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FDIC Makes Public July Enforcement Actions 2020
August 28, 2020 / Source: FDIC
For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. There are no administrative hearings scheduled for September 2020. The FDIC issued 9 orders in July 2020. The administrative enforcement actions in those orders consisted of one consent order under…
Bureau adopts new procedures for external peer review of important research
August 28, 2020 / Source: CFPB
Bureau experts conduct various types of research to develop evidence that can inform the decisions policymakers face. The strength of that evidence depends on the quality of the research. The Bureau’s research is often highly technical, and therefore assessing the validity of the research can be challenging to policymakers and the public. External peer review…
Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy
August 27, 2020 / Source: FRB
Press Release Following an extensive review that included numerous public events across the country, the Federal Open Market Committee (FOMC) on Thursday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates its approach to monetary policy and serves as the foundation for its policy actions. The updates…
New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments
August 27, 2020 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs). The guide, Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations , provides step-by-step instructions for frontline staff on how to: Discuss the EIP with their clients Determine if clients need…
Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points
August 27, 2020 / Source: CFPB
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article published in June of this year. The Home Mortgage Disclosure Act (HMDA) is a data collection, reporting, and disclosure statute…
Consumer Financial Protection Bureau Settles with Fourth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
August 27, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against PHLoans.com, Inc. (PHLoans), a California corporation that is licensed as a mortgage broker or lender in about 11 states. Until at least April 2019, PHLoans was known as Pacific Home Loans, Inc. PHLoans offers and provides mortgage loans guaranteed by the…
OCC Allows National Banks and Federal Savings Associations Along U.S. Gulf Coast to Close
August 26, 2020 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by severe weather along the U.S. Gulf Coast at their discretion. In issuing the proclamation, the OCC expects that only those bank offices directly affected…
SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY SEVERE WEATHER IN IOWA
August 26, 2020 / Source: FDIC
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Iowa Affected by Severe Storms FIL-81-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Iowa affected by severe storms. A copy of the guidance can be found on the…
Agencies Issue Three Final Rules
August 26, 2020 / Source: FDIC
The federal bank regulatory agencies today finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year. They include: A final rule that temporarily modifies the community bank leverage ratio, as required by the CARES Act; A final rule that makes more gradual,…
Consumer Financial Protection Bureau Requests Information on the Impact of the CARD Act Regulations on Small Entities and the Consumer Credit Card Market
August 26, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10…
Minnesota Man Charged with COVID-Relief Fraud and Money Laundering
August 25, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE A Minnesota man was charged in an indictment unsealed today for allegedly fraudulently obtaining approximately $841,000 from the Paycheck Protection Program (PPP). Acting Assistant Attorney General Brian Rabbitt of the Justice Department’s Criminal Division, U.S. Attorney Erica H. MacDonald of the District of Minnesota, Acting Special Agent in Charge Aubree M. Schwartz…
U.S. House Prices Up 5.4 Percent from Last Year; Prices Rise 0.8 Percent in Second Quarter Despite COVID
August 25, 2020 / Source: FHFA
News Release FOR IMMEDIATE RELEASE Washington, D.C. – U.S. house prices rose 5.4 percent from the second quarter of 2019 to the second quarter of 2020 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices were up 0.8 percent in the second quarter of 2019. FHFA’s seasonally adjusted monthly index for June was up 0.9 percent from May. “Home…
FDIC-Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
August 25, 2020 / Source: FDIC
Press Release FOR IMMEDIATE RELEASE Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks…
Federal Reserve will co-host a research conference on bank supervision on December 11, 2020
August 24, 2020 / Source: FRB
Press Release The Federal Reserve Board in December will co-host a research conference on bank supervision. The conference will bring together academics, supervisors, bankers, and other stakeholders to discuss the theory and practice of bank supervision. The Board, Harvard Law School, and the Wharton School of the University of Pennsylvania will jointly host the virtual…
Proposed Revisions to Statement of Policy Regarding Minority Depository Institutions
August 24, 2020 / Source: FDIC
Financial Institution Letter FIL-80-2020 Summary: The FDIC Board of Directors (Board) has proposed revisions to its Statement of Policy Regarding Minority Depository Institutions (MDIs). The proposed revisions will be published in the Federal Register for public comment. The proposed revisions would enhance the FDIC’s efforts to encourage and preserve MDIs and would update, strengthen, and clarify the…
FDIC Proposes Changes to Its Supervisory Appeals Process
August 24, 2020 / Source: FDIC
Financial Institution Letter FIL-79-2020 Summary: The FDIC is seeking comments on proposed amendments to its Guidelines for Appeals of Material Supervisory Determinations (Guidelines). The proposed amendments 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….
Consumer Financial Protection Bureau Announces Settlement with TD Bank for Illegal Overdraft Practices
August 21, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance (DCA). TD Bank is headquartered in Cherry Hill, New Jersey, and operates about 1,250 locations throughout much of the eastern part of the country. The Bureau…
Bank Secrecy Act: Joint Statement on Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons
August 21, 2020 / Source: FDIC
Financial Institution Letter Summary: The FDIC, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) are issuing a joint statement on Bank Secrecy Act due diligence requirements for customers whom banks may consider…
Banker Webinar: Loan Forgiveness and Other Matters Relative to the Paycheck Protection Program
August 20, 2020 / Source: FDIC
Summary: The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the agencies), as well as the Conference of State Bank Supervisors will host a webinar for bankers on Thursday, August 27 from 11:00 a.m. to 12:00 p.m., Eastern Daylight…
CFPB Extends Comment Period on Request for Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
August 20, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of…
FHFA Announces 2021 Release Dates for House Price Index
August 19, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the FHFA House Price Index (HPI) will be released at 9 a.m. ET on the following Tuesdays in 2021: January 26 February 23 March 30 April 27 May 25 June 29 July 27 August 31 September 28 October 26 November 30 December 28 Monthly Index…
Consumer Financial Protection Bureau Proposes New Category of Qualified Mortgages to Encourage Innovation and Access to Affordable Mortgage Credit
August 19, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the proposal, loans would…
Foreclosure Prevention, Refinance, and FPM Report ”” May 2020
August 18, 2020 / Source: FHFA
May 2020 Highlights — Foreclosure Prevention The Enterprises' Foreclosure Prevention Actions: The Enterprises completed 83,756 foreclosure prevention actions in May, bringing the total to 4,534,370 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications. There were 4,577 permanent loan modifications in May, bringing the total to 2,415,960…
FDIC Office of Inspector General Publication
August 18, 2020 / Source: FDIC OIG
FDIC Office of Inspector General Publication The FDIC OIG has posted the following item on its Website: www.fdicoig.gov. Failed Bank Review, Ericson State Bank, Ericson, Nebraska
FinCEN Statement on Enforcement of the Bank Secrecy Act
August 18, 2020 / Source: FinCEN
Immediate Release WASHINGTON—As the primary regulator and administrator of the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) today issued a statement that sets forth its approach to enforcing the rules and regulations within the BSA. Through this statement, FinCEN aims to provide clarity and transparency to its approach when contemplating compliance or enforcement actions…