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Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans
May 20, 2020 / Source: FDIC
Press Releases Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For Immediate Release May 20, 2020 Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans The federal financial institution regulatory agencies today issued principles for offering small-dollar loans…
CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt
May 20, 2020 / Source: CFPB
CFPB to Provide Additional Extension of Comment Period for Supplemental Notice of Proposed Rulemaking on Time Barred Debt WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for the public to comment on its Supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures. The extension…
OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations
May 20, 2020 / Source: OCC
News Release 2020-63 | May 20, 2020 OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and…
Risk Management Manual of Examination Policies May 2020 Update
May 19, 2020 / Source: FDIC
Risk Management Manual of Examination Policies May 2020 Update The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices. The FDIC conducts examinations at financial institutions to ensure public confidence in the banking system and to protect the Deposit Insurance Fund. The RMS Manual promotes consistency in examination activities, which center on…
FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings
May 19, 2020 / Source: FinCEN
FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings Contact Office of Strategic Communications, 703-905-3770 Immediate Release May 19, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program. The annual program recognizes law enforcement agencies that used Bank Secrecy Act…
FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions
May 19, 2020 / Source: FinCEN
FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting…
Fannie Mae to Issue Request for Proposals to Hire Financial Advisor
May 18, 2020 / Source: Fannie Mae
Fannie Mae to Issue Request for Proposals to Hire Financial Advisor Announcement Represents Significant Milestone for the Company, Housing Finance System WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced that it will issue a request for proposals to hire an underwriting financial advisor who will assist in developing and implementing a plan for recapitalizing and…
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
May 18, 2020 / Source: SBA
PRESS RELEASES SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application WASHINGTON—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP…
Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112””Curren
May 18, 2020 / Source: FinCEN
Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Currency Regulations at 31 CFR 1010.310 Through 1010.314, 31 CFR 1021.311, and 31 CFR 1021.313, and FinCEN Report 112—Currency Transaction Report Release Date May 14, 2020 Renewal Without Change of the Bank Secrecy Act Reports of Transactions in Curre… Action Type Notice and…
Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions
May 18, 2020 / Source: FDIC
Financial Institution Letters Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions Printable Format: FIL-57-2020 – PDF (PDF Help) Summary: The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System have published an interim…
CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options
May 15, 2020 / Source: CFPB
CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options WASHINGTON, D.C. — To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal…
Financial Stability Report May 2020
May 15, 2020 / Source: FRB
Financial Stability Report This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment. By publishing this report, the Board intends to promote public understanding and increase transparency and accountability for the Federal Reserve’s views on this topic.
Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies
May 14, 2020 / Source: CFPB
Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated final judgment to resolve its allegations in its lawsuit against California mortgage lender Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans), and several…
FDIC Consumer Compliance Examination Manual (CEM)
May 14, 2020 / Source: FDIC
FDIC Consumer Compliance Examination Manual (CEM) May 13, 2020 The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations. The CEM is designed…
FHFA Extends Foreclosure and Eviction Moratorium
May 14, 2020 / Source: FHFA
FHFA Extends Foreclosure and Eviction Moratorium Moratorium applies to Enterprise-backed mortgages FOR IMMEDIATE RELEASE 5/14/2020 Washington, D.C. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending…
Consumer Financial Protection Bureau Outlines Responsibilities of Financial Firms During Pandemic
May 13, 2020 / Source: CFPB
Consumer Financial Protection Bureau Outlines Responsibilities of Financial Firms During Pandemic WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a statement and FAQs outlining the responsibility of certain financial firms during the pandemic. In the statement, the Bureau outlines the billing error responsibilities of credit card issuers and other open-end non-home secured creditors…
Comptroller of the Currency Discusses Efforts to Support the Federal Banking System’s Response to COVID-19
May 13, 2020 / Source: OCC
Comptroller of the Currency Discusses Efforts to Support the Federal Banking System's Response to COVID-19 WASHINGTON—Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Comptroller's testimony discussed the agency's efforts to support the safe, sound, and fair…
Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity
May 12, 2020 / Source: FDIC
Financial Institution Letters Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity Facility Printable Format: FIL-56-2020 – PDF (PDF Help) Summary: On May 12, 2020, the FDIC Board of Directors authorized publication of a notice of proposed…
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19
May 12, 2020 / Source: CFPB
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19 WASHINGTON, D.C. – To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of…
Interagency Guidance on Credit Risk Review Systems
May 11, 2020 / Source: FDIC
Financial Institution Letters Interagency Guidance on Credit Risk Review Systems Printable Format: FIL-55-2020 – PDF (PDF Help) Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration have jointly issued the final Interagency Guidance on Credit Risk Review Systems (interagency guidance). The interagency guidance replaces the guidance…
Consumer Financial Protection Bureau Issues Final Remittance Rule
May 11, 2020 / Source: CFPB
Consumer Financial Protection Bureau Issues Final Remittance Rule WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule covering remittances transfers. The Remittance Rule imposes requirements on entities that send international money transfers, or remittance transfers, on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas May 2020
May 8, 2020 / Source: FinCEN
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas Contact Steve Hudak, 703-905-3770 Immediate Release May 08, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of…
Federal Reserve Supervision and Regulation Report May 2020
May 8, 2020 / Source: FRB
Federal Reserve Supervision and Regulation Report Current Report: May 8, 2020 Report (PDF) The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.
Enforcement work continues with a commitment to protecting consumers
May 8, 2020 / Source: CFPB
Enforcement work continues with a commitment to protecting consumers During these difficult times, the COVID-19 pandemic has not affected the Bureau’s ability or resolve to use its enforcement tool to police the consumer financial marketplace. Our enforcement team is on the job—while safely teleworking—and committed to vigorously enforcing consumer financial protection laws in all markets…
COVID-19 Pushes Consumer Confidence in Housing to Lowest Level Since November 2011
May 7, 2020 / Source: Fannie Mae
COVID-19 Pushes Consumer Confidence in Housing to Lowest Level Since November 2011 Substantially Fewer Americans Believe It's a Good Time to Sell a Home WASHINGTON, DC – May 7, 2020 – After falling 11.7 points last month, the Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased an additional 17.8 points in April to 63.0, its lowest reading…