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FDIC Launches Office of Supervisory Appeals
December 6, 2021 / Source: FDIC
Summary: On December 6, 2021, the FDIC’s new Office of Supervisory Appeals (Office) became fully operational and will begin to consider and decide appeals of material supervisory determinations. The new Office will enhance the independence of the FDIC’s supervisory appeals process and further the FDIC’s goal of ensuring consistency and accountability in the examination process….
FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance
December 6, 2021
RE_ANPRM_FRN_120321_FINAL_508.pdf WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. The systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability…
U.S. Treasury Supports National Action Plan to Combat Human Trafficking
December 3, 2021 / Source: Treasury
WASHINGTON – As a part of the Biden Administration’s commitment to fight against human trafficking, the U.S. Department of the Treasury announced measures to contribute to the updated National Action Plan (NAP) to Combat Human Trafficking and play a part in countering this grave human rights abuse. The NAP brings a whole-of-government approach to address a range…
Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders
December 3, 2021 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued a report on the FDIC’s Termination of Bank Secrecy Act/Anti-Money Laundering Consent Orders. Money laundering is a serious crime that aims to conceal or disguise the illicit proceeds of another unlawful activity. The Bank Secrecy Act (BSA) has established recordkeeping…
Give us feedback on the draft CFPB Strategic Plan for FY 2022 – 26
December 2, 2021 / Source: CFPB
The CFPB is required to publish a new strategic plan that communicates the Bureau’s mission, strategic goals, and objectives for the next four years – and we are encouraged to provide an opportunity for the public to comment. We have posted our draft Strategic Plan for fiscal years 2022 to 2026, and we look forward…
CFPB Ombudsman’s Office 2021 Annual Report
December 2, 2021 / Source: CFPB
By Wendy Kamenshine – DEC 02, 2021 The Ombudsman’s Office annual report, which I delivered to the Director, is available today on our webpage. December also marks the Ombudsman’s Office’s tenth anniversary. We look forward to celebrating this milestone in the coming year. Our office is an independent, impartial, and confidential resource that assists consumers, financial entities,…
OCC Announces Assessment Rates for Calendar Year 2022
December 1, 2021 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is publishing its assessment rates for the 2022 calendar year, maintaining the rates established for 2021. The 2022 assessment rates will ensure the agency has sufficient resources to recruit, train, and retain the talent and experience necessary to perform its important mission and continue to invest…
Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services December 2021
December 1, 2021 / Source: FRB
The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 3, 2022, for payment services the Federal Reserve Banks provide to depository institutions, known as priced services. Overall, the Reserve Banks estimate that the price changes will result in a 3.7 percent average price increase. Increases in the fee schedule for…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual December 2021
December 1, 2021 / Source: FFIEC
The Federal Financial Institutions Examination Council (FFIEC) today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: Introduction – Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons The updates should not be interpreted…
CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees
December 1, 2021 / Source: CFPB
Overdraft and Non-Sufficient Fund Penalties Made up Two-Third of Reported Fee Revenue WASHINGTON, D.C. — Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans December 2021
December 1, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. The threshold amount will be effective January 1, 2022, and is based…
Testimony of Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
November 30, 2021 / Source: Treasury
As prepared for delivery Chairman Brown, Ranking Member Toomey, members of the Committee: It is a pleasure to testify today. November has been a very significant month for our economy, and Congress is a large part of the reason why. Our economy has needed updated roads, ports, and broadband networks for many years now,…
Coronavirus and CARES Act
November 30, 2021 / Source: FRB
Chairman Brown, Ranking Member Toomey, and other members of the Committee, thank you for the opportunity to testify today. The economy has continued to strengthen. The rise in Delta variant cases temporarily slowed progress this past summer, restraining previously rapid growth in household and business spending, intensifying supply chain disruptions, and, in some cases, keeping…
Federal Reserve Independence: Foundations and Responsibilities
November 30, 2021 / Source: FRB
The COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the most severe blow to the U.S. and global economies since the Great Depression.1 Gross domestic product (GDP) collapsed at a nearly 33 percent annual rate in the second quarter of 2020. More than 22 million jobs were lost in just the…
FDIC-Insured Institutions Reported Net Income of $69.5 Billion in Third Quarter 2021
November 30, 2021 / Source: FDIC
“With strong capital and liquidity levels to support lending and protect against potential losses, the banking industry continued to support the country's needs for financial services while navigating the challenges presented by the pandemic.” — FDIC Chairman Jelena McWilliams WASHINGTON— Reports from the 4,914 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation…
Emergency Rental Assistance Program Surpasses 2.5 Million Payments to Renters and Landlords
November 29, 2021 / Source: Treasury
WASHINGTON — State and local governments provided assistance to more than 521,000 renters and landlords in October through the Department of the Treasury’s Emergency Rental Assistance (ERA) programs, bringing the total number of payments for the ERA programs to more than 2.5 million. Over the last six months, Treasury’s efforts to provide grantees with additional flexibilities and…
Engagement, Research and Policy: Integrating Indigenous Voices into Economic Inclusion at the Federal Reserve
November 29, 2021 / Source: FRB
Thank you to the Bank of Canada for the invitation to speak at today's symposium.1 It is an honor to be with you virtually today as the Federal Reserve Board's representative to the Central Bank Network for Indigenous Inclusion. I am pleased to add my voice to those of my colleagues today and to recognize and…
Computer-Security Incident Notification: Final Rule
November 24, 2021 / Source: OCC
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 November 23, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation…
Bank Activities: Chief Counsel’s Interpretation Clarifying Authority of a Bank to Engage in Certain Cryptocurrency Activities and Authority of the OCC to Charter a National Trust Bank
November 24, 2021 / Source: OCC
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 November 23, 2021, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1179, which clarified and elaborated on aspects…
Investments: Venture Capital Funds
November 24, 2021 / Source: OCC
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 is issuing this bulletin to remind banks1 that they are prohibited from making most equity investments in venture capital funds….
Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps
November 23, 2021 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are jointly issuing this statement to summarize the work undertaken during the interagency policy sprints focused on crypto-assets, and to provide a roadmap of future…
Crypto-Assets: Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps
November 23, 2021 / Source: OCC
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, and the Federal Deposit Insurance Corporation (collectively, the agencies)…
Statement by FDIC Chairman Jelena McWilliams on the Final Rule on Computer-Security Incident Notification at the FDIC Board Meeting
November 22, 2021 / Source: FDIC
Technological advancement in banking has lowered the cost of financial services and products, expanded the pool of creditworthy consumers, and increased access to financial services. As the nation’s deposit insurer and primary supervisor of community banks, the FDIC is also cognizant of the critical role of innovation in allowing community banks to remain competitive in…
Ethics Guidance to Protect the Public Trust and Detect Revolving Door Misconduct
November 22, 2021 / Source: CFPB
This year, the Consumer Financial Protection Bureau turned ten years old. The agency has been lucky to attract so many skilled public servants committed to the mission of promoting fair, transparent, and competitive markets. At the same time, the CFPB knows it must take steps to protect the public interest from potential risks and misconduct…
FinCEN Notice: FinCEN Calls Attention to Environmental Crimes and Related Financial Activity
November 18, 2021 / Source: FinCEN
FinCEN Environmental Crimes Notice 508 FINAL.pdf Immediate Release November 18, 2021