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Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
January 21, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC (LendUp) alleging violations of the Military Lending Act (MLA). Today’s action is the first resolution in the Bureau’s broader sweep of investigations of multiple lenders that may be violating the MLA….
OCC Enforcement Actions and Terminations January 21, 2021
January 21, 2021 / Source: OCC
News Release 2021-13 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…
Semi-Annual Report Fall 2020
January 21, 2021 / Source: CFPB
To Congress The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2020 and ending September 30, 2020. FULL REPORT Read the full report
OCC Publication Focuses on Bank Investments in Opportunity Zones
January 20, 2021 / Source: OCC
News Release 2021-11 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies….
Federal Reserve Board finalizes a rule that updates the Board’s capital planning requirements to be consistent with other Board rules that were recently modified
January 20, 2021 / Source: FRB
Press Release The Federal Reserve Board on Tuesday finalized a rule that updates the Board's capital planning requirements to be consistent with other Board rules that were recently modified. The final rule is generally similar to the proposal. In 2019, the Board finalized a framework that sorts large banks into different categories based on their…
Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Considerations
January 20, 2021 / Source: FDIC
Financial Institution Letter FIL-05-2021 Summary: The FDIC, Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency have issued responses to frequently asked questions (FAQs) regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit…
Revised Guidelines for Appeals of Material Supervisory Determinations January 19, 2021
January 20, 2021 / Source: FDIC
Financial Institution Letter FIL-04-2021 Summary: On January 19, 2021, the FDIC’s Board of Directors adopted revised Guidelines for Appeals of Material Supervisory Determinations. The revised guidelines are intended to enhance the independence of appeals decisions and to clarify the procedures and timeframes that apply to appeals when the FDIC is taking a formal enforcement action. The…
Supervisory Highlights, COVID-19 Prioritized Assessments Special Edition (Issue 23)
January 19, 2021 / Source: CFPB
Supervisory Highlights This is a special edition of Supervisory Highlights that details the Bureau’s Prioritized Assessment (PA) work. PA observations are described in the areas of mortgage, auto and student loan servicing, credit card account management, consumer reporting-furnishing, debt collection, deposits, prepaid cards, and small business lending. FULL REPORT Read the full report
Consumer Financial Protection Bureau Issues Final Rule on the Role of Supervisory Guidance
January 19, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions. The rule codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018, which clarified the differences between regulations and supervisory guidance. Unlike a…
Consumer Financial Protection Bureau Issues Rule on Higher-Priced Mortgage Loan Escrow Exemption
January 19, 2021 / Source: CFPB
WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The…
FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act
January 15, 2021 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, FinCEN determined and Capital One admitted to willfully failing to implement and maintain…
Consolidated Reports of Condition and Income for Fourth Quarter 2020
January 15, 2021 / Source: FDIC
Financial Institution Letter FIL-2-2021 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central…
Computer-Security Incident Notification: Notice of Proposed Rulemaking SHARE THIS PAGE:
January 15, 2021 / Source: OCC
OCC Bulletin 2021-3 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 January 12, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit…
OCC Releases 2021 Schedule of Virtual Bank Director Workshops
January 15, 2021 / Source: OCC
News Release 2021-9 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced its 2021 schedule of free, virtual workshops for board of directors of national banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors of national community banks and federal savings associations in a virtual…
OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit
January 15, 2021 / Source: OCC
News Release 2021-8 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that banks should conduct…
FinCEN Extends Comment Period for Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transactions
January 14, 2021 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM), banks and money services businesses (MSBs) would be required to submit…
SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19
January 14, 2021 / Source: SBA and Treasury
PRESS RELEASES Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with…
Bureau takes additional steps to foster an inclusive financial system
January 13, 2021 / Source: CFPB
BLOG By Kathleen L. Kraninger – JAN 13, 2021 I am pleased to announce that the Bureau has published the “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement provides principles and guidelines to inform and assist financial institutions seeking to better serve LEP consumers in non-English languages. I encourage…
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2021
January 13, 2021 / Source: OCC
OCC Bulletin 2021-2 | January 13, 2021 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 December 31, 2020, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the…
OCC Conditionally Approves Conversion of Anchorage Digital Bank
January 13, 2021 / Source: OCC
News Release 2021-6 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. The OCC granted a national trust bank charter to Anchorage after thorough review of the company and its current operations. …
Changes Ahead Mean a Better Experience on the Modern ACH Network
January 13, 2021 / Source: NACHA
Nacha Moving the modern ACH Network forward to provide users with the best possible experience is one of Nacha’s most important goals. That’s why the ACH Network is always evolving, and this year will be no different. “2021 is going to be a year full of some great Rules changes, things that help drive our…
What you should know about tech support scams
January 13, 2021 / Source: CFPB
During the pandemic, we’re doing more online – working, connecting with family and friends, shopping, and banking. So, if something goes wrong with your device, you want to fix it right away. Scammers are preying on this, offering phony tech support services. Here’s what you should know about tech support scams. How to spot tech…
Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2020
January 11, 2021 / Source: FRB
Press Release The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited…
Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs
January 11, 2021 / Source: FDIC
Financial Institution Letter FIL-01-2021 Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors will host a webinar for bankers on Monday, January 11, 2021 from 2:00 p.m. to 3:00…
FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint Monday, January 11, 2021
January 11, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. The FDIC selected the following…