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FDIC Consumer News: Working Through Financial Difficulty
July 28, 2020 / Source: FDIC
FDIC Consumer News: Working Through Financial Difficulty Printable Version July 2020 – PDF Version imprimible en Español Julio 2020 – PDF Overcoming budgetary setbacks The FDIC encourages banks to work with their customers experiencing financial difficulty, where possible. This may include delaying loan payments, extending the terms of a loan, or restructuring loan agreements. It…
Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
July 28, 2020 / Source: CFPB
Consumer Financial Protection Bureau Requests Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all…
Freddie Mac Issues Monthly Volume Summary for June 2020
July 27, 2020 / Source: Freddie Mac
Freddie Mac Issues Monthly Volume Summary for June 2020 PDF Version MCLEAN, Va., July 27, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today posted to its website its Monthly Volume Summary for June 2020, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments. Freddie Mac makes home…
Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering
July 27, 2020 / Source: FDIC OIG
Washington Tech Executive Charged with COVID-Relief Fraud and Money Laundering A Washington tech executive was taken into custody today and charged with fraudulently seeking over $5.5 million in Paycheck Protection Program (PPP) loans and laundering the proceeds, announced Acting Assistant Attorney General Brian C. Rabbitt at of the Justice Department’s Criminal Division and U.S. Attorney…
Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act
July 27, 2020 / Source: FDIC
Press Release Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act The Federal Deposit Insurance Corporation and the Securities and Exchange Commission have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers…
FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records
July 24, 2020 / Source: FDIC
FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records July 24, 2020 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to…
CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data
July 24, 2020 / Source: CFPB
CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data JUL 24, 2020 Washington, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier…
Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory i
July 24, 2020 / Source: FRB
Press Release July 24, 2020 Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act (FOIA) procedures and changes to rules for the disclosure of confidential supervisory information (CSI) The Federal Reserve Board on Friday finalized a rule that implements technical, clarifying updates to its Freedom of Information Act (FOIA)…
Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility
July 23, 2020 / Source: FRB
Press Release July 23, 2020 Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility The Federal Reserve Board on Thursday broadened the set of firms eligible to transact with and provide services in three emergency lending facilities. Encouraging a broader…
Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner
July 23, 2020 / Source: CFPB
Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner WASHINGTON, D.C. – On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s (Bureau) allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman)….
Co-signed a private student loan? Here are tips to protect yourself during COVID-19
July 22, 2020 / Source: CFPB
Co-signed a private student loan? Here are tips to protect yourself during COVID-19 By Cora Hume and Kate Mullan – JUL 22, 2020 Millions of Americans are facing financial uncertainty during the coronavirus pandemic. For people with student loans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for those with federal student loans, and many private student loan…
CFPB to Host Symposium July 29
July 22, 2020 / Source: CFPB
CFPB to Host Symposium July 29 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020 at 9:30 a.m. The event will be webcast on the Bureau’s website. The symposium is intended to seek…
Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
July 22, 2020 / Source: OCC
News Release 2020-98 | July 22, 2020 Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. National and state banks and thrifts have long provided safekeeping and…
FHFA Proposes 2021 Housing Goals for Fannie Mae and Freddie Mac
July 21, 2020 / Source: FHFA
News Release FHFA Proposes 2021 Housing Goals for Fannie Mae and Freddie Mac Current Housing Goals Expire at the end of 2020 Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic,…
Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021
July 21, 2020 / Source: FRB
Press Release Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021 The Federal Reserve Board on Tuesday announced its intent to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository…
FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies
July 20, 2020 / Source: FDIC
Press Release FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies Public/Private standard-setting partnership could foster innovation and cut costs July 20, 2020 FOR RELEASE The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to…
National Banks and Federal Savings Associations as Lenders: Notice of Proposed Rulemaking
July 20, 2020 / Source: OCC
OCC Bulletin 2020-70| July 20, 2020 National Banks and Federal Savings Associations as Lenders: Notice of Proposed Rulemaking 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 July 20, 2020, the Office of the Comptroller of the Currency (OCC) signed a proposed…
CFPB Releases Updated COVID-19 Consumer Complaint Data
July 17, 2020 / Source: CFPB
CFPB Releases Updated COVID-19 Consumer Complaint Data WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”). The bulletin shows that mortgage (19 percent), credit card (18 percent), and credit…
CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time
July 17, 2020 / Source: CFPB
CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time JUL 17, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using…
Winchester Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Wednesday, July 15, 2020 Winchester Man Charged with COVID-Relief Fraud Owner of Information Technology Services Company Fraudulently Sought More than $13 million in Small Business Administration Paycheck Protection Program Loans BOSTON – A Winchester man was indicted yesterday in connection with allegedly filing fraudulent loan applications seeking more than $13…
California Man Charged with COVID-Relief Fraud
July 17, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Thursday, July 16, 2020 California Man Charged with COVID-Relief Fraud A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Nicola T. Hanna…
Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations
July 17, 2020 / Source: FRB
Press Release July 17, 2020 Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations For release at 10:00 a.m. EDT The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit…
Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
July 16, 2020 / Source: FinCEN
Financial Crimes Enforcement Network Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter Immediate Release July 16, 2020 The Financial Crimes Enforcement Network (FinCEN) is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions…
Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding
July 16, 2020 / Source: FDIC
Financial Institution Letter Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding July 16, 2020 | FIL-70-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms and…
OCC Enforcement Actions July 16, 2020
July 16, 2020 / Source: OCC
News Release 2020-95 | July 16, 2020 OCC Enforcement Actions 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…