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Federal Reserve Board updates frequently asked questions to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program
September 18, 2020 / Source: FRB
Press Release The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury's expectations regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to their post-pandemic prospects. The FAQs…
Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oregon Affected by Wildfires and Straight-Line Winds
September 18, 2020 / Source: FDIC
Financial Institution Letter FIL-91-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oregon affected by wildfires and straight-line winds. 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…
FDIC Academic Challenge 2020-2021
September 18, 2020 / Source: FDIC
FOR RELEASE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s first-ever Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector. The topic for this inaugural challenge is “The Effects of Community Banks on Local Economic Development.” The FDIC’s Center for…
FDIC Releases Results of Summary of Deposits Annual Survey
September 18, 2020 / Source: FDIC
For Release The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2020. The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 85,000 domestic offices operated by more than 5,000 FDIC-insured commercial and savings…
Consumer Financial Protection Bureau Announces Advisory Committee Members
September 17, 2020 / Source: CFPB
WASHINGTON, D.C. – Consumer Financial Protection Bureau Director Kathleen L. Kraninger has announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These experts advise Bureau leadership on a broad range of consumer financial issues and emerging market trends. In…
OCC Enforcement Actions September 17, 2020
September 17, 2020 / Source: OCC
News Release 2020-122 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 September 16, 2020
September 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…
OCC Reports Second Quarter 2020 Bank Trading Revenue
September 16, 2020 / Source: OCC
News Release 2020-121 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $14.7 billion in the second quarter 2020, which was $8.0 billion, or 119.3 percent, more than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the OCC also…
FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs
September 16, 2020 / Source: FinCEN
Immediate Release September 16, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA). The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of…
Restoration Plan for the FDIC Deposit Insurance Fund
September 15, 2020 / Source: FDIC
Financial Institution Letter FIL-90-2020 Summary: On September 15, 2020, the Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) voted to adopt a Restoration Plan to restore the Deposit Insurance Fund (DIF) reserve ratio to at least 1.35 percent within 8 years, as required by the Federal Deposit Insurance Act. Under the Restoration Plan, the…
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Sally to Close
September 15, 2020 / Source: OCC
News Release 2020-120 WASINGTON — 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 Sally at their discretion. In issuing the proclamation, the OCC expects that only those bank offices directly affected…
Consumer Financial Protection Bureau and Multiple States Enter Into Settlement with Owner of ITT Private Loans for Substantially Assisting ITT in Unfair Practices
September 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated judgment against PEAKS Trust 2009-1, along with Deutsche Bank National Trust Company, Deutsche Bank Trust Company Delaware, and Deutsche Bank Trust Company Americas, in their capacity as trustees to PEAKS Trust 2009-1 (collectively, “PEAKS”). In its complaint, filed in the District Court…
Consumer Financial Protection Bureau Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements
September 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released its Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the…
Consumer Financial Protection Bureau Settles with Eighth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 14, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against ClearPath Lending, Inc. (ClearPath), a California corporation that is licensed as a mortgage broker or lender in about 22 states. ClearPath offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). ClearPath’s principal means of advertising…
FinCEN Issues Final Rule to Require Customer Identification Program, Anti-Money Laundering Program, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
September 14, 2020 / Source: FinCEN
Immediate Release September 14, 2020 WASHINGTON—To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) today issued a final rule that requires minimum standards for anti-money laundering programs for banks lacking a Federal functional regulator. The final rule also extends customer identification program and beneficial ownership requirements to those…
HUD’s Implementation of the Fair Housing Act’s Disparate Impact Standard
September 11, 2020 / Source: HUD
HUD has long interpreted the Fair Housing Act (“the Act”) to create liability for practices with an unjustified discriminatory effect, even if those practices were not motivated by discriminatory intent. This rule amends HUD’s 2013 disparate impact standard regulation to better reflect the Supreme Court’s 2015 ruling in Texas Department of Housing and Community Affairs…
OCC Allows National Banks and Federal Savings Associations Affected by Oregon and Washington Wildfires to Close
September 11, 2020 / Source: OCC
News Release 2020-119 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 wildfires in Oregon and Washington at their discretion. In issuing the proclamation, the OCC expects that only those bank…
New York Brothers Charged With COVID-Relief Fraud
September 11, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Two New York brothers were charged in a criminal complaint unsealed today for their alleged participation in a scheme to file fraudulent loan applications seeking nearly $7 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,…
NFL Player Charged for Role in $24 Million COVID-Relief Fraud Scheme
September 10, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE A National Football League (NFL) player has been charged for his alleged participation in a scheme to file fraudulent loan applications seeking more than $24 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Acting Assistant Attorney…
Credit Risk: Risk Management of Loan Purchase Activities
September 10, 2020 / Source: OCC
OCC Bulletin 2020-81| September 10, 2020 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) today issued this bulletin to inform banks1 of sound risk management principles regarding loan purchase activities.2 Commercial…
Consumer Financial Protection Bureau Announces Podcast Series on Paying for Higher Education
September 9, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released the first episodes of a two-part podcast series for students, parents, and practitioners on managing finances before, during, and after college. The podcast series, Financial inTuition, will include interviews with experts in financial aid, student loans, financial coaching, and planning. The podcasts also will highlight…
Federal Branches and Agencies: Revised Comptroller’s Licensing Manual Booklet
September 9, 2020 / Source: OCC
OCC Bulletin 2020-80 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) issued today the “Federal Branches and Agencies” booklet of the Comptroller’s Licensing Manual, which revises and replaces…
One Person Indicted, Second Person to Plead Guilty in COVID-19 Stimulus Fraud Investigation
September 8, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE PROVIDENCE – A Massachusetts man who failed to appear in federal court in Rhode Island and who allegedly faked his own death after being charged and arraigned on fraud and conspiracy charges for his alleged participation in a conspiracy to file bank loan applications fraudulently seeking more than a half-million dollars in…
Consumer Financial Protection Bureau and New York Attorney General Take Action Against Debt-Collection Operation and Its Owners and Managers
September 8, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau), in partnership with the New York Attorney General (NYAG), today filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, for their participation in a debt-collection operation using illegal methods to collect debts….
FDIC Issues List of Banks Examined for CRA Compliance September 4, 2020
September 4, 2020 / Source: FDIC
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 June 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…