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Agencies Finalize Rule to Reduce the Impact of Large Bank Failures
October 20, 2020 / Source: FDIC
Press Release The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest banking organizations….
The FDIC Approves Interim Final Rule to Provide Temporary Relief from Part 363 Audit and Reporting Requirements
October 20, 2020 / Source: FDIC
Press Release WASHINGTON – Due to recent disruptions in economic conditions, some insured depository institutions (IDIs) have experienced large cash inflows resulting from participation in the Paycheck Protection Program (PPP), the Money Market Mutual Fund Liquidity Facility (MMLF), and the Paycheck Protection Program Liquidity Facility (PPPLF), or due to other factors such as the effects…
FHFA Further Extends COVID-Related Loan Flexibilities
October 19, 2020 / Source: FHFA
News Release Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until November 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on October 31, 2020. Extended…
First Bitcoin “Mixer” Penalized by FinCEN for Violating Anti-Money Laundering Laws
October 19, 2020 / Source: FinCEN
Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a $60 million civil money penalty against Larry Dean Harmon, the founder, administrator, and primary operator of Helix and Coin Ninja, convertible virtual currency “mixers,” or “tumblers,” for violations of the Bank Secrecy Act (BSA) and its implementing regulations. Mr. Harmon operated Helix as an unregistered…
FDIC Survey Shows 95 Percent of U.S. Households Were Banked in 2019
October 19, 2020 / Source: FDIC
Press Release WASHINGTON – A record 95 percent of U.S. households had a bank or credit union account in 2019, according to a new biennial survey and report released today by the Federal Deposit Insurance Corporation (FDIC). How America Banks: Household Use of Banking and Financial Services also found that a record low 5.4 percent of U.S….
FinCEN Clarifies FBAR Extensions Notice
October 16, 2020 / Source: FinCEN
Notice WASHINGTON, D.C. –– On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website. FinCEN removed it within 24 hours. The message incorrectly stated there was a new filing extension until December 31, 2020 for all filers of Reports of Foreign Bank and Financial Accounts (FBARs). The extension…
United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of First City Bank of Florida, Fort Walton Beach, Florida
October 16, 2020 / Source: FDIC
Press Release WASHINGTON – First City Bank of Florida, Fort Walton Beach, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties dating back to 2009, which are not related…
FDIC Publishes Resource Guide to Promote Investment Partnerships With FDIC-Insured Minority Banks and Community Development Financial Institutions
October 16, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks). “Investing in the Future of Mission-Driven Banks” is FDIC’s latest effort to build supportive partnerships between these banks and other…
FDIC Advisory Committee to Discuss Results of 2019 Survey of Households Use of Banking and Financial Services
October 16, 2020 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, October 22, at 1:00 p.m. ET to discuss the results of How America Banks: 2019 FDIC Survey of Household Use of Banking and Financial Services, the FDIC’s biennial survey of thousands of U.S. households administered in partnership with…
Consumer Financial Protection Bureau Settles Lawsuit with Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.
October 16, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The companies, which are headquartered in San Diego, California, together comprise the largest debt…
Regulatory Capital Rule: Temporary Changes to and Transition for the Community Bank Leverage Ratio Framework
October 16, 2020 / Source: OCC
OCC Bulletin 2020-89 To Chief Executive Officers of All National Banks and Federal Savings Associations; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies),…
FinCEN FBAR Clarification
October 16, 2020 / Source: FinCEN
October 15, 2020 An October 14, 2020 posting on the BSA e-filing website implied a filing extension for all FBAR filers until Dec 31, 2020. The extension until Dec. 31, 2020 is only available for victims of recent natural disasters: https://www.fincen.gov/sites/default/files/shared/Notice-Extend%20FBAR%20Due%20Date%20for%202020%20Disaster%20Victims-Final%2020201005.pdf
Federal Reserve Board issues enforcement action with M&T Bank
October 15, 2020 / Source: FRB
Press Release The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: M&T Bank, Buffalo, New York Flood insurance violations civil money penalty, dated October 14, 2020 Enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: October 15, 2020
FinCEN Issues Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity
October 15, 2020 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of the current methodologies that traffickers and facilitators use. It is also critical that customer-facing staff are aware of…
Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Info
October 14, 2020 / Source: FRB
Press Release The Federal Reserve on Wednesday requested public comment on technical, clarifying updates regarding the Federal Open Market Committee's Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures. The proposal would implement non-substantive updates to the Committee's FOIA procedures to make them consistent with the Committee's current practices and…
FinCEN Advisory FIN-2020-A007
October 14, 2020 / Source: FinCEN
Advisory Information Advisory Unemployment Insurance COVID 19 508 Final.pdf FIN-2020-A007 Issued Date October 13, 2020 Subject Advisory on Unemployment Insurance Fraud During Covid 19 Pandemic
Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices
October 13, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide. Nissan’s servicing operations are headquartered in Irving, Texas. The Bureau found that Nissan and…
Coppell Man Charged in $24 Million PPP Fraud
October 13, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE A Coppell man who spent more than $17 million in Paycheck Protection Program (PPP) loans on lavish personal expenses has been charged with filing fraudulent loan applications, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney for the Northern District of Texas Erin Nealy…
Bank Secrecy Act/Anti-Money Laundering: Revised Order Granting Exemption From Customer Identification Program Requirements for Premium Finance Lending
October 9, 2020 / Source: OCC
OCC Bulletin 2020-88 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 The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Sally
October 9, 2020 / Source: FDIC
Regulatory Relief FIL-96-2020 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Florida affected by Hurricane Sally. A copy of the Guidance can be found on the FDIC's website. Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter…
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
October 9, 2020 / Source: SBA
WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars….
FDIC to Host Inaugural Meeting of Advisory Committee of State Regulators
October 8, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation will convene the first meeting of its Advisory Committee of State Regulators (ACSR) on Wednesday, October 14th at 1:00 pm ET. The FDIC’s advisory committee members will discuss and receive updates on a range of policy issues regarding the regulation of state-chartered financial institutions throughout the U.S….
Consumer Financial Protection Bureau Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
October 8, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the…
Regulatory Capital Rule: Eligible Retained Income
October 8, 2020 / Source: OCC
OCC Bulletin 2020-87 To Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On October 8, 2020, 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,…
OCC Assesses $60 Million Civil Money Penalty Against Morgan Stanley
October 8, 2020 / Source: OCC
News Release 2020-134 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. (“the banks”) The OCC took these actions based on the banks’ failure to exercise proper oversight of the 2016 decommissioning of two Wealth Management business…