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OCC Enforcement Actions and Terminations March 18, 2021
March 18, 2021 / Source: OCC
News Release 2021-32 | 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…
Federal Reserve issues FOMC statement March 17, 2021
March 18, 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. Following a moderation in the…
Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers
March 18, 2021 / Source: CFPB
WASHINGTON, D.C. – Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued the following statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American Rescue Plan: “The Consumer Financial Protection Bureau is squarely focused on addressing the impact of the COVID-19 pandemic on economically vulnerable consumers and is looking carefully at…
Implementation of the Federal Civil Penalties Inflation Adjustment Act
March 16, 2021 / Source: OFAC
Release date The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2021 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This regulatory amendment adjusts for inflation the maximum amount of the civil monetary…
CFPB Takes Action Against Operators of An Unlawful Student Loan Debt-Relief Scheme
March 16, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued a student loan debt relief company, its owner, and manager for allegedly charging thousands of consumers more than $3.5 million in illegal upfront fees. The lawsuit filed in federal district court accuses California-based Student Loan Pro, Judith Noh, and Syed Gilani of violating the Telemarketing…
2020 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through June 30, 2021
March 15, 2021 / Source: FDIC
Financial Institution Letter FIL-17-2021 Summary: The FDIC’s Office of Minority and Women Inclusion (OMWI) encourages all FDIC-supervised financial institutions with 100 or more employees to submit voluntary self-assessments of their diversity policies and practices. The FDIC gathers and analyzes this information in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection…
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Louisiana Affected by Severe Winter Storms
March 15, 2021 / Source: FDIC
Financial Institution Letter FIL-18-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe winter storms. A copy of the Guidance can be found on the FDIC's website. Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial…
FDIC and University of Santa Clara to Host ‘Big Data’ Webinar Series
March 15, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the University of Santa Clara today announced a series of public webinars to explore the opportunities and challenges in leveraging big data for the banking industry. Banking on Data: Great Possibilities, Great Responsibilities is a series of five webinars scheduled throughout the year to include industry…
ACH Network Prepared to Deliver Economic Impact Payments to Americans Via Direct Deposit
March 12, 2021 / Source: NACHA
Statement from Nacha, the Administrator of the ACH Network, on the Passage of the American Rescue Plan Act HERNDON, Va., March 11, 2021 – President Biden has signed into law the American Rescue Plan Act, which provides for direct payments to many Americans. These payments will largely be delivered electronically by Direct Deposit over the ACH Network. Following…
Federal Reserve Board issues enforcement action with former employee of Fifth Third Bank
March 12, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent Prohibition Order against Chastaly Arroyo Former employee of Fifth Third Bank, Cincinnati, Ohio Unauthorized disclosure of customer account information Additional enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: March 11,…
FDIC to Host a Meeting of the Advisory Committee of State Regulators
March 11, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will convene a meeting of its Advisory Committee of State Regulators on Thursday, March 18, at 1:00 p.m. ET. The Committee members will discuss and receive updates on a range of policy issues regarding the regulation of state-chartered financial institutions throughout the U.S. and its…
Consumer Financial Protection Bureau Rescinds Abusiveness Policy Statement to Better Protect Consumers
March 11, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as…
Flood Disaster Protection Act: Proposed Interagency Questions and Answers Regarding Private Flood Insurance
March 11, 2021 / Source: OCC
OCC Bulletin 2021-13 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 March 11, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit…
Fact Sheet: Changes to Paycheck Protection Program by Biden-Harris Administration Increase Equitable Access to Relief
March 10, 2021 / Source: SBA
Contact U.S. Small Business Administration at [email protected] Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways. Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities. Putting equity at the…
Emergency Capital Investment Program Available for Community Development Financial Institutions and Minority Depository Institutions
March 10, 2021 / Source: FDIC
Financial Institution Letter FIL-15-2021 Summary: The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021. Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. Department…
HUD APPROVES AGREEMENT WITH JPMORGAN CHASE RESOLVING CLAIMS OF RACE DISCRIMINATION IN APPRAISALS
March 9, 2021 / Source: HUD
JPMorgan Chase allegedly valued a home for less than its worth because of owner's race WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has approved a Conciliation Agreement between JPMorgan Chase Bank and an African-American woman, resolving the woman’s claim that the mortgage lender, relying on an appraisal…
FinCEN Informs Financial Institutions of Efforts Related to Trade in Antiquities and Art
March 9, 2021 / Source: FinCEN
FinCEN Informs Financial Institutions of Efforts Related to Trade in Antiquities and Art FinCEN Notice on Antiquities and Art_508C.pdf Immediate Release March 09, 2021 Financial Institution Casinos Depository Institutions Insurance Industry Money Services Businesses Mortgage Co/Broker Precious Metals/Jewelry Industry Securities and Futures
CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal
March 9, 2021 / Source: CFPB
Industry is on notice that Bureau will not tolerate illegal discrimination against the LGBTQ+ community WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers…
Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and Community Development Financial Institutions
March 9, 2021 / Source: OCC
News Release 2021-29 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial…
Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021
March 8, 2021 / Source: FRB
Press Release The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial…
Industry Webinar on Final Rule Revising Brokered Deposits and Interest Rate Restrictions
March 8, 2021 / Source: FDIC
Financial Institution Letter FIL-14-2021 Summary: The FDIC will host a webinar for bankers and other interested parties on Wednesday, March 17, 2021 from 1:00 p.m. to 2:30 p.m., Eastern Time, to discuss the recent revisions to the regulations on brokered deposits and interest rate restrictions in Part 337 of the FDIC’s Rules and Regulations. The…
Community Reinvestment Act: Interagency Frequently Asked Questions Related to the COVID-19 Pandemic
March 8, 2021 / Source: OCC
OCC Bulletin 2021-12 To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today published…
Federal Reserve Board issues enforcement action with Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc
March 5, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Allegiant United Holdings, LLC, Irvine, California; Nano Financial Holdings, Inc., Irvine, California; and Nano Banc, Irvine, California Written Agreement dated February 24, 2021
Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams
March 5, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard…
Risk Management Manual of Examination Policies March 5, 2021
March 5, 2021 / Source: FDIC
The FDIC’s Risk Management Manual of Examination Policies (RMS Manual) has been updated.The RMS Manual provides FDIC staff information relating to examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination…