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FDIC Office of Inspector General Press Release June 23, 2020
June 23, 2020 / Source: FDIC OIG
FDIC Office of Inspector General Press Release The following press release, issued by the U.S. Department of Justice, was recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web site: www.fdicoig.gov. Such press releases reflect actions resulting from the OIG’s partnerships with U.S. Attorneys’ Offices throughout the country and other…
Consumer Financial Protection Bureau Takes Steps to Address GSE Patch
June 22, 2020 / Source: CFPB
Consumer Financial Protection Bureau Takes Steps to Address GSE Patch JUN 22, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued two Notices of Proposed Rulemaking (NPRMs) to address the impending expiration of the Government-Sponsored Enterprises Patch (GSE Patch). The GSE Patch is scheduled to expire in January 2021 or when the GSEs…
OCC Interim Final Rule Reduces Assessments in Response to COVID-19
June 22, 2020 / Source: OCC
News Release 2020-79 | June 22, 2020 OCC Interim Final Rule Reduces Assessments in Response to COVID-19 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today approved an interim final rule (IFR) that will reduce assessments due to be paid to the OCC on September 30, 2020. The OCC is providing this relief in response to the…
Federal Complaint Filed Against Austin Man for Multi-Million Dollar Fraud Scheme Related to the SBA Paycheck Protection Program During COVID-19 Pandemic
June 22, 2020 / Source: FDIC OIG
Federal Complaint Filed Against Austin Man for Multi-Million Dollar Fraud Scheme Related to the SBA Paycheck Protection Program During COVID-19 Pandemic In Austin today, federal authorities arrested Michael George McQuarn, 51 of Austin, for allegedly defrauding the U.S. Small Business Administration (SBA) Paycheck Protection Program of more than $2 million. U.S. Attorney John F. Bash;…
Remarks by Director Kraninger During Consumer Data Industry Association Webinar
June 19, 2020 / Source: CFPB
Remarks by Director Kraninger During Consumer Data Industry Association Webinar JUN 19, 2020 As prepared for delivery Good afternoon. Thank you, Francis, for the introduction. I appreciate the opportunity to be with you today and I look forward to the day when we all will be able to meet safely in-person once again. For now,…
The FDIC Updates its Enforcement Actions Manual for Flood Insurance Civil Money Penalties
June 19, 2020 / Source: FDIC
Financial Institution Letters FIL-61-2020 June 18, 2020 The FDIC Updates its Enforcement Actions Manual for Flood Insurance Civil Money Penalties Printable Format: FIL-61-2020 – PDF (PDF Help) Summary: The FDIC has updated its Formal and Informal Enforcement Actions Manual (manual) regarding the assessment of mandatory civil money penalties (CMPs) for certain pattern and practice violations of…
Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments
June 18, 2020 / Source: FRB
Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments The Federal Reserve today published the FraudClassifier model—a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions…
CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PILOT ADVISORY OPINION PROGRAM TO PROVIDE REGULATED ENTITIES CLEAR GUIDANCE AND IMPROVE COMPLIANCE
June 18, 2020 / Source: CFPB
FOR IMMEDIATE RELEASE: June 18, 2020 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PILOT ADVISORY OPINION PROGRAM TO PROVIDE REGULATED ENTITIES CLEAR GUIDANCE AND IMPROVE COMPLIANCE WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the…
CFPB updates the Remittance Transfers Small Entity Compliance Guide June 2020
June 18, 2020 / Source: CFPB
CFPB updates the Remittance Transfers Small Entity Compliance Guide The Bureau has published updates to the Remittance Transfers Small Entity Compliance Guide, reflecting amendments to the Remittance Transfers Rule the Bureau issued on May 11, 2020. You can access the updated Remittance Transfers Small Entity Compliance Guide here. Thank you, Consumer Financial Protection Bureau
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
June 17, 2020 / Source: SBA and Treasury
PRESS RELEASES SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program June 17, 2020 Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed…
Prohibition Against Interstate Deposit: Annual Host State Loan-to-Deposit Ratios
June 17, 2020 / Source: OCC
OCC Bulletin 2020-61| June 17, 2020 Prohibition Against Interstate Deposit: Annual Host State Loan-to-Deposit Ratios To Chief Executive Officers of All National Banks and Federal Branches, 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…
COVID-19 Relief Programs: Preemption
June 17, 2020 / Source: OCC
OCC Bulletin 2020-62| June 17, 2020 COVID-19 Relief Programs: Preemption 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 Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of…
FDIC-Insured Institutions Reported Reduced Profitability but Strong Loan Growth and Stable Asset Quality in First Quarter 2020
June 16, 2020 / Source: FDIC
Press Releases FOR IMMEDIATE RELEASE June 16, 2020 MEDIA CONTACT: Julianne Breitbeil 202-898-6895 [email protected] FDIC-Insured Institutions Reported Reduced Profitability but Strong Loan Growth and Stable Asset Quality in First Quarter 2020 Loan and Lease Balances and Deposits Registered Strong Growth Asset Quality Metrics Remained Relatively Stable The Number of Banks on the “Problem Bank List”…
Consumer reporting and the CARES Act
June 16, 2020 / Source: CFPB
Consumer reporting and the CARES Act JUN 16, 2020 Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to minimize the impact of the COVID-19 pandemic. The CARES Act places important requirements on companies that furnish information to consumer reporting agencies about consumers affected by the COVID-19 pandemic. The Bureau previously issued a…
OCC Reports Mortgage Performance Remains Stable
June 16, 2020 / Source: OCC
News Release 2020-78 | June 16, 2020 OCC Reports Mortgage Performance Remains Stable WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020. The OCC Mortgage Metrics Report, First Quarter 2020 showed 96.5 percent of mortgages included in the report were current…
FHFA Issues 2019 Report to Congress Includes Legislative Recommendations
June 15, 2020 / Source: FHFA
News Release FHFA Issues 2019 Report to Congress Includes Legislative Recommendations FOR IMMEDIATE RELEASE 6/15/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its annual Report to Congress, covering calendar year 2019. The report addresses several topics related to the fulfillment of FHFA's statutory responsibilities and the financial condition of FHFA's regulated entities: Fannie…
Federal Reserve Board announces approval of application by First Horizon National Corporation
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces approval of application by First Horizon National Corporation The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Horizon National Corporation, Memphis, Tennessee, to merge with IBERIABANK Corporation and thereby indirectly…
Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response The Federal Reserve Board on Monday announced that it will resume examination activities for all banks, after previously announcing a reduced focus on…
Monetary Policy Report June 12, 2020
June 12, 2020 / Source: FRB
Monetary Policy Report Current Report: June 12, 2020 Report The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.” This report—called the Monetary Policy Report—is submitted semiannually to the Senate Committee on Banking, Housing, and…
Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
June 12, 2020 / Source: FDIC
FIL-60-2020 June 12, 2020 Printable Format: FIL-60-2020 – PDF (PDF Help) DEPOSITORY INSTITUTION REPORTS TO: CHIEF EXECUTIVE OFFICER (also of interest to the Chief Financial Officer) SUBJECT: Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report The Federal…
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
June 11, 2020 / Source: CFPB
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud JUN 10, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide (Networks…
FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July
June 11, 2020 / Source: FHFA
News Release FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July FOR IMMEDIATE RELEASE 6/11/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities…
Federal Reserve issues FOMC statement June 10, 2020
June 10, 2020 / Source: FRB
Press Release June 10, 2020 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 coronavirus outbreak is causing tremendous human and economic hardship across the United States and…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting
June 10, 2020 / Source: FRB
Press Release June 10, 2020 Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 9-10 meeting. The table…
FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions
June 10, 2020 / Source: FDIC
Press Releases FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions FOR IMMEDIATE RELEASE June 10, 2020 MEDIA CONTACT: Brian Sullivan 202-898-3468 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a report submitted to Congress that chronicles the efforts the agency made to preserve and promote Minority Depository Institutions (MDIs)…