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Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company
November 10, 2020 / Source: FRB
Press Release November 10, 2020 Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Farmers Bank & Trust Company, Blytheville, Arkansas Flood insurance violations civil money penalty, dated November 6, 2020 Additional enforcement actions can be searched…
Acting Comptroller of the Currency Discusses Condition of the Federal Banking System and Agency Priorities
November 10, 2020 / Source: OCC
News Release 2020-148 WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Acting Comptroller's testimony discussed the agency's efforts to ensure the federal banking system is a source of strength, extends opportunities to underserved citizens, and operates in a…
Debt and delinquency after military service: A study of the credit records of young veterans in the first year after separation
November 9, 2020 / Source: CFPB
Consumer education and empowerment This report shows that a sizeable fraction of young enlisted servicemembers go delinquent on debt payments or have severe derogatories (for example, defaults) appear on their credit record around the time they leave active duty. The report focuses on three types of credit accounts: auto loans, revolving credit accounts (credit cards),…
OCC Reports Key Risks, Effects of COVID-19 in Federal Banking System
November 9, 2020 / Source: OCC
News Release 2020-147 | November 9, 2020 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020. Banks remain in strong financial condition but profitability is stressed due…
FinCEN Issues Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies November 6 2020
November 6, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) October 23 updated list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory…
Interagency Statement LIBOR Transition for Loans
November 6, 2020 / Source: FDIC
Financial Institution Letter FIL-104-2020 Summary: The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System (collectively, the agencies) have issued a joint statement reiterating that a bank may use any reference rate for its loans that the bank determines to be appropriate…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas November 5 2020
November 5, 2020 / Source: FinCEN
Immediate Release November 05, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. These renewed GTOs are identical to the May 2020 GTOs. The purchase amount…
Federal Reserve issues FOMC statement November 5 2020
November 5, 2020 / Source: FRB
Press Release Federal Reserve issues FOMC statement The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world….
Consumer Financial Protection Bureau Files Lawsuit Against Driver Loan, LLC And Its CEO
November 5, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers. Driver Loan, based in Doral, Florida, offers short-term, high-interest loans to consumers funded by…
Consumer Financial Protection Bureau Isses No Action Letter to Facilitate Consumer Access to Small-Dollar Loans
November 5, 2020 / Source: CFPB
Bureau also announces the start of an effort to understand how payday lending disclosures can help consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding certain small-dollar credit products. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau…
OCC Updates Director’s Toolkit
November 5, 2020 / Source: OCC
News Release 2020-146 WASHINGTON— The Office of the Comptroller of the Currency today announced updates to its Director’s Toolkit to help bank directors for national banks and federal savings associations fulfill their corporate governance responsibilities. The Director’s Toolkit serves as a helpful guide for bank directors on strategic issues, risk management, and compliance responsibilities. The updated toolkit includes a revised Director's…
FHFA Strategic Plan for FY 2021-2024 Finalized
November 4, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the…
FDIC Issues List of Banks Examined for CRA Compliance November 2020
November 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 August 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Capital and Liquidity Treatment for Money Market Liquidity Facility and Paycheck Protection Program: Final Rule
November 4, 2020 / Source: OCC
OCC Bulletin 2020-96 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 On October 28, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal…
Qualified Financial Contracts Stay Rule: Exemption Order
November 4, 2020 / Source: OCC
OCC Bulletin 2020-95 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 On September 30, 2020, the Office of the Comptroller of the Currency (OCC) issued an order granting an exemption from the express recognition requirements of…
Consumer Financial Protection Bureau Settles with SMART Payment Plan, LLC for Deceptive Sales Practices
November 2, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against SMART Payment Plan, LLC (SMART), finding that the company’s disclosures of its loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition against deceptive acts or practices. SMART is a limited liability company with…
Agencies Release Paper on Operational Resilience
November 2, 2020 / Source: OCC
News Release 2020-144 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today released a paper outlining sound practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics. The…
OCC Releases CRA Evaluations for 22 National Banks and Federal Savings Associations October 2020
November 2, 2020 / Source: OCC
News Release 2020-145 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 October 1, 2020 through October 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the
October 30, 2020 / Source: FRB
Press Release The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available…
FDIC Makes Public September Enforcement Actions
October 30, 2020 / Source: FDIC
Press Release No Administrative Hearings Scheduled for November 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September. There are no administrative hearings scheduled for November 2020. The FDIC issued 11 orders in September 2020. The administrative enforcement actions…
Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act
October 30, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means…
Final Rule: Total Loss Absorbing Capital (TLAC) Holdings
October 29, 2020 / Source: FDIC
Financial Institution Letter FIL-102-2020 Summary: The federal bank regulatory agencies have issued a joint final rule that amends the capital rule to require advanced approaches banking organizations to deduct from regulatory capital certain investments in unsecured debt instruments issued by global systemically important banks (GSIBs) and certain subsidiaries of GSIBs that are issued for the…
Agencies propose regulation on the role of supervisory guidance
October 29, 2020 / Source: FRB
Joint Press Release October 29, 2020 Agencies propose regulation on the role of supervisory guidance Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal financial regulatory agencies today invited comment on a proposal outlining and…
Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank
October 29, 2020 / Source: OCC
News Release 2020-141 WASHINGTON, D.C.—The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the…
Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation
October 29, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s…