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Federal Reserve Board issues enforcement action with M&T Bank
October 15, 2020 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: M&T Bank, Buffalo, New York Flood insurance violations civil money penalty, dated October 14, 2020 Enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: October 15, 2020
FinCEN Issues Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity
October 15, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of the current methodologies that traffickers and facilitators use. It is also critical that customer-facing staff are aware of…
Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Info
October 14, 2020 / Source: FRB
Press Release The Federal Reserve on Wednesday requested public comment on technical, clarifying updates regarding the Federal Open Market Committee's Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures. The proposal would implement non-substantive updates to the Committee's FOIA procedures to make them consistent with the Committee's current practices and…
FinCEN Advisory FIN-2020-A007
October 14, 2020 / Source: FinCEN
Advisory Information Advisory Unemployment Insurance COVID 19 508 Final.pdf FIN-2020-A007 Issued Date October 13, 2020 Subject Advisory on Unemployment Insurance Fraud During Covid 19 Pandemic
Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices
October 13, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide. Nissan’s servicing operations are headquartered in Irving, Texas. The Bureau found that Nissan and…
Coppell Man Charged in $24 Million PPP Fraud
October 13, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE A Coppell man who spent more than $17 million in Paycheck Protection Program (PPP) loans on lavish personal expenses has been charged with filing fraudulent loan applications, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney for the Northern District of Texas Erin Nealy…
Bank Secrecy Act/Anti-Money Laundering: Revised Order Granting Exemption From Customer Identification Program Requirements for Premium Finance Lending
October 9, 2020 / Source: OCC
OCC Bulletin 2020-88 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 (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Sally
October 9, 2020 / Source: FDIC
Regulatory Relief FIL-96-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Florida affected by Hurricane Sally. A copy of the Guidance can be found on the FDIC's website. Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter…
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
October 9, 2020 / Source: SBA
WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars….
FDIC to Host Inaugural Meeting of Advisory Committee of State Regulators
October 8, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation will convene the first meeting of its Advisory Committee of State Regulators (ACSR) on Wednesday, October 14th at 1:00 pm ET. The FDIC’s advisory committee members will discuss and receive updates on a range of policy issues regarding the regulation of state-chartered financial institutions throughout the U.S….
Consumer Financial Protection Bureau Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
October 8, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the…
Regulatory Capital Rule: Eligible Retained Income
October 8, 2020 / Source: OCC
OCC Bulletin 2020-87 To Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On October 8, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively,…
OCC Assesses $60 Million Civil Money Penalty Against Morgan Stanley
October 8, 2020 / Source: OCC
News Release 2020-134 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. (“the banks”) The OCC took these actions based on the banks’ failure to exercise proper oversight of the 2016 decommissioning of two Wealth Management business…
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Delta to Close
October 8, 2020 / Source: OCC
News Release 2020-133 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Delta at their discretion. In issuing the proclamation, the OCC expects that only those bank offices directly affected…
Federal Reserve announces enforcement action against Citigroup Inc. that requires the firm to correct several longstanding deficiencies
October 7, 2020 / Source: FRB
Press Release The Federal Reserve Board on Wednesday announced an enforcement action against Citigroup Inc. of New York, New York, that requires the firm to correct several longstanding deficiencies. In particular, the cease and desist order requires Citigroup to enhance its firm-wide risk management and internal controls. Among other things, the firm has not taken…
Minutes of the Federal Open Market Committee, September 15-16, 2020
October 7, 2020 / Source: FRB
Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 15–16, 2020. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes. The…
CFPB provides clearer rules of the road for RESPA marketing service agreements
October 7, 2020 / Source: CFPB
In order to provide clearer rules of the road and promote a culture of compliance, the Bureau is publishing guidance in the form of Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and…
OCC Assesses $400 Million Civil Money Penalty Against Citibank
October 7, 2020 / Source: OCC
News Release 2020-132  WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. The OCC took these actions based on the bank’s unsafe or unsound banking practices…
FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters
October 6, 2020 / Source: FinCEN
Filers Have Until December 31, 2020 to File The Financial Crimes Enforcement Network (FinCEN) announced today that victims of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally have until December 31, 2020, to file Reports of Foreign Bank and Financial Accounts (FBAR) for the 2019 calendar year. Read the…
Children’s Savings Account Programs: Measuring Program Performance and Outcomes
October 6, 2020 / Source: CFPB
Consumer education and empowerment Children’s Savings Account (CSA) programs provide children and families with long-term savings or investment accounts and incentives to save for postsecondary education. CSA programs are structured in different ways including their reach, sources of funding, and other features. Given this diversity, programs have different goals and opportunities around how they collect…
Play it safe online
October 6, 2020 / Source: CFPB
October is National Cybersecurity Awareness Month. It’s a good time to think about protecting your personal information while you’re online. Being online lets you follow the news, connect with friends and family, shop, manage finances, and more. Getting online may help reduce social isolation and increase independence for older adults – especially during the pandemic…
Consumer Financial Protection Bureau Issues Policy Statement on Applications for Early Termination of Consent Orders
October 5, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a policy statement on applications for early termination of administrative consent orders (Consent Orders). The policy statement outlines the early termination application process for entities subject to a Consent Order and the standards that the Bureau intends to use when evaluating applications. In order for…
FDIC Issues List of Banks Examined for CRA Compliance July 2020
October 5, 2020 / Source: FDIC
Press Release FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE 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 July 2020. The CRA is…
Treasury Issues Ransomware Advisories to Increase Awareness and Thwart Attacks
October 2, 2020 / Source: FinCEN
Immediate Release October 01, 2020 The U.S. Department of the Treasury today issued a pair of advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope. The Financial Crimes Enforcement Network (FinCEN) advisory, entitled Advisory on Ransomware and the Use of the Financial…
Nacha Adopts Rules for the Ongoing Modernization of ACH Payments
October 2, 2020 / Source: NACHA
Nacha has approved eight new amendments to the Nacha Operating Rules governing the use of ACH payments. Many of the changes reflect a long-term strategy to modernize the ACH system, both through infrastructure improvements such as Same Day ACH; and making ACH payments easier to use for the country’s consumers, businesses and other organizations. Most…