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Emergency Capital Investment ProgramĀ Available for Community Development Financial Institutions and Minority Depository Institutions
March 10, 2021 / Source: FDIC
Financial Institution Letter FIL-15-2021 Summary: The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021. Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. Department…
HUD APPROVES AGREEMENT WITH JPMORGAN CHASE RESOLVING CLAIMS OF RACE DISCRIMINATION IN APPRAISALS
March 9, 2021 / Source: HUD
JPMorgan Chase allegedly valued a home for less than its worth because of owner's race WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has approved a Conciliation Agreement between JPMorgan Chase Bank and an African-American woman, resolving the woman’s claim that the mortgage lender, relying on an appraisal…
FinCEN Informs Financial Institutions of Efforts Related to Trade in Antiquities and Art
March 9, 2021 / Source: FinCEN
FinCEN Informs Financial Institutions of Efforts Related to Trade in Antiquities and Art FinCEN Notice on Antiquities and Art_508C.pdf Immediate Release March 09, 2021 Financial Institution Casinos Depository Institutions Insurance Industry Money Services Businesses Mortgage Co/Broker Precious Metals/Jewelry Industry Securities and Futures
CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal
March 9, 2021 / Source: CFPB
Industry is on notice that Bureau will not tolerate illegal discrimination against the LGBTQ+ community WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers…
Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and Community Development Financial Institutions
March 9, 2021 / Source: OCC
News Release 2021-29 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial…
Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021
March 8, 2021 / Source: FRB
Press Release The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial…
Industry Webinar on Final Rule Revising Brokered Deposits and Interest Rate Restrictions
March 8, 2021 / Source: FDIC
Financial Institution Letter FIL-14-2021 Summary: The FDIC will host a webinar for bankers and other interested parties on Wednesday, March 17, 2021 from 1:00 p.m. to 2:30 p.m., Eastern Time, to discuss the recent revisions to the regulations on brokered deposits and interest rate restrictions in Part 337 of the FDIC’s Rules and Regulations. The…
Community Reinvestment Act:Ā Interagency Frequently Asked Questions Related to the COVID-19 Pandemic
March 8, 2021 / Source: OCC
OCC Bulletin 2021-12 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), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today published…
Federal Reserve Board issues enforcement action with Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc
March 5, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday 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 Written Agreement dated February 24, 2021
Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams
March 5, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard…
Risk Management Manual of Examination Policies March 5, 2021
March 5, 2021 / Source: FDIC
The FDIC’s Risk Management Manual of Examination Policies (RMS Manual) has been updated.The RMS Manual provides FDIC staff information relating to examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination…
FDIC Issues List of Banks Examined for CRA Compliance March 4, 2021
March 4, 2021 / Source: FDIC
Press Release 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 December 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule
March 4, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts…
Servicemembers Civil Relief Act:Ā Revised Comptroller’s Handbook Booklet and Rescissions
March 4, 2021 / Source: OCC
OCC Bulletin 2021-11 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 “Servicemembers Civil Relief Act” booklet of the Comptroller’s Handbook. This booklet provides information…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms
March 3, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by Severe Winter Storms FIL-13-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe winter storms. A copy of…
FDIC Releases Strategic Plan to Reinforce Diversity, Equity, and Inclusion Within the Agency and Among the Financial Institutions It Supervises
March 3, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released the agency’s latest strategic plan to incorporate and promote diversity, equity, and inclusion (DEI) in every aspect of its mission and operations. Read the FDIC’s Diversity, Equity, and Inclusion Strategic Plan. “My goal is to build and maintain an FDIC workforce that is talented,…
Looking Back on 2020
March 3, 2021 / Source: FDIC
2020 was a year most of us would gladly forget. The global pandemic turned our personal and economic lives upside down —but how did our banks fare and how did our banking system hold up? Pat Mitchell and Meg Hanrahan, two senior FDIC financial analysts, look back on 2020 and how our nation’s banks navigated…
Acting Comptroller Marks Anniversary of Freedman’s Bank and the National Currency Act
March 3, 2021 / Source: OCC
News Release 2021-28 WASHINGTON—Today, Acting Comptroller of the Currency Blake Paulson issued the following statement to staff to recognize the 158th anniversary of the National Currency Act, which created the Office of the Comptroller of the Currency, and the 156th anniversary of the Freedman’s Savings and Trust Company. Over the last week we’ve seen two important…
Federal Reserve Board issues enforcement actions with former employee of Gateway Bank and former employee of SunTrust Bank
March 2, 2021 / Source: FRB
Press Release March 02, 2021 For release at 11:00 a.m. EST Share The Federal Reserve Board on Tuesday announced the execution of the enforcement actions listed below: Consent Prohibition against Jessica Shirey Former employee of Gateway Bank, Rison, Arkansas Misappropriation of customer funds Consent Prohibition against Jeremy Boles Former employee of SunTrust Bank, Atlanta,…
OCC Releases CRA Evaluations for 13 National Banks and Federal Savings Associations
March 2, 2021 / Source: OCC
News Release 2021-27 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 February 1, 2021 through February 28, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that…
FHFA Authorizes More than $1 Billion for Affordable Housing Funds
March 1, 2021 / Source: FHFA
News Release Largest amount ever disbursed to Housing Trust Fund and Capital Magnet Fund, more than double 2019 amounts Washington, D.C. – FHFA Director Mark Calabria announced today that he has authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac's (the Enterprises) affordable housing allocations for 2020. This is the largest amount ever…
New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing
March 1, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least…
FDIC Issues CRA Examination Schedules for Second Quarter 2021 and Third Quarter 2021
February 27, 2021 / Source: FDIC
For Release The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2021 and third quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
Federal and State Regulators Release Updates to the BSA/AML Examination ManualĀ Ā
February 27, 2021 / Source: FFIEC
WASHINGTON – The Federal Financial Institutions Examination Council (FFIEC) today released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). Today’s updates affect the following Manual sections: Introduction – Assessing Compliance with Bank Secrecy Act Regulatory Requirements Customer Identification Program Currency Transaction Reporting Transactions of Exempt Persons The updates should not be…
FDIC Makes Public January Enforcement Actions Friday, February 26, 2021
February 27, 2021 / Source: FDIC
Press Release No Administrative Hearings Scheduled for March 2021 The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. There are no administrative hearings scheduled for March 2021. The FDIC issued 11 orders in January 2021. The administrative enforcement actions in those…