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New protections for payday and installment loans slated to take effect next year
June 16, 2024 / Source: CFPB
Several years ago, the CFPB issued a rule to end an unfair and abusive practice in payday and installment lending. After a thorough review of the market, the CFPB found that even after a consumer’s account had been shown to be empty, lenders would keep trying to withdraw money from the account to pay off…
FTC Data Shows Major Increases in Cash Payments to Government Impersonation Scammers
June 16, 2024 / Source: FTC
New Federal Trade Commission data reveals that government impersonation scammers are targeting consumers for payments in cash, with the amount of cash reported lost to these scams nearly doubling from 2022 to 2023. The FTC data shows that consumers reported losing $76 million when paying cash to government impersonation scammers in 2023, up from $40…
Federal Reserve Board issues an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for deficiencies in the bank’s anti-money laundering, risk management, and consumer compliance programs
June 16, 2024 / Source: FRB
The Federal Reserve Board on Friday issued an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust, both of West Memphis, Arkansas, for deficiencies in the bank’s anti-money laundering, risk management, and consumer compliance programs. Evolve partners with various financial technology companies that, in turn, provide access to banking products and services to…
OCC Bulletin 2024-14 – Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios
June 13, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued on May 31, 2024, the host state loan-to-deposit (LTD) ratios. The OCC is issuing this bulletin to inform banks1 about how these ratios are used to determine…
Opening Statement of Director Rohit Chopra before the House Financial Services Committee
June 13, 2024 / Source: CFPB
Chairman McHenry, Ranking Member Waters, and Members of the Committee, thank you for inviting me to this hearing. Since its creation, the CFPB has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans and honest businesses harmed by the illegal practices that we have stopped….
READOUT: FinCEN Director Gacki’s Travel to Arizona for Engagements on Beneficial Ownership Information Reporting and FinCEN Exchange to Fight Fentanyl Trafficking
June 13, 2024 / Source: FinCEN
TUCSON and PHOENIX, Ariz.—On June 11 and 12, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders traveled to Arizona where they participated in two beneficial ownership reporting outreach events and led a counter-fentanyl FinCEN Exchange. Over the last two days, Director Gacki participated in beneficial ownership outreach events in Tucson and Phoenix to…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 11-12 FOMC meeting
June 12, 2024 / Source: FRB
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 11-12 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials
Treasury Releases New Analysis Showing Historically Strong U.S. Business Investment in the Post-COVID Expansion
June 12, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office Economic Policy released an analysis that shows American businesses are doing well not simply because their earnings are high, but because they are investing those earnings productively. The Biden Administration has made creating favorable conditions for business investment a critical competent of the post-COVID economic…
FACT SHEET: Biden-Harris Administration Promotes Community Development and Business Growth
June 12, 2024 / Source: HUD
WASHINGTON – The Interagency Community Investment Committee, currently chaired by Adrianne Todman, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD), hosted a Roundtable and Listening Session to highlight the Administration’s accomplishments of place-based investments, boosting housing supply across the federal government, and small business investments. “Over the past year, it was my…
CFPB Proposes to Ban Medical Bills from Credit Reports
June 11, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The proposal would stop credit reporting companies from…
OCC Bulletin 2024-13 – Retail Nondeposit Investment Products: Revised Comptroller’s Handbook Booklet and Rescissions
June 11, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the “Retail Nondeposit Investment Products” booklet of the Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with the recommendation or sale of nondeposit investment products to retail customers. This booklet also provides examiners with a framework for evaluating…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts
June 11, 2024 / Source: FinCEN
June 11, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
FinCEN Year in Review for Fiscal Year 2023
June 9, 2024 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) today issued its Year in Review for Fiscal Year 2023. The Year in Review is intended to help stakeholders gain insight into the collection and use of Bank Secrecy Act data, including FinCEN’s efforts to support law enforcement and national security agencies. The Year in Review includes statistics from fiscal…
U.S. Department of Treasury Releases Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
June 6, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. Building on Treasury’s recent work on cybersecurity and fraud in AI and recent initiatives by other federal agencies, Treasury is seeking public comment on the uses of AI in the financial services…
Acting Comptroller Discusses Artificial Intelligence and Financial Stability
June 6, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference. In addition, Mr. Hsu released complimentary remarks to expand upon how the use and weaponization of AI pose financial stability risks, and offered thoughts…
CFPB Launches Process to Recognize Open Banking Standards
June 5, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. Today’s rule identifies the attributes that standard setting bodies must demonstrate…
HUD Finalizes Deal to Promote Energy Efficiency and Climate Resilience for New York Families
June 5, 2024 / Source: HUD
NEW YORK CITY – Today, the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs, announced it has completed a $192,000 loan transaction under the Green and Resilient Retrofit Program (GRRP) with L+M Fund Management to help finance energy efficiency and climate resilience renovations of the Revive 103 apartment community in New…
Semi-Annual Report of the Consumer Financial Protection Bureau
June 4, 2024 / Source: CFPB
The Consumer Financial Protection Bureau is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2023 and ending September 30, 2023. FULL REPORT View the report
CFPB Warns Against Deception in Contract Fine Print
June 4, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections. When financial institutions take…
FDIC Survey Highlights Potential Bankable Moments at IRS’s Volunteer Income Tax Assistance Providers
June 4, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) released a report today providing insight into the role the Internal Revenue Service’s (IRS) Volunteer Income Tax Assistance (VITA) providers have in helping unbanked Americans access banking products and services. The FDIC’s research suggests VITA providers are well-positioned to expand economic inclusion during bankable moments, such as when a client…
HUD Launches New Program to Invest in Manufactured Home Communities
June 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), announced the launch of its new Manufactured Home Community loan product, which will provide an FHA-insured financing option for the purchase, refinance, and revitalization of manufactured home communities. This action will help entities to preserve, stabilize, and revitalize these vital sources…
CFPB Creates Registry to Detect Corporate Repeat Offenders
June 3, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry will also help the CFPB to identify repeat offenders and recidivism trends. The new registry is…
HUD and VA Make $78 Million Available to Help Homeless Veterans Find Permanent Housing
June 3, 2024 / Source: HUD
WASHINGTON – Today, The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) is making $78 million available in HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers to Public Housing Agencies (PHAs) across the country, for over 7,000 vouchers. Through this program, HUD and VA’s mission is to end homelessness by…
READOUT: FinCEN Director Gacki’s Travel to Iowa for Engagements on Fentanyl and Beneficial Ownership Reporting
June 3, 2024 / Source: FinCEN
Immediate Release June 03, 2024 DES MOINES, Iowa—On May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders participated in two roundtables coordinated with Iowa Representative Zach Nunn’s office. During the first roundtable with local law enforcement representatives on efforts to combat fentanyl trafficking, Director Gacki emphasized that FinCEN is leveraging…
Summary of Deposits Survey and Filing for June 30, 2024
June 3, 2024 / Source: FDIC
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30, 2024 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by…