Plan: “The Consumer Financial Protection Bureau is squarely focused on addressing the impact of the COVID-19 pandemic on economically vulnerable consumers and is looking carefully at…
Implementation of the Federal Civil Penalties Inflation Adjustment Act
March 16, 2021 / Source: OFAC
Release date The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2021 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This regulatory amendment adjusts for inflation the maximum amount of the civil monetary…
CFPB Takes Action Against Operators of An Unlawful Student Loan Debt-Relief Scheme
March 16, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued a student loan debt relief company, its owner, and manager for allegedly charging thousands of consumers more than $3.5 million in illegal upfront fees. The lawsuit filed in federal district court accuses California-based Student Loan Pro, Judith Noh, and Syed Gilani of violating the Telemarketing…
2020 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through June 30, 2021
March 15, 2021 / Source: FDIC
Financial Institution Letter FIL-17-2021 Summary: The FDIC’s Office of Minority and Women Inclusion (OMWI) encourages all FDIC-supervised financial institutions with 100 or more employees to submit voluntary self-assessments of their diversity policies and practices. The FDIC gathers and analyzes this information in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection…
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Louisiana Affected by Severe Winter Storms
March 15, 2021 / Source: FDIC
Financial Institution Letter FIL-18-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe winter storms. 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…
FDIC and University of Santa Clara to Host ‘Big Data’ Webinar Series
March 15, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the University of Santa Clara today announced a series of public webinars to explore the opportunities and challenges in leveraging big data for the banking industry. Banking on Data: Great Possibilities, Great Responsibilities is a series of five webinars scheduled throughout the year to include industry…
ACH Network Prepared to Deliver Economic Impact Payments to Americans Via Direct Deposit
March 12, 2021 / Source: NACHA
Statement from Nacha, the Administrator of the ACH Network, on the Passage of the American Rescue Plan Act HERNDON, Va., March 11, 2021 – President Biden has signed into law the American Rescue Plan Act, which provides for direct payments to many Americans. These payments will largely be delivered electronically by Direct Deposit over the ACH Network. Following…
Federal Reserve Board issues enforcement action with former employee of Fifth Third Bank
March 12, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent Prohibition Order against Chastaly Arroyo Former employee of Fifth Third Bank, Cincinnati, Ohio Unauthorized disclosure of customer account information Additional enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: March 11,…
FDIC to Host a Meeting of the Advisory Committee of State Regulators
March 11, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will convene a meeting of its Advisory Committee of State Regulators on Thursday, March 18, at 1:00 p.m. ET. The Committee members will discuss and receive updates on a range of policy issues regarding the regulation of state-chartered financial institutions throughout the U.S. and its…
Consumer Financial Protection Bureau Rescinds Abusiveness Policy Statement to Better Protect Consumers
March 11, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as…
Flood Disaster Protection Act: Proposed Interagency Questions and Answers Regarding Private Flood Insurance
March 11, 2021 / Source: OCC
OCC Bulletin 2021-13 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 On March 11, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit…
Fact Sheet: Changes to Paycheck Protection Program by Biden-Harris Administration Increase Equitable Access to Relief
March 10, 2021 / Source: SBA
Contact U.S. Small Business Administration at [email protected] Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways. Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities. Putting equity at the…