Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
Interagency Statement LIBOR Transition for Loans
November 6, 2020 / Source: FDIC
Financial Institution Letter FIL-104-2020 Summary: The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System (collectively, the agencies) have issued a joint statement reiterating that a bank may use any reference rate for its loans that the bank determines to be appropriate…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas November 5 2020
November 5, 2020 / Source: FinCEN
Immediate Release November 05, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. These renewed GTOs are identical to the May 2020 GTOs. The purchase amount…
Federal Reserve issues FOMC statement November 5 2020
November 5, 2020 / Source: FRB
Press Release Federal Reserve issues FOMC statement 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….
Consumer Financial Protection Bureau Files Lawsuit Against Driver Loan, LLC And Its CEO
November 5, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers. Driver Loan, based in Doral, Florida, offers short-term, high-interest loans to consumers funded by…
Consumer Financial Protection Bureau Isses No Action Letter to Facilitate Consumer Access to Small-Dollar Loans
November 5, 2020 / Source: CFPB
Bureau also announces the start of an effort to understand how payday lending disclosures can help consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding certain small-dollar credit products. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau…
OCC Updates Director’s Toolkit
November 5, 2020 / Source: OCC
News Release 2020-146 WASHINGTON— The Office of the Comptroller of the Currency today announced updates to its Director’s Toolkit to help bank directors for national banks and federal savings associations fulfill their corporate governance responsibilities. The Director’s Toolkit serves as a helpful guide for bank directors on strategic issues, risk management, and compliance responsibilities. The updated toolkit includes a revised Director's…
FHFA Strategic Plan for FY 2021-2024 Finalized
November 4, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the…
FDIC Issues List of Banks Examined for CRA Compliance November 2020
November 4, 2020 / Source: FDIC
Press 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 August 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Capital and Liquidity Treatment for Money Market Liquidity Facility and Paycheck Protection Program: Final Rule
November 4, 2020 / Source: OCC
OCC Bulletin 2020-96 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 October 28, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal…
Qualified Financial Contracts Stay Rule: Exemption Order
November 4, 2020 / Source: OCC
OCC Bulletin 2020-95 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 September 30, 2020, the Office of the Comptroller of the Currency (OCC) issued an order granting an exemption from the express recognition requirements of…
Consumer Financial Protection Bureau Settles with SMART Payment Plan, LLC for Deceptive Sales Practices
November 2, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against SMART Payment Plan, LLC (SMART), finding that the company’s disclosures of its loan payment program contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition against deceptive acts or practices. SMART is a limited liability company with…
Agencies Release Paper on Operational Resilience
November 2, 2020 / Source: OCC
News Release 2020-144 Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today released a paper outlining sound practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics. The…
OCC Releases CRA Evaluations for 22 National Banks and Federal Savings Associations October 2020
November 2, 2020 / Source: OCC
News Release 2020-145 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 October 1, 2020 through October 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the
October 30, 2020 / Source: FRB
Press Release The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available…
FDIC Makes Public September Enforcement Actions
October 30, 2020 / Source: FDIC
Press Release No Administrative Hearings Scheduled for November 2020 For Release The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September. There are no administrative hearings scheduled for November 2020. The FDIC issued 11 orders in September 2020. The administrative enforcement actions…
Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act
October 30, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means…
Final Rule: Total Loss Absorbing Capital (TLAC) Holdings
October 29, 2020 / Source: FDIC
Financial Institution Letter FIL-102-2020 Summary: The federal bank regulatory agencies have issued a joint final rule that amends the capital rule to require advanced approaches banking organizations to deduct from regulatory capital certain investments in unsecured debt instruments issued by global systemically important banks (GSIBs) and certain subsidiaries of GSIBs that are issued for the…
Agencies propose regulation on the role of supervisory guidance
October 29, 2020 / Source: FRB
Joint Press Release October 29, 2020 Agencies propose regulation on the role of supervisory guidance Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal financial regulatory agencies today invited comment on a proposal outlining and…
Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank
October 29, 2020 / Source: OCC
News Release 2020-141 WASHINGTON, D.C.—The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the…
Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation
October 29, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s…
CFPB Private Education Loan Ombudsman Issues 2020 Annual Report
October 29, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman (Ombudsman) today issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans. This is an overall decrease from last year and continues a…
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
October 28, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017. Inaccurate HMDA data can make it difficult for the public and regulators…
R.I. Man Admits to Fraudulently Seeking $4.7 Million in COVID-19 Stimulus Loans
October 28, 2020 / Source: FDIC OIG
PRESS RELEASE PROVIDENCE – A Middletown, R.I., man currently serving a term of federal supervised release having been convicted and incarcerated for robbing four banks, admitted in federal court in Providence today to fraudulently seeking more than $4.7 million in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the…
FDIC Risk Management Manual of Examination Policies October 2020
October 28, 2020 / Source: FDIC
The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity,…
Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
October 27, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’…