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CFPB Updates Guidance for the ATR/QM Rule
February 23, 2021 / Source: CFPB
The Bureau has updated the small entity compliance guide and other compliance aids related to the ATR/QM Rule. The updated guide and compliance aids are available here. The Bureau has also issued a statement regarding the mandatory compliance date for the General QM Final Rule and possible reconsideration of the General QM Final Rule and…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Texas Winter Storms
February 23, 2021 / Source: OCC
News Release 2021-24 Joint Release Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the…
FDIC Publishes 2020 Annual Report
February 22, 2021 / Source: FDIC
The Federal Deposit Insurance Corporation released its 2020 Annual Report. The report opens with a message from FDIC Chairman Jelena McWilliams highlighting the Corporation’s accomplishments in 2020, including: Swift, decisive actions that helped maintain stability in financial markets during the COVID-19 pandemic, including targeted regulatory changes to facilitate lending to consumers and small businesses; Efforts…
Consumer Financial Protection Bureau and Virginia, Massachusetts, and New York Attorneys General Sue Libre for Predatory Immigrant-Services Scam
February 22, 2021 / Source: CFPB
Bureau and States Accuse Company of Luring Non-English-Speaking Immigrants into Abusive, English-Only Contracts WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), in partnership with Virginia, Massachusetts, and New York, is suing Libre by Nexus, Inc. (Libre) and its owners for a predatory immigrant-services scam that traps victims into paying expensive, long-term fees. The CFPB…
Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation
February 19, 2021 / Source: FDIC OIG
Thursday, February 18, 2021 The Office of Inspector General (OIG) at the Federal Deposit insurance Corporation (FDIC) has issued its report identifying the Top Management and Performance Challenges (TMPC) facing the FDIC. The purpose of this document is to summarize the most serious challenges facing the agency, and to briefly assess its progress to address…
Monetary Policy Report February 19, 2021
February 19, 2021 / Source: FRB
Current Report: February 19, 2021 HTML 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 Urban Affairs and…
Revisions to the Consolidated Reports of Condition and Income (Call Report) Related to Asset Threshold Relief February 19, 2021 ”ƒ
February 19, 2021 / Source: FDIC
Financial Institution Letter FIL-8-2021 Summary: On February 18, 2021, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached final regulatory reporting changes…
FHFA Releases Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions
February 18, 2021 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the 2021 Scorecard for Fannie Mae, Freddie Mac (the Enterprises), and Common Securitization Solutions. The 2021 Scorecard aligns the 2019 Strategic Plan with the Enterprises’ tactical priorities and operations, serving as an essential tool to hold the Enterprises accountable. “The 2021 Scorecard will…
Federal Reserve Board announces final rule intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions
February 18, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation…
OCC Enforcement Actions and Terminations February 18, 2021
February 18, 2021 / Source: OCC
News Release 2021-23 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…
Final Rule to Address the Temporary Deposit Insurance Assessment Effects of the Optional Regulatory Capital Transitions for Implementing the Current Expected Credit Losses (CECL) Methodology
February 17, 2021 / Source: FDIC
Financial Institution Letter FIL-7-2021 Summary: On February 16, 2021, the FDIC Board of Directors adopted a final rule addressing the temporary deposit insurance assessment effects resulting from certain optional regulatory capital transition provisions relating to the implementation of the current expected credit losses (CECL) methodology. The final rule removes the double counting of a specified…
Role of Supervisory Guidance: Final Rule
February 17, 2021 / Source: OCC
OCC Bulletin 2021-8 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) has approved a final rule which confirms that supervisory guidance does not create binding legal obligations…
Minutes of the Federal Open Market Committee, January 26-27, 2021
February 17, 2021 / Source: FRB
Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 26-27, 2021. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in…
OCC Allows National Banks and Federal Savings Associations Affected by Winter Storm Uri to Close
February 17, 2021 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by emergency weather conditions associated with Winter Storm Uri at their discretion. In issuing the proclamation, the OCC expects that only those…
Homeowners have expanded access to protections
February 17, 2021 / Source: CFPB
If you’re struggling to pay your mortgage during the COVID-19 pandemic, you’re not alone. Millions of Americans are behind on mortgage payments. But help is available to most homeowners: Most homes are protected from foreclosure through at least March 31, 2021 – though many are protected through June 30, 2021. Most homeowners now have until…
FDIC Appoints First Chief Innovation Officer
February 17, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today named Sultan Meghji as the agency’s first Chief Innovation Officer, charged with leading the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector. “As a recognized expert in financial technology, Sultan brings years of technical knowledge and an entrepreneurial…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2021
February 12, 2021 / Source: OCC
News Release 2021-20 | February 12, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s rule that implements stress test requirements of the Dodd-Frank Wall Street Reform…
Federal Reserve Board releases hypothetical scenarios for its 2021 bank stress tests
February 12, 2021 / Source: FRB
Press Release The Federal Reserve Board on Friday released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events but due to continuing economic uncertainty placed restrictions on bank payouts to preserve the strength of the banking sector….
Break up with online romance scams
February 12, 2021 / Source: CFPB
By Erin Scheithe – FEB 11, 2021 After months of social distancing and being apart from family and friends, it’s hard to resist connecting with new people. But scammers are taking advantage of this loneliness to trick people out of their money. If you or someone you know gets a message from a stranger on the internet, beware,…
Man Purchased Lamborghini After Receiving $3.9 Million in PPP Loans
February 12, 2021 / Source: FDIC OIG
PRESS RELEASE A Florida man pleaded guilty today for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini sports car for himself. Authorities seized the Lamborghini and $3.4 million from the bank accounts of David T. Hines, 29, of Miami, at the…
Libor Transition: Self-Assessment Tool for Banks
February 11, 2021 / Source: OCC
OCC Bulletin 2021-7 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 This bulletin provides a self-assessment tool for banks1 to evaluate their preparedness for the expected cessation of the London InterBank Offered Rate (Libor). Note for Community…
Consumers and their experiences to be at the foundation of CFPB policymaking
February 11, 2021 / Source: CFPB
By Dave Uejio – FEB 10, 2021 As consumers of financial products and services, you deserve a Bureau designed to serve and listen to you, the American people. Last week I met with staff from the Division of Consumer Education and External Affairs (CEEA). During the meeting, I listened to CEEA leadership and staff suggest how CEEA could…
FHFA Extends Foreclosure and REO Eviction Moratoriums and COVID Forbearance Period
February 9, 2021 / Source: FHFA
News Release Borrowers can now be in COVID forbearance for up to 15 months Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021. The foreclosure moratorium applies to Enterprise-backed,…
Federal Reserve Board announces the second extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)
February 9, 2021 / Source: FRB
Press Release The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP…
Federal Grand Jury Indicts Two Brothers For Allegedly Defrauding The Payroll Protection Program
February 8, 2021 / Source: FDIC OIG
PRESS RELEASE BUFFALO, NY – U.S. Attorney James P. Kennedy, Jr. announced today that a federal grand jury has returned an indictment charging Larry Jordan, 42, of Lancaster, NY, and Sutukh El a/k/a Curtis Jordan a/k/a Hugo Hurt, 38, of Buffalo, NY, with wire and bank fraud conspiracy, bank fraud, and engaging in monetary transactions…