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Consumer Financial Protection Bureau Issues Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit
December 10, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans. Lenders are required under the law to determine that consumers have the ability to repay mortgage loans before lenders make those loans. Loans that meet legal standards for QM loans are presumed to be loans for which…
FHFA Further Extends COVID-Related Loan Flexibilities 12/10/2020
December 10, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until January 31, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on December 31, 2020. Extended flexibilities…
Revisions to the Consolidated Reports of Condition and Income (Call Report)
December 9, 2020 / Source: FDIC
Financial Institution Letter December 9, 2020 | FIL-111-2020 Summary: On November 30, 2020, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached initial regulatory…
Consumer Financial Protection Bureau Settles with Debt Collector for Engaging in Deceptive Debt Collection Practices in Three States DEC 08, 2020 SHARE & PRINT • • • • • WASHI
December 9, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against RAB Performance Recoveries, LLC (RAB) for threatening to sue and suing consumers to collect debts where it did not have a legally required license to do so. Through 2012, RAB, a New Jersey company, purchased and collected consumer debts from debt…
Arkansas Project Manager Sentenced In Connection With COVID-Relief Fraud
December 8, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE A project manager employed by a major retailer was sentenced to 24 months in prison followed by five years of supervised release for fraudulently seeking more than $8 million in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act announced…
SAR 84 – Semiannual Report to Congress for the period ending September 30, 2020
December 8, 2020 / Source: HUD
SAR 84 HUD OIG SAR 84.PDF The Inspector General Act of 1978 requires the Inspector General to prepare semiannual reports summarizing the activities of the Office of Inspector General for the preceding six-month periods. The semiannual reports are intended to keep the Secretary and the Congress fully informed of significant findings, progress the Agency has…
Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2021
December 7, 2020 / Source: FRB
The Federal Reserve Board on Monday announced the annual indexing of the reserve requirement exemption amount and the low reserve tranche. The annual indexation and publication of these amounts are required by statute but will not affect depository institutions' reserve requirements, which will remain zero. For all net transaction accounts in 2021, the reserve requirement…
Publication of New and Updated Iran-related Frequently Asked Questions
December 7, 2020 / Source: OFAC
Publication of New and Updated Iran-related Frequently Asked Questions Release date 12/07/2020 Body The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two new Iran-related Frequently Asked Questions (FAQs) 855 and 856. Additionally, OFAC is also publishing updates to Iran-related FAQs 830, 831, 832, and 847.
Consumer Financial Protection Bureau and Multiple States Enter into Settlement with Nationstar Mortgage, LLC for Unlawful Servicing Practices DEC 07, 2020
December 7, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar). The Bureau’s action is part of a coordinated effort between the Bureau, a multistate group of state attorneys general, and state bank regulators. The Bureau alleges…
U.S. Law Enforcement Takes Action Against Approximately 2,300 Money Mules In Global Crackdown On Money Laundering
December 4, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Department of Justice and Partner Agencies Stop the Flow of Fraud Proceeds The U.S. Department of Justice, the FBI, the U.S. Postal Inspection Service, and six other federal law enforcement agencies announced the completion of the third annual Money Mule Initiative, a coordinated operation to disrupt the networks through which…
Consumer Financial Protection Bureau Sues LendUp Loans, LLC for Allegedly Violating the Military Lending Act
December 4, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against LendUp Loans, LLC (LendUp). The Bureau alleges that LendUp violated the Military Lending Act (MLA) in connection with its extensions of credit. LendUp, which has its principal place of business in Oakland, California, is an online lender that offers single-payment and installment…
FDIC Issues List of Banks Examined for CRA Compliance December 2020
December 4, 2020 / 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 September 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Beige Book December 2020
December 3, 2020 / Source: FRB
Beige Book Summary of Commentary on Current Economic Conditions by Federal Reserve District Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists,…
Project REACh Pledge Released to Promote Vitality of Minority Depository Institutions
December 3, 2020 / Source: OCC
News Release 2020-166 WASHINGTON—The Office of the Comptroller of the Currency today announced the release of the Project REACh Minority Depository Institution (MDI) Pledge. In doing so, Acting Comptroller of the Currency Brian P. Brooks encouraged all large and midsize banks to consider the pledge to develop meaningful partnerships with MDIs to help them remain a…
Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report Dec 2020
December 2, 2020 / Source: FDIC
Financial Institution Letter December 1, 2020 | FIL-110-2020 Summary: On November 23, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached final regulatory reporting changes in the Federal Register. …
Temporary Asset Thresholds: Interim Final Rule
December 2, 2020 / Source: OCC
OCC Bulletin 2020-107 To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On December 2, 2020, the Office of the Comptroller of the Currency (OCC), together with the Board of Governors of the Federal Reserve System (Board) and the Federal Deposit…
FDIC-Insured Institutions Reported Improved Profitability in Third Quarter 2020
December 2, 2020 / Source: FDIC
For Release Quarterly Net Income Improved, Primarily Because of Lower Provision Expense Net Interest Margin Fell to a Record Low Loan and Lease Balances Declined, Driven by Reduced Commercial and Industrial Lending Activity Noncurrent Loan Balances Increased Modestly Community Banks Reported a 10 Percent Increase in Net Income Year Over Year “The banking industry exhibited…
OCC Releases CRA Evaluations for 39 National Banks and Federal Savings Associations
December 2, 2020 / Source: OCC
News Release 2020-164 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 November 1, 2020 through November 30, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
OCC Reduces 2021 Assessments on National Banks and Federal Savings Associations
December 2, 2020 / Source: OCC
News Release 2020-163 WASHINGTON—The Office of the Comptroller of the Currency (OCC) is reducing the rates in all Fee Schedules by 3 percent for the 2021 calendar year. The 2021 reduction is in addition to the 10 percent reduction to all Fee Schedules in 2020 and to the General Assessment Fee Schedule in 2019. The reduction…
Consumer Financial Protection Bureau Issues No Action Letter to Facilitate the Use of Artificial Intelligence for Pricing and Underwriting Loans
November 30, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement…
Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31
November 30, 2020 / Source: FRB
Press Release The Federal Reserve Board on Monday announced an extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31. By backstopping critical short-term funding markets, these facilities are supporting market functioning and enhancing the flow of credit to the economy. The extension,…
FDIC Issues CRA Examination Schedules for First Quarter 2021 and Second Quarter 2021
November 30, 2020 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2021 and second 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…
Consumer Financial Protection Bureau Finalizes Advisory Opinions Policy and Announces Two New Advisory Opinions
November 30, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued its final Advisory Opinions Policy (Policy) to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to entities on outstanding regulatory uncertainty. Under the final Policy, entities seeking to comply with regulatory requirements can submit a request to the Bureau where uncertainty…
OCC Issues First Quarter and Second Quarter 2021 CRA Evaluation Schedule
November 30, 2020
News Release 2020-162 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first quarter and second quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public comments…
Agencies Issue Statement on LIBOR Transition
November 30, 2020 / Source: OCC
News Release 2020-161 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR…