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Consumer Financial Protection Bureau Announces Podcast Series on Paying for Higher Education
September 9, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released the first episodes of a two-part podcast series for students, parents, and practitioners on managing finances before, during, and after college. The podcast series, Financial inTuition, will include interviews with experts in financial aid, student loans, financial coaching, and planning. The podcasts also will highlight…
Federal Branches and Agencies: Revised Comptroller’s Licensing Manual Booklet
September 9, 2020 / Source: OCC
OCC Bulletin 2020-80 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) issued today the “Federal Branches and Agencies” booklet of the Comptroller’s Licensing Manual, which revises and replaces…
One Person Indicted, Second Person to Plead Guilty in COVID-19 Stimulus Fraud Investigation
September 8, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE PROVIDENCE – A Massachusetts man who failed to appear in federal court in Rhode Island and who allegedly faked his own death after being charged and arraigned on fraud and conspiracy charges for his alleged participation in a conspiracy to file bank loan applications fraudulently seeking more than a half-million dollars in…
Consumer Financial Protection Bureau and New York Attorney General Take Action Against Debt-Collection Operation and Its Owners and Managers
September 8, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau), in partnership with the New York Attorney General (NYAG), today filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, for their participation in a debt-collection operation using illegal methods to collect debts….
FDIC Issues List of Banks Examined for CRA Compliance September 4, 2020
September 4, 2020 / Source: FDIC
For 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 June 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Supervisory Highlights, Issue No. 22 (Summer 2020)
September 4, 2020 / Source: CFPB
Supervisory Highlights SEP 04, 2020 In this edition of Supervisory Highlights, we report examination findings in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing and payday lending. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts…
New Jersey Attorney Charged with Fraudulently Obtaining $9 Million in Loans Meant to Help Small Businesses During COVID-19 Pandemic
September 3, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE A New Jersey attorney was arrested today and charged with fraudulently obtaining approximately $9 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Craig Carpenito of the District of New Jersey. Jae H. Choi, 48, a licensed…
Consumer Financial Protection Bureau Settles with Seventh Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 3, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Accelerate Mortgage, LLC (Accelerate), a Delaware limited liability corporation that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Accelerate’s principal means…
CFPB’s first tech sprint on October 5-9, 2020: Help improve consumer adverse action notices
September 3, 2020 / Source: CFPB
By Albert Chang, Tim Lambert, and Jennifer Lassiter – SEP 01, 2020 In June, the Consumer Financial Protection Bureau (Bureau) announced its first Tech Sprint to reduce regulatory burden and improve consumer understanding of financial services. Regulators, developers, software providers, consumer groups, and financial entities will come together to find solutions to shared compliance challenges. The first Tech Sprint will…
Consumer Financial Protection Bureau Settles with Sixth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 2, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Service 1st Mortgage, Inc. (Service 1st), a mortgage broker based in Glen Burnie, Maryland that is licensed in about 12 states. Service 1st offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Service 1st's principal…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Laura and California Wildfires
September 2, 2020 / Source: FDIC
Press Release The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial…
Other Real Estate Owned: Updated Comptroller’s Handbook Booklet and Rescissions
September 2, 2020 / Source: OCC
OCC Bulletin 2020-79 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 an updated “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which is prepared for…
Statement by FinCEN Regarding Unlawfully Disclosed Suspicious Activity Reports
September 1, 2020 / Source: FinCEN
Immediate Release The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago. As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can…
Consumer Financial Protection Bureau Settles with Fifth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 1, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Hypotec, Inc., a mortgage broker based in Miami, Florida that is licensed in eight states. Hypotec offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Hypotec advertises its VA-guaranteed loans to United States military servicemembers…
OCC Issues Fourth Quarter 2020 and First Quarter 2021 CRA Evaluation Schedule
September 1, 2020 / Source: OCC
News Release 2020-113 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2020 and first quarter 2021. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public comments…
OCC Hosts Mutual Savings Association Advisory Committee Meeting September 22 Via Webinar
September 1, 2020 / Source: OCC
News Release 2020-114 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, September 22, 2020, via webinar. The teleconference is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT). The purpose of the…
OCC Releases CRA Evaluations for 20 National Banks and Federal Savings Associations September 1, 2020
September 1, 2020 / Source: OCC
News Release 2020-115 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 August 1, 2020 through August 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Agencies Extend Comment Period on Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
September 1, 2020 / Source: FDIC
Press Release FOR IMMEDIATE RELEASE WASHINGTON—Five federal regulatory agencies today announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers) until November 3, 2020. The agencies are extending the comment period because of the extent of the revisions proposed by the agencies and…
Consumer Financial Protection Bureau Settles with Remittance Transfer Providers for Remittance Transfer Rule Violations
August 31, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) entered into settlements with Trans-Fast Remittance LLC and Sigue Corporation and its subsidiaries, SGS Corporation and GroupEx Corporation. Trans-Fast, which until recently was a remittance transfer provider, is based in New York, New York and licensed in over 30 states. Sigue and its subsidiaries, which are…
Consumer Financial Protection Bureau Report Examines Early Impact of Pandemic on Consumer Credit
August 31, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today examining the early effects of the COVID-19 pandemic on consumer credit. The report found that consumers have not experienced significant increases in delinquency or other negative credit outcomes as reported in credit record data following the onset of the COVID-19 pandemic in the…
FDIC Issues CRA Examination Schedules for Fourth Quarter 2020 and First Quarter 2021
August 31, 2020 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter 2020 and first quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
North Carolina Man Charged with COVID-19 Relief Fraud
August 28, 2020 / Source: FDIC OIG
PRESS RELEASE A North Carolina man was charged by criminal complaint unsealed today for fraudulently seeking more than $414,000 in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Acting Assistant…
Regulatory Relief FIL-85-2020
August 28, 2020 / Source: FDIC
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Wildfires Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires. A copy of the guidance can be found on the FDIC's website. Statement of Applicability…
FDIC Makes Public July Enforcement Actions 2020
August 28, 2020 / 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 July. There are no administrative hearings scheduled for September 2020. The FDIC issued 9 orders in July 2020. The administrative enforcement actions in those orders consisted of one consent order under…
Bureau adopts new procedures for external peer review of important research
August 28, 2020 / Source: CFPB
Bureau experts conduct various types of research to develop evidence that can inform the decisions policymakers face. The strength of that evidence depends on the quality of the research. The Bureau’s research is often highly technical, and therefore assessing the validity of the research can be challenging to policymakers and the public. External peer review…