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Computer-Security Incident Notification: Notice of Proposed Rulemaking SHARE THIS PAGE:
January 15, 2021 / Source: OCC
OCC Bulletin 2021-3 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 January 12, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit…
OCC Releases 2021 Schedule of Virtual Bank Director Workshops
January 15, 2021 / Source: OCC
News Release 2021-9 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced its 2021 schedule of free, virtual workshops for board of directors of national banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors of national community banks and federal savings associations in a virtual…
OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit
January 15, 2021 / Source: OCC
News Release 2021-8 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that banks should conduct…
FinCEN Extends Comment Period for Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transactions
January 14, 2021 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM), banks and money services businesses (MSBs) would be required to submit…
SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19
January 14, 2021 / Source: SBA and Treasury
PRESS RELEASES Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with…
Bureau takes additional steps to foster an inclusive financial system
January 13, 2021 / Source: CFPB
BLOG By Kathleen L. Kraninger – JAN 13, 2021 I am pleased to announce that the Bureau has published the “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement provides principles and guidelines to inform and assist financial institutions seeking to better serve LEP consumers in non-English languages. I encourage…
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2021
January 13, 2021 / Source: OCC
OCC Bulletin 2021-2 | January 13, 2021 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 December 31, 2020, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the…
OCC Conditionally Approves Conversion of Anchorage Digital Bank
January 13, 2021 / Source: OCC
News Release 2021-6 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. The OCC granted a national trust bank charter to Anchorage after thorough review of the company and its current operations. …
Changes Ahead Mean a Better Experience on the Modern ACH Network
January 13, 2021 / Source: NACHA
Nacha Moving the modern ACH Network forward to provide users with the best possible experience is one of Nacha’s most important goals. That’s why the ACH Network is always evolving, and this year will be no different. “2021 is going to be a year full of some great Rules changes, things that help drive our…
What you should know about tech support scams
January 13, 2021 / Source: CFPB
During the pandemic, we’re doing more online – working, connecting with family and friends, shopping, and banking. So, if something goes wrong with your device, you want to fix it right away. Scammers are preying on this, offering phony tech support services. Here’s what you should know about tech support scams. How to spot tech…
Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2020
January 11, 2021 / Source: FRB
Press Release The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited…
Banker Webinar: Basics of New Paycheck Protection Program (PPP) Loan Programs
January 11, 2021 / Source: FDIC
Financial Institution Letter FIL-01-2021 Summary: The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors will host a webinar for bankers on Monday, January 11, 2021 from 2:00 p.m. to 3:00…
FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint Monday, January 11, 2021
January 11, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. The FDIC selected the following…
We are accepting applications for our Advisory Committees
January 11, 2021 / Source: CFPB
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the Bureau with information about emerging trends and practices in the consumer financial marketplace. They…
U.S. Economic Outlook and Monetary Policy
January 8, 2021 / Source: FRB
U.S. Economic Outlook and Monetary Policy Vice Chair Richard H. Clarida At the C. Peter McColough Series on International Economics Council on Foreign Relations, New York, New York (via webcast) It is my pleasure to meet virtually with you today at the Council on Foreign Relations.1 I regret that we are not doing this session in…
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
January 8, 2021 / Source: SBA
PRESS RELEASES WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First…
Treasury issues millions of second Economic Impact Payments by debit card
January 7, 2021 / Source: IRS
IR-2021-06 WASHINGTON — Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. These EIP Cards follow the millions of payments already made by direct deposit and the ongoing mailing of paper checks that are delivering the second round of…
Federal Reserve Board issues enforcement action with former employee of Community Financial Services Bank
January 7, 2021 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent prohibition against Carolyn E. Flynn Former employee Community Financial Services Bank, Benton, Kentucky Unsafe and unsound lending and customer information practices Search of Federal Reserve enforcement actions. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: January…
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations January 7, 2021
January 7, 2021 / Source: OCC
News Release 2021-5 OCC Releases CRA Evaluations for 23 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 December 1, 2020 through December 31, 2020. The list contains only national banks, federal…
Minutes of the Federal Open Market Committee, December 15-16, 2020
January 6, 2021 / Source: FRB
Press Release The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 15–16, 2020. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in…
Acting Comptroller of the Currency Issues Statement on CFPB Task Force Study Regarding Federal Fintech Charters
January 6, 2021 / Source: OCC
News Release 2021-3 WASHINGTON — Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon release of the Consumer Financial Protection Bureau’s (CFPB) task force report (PDF) endorsing the need for federal charters for financial technology (fintech) companies. The thoughtful report by the task force created by the CFPB concludes that the nation needs federal…
Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report
January 5, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace. The Taskforce Report uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory framework: consumer protection,…
Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities
January 5, 2021 / Source: OCC
News Release 2021-2 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. “While governments in other countries have built real-time payments systems, the United States…
OCC Proposes Rule Regarding Permissible Bank Premises
January 4, 2021 / Source: OCC
News Release 2021-1 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to codify permissibility standards for real estate used as national bank or federal savings association premises. The proposed rule would clarify standards for determining when real estate is necessary for the transaction of an institution’s…
Consumer Financial Protection Bureau Issues an Approval Order to Facilitate Employee Access to Earned but Unpaid Wages
January 4, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a compliance assistance sandbox (CAS) approval order to PayActiv regarding specific aspects of some of its earned wage access (EWA) products. EWA products allow employees access to their earned but unpaid wages prior to payday. Issued under the CAS Policy from last year, a CAS approval offers an…