Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
CFPB Sues Student Lender Climb Credit and Investment Firm 1/0 for Deceiving Borrowers About Coding Bootcamps and Vocational Programs
October 17, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued student lender Climb Credit, and its largest shareholder 1/0 (“one zero”), for inducing students to take out loans by misrepresenting the quality of the training programs at their partner schools and making false claims about graduates’ hiring rates and salaries. The lawsuit alleges Climb Credit and 1/0…
HUD Expands Counseling Services to Help Families Access Quality, Affordable Homes
October 16, 2024 / Source: HUD
WASHINGTON – Under the Biden-Harris Administration, the U.S. Department of Housing and Urban Development (HUD) has been committed to broadening affordable avenues to homeownership for millions of families, particularly families of color and those from disadvantaged communities. As one of those options, HUD sponsors housing counseling agencies throughout the country to provide free or low-cost advice on issues…
READOUT: FinCEN Gathers Public and Private Sector Officials in Charlotte, North Carolina to Discuss Efforts to Combat the Fentanyl Epidemic
October 16, 2024 / Source: FinCEN
CHARLOTTE, N.C.—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in partnership with Treasury’s Internal Revenue Service – Criminal Investigation (CI), held the seventh of ten planned events in 2024 as part of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series of the FinCEN Exchange program, first announced in May….
READOUT: FinCEN Hosts Regional Training Event in Botswana to Combat Money Laundering
October 16, 2024 / Source: FinCEN
WASHINGTON—From September 17 through September 19, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), with funding and support from the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement and the International Law Enforcement Training Academy in Gaborone, Botswana, hosted a multi-day regional training event in Gaborone as part…
CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama
October 15, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Justice Department (DOJ) took action to end Fairway Independent Mortgage Corporation’s illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area. The CFPB and DOJ allege that Fairway illegally redlined Black neighborhoods, including through its marketing and sales actions. Fairway’s actions discouraged people…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Milton
October 15, 2024 / Source: FDIC
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Florida Office of Financial Regulation, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to…
FinCEN Renews Real Estate Geographic Targeting Orders
October 15, 2024 / Source: FinCEN
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 non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 16, 2024, and ending on April 14, 2025….
CFPB Takes Action Against Arbitration Platform Ejudicate for Deceiving Student Borrowers
October 10, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products after the company misled student borrowers about its neutrality and initiated sham arbitration proceedings. Ejudicate initiated those proceedings for the company Prehired, which was permanently shut down in 2023 by the CFPB and several state attorneys general…
U.S. Department of the Treasury Releases Fact Sheet Detailing Investments in the Latino Community
October 10, 2024 / Source: Treasury
WASHINGTON – Today, in recognition of Hispanic Heritage Month, the U.S. Department of the Treasury (Treasury) released a fact sheet detailing the critical contributions of Latinos to the U.S. economy and benefits of the Administration’s economic agenda for Latino families, small businesses, and communities. When President Biden and Vice President Harris came into office at…
FinCEN Assesses Record $1.3 Billion Penalty against TD Bank
October 10, 2024 / Source: FinCEN
WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A. (collectively, TD Bank, or the Bank) for violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use. TD Bank…
OCC Issues Cease and Desist Order, Assesses $450 Million Civil Money Penalty, and Imposes Growth Restriction Upon TD Bank, N.A. for BSA/AML Deficiencies
October 10, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A. (bank), for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. Today’s action also imposes a restriction on…
Federal Reserve Board fines Toronto-Dominion Bank $123.5 million for violations related to anti-money laundering laws
October 10, 2024 / Source: FRB
The Federal Reserve Board on Thursday fined Toronto-Dominion Bank $123.5 million for violations related to anti-money laundering laws. The Board is also requiring TD to implement enhanced measures to comply with anti-money laundering laws and to correct its risk management deficiencies. TD failed to conduct adequate risk management and oversight of its retail banking operations…
FTC, DOJ and CFPB Warn Consumers About Potential Scams and Price Gouging in the Wake of Hurricanes and other Natural Disasters
October 9, 2024 / Source: FTC
As the nation braces for another major hurricane, the Federal Trade Commission along with the Department of Justice and the Consumer Financial Protection Bureau are warning consumers about those looking to take advantage of natural disasters by engaging in potential fraud or price gouging. Scammers quickly exploit weather emergencies and take advantage of people trying…
HUD Announces $28 Million to Bolster Local Housing Programs Across America
October 9, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $28 million in funding to ensure Americans living with HIV and AIDS and their families have access to stable, safe, permanent housing. The funding, through HUD’s Housing Opportunities for Persons With AIDS (HOPWA) Permanent Supportive Housing (PSH) Renewal and Replacement Grants, will…
FHFA Expands Housing Market Data Resources with New Manufactured House Price Index
October 9, 2024 / Source: FHFA
Washington, D.C. – The Federal Housing Finance Agency (FHFA) published today new national datasets on price trends for manufactured homes. FHFA’s release of the House Price Index (HPI) and median prices for manufactured homes provides quarterly data on the movement and level of manufactured home prices nationally. The price indexes and median prices for manufactured homes…
FDIC Extends Comment Period on Request for Information on Deposits
October 8, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) is extending until December 6, 2024, the comment period on the agency’s Request for Information (RFI) on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits. The FDIC issued the RFI to seek information on the characteristics…
FDIC Announces Extension of Comment Period for Proposed Changes to its Brokered Deposit Regulations
October 8, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) is extending the comment period on its notice of proposed rulemaking (NPR) to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements Section 29 of the Federal Deposit Insurance Act. To provide additional opportunity for the public to…
U.S. Department of the Treasury Announces Awardees Under Innovative $75 Million Small Business Grant Program
October 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced the full list of awardees receiving funding to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) following recent announcements of several initial awards. SBOP is a $75 million competitive grant program that provides…
OCC Solicits Research on Artificial Intelligence in Banking and Finance
October 7, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on the use of artificial intelligence in banking and finance for submission by December 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in Washington, D.C.,…
CFPB Takes Action Against Wrongful Auto Repossessions and Loan Servicing Breakdowns
October 7, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions. Other illegal conduct detailed in the report includes lenders providing inaccurate disclosures, misapplying loan…
Treasury Targets Significant International Hamas Fundraising Network
October 7, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and one sham charity that are prominent international financial supporters of Hamas, as well as one Hamas-controlled financial institution in Gaza. OFAC also designated a longstanding Hamas supporter and nine of his businesses. These actors play critical…
Agencies announce dollar thresholds for applicability of truth in lending and consumer leasing rules for consumer credit and lease transactions
October 6, 2024 / Source: FRB
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
October 6, 2024 / Source: CFPB
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2025 threshold for higher-priced mortgage loans that are subject to special appraisal requirements will increase from $32,400 to $33,500. The threshold amount will be effective January 1, 2025, and is based on the…
Commercial Lending: Refinance Risk
October 3, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to provide banks1 with guidance for managing credit risk associated with refinance risk. This bulletin does not address other risks, such as interest rate risk.2 Recission This bulletin rescinds Banking Bulletin 1993-50, “Loan Refinancing.” Note for Community Banks This bulletin applies to…
FDIC Issues List of Banks Examined for CRA Compliance
October 3, 2024 / Source: FDIC
WASHINGTON – 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 FDIC assigned to institutions in July 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…