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FDIC Issues Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks
February 10, 2020 / Source: FDIC
Financial Institution Letters FIL-8-2020 February 10, 2020 FDIC Issues Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks Printable Format: FIL-8-2020 – PDF (PDF Help) Summary: The FDIC has released a supplement to its Deposit Insurance Application Procedures Manual (Procedures Manual) that addresses deposit insurance applications involving unique or complex proposals. The FDIC has…
For the Record: Why Direct Deposit Benefits American Workers
February 10, 2020 / Source: NACHA
For the Record: Why Direct Deposit Benefits American Workers Nacha News Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability. Posted on February…
Federal Reserve Board releases hypothetical scenarios for its 2020 stress test exercises
February 7, 2020 / Source: FRB
Press Release February 06, 2020 Federal Reserve Board releases hypothetical scenarios for its 2020 stress test exercises For release at 4:30 p.m. EST Share The Federal Reserve Board on Thursday released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes so that they can continue…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2020
February 7, 2020 / Source: OCC
News Release 2020-17 | February 6, 2020 OCC Releases Dodd-Frank Act Stress Test Scenarios for 2020 WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s final rule…
Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County
February 6, 2020 / Source: FRB
Press Release February 06, 2020 Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County For release at 11:00 a.m. EST Share The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Farmers & Merchants Bank of Craig County, New Castle, Virginia Order of Assessment of…
Man Sentenced for Embezzling $3 Million from Employer
February 6, 2020 / Source: FDICOIG
FOR IMMEDIATE RELEASE Friday, January 31, 2020 Man Sentenced for Embezzling $3 Million from Employer ALEXANDRIA, Va. – A Maryland man was sentenced today to 30 months in prison for embezzling over $3.2 million from his employer. According to court documents, Reginald Zayas, 49, of Upper Marlboro, was the Controller at a Virginia-based company. Over…
News Release 2020-16: OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations
February 5, 2020 / Source: OCC
News Release 2020-16 | February 5, 2020 OCC Releases CRA Evaluations for 28 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 January 1, 2020 through January 31, 2020. The list contains only…
Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities
February 5, 2020 / Source: CFPB
Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities FEB 05, 2020 Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with Think Finance, LLC, formerly known as Think Finance, Inc., and six subsidiaries (collectively, the “Think Finance Entities”), to resolve the Bureau’s lawsuit, which the Bureau filed on…
FDIC Issues November 2019 List of Banks Examined for CRA Compliance
February 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE February 4, 2020 Media Contact: LaJuan Williams-Young (202) 898-3876 [email protected] 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…
Federal Reserve Board announces it is permanently barring senior executive at Goldman Sachs from banking industry
February 4, 2020 / Source: FRB
Press Release February 04, 2020 Federal Reserve Board announces it is permanently barring senior executive at Goldman Sachs from banking industry For release at 11:30 a.m. EST Share The Federal Reserve Board on Tuesday announced that it is permanently barring Andrea Vella, a senior executive at Goldman Sachs, from the banking industry for his role…
FDIC Publishes Comprehensive History of Risk-Based Pricing
February 3, 2020 / Source: FDIC
Press Releases FDIC Publishes Comprehensive History of Risk-Based Pricing First in a series of staff studies chronicles 85-year evolution of deposit insurance premiums FOR IMMEDIATE RELEASE February 3, 2020 Brian Sullivan (202) 898-6534 [email protected] WASHINGTON – In the first of a series of staff studies to be released to the public, the Federal Deposit Insurance…
Banker Webinar: Community Bank Leverage Ratio Framework
February 3, 2020 / Source: FDIC
Financial Institution Letters FIL-7-2020 February 3, 2020 Banker Webinar: Community Bank Leverage Ratio Framework Printable Format: FIL-7-2020 – PDF (PDF Help) Summary: The FDIC will host a webinar on February 25, 2020, from 2:00 p.m. to 3:30 p.m., Eastern Time (ET) to discuss the optional community bank leverage ratio (CBLR) capital framework for qualifying FDIC-supervised institutions….
Former Stockman Bank employee sentenced to prison for stealing from customers
February 3, 2020 / Source: FDICOIG
FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Former Stockman Bank employee sentenced to prison for stealing from customers BILLINGS—A former Stockman Bank commercial loan assistant who admitted stealing money from the accounts of two customers, including a mentally incompetent elderly man, was sentenced today to 57 months in prison and five years of supervised release…
Shared National Credit Review Finds Risk Remains Elevated in Leveraged Loans
January 31, 2020 / Source: OCC
News Release 2020-15 | January 31, 2020 Shared National Credit Review Finds Risk Remains Elevated in Leveraged Loans Joint Release Federal Deposit Insurance Corporation Federal Reserve Board of Governors Office of Comptroller of the Currency WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and…
FDIC Makes Public December Enforcement Actions
January 31, 2020 / Source: FDIC
Press Releases FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled for February 2020 FOR IMMEDIATE RELEASE January 31, 2020 Media contact: LaJuan Williams-Young (202) 898-6876 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December. There are no administrative…
Federal Reserve finalizes rule to simplify and increase the transparency of the Board’s rules for determining control of a banking organization
January 30, 2020 / Source: FRB
Press Release January 30, 2020 Federal Reserve finalizes rule to simplify and increase the transparency of the Board's rules for determining control of a banking organization For release at 12:00 p.m. EST Share The Federal Reserve Board on Thursday finalized a rule to simplify and increase the transparency of the Board's rules for determining control…
Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule
January 30, 2020 / Source: OCC
News Release 2020-11 | January 30, 2020 Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule Joint Release Board of Governors of the Federal Reserve System Commodity Futures Trading Commission Federal Deposit Insurance Corporation Office of Comptroller of the Currency Securities and Exchange Commission Five federal financial regulatory agencies on Thursday invited public comment on a…
Comptroller of the Currency Approves Proposal to Revise Volcker Rule Covered Funds Provisions
January 30, 2020 / Source: OCC
News Release 2020-10 | January 30, 2020 Comptroller of the Currency Approves Proposal to Revise Volcker Rule Covered Funds Provisions WASHINGTON—The Comptroller of the Currency today approved a proposed rule to revise the “covered funds” provisions in the regulations implementing Section 13 of the Bank Holding Company Act of 1956 (BHC Act), also known as the Volcker…
Federal Reserve issues FOMC statement
January 29, 2020 / Source: Federal Reserve
January 29, 2020 Federal Reserve issues FOMC statement For release at 2:00 p.m. EST Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the…
Comptroller of the Currency Discusses Efforts to Strengthen Community Reinvestment Act Regulations, Condition of the Federal Banking System
January 29, 2020 / Source: OCC
News Release 2020-9 | January 29, 2020 Comptroller of the Currency Discusses Efforts to Strengthen Community Reinvestment Act Regulations, Condition of the Federal Banking System WASHINGTON—Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the House Financial Services Committee. The Comptroller’s testimony discussed efforts to strengthen and modernize Community Reinvestment Act regulations, the…
OCC Hosts Credit Risk and Operational Risk Workshops in New Orleans
January 28, 2020 / Source: OCC
OCC Hosts Credit Risk and Operational Risk Workshops in New Orleans WASHINGTON — The Office of the Comptroller of the Currency will host two workshops at the Embassy Suites by Hilton in New Orleans, March 3-4, for directors of national community banks and federal savings associations supervised by the OCC. The Credit Risk workshop…
Advisory: Prudent Management of Agricultural Lending During Economic Cycles
January 28, 2020 / Source: FDIC
FIL-5-2020 January 28, 2020 Advisory: Prudent Management of Agricultural Lending During Economic Cycles Summary: Between 2010 and 2015, the U.S. agricultural industry enjoyed generally robust economic conditions. More recently, the industry has been experiencing low commodity prices, trade and tariff uncertainties, impacts from adverse weather conditions, and global supply and demand issues. This advisory reminds…
Stolen Payment Card Trafficking Mastermind Pleads Guilty
January 27, 2020 / Source: Bank Info Security
Stolen Payment Card Trafficking Mastermind Pleads Guilty Aleksey Burkov's 'Cardplanet' Site Sold Card Data, Prosecutors SayScott Ferguson (@Ferguson_Writes) • January 24, 2020 Aleksey Burkov, a Russian national who was extradited to the U.S. from Israel in November, pleaded guilty Thursday to federal charges related to owning and operating a site called “Cardplanet,” which trafficked in stolen…
Making ACH Even Easier: Why We Need to Reduce Friction
January 27, 2020 / Source: NACHA
January 24, 2020 AUTHOR: Jane Larimer President and CEO, Nacha Easy is in the eye of the beholder. Assembling Ikea furniture is a piece of cake for some; others think it takes a master’s in engineering. While we hope using the ACH Network is nowhere near as challenging, we know there can be friction for…
CFPB Announces Policy Regarding Prohibition on Abusive Acts of Practices
January 24, 2020 / Source: CFPB
CFPB Announces Policy Regarding Prohibition on Abusive Acts of Practices JAN 24, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a policy statement providing a common-sense framework on how it intends to apply the “abusiveness” standard in supervision and enforcement matters. The Dodd-Frank Act is the first Federal law to broadly…