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Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations
December 21, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Envios de Valores La Nacional (La Nacional) based on the Bureau’s finding that La Nacional violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA. La Nacional is a large remittance transfer provider incorporated in New York…
Consumer Financial Protection Bureau Issues Advisory Opinion to Help Expand Fair, Equitable, and Nondiscriminatory Access to Credit
December 21, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs). The ECOA and Regulation B prohibit discrimination on certain prohibited bases in any aspect of…
Comptroller’s Handbook: Updated ‘Foreword’ Booklet
December 21, 2020 / Source: OCC
OCC Bulletin 2020-109 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 today issued version 2.2 of the updated “Foreword” booklet of the Comptroller’s Handbook. The booklet describes the overall organization…
Office of the Comptroller of the Currency Issues Interpretation of 12 U.S.C. § 25b
December 21, 2020 / Source: OCC
News Release 2020-176 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an interpretation of 12 U.S.C. 25b, which codifies preemption standards and establishes procedural requirements for certain preemption actions by the agency. Federal preemption derives from the Supremacy Clause of the U.S. Constitution and has been recognized as fundamental to the federal government…
Treasury News Release: The Financial Crimes Enforcement Network Proposes Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transact
December 18, 2020 / Source: FinCEN
Immediate Release December 18, 2020 External Link https://home.treasury.gov/news/press-releases/sm1216 Financial Institution Depository Institutions Money Services Businesses
Consumer Financial Protection Bureau Settles with Mortgage Servicer for Illegal Practices that Impeded Borrowers’ Attempts to Avoid Foreclosure
December 18, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Seterus, Inc. (Seterus) and Kyanite Services, Inc. (Kyanite), as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 (CFPA) and Regulation X. The Bureau found that Seterus’s actions resulted in delaying…
Bank PPP Customers
December 18, 2020
As a result of the court-ordered SBA data dump earlier this month, banks’ PPP customers are now being directly solicited by an entity offering to help with forgiveness. SBA Procedural Notice PPP Loan Forgiveness
Consumer Financial Protection Bureau Issues Final Rule on Consumer Disclosures Related to Debt Collection
December 18, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers. The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along with information to…
Agencies Propose Requirement for Computer Security Incident Notification
December 18, 2020 / Source: FDIC
Press Release Federal financial regulatory agencies today announced a proposal that would require supervised banking organizations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organization’s inability to deliver services to a material portion of…
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions December 17, 2020
December 17, 2020 / Source: FDIC
Press Release FOR IMMEDIATE RELEASE WASHINGTON—The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the annual adjustment to the asset-size thresholds used to define small bank and intermediate small bank under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial…
OCC Proposes Rule Regarding Exemptions to Suspicious Activity Report Requirements
December 17, 2020
News Release 2020-174 | December 17, 2020 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to modify the requirements for national banks and federal savings associations to file suspicious activity reports (SARs). The proposed rule would amend the agency’s SAR regulations to allow the OCC to issue exemptions…
OCC Enforcement Actions and Terminations December 17, 2020
December 17, 2020 / Source: OCC
News Release 2020-173 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 December 16, 2020
December 16, 2020 / 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. Economic activity and employment have…
FDIC Releases New 2020 Community Banking Study
December 16, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a new large-scale study on the state of the nation’s community banks. The FDIC’s 2020 Community Banking Study finds community banks played a critical role in providing access to credit in several key areas of the U.S. economy, particularly through lending to support commercial real…
OCC Reports Decline in Mortgage Performance 12/16/20
December 16, 2020 / Source: OCC
News Release 2020-172 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the third quarter of 2020. The OCC Mortgage Metrics Report, Third Quarter 2020 showed that 92.5 percent of mortgages included in the report were current and performing at the end of the…
OCC Reports Third Quarter 2020 Bank Trading Revenue
December 16, 2020 / Source: OCC
News Release 2020-171 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $9.0 billion in the third quarter of 2020. The third quarter trading revenue was $5.7 billion, or 38.9 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives…
Active Exploitation of SolarWinds Software
December 16, 2020 / Source: CISA
We at Bankers Alliance and Companies, do not use this software, but be aware of the systems your Financial Institution and your third party providers employ. Original release date: December 13, 2020 | Last revised: December 14, 2020 The Cybersecurity and Infrastructure Security Agency (CISA) is aware of active exploitation of SolarWinds Orion Platform…
Consumer Financial Protection Bureau Releases Report on Implementing the Dodd-Frank Act’s Small Business Lending Data Collection Requirement
December 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a panel report today as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data. A panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act, comprised of representatives of the Bureau, the Office…
FDIC Board Approves Proposed Rule to Amend Suspicious Activity Report Requirements
December 15, 2020 / Source: FDIC
Press Release WASHINGTON — The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a notice of proposed rulemaking that would amend the agency’s Suspicious Activity Report (SAR) regulation. The proposed regulation would permit the FDIC to issue additional, case-by-case, exemptions from SAR filing requirements to FDIC-supervised institutions. The FDIC’s current SAR…
FDIC Approves Rule to Ensure Safety and Soundness of Industrial Banks
December 15, 2020 / Source: FDIC
Press Release WASHINGTON—The Federal Deposit Insurance Corporation (FDIC) approved a final rule that will require certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or industrial loan company becoming a subsidiary of a company that…
FDIC Board Approves Final Rule on Brokered Deposit and Interest Rate Restrictions
December 15, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to establish a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. The final rule also amends…
FDIC Board Approves 2021 Operating Budget
December 15, 2020 / Source: FDIC
Press Release For Release WASHINGTON – The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a 2021 Operating Budget of $2.279 billion. The budget provides funding for the continuation of critical FDIC information technology modernization, supports numerous projects to foster innovation at our nation’s banks, and expands initiatives to support diversity…
FDIC Amends Branch Application Requirements Regarding Historic Preservation and Environmental Policy
December 14, 2020 / Source: FDIC
Financial Institution Letter December 14, 2020 | FIL-112-2020 Summary: At the October 20 Board meeting, the FDIC Board of Directors approved amendments to Part 303 of the FDIC Rules and Regulations with respect to requirements concerning compliance with the National Historic Preservation Act of 1966 (NHPA) and the National Environmental Policy Act of 1969 (NEPA). Under the…
Federal Banking Agencies Announce Availability of 2019 Small Business, Small Farm, and Community Development Lending Data
December 14, 2020 / Source: FFIEC
Joint Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community…
Federal Reserve releases illustrative examples of new charts that will be included in the Federal Open Market Committee’s quarterly Summary of Economic Projections (SEP)
December 11, 2020 / Source: FRB
Press Release December 11, 2020 The Federal Reserve on Friday released illustrative examples of new charts that will be included in the Federal Open Market Committee's quarterly Summary of Economic Projections (SEP). The new charts show FOMC participants' judgments of uncertainty and risks related to their projections of the change in real gross domestic product,…