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FDIC Issues List of Banks Examined for CRA Compliance February 4, 2021
February 4, 2021 / 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 November 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
The Bureau is working hard to address housing insecurity, promote racial equity, and protect small businesses’ access to credit
February 4, 2021 / Source: CFPB
By Dave Uejio – FEB 04, 2021 It has been just over two weeks since President Biden’s inauguration and my appointment as Acting Director of the Bureau. I have been meeting with the dedicated members of the Bureau’s divisions, and I am continually impressed, though not surprised, by their readiness and commitment to provide relief for consumers facing…
Real Estate for Bank Premises:Â Notice of Proposed Rulemaking
February 3, 2021 / Source: OCC
OCC Bulletin 2021-6 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 January 4, 2021, the Office of the Comptroller of the Currency (OCC) approved a proposed rule that would modify the requirements applicable to premises…
OCC to Host Virtual Innovation Office Hours
February 3, 2021 / Source: OCC
News Release 2021-18 WASHINGTON — Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services. Each meeting will last no longer than one hour. Interested parties should request a…
OCC Releases CRA Evaluations for 21 National Banks and Federal Savings Associations February 2, 2021
February 2, 2021 / Source: OCC
News Release 2021-17 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 January 1, 2021 through January 31, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have…
FinCEN Issues Advisory on Health Insurance and Health Care Frauds Related to COVID-19
February 2, 2021 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions of COVID-19-related fraud involving health care benefit programs and health insurance. The advisory contains financial red flag indicators, select case studies, and information on reporting suspicious activity related to these frauds. COVID-19 Health Care 508 Final.pdf FIN-2021-A001
Paycheck Protection Program Frequently Asked Questions (FAQs)
February 1, 2021 / Source: FinCEN
Paycheck_Protection_program_ FAQs_Jan2021.pdf Immediate Release February 01, 2021
Struggling during the pandemic? COVID-19 financial relief and protections extended
February 1, 2021 / Source: CFPB
The federal government is extending relief and protections for many student loan borrowers, renters, and homeowners who are having trouble making payments during the COVID-19 pandemic. Keep reading to learn more about these important updates that may help you. But, remember the COVID-19 pandemic and relief efforts continue to change and develop. Check our COVID-19 webpage for…
OCC Releases Community Reinvestment Act Bank Type Determinations, Distressed and Underserved Areas, and Banking Industry Compensation Value
February 1, 2021 / Source: OCC
News Release 2021-16 WASHINGTON— The Office of the Comptroller of the Currency (OCC) today announced the availability of the 2021 list of bank type determinations, the 2021 list of distressed and underserved areas, and the banking industry median hourly compensation value. These two lists and the determined compensation value apply only to national banks, federal and…
OCC Promotes Earned Income Tax Credit Awareness Day
January 29, 2021 / Source: OCC
News Release 2021-15 WASHINGTON—In an effort to make more eligible working families aware of the benefits of the earned income tax credit (EITC), the Office of the Comptroller of the Currency is promoting the 15th annual EITC Awareness Day on January 29. “We continue to encourage more eligible Americans to take advantage of EITCs,” Acting Comptroller of the…
FDIC Makes Public December Enforcement Actions Friday, January 29, 2021
January 29, 2021 / Source: FDIC
FOR RELEASE The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December. There are no administrative hearings scheduled for February 2021. The FDIC issued 10 orders in December 2020. The administrative enforcement actions in those orders consisted of three consent orders, one…
Removal of Transferred OTS Regulations Regarding Securities Offerings of State Savings Associations, Rescission of Statement of Policy on the Use of Offering Circulars, Proposed Rulemaking Regarding S
January 29, 2021 / Source: FDIC
Financial Institution Letter FIL-6-2021 Summary: On January 19, 2021, the FDIC Board of Directors approved a notice of proposed rulemaking that would rescind and remove 12 CFR part 390, subpart W, entitled Securities Offerings; rescind the 1996 Statement of Policy on the Use of Offering Circulars in Connection with the Public Distribution of Bank Securities;…
OCC Puts Hold on Fair Access Rule
January 29, 2021 / Source: OCC
News Release 2021-14 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services. The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of…
The Bureau is taking much-needed action to protect conumers, particularly the most economically vulnerable
January 29, 2021 / Source: CFPB
By Dave Uejio – JAN 28, 2021 Last week, I was honored to have been appointed Acting Director of the CFPB by the President. Having joined the Bureau in 2011, I have seen firsthand the impact of the Bureau’s mission and the incredible work being done by its staff. I know that the Bureau’s staff shares my devotion…
Federal Reserve issues FOMC statement January 27, 2021
January 28, 2021 / Source: FRB
Press Release 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. The pace of the recovery…
New guide helps military families with unique financial challenges
January 28, 2021 / Source: CFPB
The coronavirus pandemic has brought many challenges to families all over the country. Many families will take a long time to recover from financial hardship, and some people will have to build a new financial foundation. Military families also faced unique financial challenges as a result of the pandemic and today the Bureau is providing…
Period for Proposed Rulemaking on Certain CVC and Digital Asset Transactions
January 26, 2021 / Source: FinCEN
Immediate Release January 26, 2021 FinCEN has submitted for publication in the Federal Register an Extension Notice, which will lengthen the reopened comment period and set one deadline for all comments addressing its NPRM regarding certain transactions involving convertible virtual currency or digital assets with legal tender status. News Release: https://www.fincen.gov/news/news-releases/fincen-extends-reopened-comment-period-proposed-rulemaking-certain-convertible Extension Notice: https://www.federalregister.gov/public-inspection/2021-01918/requirements-for-certain-transactions-involving-convertible-virtual-currency-or-digital-assets
Balancing savings and debt: Findings from an online experiment
January 26, 2021 / Source: CFPB
Many consumers have savings and debt at the same time, and so are faced with a trade-off: how much debt to pay down versus how much savings to retain. This brief summarizes the results of an online experiment using hypothetical scenarios to explore how the amount of available savings might influence whether a consumer is…
ACH Network Volume Climbs 8.9% in Fourth Quarter
January 25, 2021 / Source: NACHA
ACH Growth Gets Boost from Stimulus Payments and Shift from Checks Strong growth continued on the ACH Network in the final quarter of 2020, with 7 billion payments made, an increase of nearly 9% from a year earlier. Combined with data on check payments, the results show the dramatic impact of the pandemic on the…
FACT SHEET: Treasury to Work to Ensure Families Get Access to Economic Impact Payments
January 25, 2021 / Source: Treasury
FEATURED STORIES In response to President Biden’s COVID-19 Economic Relief Executive Order launching an all-of-government effort to provide economic relief, the U.S. Department of the Treasury will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief. As many as 8 million…
Federal Reserve Board announces that the public comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021
January 22, 2021 / Source: FRB
Press Release The Federal Reserve Board on Friday announced that the public comment period has been extended through February 22, 2021, for the application by First Citizens BancShares, Inc. of Raleigh, North Carolina, to acquire CIT Group, Inc. of New York, New York. The comment period is being extended to provide additional time for interested…
The FDIC’s Personnel Security and Suitability Program
January 22, 2021 / Source: FDIC OIG
The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued an evaluation report on the FDIC’s Personnel Security and Suitability Program (PSSP). The effectiveness of the FDIC’s PSSP is critically important to ensure that FDIC employees and contractor personnel are properly screened and investigated prior to being granted access to systems…
Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
January 21, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC (LendUp) alleging violations of the Military Lending Act (MLA). Today’s action is the first resolution in the Bureau’s broader sweep of investigations of multiple lenders that may be violating the MLA….
OCC Enforcement Actions and Terminations January 21, 2021
January 21, 2021 / Source: OCC
News Release 2021-13 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…
Semi-Annual Report Fall 2020
January 21, 2021 / Source: CFPB
To Congress The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2020 and ending September 30, 2020. FULL REPORT Read the full report