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Creating a New Model for the Future of Supervision
September 28, 2021 / Source: FRB
Speech PDF September 28, 2021 Creating a New Model for the Future of Supervision Governor Michelle W. Bowman At the Community Banking in the 21st Century Research and Policy Conference, St. Louis, Missouri (virtual conference) Good afternoon. I'm pleased to be able to join you again virtually for this year's Community Banking in the 21st…
OCC Reports Improvement in Mortgage Performance 2021-103
September 28, 2021 / Source: OCC
News Release 2021-103 | September 28, 2021 OCC Reports Improvement in Mortgage Performance WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2021. The OCC Mortgage Metrics Report, Second Quarter 2021 showed that 95.0 percent of mortgages included in the report were…
Maryland Man Facing Federal Indictment For Fraudulently Obtaining $3.5 Millions In COVID Relief Funds
September 27, 2021 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Maryland Man Facing Federal Indictment For Fraudulently Obtaining $3.5 Millions In COVID Relief Funds Law Enforcement Seizes an Additional $1.5 Million in Alleged Fraudulent Funds Greenbelt, Maryland – A federal grand jury has returned an indictment charging Rudolph Elwood Brooks, Jr., age 45, of Bowie, Maryland, with federal wire fraud…
Two Former Employees at New York Branch Of Major Bank And An Accountant Charged With Cares Act Loan Fraud
September 27, 2021 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Friday, September 24, 2021 Two Former Employees at New York Branch Of Major Bank And An Accountant Charged With Cares Act Loan Fraud Defendants Conspired with Others to Defraud a Major Bank and the Small Business Administration Out of Millions of Dollars in Federal Loan Funds Earlier today, in federal…
Navigating Delta Headwinds on the Path to a Full Recovery
September 27, 2021 / Source: FRB
Navigating Delta Headwinds on the Path to a Full Recovery Governor Lael Brainard At “Shocks, Shifts, and the Emerging Economic Landscape” 2021 Annual Meeting of the National Association for Business Economics, Arlington, Virginia It is a great honor to join the community of NABE Fellows, and I want to express my appreciation to the Board…
FDIC Makes Public August Enforcement Actions No Administrative Hearings Scheduled for October 2021
September 24, 2021 / Source: FDIC
Press Release FDIC Makes Public August Enforcement Actions No Administrative Hearings Scheduled for October 2021 Friday, September 24, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. There are no administrative hearings scheduled for October 2021….
Mutual Savings Associations: Requirements and Process for Voluntary Liquidation
September 24, 2021 / Source: OCC
OCC Bulletin 2021-45| September 24, 2021 Mutual Savings Associations: Requirements and Process for Voluntary Liquidation To Chief Executive Officers of All Federal Mutual Savings Associations; All Examining Personnel; and Other Interested Parties Summary This bulletin provides an overview of the regulatory requirements and process that the Office of the Comptroller of the Currency (OCC) uses to review a…
CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract
September 24, 2021 / Source: CFPB
CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and…
OCC Releases Fall/Winter Schedule of Virtual Workshops for Community Bank Directors
September 23, 2021 / Source: OCC
News Release 2021-102 | September 23, 2021 OCC Releases Fall/Winter Schedule of Virtual Workshops for Community Bank Directors WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its fall and winter schedule of free, virtual workshops for boards of directors of community national banks and federal savings associations. The OCC examiner-led workshops provide practical training and…
Federal Reserve Board issues enforcement action with former employee of Simmons Bank and announces termination of enforcement action with The Bank & Trust
September 23, 2021 / Source: FRB
Press Release September 23, 2021 Federal Reserve Board issues enforcement action with former employee of Simmons Bank and announces termination of enforcement action with The Bank & Trust The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent prohibition against Brent Harness Former employee of Simmons Bank, Benton, AK…
FinCEN Launches Regulatory Process For New Antiquities Regulations
September 23, 2021 / Source: FinCEN
FinCEN Launches Regulatory Process For New Antiquities Regulations Contact Strategic Communications, 703-905-3770 Immediate Release September 23, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a range of questions related to the implementation of amendments to the Bank Secrecy Act (BSA) regarding the trade…
Consumer Financial Protection Bureau Announces New Advisory Committee Members
September 22, 2021 / Source: CFPB
Consumer Financial Protection Bureau Announces New Advisory Committee Members SEP 22, 2021 WASHINGTON, D.C. – CFPB Acting Director Dave Uejio today announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These committee members will advise Bureau leadership on…
Comptroller’s Handbook: Revised “Earnings” and “Regulatory Reporting” Booklets
September 22, 2021 / Source: OCC
OCC Bulletin 2021-44| September 22, 2021 Comptroller's Handbook: Revised “Earnings” and “Regulatory Reporting” Booklets 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 versions 1.0 of the “Earnings”…
Federal Reserve Board and Federal Open Market Committee release economic projections from the September 21-22 FOMC meeting
September 22, 2021 / Source: FRB
Press Release September 22, 2021 Federal Reserve Board and Federal Open Market Committee release economic projections from the September 21-22 FOMC meeting The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 21-22 meeting. Projections (PDF) | Accessible Materials For media inquiries, call…
Treasury Takes Robust Actions to Counter Ransomware
September 21, 2021 / Source: Treasury
PRESS RELEASES Treasury Takes Robust Actions to Counter Ransomware Targets First Virtual Currency Exchange for Laundering Cyber Ransoms OFAC Updates Ransomware Advisory to Encourage Reporting and Cyber Resilience WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal…
Acting Comptroller Discusses Innovation in Digital Assets
September 21, 2021 / Source: OCC
News Release 2021-101 | September 21, 2021 Acting Comptroller Discusses Innovation in Digital Assets WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed blockchain, cryptocurrencies, decentralized finance, and key lessons from the 2008 financial crisis that should guide the future of digital innovation during remarks before the Blockchain Association. His comments highlighted similarities between the current growth…
CFPB Sues Software Company That Helps Credit-Repair Businesses Charge Illegal Fees
September 20, 2021 / Source: CFPB
CFPB Sues Software Company That Helps Credit-Repair Businesses Charge Illegal Fees Lawsuit seeks compensation for harmed consumers, injunction, and civil penalty for alleged violations of the Telemarking Sales Rule SEP 20, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing a California-based software company and its…
OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance
September 20, 2021 / Source: OCC
News Release 2021-100 | September 20, 2021 OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A. The OCC took this action based on the bank’s unsafe or…
FinCEN Calls Attention to Online Child Sexual Exploitation Crimes
September 17, 2021 / Source: FinCEN
FinCEN Calls Attention to Online Child Sexual Exploitation Crimes The Financial Crimes Enforcement Network (FinCEN) is issuing this Notice to call attention to an increase in online child sexual exploitation (OCSE) crimes. This Notice highlights some financial trends related to OCSE, and provides financial institutions with specific suspicious activity report (SAR) filing instructions. Notice: https://www.fincen.gov/sites/default/files/shared/FinCEN%20OCSE%20Notice%20508C.pdf
CFPB Report: Renters at Risk as COVID-19 Safety Net Ends
September 17, 2021 / Source: CFPB
CFPB Report: Renters at Risk as COVID-19 Safety Net Ends Stimulus Checks and Other Payment Relief Linked to Renters’ Financial Stability SEP 17, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report warning that millions of renters and their families may suffer previously avoided economic harms of the COVID-19 pandemic as…
Plain Writing Act compliance report 2021
September 17, 2021 / Source: CFPB
To Congress Plain Writing Act compliance report 2021 SEP 17, 2021 The Consumer Financial Protection Bureau’s eighth annual Plain Writing Act Compliance Report is presented to fulfill the Bureau’s statutory responsibilities pursuant to the Plain Writing Act of 2010. Our commitment to the goals of the Plain Writing Act is central to the Bureau’s mission…
Guide to Remote Financial Coaching
September 17, 2021 / Source: CFPB
Consumer education and empowerment Guide to Remote Financial Coaching SEP 17, 2021 To better understand the benefits and challenges of remote service delivery, the CFPB talked with leaders of nine programs that are providing remote financial coaching. This guide draws insights from those discussions to serve as a resource for programs that are establishing or…
OCC Reports Second Quarter 2021 Bank Trading Revenue
September 16, 2021 / Source: OCC
News Release 2021-98 | September 16, 2021 OCC Reports Second Quarter 2021 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $8.1 billion in the second quarter of 2021. The second quarter trading revenue was $2.4 billion, or 22.9 percent, less than the previous…
OCC Enforcement Actions and Terminations September 16, 2021
September 16, 2021 / Source: OCC
News Release 2021-99 | September 16, 2021 OCC Enforcement Actions and Terminations 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…
FDIC Launches Mission-Driven Bank Fund
September 16, 2021 / Source: FDIC
Press Release FDIC Launches Mission-Driven Bank Fund $120 million pledged to support Minority Depository Institutions and CDFIs Thursday, September 16, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions…