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Agencies extend two resolution plan deadlines
May 7, 2020 / Source: FRB
Joint Press Release May 06, 2020 Agencies extend two resolution plan deadlines Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation In light of the challenges arising from the coronavirus response, the Federal Deposit Insurance Corporation and the Federal Reserve Board today announced two extensions to upcoming resolution plan deadlines. First, the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds
May 7, 2020 / Source: FDIC
Financial Institution Letters FIL-53-2020 May 7, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds Printable Format: FIL-53-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate…
Two Charged with Stimulus Fraud
May 6, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Tuesday, May 5, 2020 Two Charged with Stimulus Fraud First in the nation to be charged with fraudulently seeking CARES Act SBA Paycheck Protection Loans PROVIDENCE – Two businessmen have been charged in the District of Rhode Island with allegedly filing bank loan applications fraudulently seeking more than a half-million…
Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility
May 6, 2020 / Source: FDIC
Press Releases Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency May 5, 2020 Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility To support the flow of…
Federal Reserve Board issues enforcement action with former employee of Whitaker Bank, Inc. and announces termination of enforcement actions with Crown Bankshares, Inc. and First Bankshares, Inc.
May 6, 2020 / Source: FRB
Press Release May 05, 2020 Federal Reserve Board issues enforcement action with former employee of Whitaker Bank, Inc. and announces termination of enforcement actions with Crown Bankshares, Inc. and First Bankshares, Inc. The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Prohibition and cease and desist order against Thomas…
Joint Statement by Administrator Jovita Carranza and Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program
May 4, 2020 / Source: SBA
Joint Statement by Administrator Jovita Carranza and Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program Release Date: Sunday, May 3, 2020 Release Number: 20-37 Contact: [email protected], (202) 205-7036 WASHINGTON— U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin today issued the following statement on…
FDIC Issues List of Banks Examined for CRA Compliance
May 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE May 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 finalizes rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule
May 1, 2020 / Source: FRB
Press Release May 01, 2020 Federal Reserve Board finalizes rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule The Federal Reserve Board on Friday finalized a rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule….
Treasury Designates IRGC-Qods Force Front Company and Owner
May 1, 2020 / Source: OFAC
PRESS RELEASES Treasury Designates IRGC-Qods Force Front Company and Owner May 1, 2020 WASHINGTON—The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated dual Iranian and Iraqi national Amir Dianat, a longtime associate of senior officials of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Dianat, who is also known as Ameer…
Consumer Financial Protection Bureau Report Shows Substantial Decline in Credit Applications in March
May 1, 2020 / Source: CFPB
Consumer Financial Protection Bureau Report Shows Substantial Decline in Credit Applications in March MAY 01, 2020 WASHINGTON, D.C. – A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders…
Fair Lending Report 2019
May 1, 2020 / Source: CFPB
CFPB Report To Congress Fair Lending Report 2019 APR 30, 2020 The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019. FULL REPORT Read the full…
OCC Releases CRA Evaluations for 20 National Banks and Federal Savings Associations
May 1, 2020 / Source: OCC
News Release 2020-58 | May 1, 2020 OCC Releases CRA Evaluations for 20 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 April 1, 2020 through April 30, 2020. The list contains only national…
Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program
April 30, 2020 / Source: FRB
Press Release April 30, 2020 Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve…
FFIEC Joint Statement on Risk Management for Cloud Computing Services
April 30, 2020 / Source: FDIC
Financial Institution Letters FIL-52-2020 April 30, 2020 FFIEC Joint Statement on Risk Management for Cloud Computing Services Printable Format: FIL-52-2020 – PDF (PDF Help) Summary: The FDIC, as a member of the Federal Financial Institutions Examination Council (FFIEC), is issuing the attached statement addressing the use of cloud computing services and security risk management principles in the…
CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly
April 29, 2020 / Source: CFPB
CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly APR 29, 2020 WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic….
Fannie Mae Announces Scheduled Release of First Quarter 2020 Financial Results
April 29, 2020 / Source: Fannie Mae
April 29, 2020 Fannie Mae Announces Scheduled Release of First Quarter 2020 Financial Results Company to Host Conference Call WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its first quarter 2020 financial results on Friday morning, May 1, 2020, before the opening of U.S. financial markets. Fannie Mae will host a conference…
Federal Reserve issues FOMC statement April 2020
April 29, 2020 / Source: FRB
Press Release April 29, 2020 Federal Reserve issues FOMC statement 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 coronavirus outbreak is causing tremendous human and economic hardship across the United States and…
The importance of fair and equitable access to credit for minority and women-owned businesses
April 28, 2020 / Source: CFPB
The importance of fair and equitable access to credit for minority and women-owned businesses By Patrice Alexander Ficklin, Grady Hedgespeth, and Lora McCray – APR 27, 2020 Small businesses, including minority and women-owned businesses, are the cornerstone of the American economy and have been hit particularly hard during the COVID-19 pandemic. Congress passed and amended the Coronavirus Aid, Relief, and…
Consumer Financial Protection Bureau Adds Enhancements to Consumer Complaint Database
April 28, 2020 / Source: CFPB
Consumer Financial Protection Bureau Adds Enhancements to Consumer Complaint Database APR 27, 2020 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced the addition of a geospatial view to the Consumer Complaint Database. With this addition, consumers will now be able to view complaints by state with a U.S. map visualization. Consumers have been…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding
April 28, 2020 / Source: FDIC
Financial Institution Letters FIL-51-2020 April 28, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, Straight-Line Winds and Flooding Printable Format: FIL-51-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate…
Small Business Administration (SBA) and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans
April 28, 2020 / Source: FDIC
Financial Institution Letters FIL-50-2020 April 25, 2020 Small Business Administration (SBA) and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans Printable Format: FIL-50-2020 – PDF (PDF Help) Summary: The Small Business Administration (SBA) together with the U.S. Department of Treasury announced on April 24, 2020 that the SBA will resume taking applications…
Credit Administration: Documentation of SBA Paycheck Protection Program Loans
April 28, 2020 / Source: OCC
OCC Bulletin 2020-44| April 25, 2020 Credit Administration: Documentation of SBA Paycheck Protection Program Loans 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) is encouraging banks1 providing loans under the…
No Lump Sum Required at the End of Forbearance
April 27, 2020 / Source: FHFA
News Release “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria FOR IMMEDIATE RELEASE 4/27/2020 Washington, D.C. – To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one…
FDIC Makes Public March Enforcement Actions
April 24, 2020 / Source: FDIC
Press Releases FDIC Makes Public March Enforcement Actions; No Administrative Hearings Scheduled for May 2020 FOR IMMEDIATE RELEASE April 24, 2020 Media Contact: Julianne Fisher Breitbeil 202-898-6895 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March 2020. There are no…
Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the “savings deposit” definition in Regulation D
April 24, 2020 / Source: FRB
Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the “savings deposit” definition in Regulation D The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit”…