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U.S. Economic Outlook and Monetary Policy
January 8, 2021 / Source: FRB
U.S. Economic Outlook and Monetary Policy Vice Chair Richard H. Clarida At the C. Peter McColough Series on International Economics Council on Foreign Relations, New York, New York (via webcast) It is my pleasure to meet virtually with you today at the Council on Foreign Relations.1 I regret that we are not doing this session in…
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
January 8, 2021 / Source: SBA
PRESS RELEASES WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First…
Treasury issues millions of second Economic Impact Payments by debit card
January 7, 2021 / Source: IRS
IR-2021-06 WASHINGTON — Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. These EIP Cards follow the millions of payments already made by direct deposit and the ongoing mailing of paper checks that are delivering the second round of…
Federal Reserve Board issues enforcement action with former employee of Community Financial Services Bank
January 7, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent prohibition against Carolyn E. Flynn Former employee Community Financial Services Bank, Benton, Kentucky Unsafe and unsound lending and customer information practices Search of Federal Reserve enforcement actions. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: January…
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations January 7, 2021
January 7, 2021 / Source: OCC
News Release 2021-5 OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations 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 December 1, 2020 through December 31, 2020. The list contains only national banks, federal…
Minutes of the Federal Open Market Committee, December 15-16, 2020
January 6, 2021 / Source: FRB
Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 15–16, 2020. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in…
Acting Comptroller of the Currency Issues Statement on CFPB Task Force Study Regarding Federal Fintech Charters
January 6, 2021 / Source: OCC
News Release 2021-3 WASHINGTON — Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon release of the Consumer Financial Protection Bureau’s (CFPB) task force report (PDF) endorsing the need for federal charters for financial technology (fintech) companies. The thoughtful report by the task force created by the CFPB concludes that the nation needs federal…
Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report
January 5, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace. The Taskforce Report uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory framework: consumer protection,…
Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities
January 5, 2021 / Source: OCC
News Release 2021-2 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. “While governments in other countries have built real-time payments systems, the United States…
OCC Proposes Rule Regarding Permissible Bank Premises
January 4, 2021 / Source: OCC
News Release 2021-1 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to codify permissibility standards for real estate used as national bank or federal savings association premises. The proposed rule would clarify standards for determining when real estate is necessary for the transaction of an institution’s…
Consumer Financial Protection Bureau Issues an Approval Order to Facilitate Employee Access to Earned but Unpaid Wages
January 4, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to PayActiv regarding specific aspects of some of its earned wage access (EWA) products. EWA products allow employees access to their earned but unpaid wages prior to payday. Issued under the CAS Policy from last year, a CAS approval offers an…
FDIC Issues List of Banks Examined for CRA Compliance January 4, 2021
January 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 October 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Consumer Financial Protection Bureau Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
December 30, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Omni Financial of Nevada, Inc. (Omni). The Bureau found that Omni violated the Military Lending Act (MLA), Electronic Fund Transfer Act (EFTA), and Consumer Financial Protection Act of 2010 (CFPA) in connection with making installment loans. Omni, which has its principal…
Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards
December 30, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.” The card is designed for consumers with a limited or damaged credit history as a tool that can be used to establish or reestablish a favorable credit history….
Federal Reserve extends termination date of Main Street Lending Program facilities to January 8, 2021 to allow more time to process and fund loans that were submitted to Main Street lender portal on o
December 29, 2020 / Source: FRB
For release at 11:00 a.m. EST In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021. As described…
FHFA Issues RFI on Appraisal-Related Policies, Practices, and Processes
December 29, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on appraisal-related policies, practices, and processes. The input received in response to the RFI will be used by FHFA to determine the necessary modifications needed to ensure Fannie Mae and Freddie Mac (the Enterprises) operate in a safe…
FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks
December 28, 2020 / Source: FinCEN
Immediate Release December 28, 2020 The Financial Crimes Enforcement Network (FinCEN) issued a Notice today to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution. This Notice also provides specific instructions for filing Suspicious Activity Reports (SARs) regarding such suspicious activity…
FDIC Makes Public November Enforcement Actions Monday, December 28, 2020
December 28, 2020 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2021. The FDIC issued 10 orders in November 2020. The administrative enforcement actions in those orders consisted of two civil money penalties,…
Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
December 23, 2020 / Source: FDIC
FIL-116-2020 Summary: On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the…
Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawfu
December 23, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. (collectively, Discover) based on the Bureau’s findings that Discover violated a prior Bureau order, the Electronic Fund Transfer Act (EFTA), and the Consumer Financial Protection Act of 2010 (CFPA). Discover Bank,…
Activities and Operations of National Banks and Federal Savings Associations: Final Rule
December 23, 2020 / Source: OCC
OCC Bulletin 2020-111 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) has issued a final rule to amend its regulations in 12 CFR 7, “Activities and Operations.”…
Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
December 22, 2020 / Source: CFPB
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary…
Federal Reserve Board invites public comment on proposed amendments to Regulation D and issues final rule amending Regulation D with regard to reserve requirement ratios on transaction accounts
December 22, 2020 / Source: FRB
Press Release December 22, 2020 The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an “interest on required reserves” (“IORR”) rate and to an “interest on excess reserves” (“IOER”) rate would be…
Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363: Revised Interagency Statement
December 22, 2020 / Source: OCC
OCC Bulletin 2020-110 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), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation…
Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations
December 21, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Envios de Valores La Nacional (La Nacional) based on the Bureau’s finding that La Nacional violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA. La Nacional is a large remittance transfer provider incorporated in New York…