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OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations
July 2, 2021 / Source: OCC
News Release 2021-72 OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations 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 June 1, 2021 through June 30, 2021. The list contains only national banks, federal…
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals
July 2, 2021 / Source: CFPB
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals By Patrice Alexander Ficklin – JUL 02, 2021 As the Bureau’s Fair Lending Director, I am pleased to highlight that the CFPB has prioritized resources to focus on the role of racial bias in home appraisals, a growing topic of conversation within our communities. Home ownership is a key…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 1, 2021 / Source: FinCEN
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies Contact Office of Strategic Communications, 703-905-3770 Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering,…
Federal Reserve Board issues enforcement action with First Vision Bank
July 1, 2021 / Source: FRB
Federal Reserve Board issues enforcement action with First Vision Bank The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: First Vision Bank, Tullahoma, Tennessee Flood insurance violations; civil money penalty Consent Order, dated June 30, 2021 Enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment…
Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard
July 1, 2021 / Source: FRB
Press Release Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard The Federal Reserve announced on Thursday it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard. Known as the Scaled CECL Allowance…
Complaint Bulletin: COVID-19 issues described in consumer complaints
July 1, 2021 / Source: CFPB
Consumer complaint Complaint Bulletin: COVID-19 issues described in consumer complaints JUL 01, 2021 The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Complaint Bulletin analyzes COVID-19 issues described in consumer complaints….
Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market
July 1, 2021 / Source: CFPB
Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market By Alexandra Dobre and Young Jo Asian American and Pacific Islanders (AAPIs) are often seen as a homogeneous group. Even though this expansive demographic group ranges from Asian Indians, Chinese, and Japanese to Hawaiians, Samoans, and other Pacific Islanders, the…
As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately
July 1, 2021 / Source: CFPB
As Federal Eviction Protections Come to an End, CFPB Warns Landlords and Consumer Reporting Agencies to Report Rental Information Accurately WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental…
Message from the FinCEN Director: 180-Day Update on AML Act Implementation
June 30, 2021 / Source: FinCEN
Message from the FinCEN Director: 180-Day Update on AML Act Implementation Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced FinCEN’s delivery of two key requirements pursuant to the Anti-Money Laundering of 2020 (the “AML Act”), which includes the Corporate Transparency Act….
FinCEN Completes Assessment on the Use of No-Action Letters
June 30, 2021 / Source: FinCEN
FinCEN Completes Assessment on the Use of No-Action Letters Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act…
FinCEN Issues First National AML/CFT Priorities and Accompanying Statements
June 30, 2021 / Source: FinCEN
FinCEN Issues First National AML/CFT Priorities and Accompanying Statements Contact Office of Strategic Communications, 703-905-3770 Immediate Release June 30, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices,…
Dedicating July to military consumer protection JUN 30, 2021
June 30, 2021 / Source: CFPB
Dedicating July to military consumer protection By Jim Rice – JUN 30, 2021 July is recognized as Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for servicemembers, veterans, and military families. Military families make enormous sacrifices for our nation, but as a result of their service, they often face some unique…
Commercial Credit on Consumer Credit Reports JUN 30, 2021
June 30, 2021 / Source: CFPB
Industry and markets Commercial Credit on Consumer Credit Reports JUN 30, 2021 This is part of a series of reports of consumer credit trends produced by the Consumer Financial Protection Bureau using a longitudinal sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies. This report explores…
Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations
June 30, 2021 / Source: FFIEC
Press Release The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations The booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of…
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020
June 29, 2021 / Source: CFPB
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020 Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior…
CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services
June 29, 2021 / Source: CFPB
CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services Proposed order would ban Burlington Financial Group and its owners and executives from future telemarketing and impose civil money penalties payable to the CFPB and the State of Georgia WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed…
OCC Reports First Quarter 2021 Bank Trading Revenue
June 29, 2021 / Source: OCC
News Release 2021-70 OCC Reports First 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 $10.5 billion in the first quarter of 2021. The first quarter trading revenue was $4.2 billion, or 65.9 percent, more than the previous quarter. In…
Mortgage Performance Declines in First Quarter 2021
June 29, 2021 / Source: OCC
News Release 2021-71 Mortgage Performance Declines in First Quarter 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current…
Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservati
June 28, 2021 / Source: Treasury
PRESS RELEASES Financial Action Task Force (FATF) Advances Its Work on Proliferation Finance, Virtual Assets, Financing of Racially or Ethnically Motivated Violent Extremism, and Financial Flows Linked to Conservation Crime WASHINGTON – Today the Financial Action Task Force (FATF) concluded its fourth virtual plenary since the start of the ongoing COVID-19 pandemic. The FATF advanced…
CFPB Issues Rules to Facilitate Smooth Transition as Federal Foreclosure Protections Expire
June 28, 2021 / Source: CFPB
CFPB Issues Rules to Facilitate Smooth Transition as Federal Foreclosure Protections Expire Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and…
Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021
June 25, 2021 / Source: FRB
Press Release Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021 The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month…
Federal Reserve Board releases results of annual bank stress tests, which show that large banks continue to have strong capital levels and could continue lending to households and businesses during a
June 25, 2021 / Source: FRB
Press Release Federal Reserve Board releases results of annual bank stress tests, which show that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession The Federal Reserve Board on Thursday released the results of its annual bank stress tests, which showed that large…
FDIC Outlines Modified Approach for Insured Depository Institution Resolution Planning Rule
June 25, 2021 / Source: FDIC
Press Release FDIC Outlines Modified Approach for Insured Depository Institution Resolution Planning Rule For Release WASHINGTON – The Federal Deposit Insurance Corporation today outlined a modified approach to implementing its rule requiring certain insured depository institutions (IDIs) to submit resolution plans to facilitate resolution under the Federal Deposit Insurance Act. The modified approach applies to IDIs with…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies June 25, 2021
June 25, 2021 / Source: FDIC
Press Release Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive…
Joint Readout of Principals Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution
June 25, 2021 / Source: FDIC
Press Release Joint Readout of Principals Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution LONDON AND WASHINGTON – Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a virtual meeting today to discuss certain issues relating to the concept…