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Consolidated Reports of Condition and Income for Second Quarter 2020
July 13, 2020 / Source: FDIC
Consolidated Reports of Condition and Income for Second Quarter 2020 July 10, 2020 | FIL-69-2020 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2020, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call Report data and…
CFPB Study Shows Financial Product Could Help Consumers Build Credit
July 13, 2020 / Source: CFPB
CFPB Study Shows Financial Product Could Help Consumers Build Credit JUL 13, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a report indicating that a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no…
FHA EXPANDS HOME RETENTION MEASURES FOR HOMEOWNERS FINANCIALLY IMPACTED BY COVID-19
July 10, 2020 / Source: HUD
FHA EXPANDS HOME RETENTION MEASURES FOR HOMEOWNERS FINANCIALLY IMPACTED BY COVID-19 Streamlined loss mitigation options will help more homeowners avoid foreclosure WASHINGTON – The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at…
CFPB Releases Report on Debt Settlements and Credit Counseling
July 10, 2020 / Source: CFPB
CFPB Releases Report on Debt Settlements and Credit Counseling JUL 10, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a report today examining recent trends in debt settlement and credit counseling. Many Americans struggle with their debts, especially during times of crisis. Today’s report documents changes over time in how consumers have used…
FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through August
July 9, 2020 / Source: FHFA
News Release FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through August FOR IMMEDIATE RELEASE 7/9/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until August 31, 2020 to ensure continued support for borrowers…
The FDIC’s Implementation of Enterprise Risk Management
July 9, 2020 / Source: FDIC OIG
The FDIC’s Implementation of Enterprise Risk Management Wednesday, July 8, 2020 The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) issued its report on the FDIC’s Implementation of Enterprise Risk Management (ERM). ERM is an agency-wide approach to addressing the full spectrum of internal and external risks facing an agency. The FDIC…
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…