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Innovation spotlight: Providing adverse action notices when using AI/ML models
July 8, 2020 / Source: CFPB
Innovation spotlight: Providing adverse action notices when using AI/ML models By Patrice Alexander Ficklin, Tom Pahl, and Paul Watkins – JUL 07, 2020 As part of our consumer protection mission, Congress tasked the Bureau with ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. One area of innovation we are monitoring…
FinCEN’s “Innovation Hours” Marks One-Year Milestone
July 8, 2020 / Source: FinCEN
FinCEN’s “Innovation Hours” Marks One-Year Milestone Contact Office of Strategic Communications, 703-905-3770 Immediate Release July 08, 2020 Meetings continue to provide valuable insight, virtually WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today that its successful “Innovation Hours Program” marks over a year of providing valuable insight in a series of in-person meetings with industry, which…
Consumer Financial Protection Bureau Issues Final Rule on Small Dollar Lending
July 7, 2020 / Source: CFPB
Consumer Financial Protection Bureau Issues Final Rule on Small Dollar Lending WASHINGTON, D.C. — The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the…
CFPB Announces Consumer Financial Protection Week, Virtual Events Nationwide
July 7, 2020 / Source: CFPB
CFPB Announces Consumer Financial Protection Week, Virtual Events Nationwide WASHINGTON – Today, the Consumer Financial Protection Bureau (Bureau) announced the launch of Consumer Financial Protection Week, which will take place from July 14, 2020, through July 17, 2020. Consumer Financial Protection Week will focus on how the Bureau is protecting consumers in the financial marketplace, the…
FinCEN Advisory on Imposter Scams and Money Mule Schemes Related to COVID-19
July 7, 2020 / Source: FinCEN
FinCEN Advisory on Imposter Scams and Money Mule Schemes Related to COVID-19 Immediate Release July 07, 2020 External Link https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2020-a003
SBA and Treasury Announce Release of Paycheck Protection Program Loan Data
July 6, 2020 / Source: SBA
PRESS RELEASES SBA and Treasury Announce Release of Paycheck Protection Program Loan Data July 6, 2020 WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million…
Flood Disaster Protection Act: Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance July 6, 2020
July 6, 2020 / Source: OCC
OCC Bulletin 2020-69| July 6, 2020 Flood Disaster Protection Act: Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance To Chief Executive Officers and Compliance 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 July 6, 2020, the Office of…
FDIC Issues List of Banks Examined for CRA Compliance July 2, 2020
July 2, 2020 / Source: FDIC
FDIC Issues List of Banks Examined for CRA Compliance July 2, 2020 FOR RELEASE The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2020. The CRA is…
OCC Releases CRA Evaluations for 21 National Banks and Federal Savings Associations July 2, 2020
July 2, 2020 / Source: OCC
News Release 2020-88 | July 2, 2020 OCC Releases CRA Evaluations for 21 National Banks and Federal Savings Associations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 1, 2020 through June 30, 2020. The list contains only national…
CFPB, OCC Host Virtual Innovation Office Hours JUL 02, 2020
July 2, 2020 / Source: CFPB
CFPB, OCC Host Virtual Innovation Office Hours JUL 02, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) today announced they will host joint, virtual Innovation Office Hours, July 29-30, as part of the American Consumer Financial Innovation Network (ACFIN). Participants will have the opportunity…
Reminder to file the 2020 Annual Report of Blocked Property
July 2, 2020 / Source: OFAC
Reminder to file the 2020 Annual Report of Blocked Property 31 C.F.R. § 501.603 of the Reporting, Procedures and Penalties Regulations (RPPR) requires holders of blocked property to provide the Office of Foreign Assets Control (OFAC) with a comprehensive list of all blocked property held as of June 30 of the current year by September 30. …
Extension of the Swap Margin Rule Compliance Dates: Interim Final Rule
July 1, 2020 / Source: OCC
OCC Bulletin 2020-67| July 1, 2020 Extension of the Swap Margin Rule Compliance Dates: Interim Final Rule 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 June 25, 2020, the Office of the Comptroller of the Currency (OCC),…
Margin and Capital Requirements for Covered Swap Entities: Final Rule to Amend the Swap Margin Rule
July 1, 2020 / Source: OCC
OCC Bulletin 2020-66| July 1, 2020 Margin and Capital Requirements for Covered Swap Entities: Final Rule to Amend the Swap Margin Rule 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 June 25, 2020, the Office of the…
Spring 2020 Rulemaking Agenda
July 1, 2020 / Source: CFPB
Spring 2020 Rulemaking Agenda The Bureau has published its Spring 2020 Agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions , which is coordinated by the Office of Management and Budget under Executive Order 12866. The agenda lists the regulatory matters that we expect to focus on between May 1, 2020…
Financial Regulators Issue Statement on Managing the LIBOR Transition
July 1, 2020 / Source: FFIEC
Press Release For Immediate Release July 1, 2020 Financial Regulators Issue Statement on Managing the LIBOR Transition The members of the Federal Financial Institutions Examination Council (FFIEC) today highlighted the risks that will result from the transition away from LIBOR, and encouraged supervised institutions to continue their efforts to transition to alternative reference rates in…
FDIC Launches Competition to Modernize Bank Financial Reporting
June 30, 2020 / Source: FDIC
FDIC Launches Competition to Modernize Bank Financial Reporting June 30, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today announced the start of a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks. Twenty technology firms from across the country have been invited to…
Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: New Comptroller’s Handbook Booklet and Rescissions
June 30, 2020 / Source: OCC
OCC Bulletin 2020-65| June 29, 2020 Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: New Comptroller's Handbook Booklet and Rescissions 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…
CFPB Announces Tech Sprints To Empower Consumers, Reduce Regulatory Burden
June 29, 2020 / Source: CFPB
CFPB Announces Tech Sprints To Empower Consumers, Reduce Regulatory Burden JUN 29, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial…
OCC Highlights Key Risks for Federal Banking System June 29, 2020
June 29, 2020 / Source: OCC
News Release 2020-86 | June 29, 2020 OCC Highlights Key Risks for Federal Banking System WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2020. Banks entered the national health…
FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers
June 29, 2020 / Source: FinCEN
FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers Issued Date June 29, 2020 FinCEN_Hemp_Guidance_508_FINAL.pdf Financial Institution Depository Institutions Money Services Businesses Securities and Futures
FDIC Makes Public May Enforcement Actions
June 26, 2020 / Source: FDIC
Press Release FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2020 June 26, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May. There are no administrative hearings scheduled for July 2020. The FDIC…
OCC Reports First Quarter 2020 Bank Trading Revenue
June 26, 2020 / Source: OCC
News Release 2020-85 | June 26, 2020 OCC Reports First Quarter 2020 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $6.7 billion in the first quarter 2020, which was $505.0 million, or 7.0 percent, less than the previous quarter. In the report, Quarterly…
Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
June 26, 2020 / Source: FDIC
Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance June 26, 2020 FOR IMMEDIATE RELEASE WASHINGTON—Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011….
FDIC Issues Rule to Codify Permissible Interest on Transferred Loans
June 25, 2020 / Source: FDIC
FDIC Issues Rule to Codify Permissible Interest on Transferred Loans June 25, 2020 FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) today issued a final regulation to codify the agency’s longstanding guidance that the valid interest rate for a loan is determined when the loan is made, and will not be affected by a…
Financial Regulators Modify Volcker Rule
June 25, 2020 / Source: FDIC
Financial Regulators Modify Volcker Rule June 25, 2020 For release at 12:00 p.m. EDT Five federal regulatory agencies today finalized a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The final rule is broadly similar to the proposed rule from January….