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Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
July 21, 2024 / Source: FDIC
Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are intended to align with changes concurrently proposed by the U.S. Department of the…
Federal Reserve Board takes action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program
July 21, 2024 / Source: FRB
The Federal Reserve Board on Friday took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program. Green Dot violated consumer law in its marketing, selling, and servicing of prepaid debit card products, and its offering of…
Data Spotlight: Developments in the Paycheck Advance Market
July 21, 2024 / Source: CFPB
JUL 18, 2024 Contents Executive Summary A significant driver of demand for consumer credit and financial products derives from the mismatch between when a family receives income and when a family must make payments for expenses. To reduce their costs, employers have a strong incentive to delay the payment of compensation to workers, which drives…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
July 18, 2024 / Source: CFPB
WASHINGTON, D.C. – Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified…
CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
July 18, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products to workers….
Treasury Maintains Pressure on Houthi Illicit Shipping and Finance Schemes
July 18, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating and identifying as blocked property a dozen persons and vessels, respectively, that have played a critical role in financing the Houthis’ destabilizing regional activities as part of the network of Sa’id al-Jamal. Today’s action includes Indonesia-based Malaysian and…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
July 17, 2024 / Source: CFPB
WASHINGTON, D.C. – Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated…
HUD Proposes New Rule to Govern the Sale of FHA Mortgage Notes
July 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is proposing a new rule to govern the sale of seriously delinquent single family mortgage loans insured by the Federal Housing Administration (FHA). These rules will help expand available affordable homes for families and improve stability of communities. “Every day, the Biden-Harris Administration and HUD are…
Acting Comptroller Discusses Trends Reshaping Banking
July 17, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed three key long-term trends that are reshaping banking in remarks at the Exchequer Club. Mr. Hsu’s written remarks in support of his appearance discussed the increasing number and size of large banks, the complexity of bank-nonbank relationships, and the rise in polarization. The Acting Comptroller…
Treasury and the Financial Services Sector Coordinating Council Publish New Resources on Effective Practices for Secure Cloud Adoption
July 17, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) published a suite of resources to share with financial services institutions on effective practices for their secure cloud adoption journey. These deliverables are the result of a year-long public-private partnership of the Financial and Banking Information Infrastructure Committee…
Biden-Harris Administration Invests $325 Million in Housing and Community Development Improvements
July 16, 2024 / Source: HUD
WASHINGTON – Today, President Joe Biden and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding $325 million in Choice Neighborhoods Implementation Grant funding to seven communities to build more homes and revitalize neighborhoods that have been left behind. The awards will redevelop distressed housing with high-quality mixed-income options, while also providing residents…
Treasury Sanctions Cartel Accountants, Announces Joint Notice on Timeshare Fraud in Mexico
July 16, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Mexican accountants and four Mexican companies linked, directly or indirectly, to timeshare fraud led by the Cartel de Jalisco Nueva Generacion (CJNG). Concurrently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice, jointly with OFAC and FBI, to financial…
HUD Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination
July 15, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has charged multiple entities with housing discrimination for issuing a biased appraisal and then denying a refinance loan application in Denver, Colorado. HUD’s Charge against the appraiser, Maksym Mykhailyna; appraisal company, Maverick Appraisal Group; appraisal management company, Solidifi U.S. Inc.; and…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
July 12, 2024 / Source: FDIC
Federal bank regulatory agencies today released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe…
FFIEC Publishes 2023 Data on Mortgage Lending
July 11, 2024 / Source: CFPB
WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive source of publicly available information on mortgage market activity….
FinCEN Issues Supplemental Alert on Israeli Extremist Violence in the West Bank
July 11, 2024 / Source: FinCEN
Immediate Release July 11, 2024 Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a supplemental alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The supplemental alert builds upon FinCEN’s previous alert issued February 1, 2024, and provides additional red flags to assist U.S. financial institutions in…
HUD Reaches Groundbreaking Settlement with The Appraisal Foundation to Ensure Equal Opportunity in the Appraisal Profession
July 11, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into an historic Conciliation Agreement with The Appraisal Foundation (TAF), an organization responsible for setting standards and qualifications for real estate appraisers and providing voluntary guidance for all industry valuation professionals. This Agreement resolves a Secretary-initiated complaint against TAF alleging discriminatory barriers preventing…
CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
July 10, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a homeowner asks for help. The proposed changes would also…
Federal Reserve Board fines Citigroup $60.6 million for violating the Board’s 2020 enforcement action
July 10, 2024 / Source: FRB
The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board’s 2020 enforcement action. Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk. The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains…
OCC Amends Enforcement Action Against Citibank, Assesses $75 Million Civil Money Penalty
July 10, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order). The amendment is based on the bank’s failure to…
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts
July 9, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars repossessed. Specifically, the CFPB…
Speech – Promoting an Inclusive Financial System
July 9, 2024 / Source: FRB
Governor Michelle W. Bowman Good afternoon and welcome back to the second half of today’s conference on Financial Inclusion Practices and Innovations.1 It is really a pleasure to join you to discuss this important topic. This morning, our panelists provided their perspectives on issues related to supervision and regulation and payment frictions and innovations both domestically…
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives
July 9, 2024 / Source: Treasury
As Prepared for Delivery Chairman McHenry, Ranking Member Waters, and Members of the Committee: Thank you for the invitation to testify in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies. The United States built the international financial institutions 80 years ago with our allies and partners. Today, U.S….
FDIC Issues List of Banks Examined for CRA Compliance
July 8, 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 April 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Treasury Issues Proposed Rule to Expand CFIUS Coverage of Real Estate Transactions Near Military Installations
July 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM or proposed rule) that would expand CFIUS’s jurisdiction over certain transactions by foreign persons involving real estate in the United States. Pursuant to legislation that…