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Prohibition Against Interstate Deposit: Annual Host State Loan-to-Deposit Ratios
June 17, 2020 / Source: OCC
OCC Bulletin 2020-61| June 17, 2020 Prohibition Against Interstate Deposit: Annual Host State Loan-to-Deposit Ratios To Chief Executive Officers of All National Banks and Federal Branches, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the…
COVID-19 Relief Programs: Preemption
June 17, 2020 / Source: OCC
OCC Bulletin 2020-62| June 17, 2020 COVID-19 Relief Programs: Preemption 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 Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of…
FDIC-Insured Institutions Reported Reduced Profitability but Strong Loan Growth and Stable Asset Quality in First Quarter 2020
June 16, 2020 / Source: FDIC
Press Releases FOR IMMEDIATE RELEASE June 16, 2020 MEDIA CONTACT: Julianne Breitbeil 202-898-6895 [email protected] FDIC-Insured Institutions Reported Reduced Profitability but Strong Loan Growth and Stable Asset Quality in First Quarter 2020 Loan and Lease Balances and Deposits Registered Strong Growth Asset Quality Metrics Remained Relatively Stable The Number of Banks on the “Problem Bank List”…
Consumer reporting and the CARES Act
June 16, 2020 / Source: CFPB
Consumer reporting and the CARES Act JUN 16, 2020 Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to minimize the impact of the COVID-19 pandemic. The CARES Act places important requirements on companies that furnish information to consumer reporting agencies about consumers affected by the COVID-19 pandemic. The Bureau previously issued a…
OCC Reports Mortgage Performance Remains Stable
June 16, 2020 / Source: OCC
News Release 2020-78 | June 16, 2020 OCC Reports Mortgage Performance Remains Stable WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020. The OCC Mortgage Metrics Report, First Quarter 2020 showed 96.5 percent of mortgages included in the report were current…
FHFA Issues 2019 Report to Congress Includes Legislative Recommendations
June 15, 2020 / Source: FHFA
News Release FHFA Issues 2019 Report to Congress Includes Legislative Recommendations FOR IMMEDIATE RELEASE 6/15/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its annual Report to Congress, covering calendar year 2019. The report addresses several topics related to the fulfillment of FHFA's statutory responsibilities and the financial condition of FHFA's regulated entities: Fannie…
Federal Reserve Board announces approval of application by First Horizon National Corporation
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces approval of application by First Horizon National Corporation The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Horizon National Corporation, Memphis, Tennessee, to merge with IBERIABANK Corporation and thereby indirectly…
Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response
June 15, 2020 / Source: FRB
Press Release June 15, 2020 Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response The Federal Reserve Board on Monday announced that it will resume examination activities for all banks, after previously announcing a reduced focus on…
Monetary Policy Report June 12, 2020
June 12, 2020 / Source: FRB
Monetary Policy Report Current Report: June 12, 2020 Report The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.” This report—called the Monetary Policy Report—is submitted semiannually to the Senate Committee on Banking, Housing, and…
Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
June 12, 2020 / Source: FDIC
FIL-60-2020 June 12, 2020 Printable Format: FIL-60-2020 – PDF (PDF Help) DEPOSITORY INSTITUTION REPORTS TO: CHIEF EXECUTIVE OFFICER (also of interest to the Chief Financial Officer) SUBJECT: Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report The Federal…
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
June 11, 2020 / Source: CFPB
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud JUN 10, 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide (Networks…
FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July
June 11, 2020 / Source: FHFA
News Release FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July FOR IMMEDIATE RELEASE 6/11/2020 Washington, D.C. – The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities…
Federal Reserve issues FOMC statement June 10, 2020
June 10, 2020 / Source: FRB
Press Release June 10, 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…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting
June 10, 2020 / Source: FRB
Press Release June 10, 2020 Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 9-10 meeting. The table…
FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions
June 10, 2020 / Source: FDIC
Press Releases FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions FOR IMMEDIATE RELEASE June 10, 2020 MEDIA CONTACT: Brian Sullivan 202-898-3468 [email protected] The Federal Deposit Insurance Corporation (FDIC) today released a report submitted to Congress that chronicles the efforts the agency made to preserve and promote Minority Depository Institutions (MDIs)…
Employment Contracts, Mutual to Stock Conversions, and Technical Amendments: Final Rule
June 10, 2020 / Source: OCC
OCC Bulletin 2020-60| June 10, 2020 Employment Contracts, Mutual to Stock Conversions, and Technical Amendments: Final Rule 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 June 9, 2020, the Office of the Comptroller of the Currency (OCC)…
Federal Reserve Board announces that results from both its Dodd-Frank Act stress tests and the related Comprehensive Capital Analysis and Review will be released on Thursday, June 25, at 4:30 p.m. EDT
June 9, 2020 / Source: FRB
Press Release June 09, 2020 Federal Reserve Board announces that results from both its Dodd-Frank Act stress tests and the related Comprehensive Capital Analysis and Review will be released on Thursday, June 25, at 4:30 p.m. EDT For release at 4:00 p.m. EDT The Federal Reserve Board announced on Tuesday that results from both its…
Taskforce on Federal Consumer Financial Law charting a path ahead
June 9, 2020 / Source: CFPB
Taskforce on Federal Consumer Financial Law charting a path ahead By Todd Zywicki – JUN 08, 2020 The CFPB established the Taskforce on Federal Consumer Financial Law (Taskforce) to examine laws and regulations governing financial products and services and provide Director Kraninger with recommendations to modernize, harmonize, and strengthen them. Taskforce members include: Dr. J. Howard Beales III; Dr. Thomas…
Joint Statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza Regarding Enactment of the Paycheck Protection Program Flexibility Act
June 8, 2020 / Source: Treasury
STATEMENTS & REMARKS Joint Statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza Regarding Enactment of the Paycheck Protection Program Flexibility Act June 8, 2020 WASHINGTON—U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued the following statement today following the enactment of the Paycheck Protection Program…
Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support
June 8, 2020 / Source: FRB
Press Release June 08, 2020 Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered…
OCC Hosts Mutual Savings Association Advisory Committee Meeting June 29 Via Webinar
June 8, 2020 / Source: OCC
News Release 2020-77 | June 8, 2020 OCC Hosts Mutual Savings Association Advisory Committee Meeting June 29 Via Webinar WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Monday, June 29, 2020, via webinar. The teleconference is open to the public…
Mortgage Rates Tick Up Slightly June 4, 2020
June 5, 2020 / Source: Freddie Mac
Mortgage Rates Tick Up Slightly PDF Version MCLEAN, Va., June 04, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.18 percent. “While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity…
Summary of Deposits Survey and Filing for June 30, 2020
June 5, 2020 / Source: FDIC
Financial Institution Letters FIL-59-2020 June 3, 2020 Summary of Deposits Survey and Filing for June 30, 2020 FIL-59-2020 – PDF (PDF Help) Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices…
FDIC Issues List of Banks Examined for CRA Compliance June 4, 2020
June 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE June 4, 2020 David Barr (703) 622-4790 [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 FDIC assigned…
CFPB Takes Steps to Facilitate LIBOR Transition
June 4, 2020 / Source: CFPB
CFPB Takes Steps to Facilitate LIBOR Transition WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today took steps to facilitate the transition away from LIBOR for consumers and regulated entities. The Bureau released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) to help consumers better understand adjustable rate mortgage loan products. The Bureau also…