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FHFA Announces Conforming Loan Limits for 2021
November 25, 2020 / Source: FHFA
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 FOR IMMEDIATE RELEASE 11/24/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL)…
Minutes of the Federal Open Market Committee, November 4-5, 2020
November 25, 2020 / 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 November 4-5, 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…
OCC Proposes Rule Regarding the CRA General Performance Standards
November 24, 2020 / Source: OCC
News Release 2020-160 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to…
OCC Assesses $250 Million Civil Money Penalty Against JPMorgan Chase Bank, N.A.
November 24, 2020 / Source: OCC
News Release 2020-159 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A. The OCC took this action based on the bank’s failure to maintain adequate internal controls and internal audit over its fiduciary business. The OCC found the bank’s risk management practices were…
OCC Finalizes Update to Activities and Operations Rule
November 24, 2020 / Source: OCC
News Release 2020-158 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule that updates its rules for national bank and federal savings association activities and operations. The rule is part of the OCC’s continuous effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encourage economic…
Consumer Financial Protection Bureau Sues Debt Settlement Company FDATR, Inc., and Owners Dean Tucci and Kenneth Wayne Halverson
November 23, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson. The Bureau alleges that FDATR, Tucci, and Halverson violated the Telemarketing Sales Rule (TSR) by engaging in deceptive and abusive telemarketing acts or practices and the Consumer Financial Protection Act of…
Consumer Financial Protection Bureau Settles with U.S. Equity Advantage, Inc. and Its Owner, Robert M. Steenbergh, for Deceptive Sales Practices
November 23, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against U.S. Equity Advantage, Inc. (“USEA”) and its owner, Robert M. Steenbergh. The Bureau found that the company’s disclosures and advertisements of its auto loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition…
Mutual to Stock Conversions: New Comptroller’s Licensing Manual Booklet
November 23, 2020 / Source: OCC
OCC Bulletin 2020-102 To Chief Executive Officers of All Federal Savings Associations; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) issued today the “Mutual to Stock Conversions” booklet of the Comptroller’s Licensing Manual. The new booklet incorporates provisions of the revised regulation (12 CFR…
Agencies Provide Temporary Relief to Community Banking Organizations
November 21, 2020 / Source: OCC
News Release 2020-157 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies on Friday announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in…
Proposed Rule Would Ensure Fair Access to Bank Services, Capital, and Credit
November 21, 2020 / Source: OCC
News Release 2020-156 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today proposed a rule to ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The proposal would codify more than a decade of OCC guidance stating that banks should provide access…
Federal Reserve Board issues final rule modifying the annual assessment fees for its supervision and regulation of large financial companies
November 19, 2020 / Source: FRB
Press Release The Federal Reserve Board on Thursday issued a final rule modifying the annual assessment fees for its supervision and regulation of large financial companies, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is nearly identical to the proposal issued in November 2019. The final rule…
Agencies Release Fact Sheet to Clarify Bank Secrecy Act Due Diligence Requirements for Banks and Credit Unions that Offer Services to Charities and Non-Profits
November 19, 2020 / Source: FDIC
Press Release Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit unions compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights…
OCC Enforcement Actions and Terminations November 2020
November 19, 2020 / Source: OCC
News Release 2020-154 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…
Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions 11/18/20
November 19, 2020 / Source: CFPB
WASHINGTON, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans 11/18/20
November 19, 2020 / Source: OCC
News Release 2020-153 Joint Release Federal Reserve Board of Governors Consumer Financial Protection Bureau Office of the Comptroller of the Currency WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021…
Seven Charged in Connection with a COVID-Relief Fraud Scheme Involving more than 80 Fraudulent Loan Applications Worth Approximately $16 Million
November 17, 2020 / Source: DOJ
Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Tuesday, November 17, 2020 Seven individuals across two states were charged in an indictment unsealed today for their alleged participation in a scheme to obtain approximately $16 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus…
FHFA Releases FY 2020 Performance and Accountability Report
November 17, 2020 / Source: FHFA
News Release FOR IMMEDIATE RELEASE Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2020. For the twelfth consecutive year, FHFA…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding
November 16, 2020 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Puerto Rico Affected by Severe Storms and Flooding FIL-105-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms and…
Bureau seeks formal comments to inform forthcoming guidance on serving LEP consumers
November 16, 2020 / Source: CFPB
Over 65 million people, or about 21 percent of the U.S. population over the age of five, speak a language other than English at home and two-fifths of these have limited proficiency in English. Limited English Proficient (LEP) consumers often face numerous obstacles to accessing financial products and services, many stemming from language barriers. Financial…
OCC Finalizes Rule to Eliminate Unnecessary Licensing Requirements
November 16, 2020 / Source: OCC
News Release 2020-150 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent with safe, sound, and fair operation of…
FHFA Further Extends COVID-Related Loan Flexibilities November 2020
November 13, 2020 / Source: FHFA
News Release FOR IMMEDIATE RELEASE 11/13/2020 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 December 31, 2020. The changes are to ensure continued support for bor rowers during the COVID-19 national emergency. The flexibilities were set to expire on…
Surge in COVID-19 Cases Poses Threat to Business and Consumer Sentiment
November 13, 2020 / Source: Fannie Mae
Economic & Housing Weekly Note November 13, 2020 Key Takeaways: The National Federation of Independent Business (NFIB) Small Business Optimism Index was unchanged in October, remaining at 104.0, just below the level seen in February. On net, the share of firms planning on increasing employment fell 5 percentage points to 18 percent, the first decrease…
Consumer Financial Protection Bureau Announces Settlement with Debt Collector for Credit Reporting Violation
November 12, 2020 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Afni, Inc. (Afni) to address its violations in providing information to consumer reporting agencies (CRAs). Afni is a non-bank Illinois-based debt collector that specializes in collecting debt on behalf of telecommunications companies and furnishes information to consumer reporting agencies (CRAs) about consumers’…
FinCEN Holds Virtual FinCEN Exchange on Ransomware
November 12, 2020 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers, and federal government agencies to discuss growing concerns regarding ransomware, as well as the efforts to curtail it. Topics discussed included ransomware detection and reporting, emerging trends and typologies, and recovery…
New report explores the prevalence of actual payment information in consumer credit reporting
November 12, 2020 / Source: CFPB
Today the Consumer Financial Protection Bureau released the latest quarterly consumer credit trends report exploring the prevalence of actual payment information in consumer credit reporting. Financial institutions’ decisions regarding what data are sent (or “furnished”) to consumer reporting agencies carry important implications for which factors lenders use to evaluate consumers. For consumers seeking credit, actual payment information…