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FDIC Releases New 2020 Community Banking Study
December 16, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a new large-scale study on the state of the nation’s community banks. The FDIC’s 2020 Community Banking Study finds community banks played a critical role in providing access to credit in several key areas of the U.S. economy, particularly through lending to support commercial real…
OCC Reports Decline in Mortgage Performance 12/16/20
December 16, 2020 / Source: OCC
News Release 2020-172 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the third quarter of 2020. The OCC Mortgage Metrics Report, Third Quarter 2020 showed that 92.5 percent of mortgages included in the report were current and performing at the end of the…
OCC Reports Third Quarter 2020 Bank Trading Revenue
December 16, 2020 / Source: OCC
News Release 2020-171 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $9.0 billion in the third quarter of 2020. The third quarter trading revenue was $5.7 billion, or 38.9 percent, less than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives…
Active Exploitation of SolarWinds Software
December 16, 2020 / Source: CISA
We at Bankers Alliance and Companies, do not use this software, but be aware of the systems your Financial Institution and your third party providers employ. Original release date: December 13, 2020 | Last revised: December 14, 2020 The Cybersecurity and Infrastructure Security Agency (CISA) is aware of active exploitation of SolarWinds Orion Platform…
Consumer Financial Protection Bureau Releases Report on Implementing the Dodd-Frank Act’s Small Business Lending Data Collection Requirement
December 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a panel report today as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data. A panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act, comprised of representatives of the Bureau, the Office…
FDIC Board Approves Proposed Rule to Amend Suspicious Activity Report Requirements
December 15, 2020 / Source: FDIC
Press Release WASHINGTON — The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a notice of proposed rulemaking that would amend the agency’s Suspicious Activity Report (SAR) regulation. The proposed regulation would permit the FDIC to issue additional, case-by-case, exemptions from SAR filing requirements to FDIC-supervised institutions. The FDIC’s current SAR…
FDIC Approves Rule to Ensure Safety and Soundness of Industrial Banks
December 15, 2020 / Source: FDIC
Press Release WASHINGTON—The Federal Deposit Insurance Corporation (FDIC) approved a final rule that will require certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or industrial loan company becoming a subsidiary of a company that…
FDIC Board Approves Final Rule on Brokered Deposit and Interest Rate Restrictions
December 15, 2020 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to establish a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. The final rule also amends…
FDIC Board Approves 2021 Operating Budget
December 15, 2020 / Source: FDIC
Press Release For Release WASHINGTON – The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a 2021 Operating Budget of $2.279 billion. The budget provides funding for the continuation of critical FDIC information technology modernization, supports numerous projects to foster innovation at our nation’s banks, and expands initiatives to support diversity…
FDIC Amends Branch Application Requirements Regarding Historic Preservation and Environmental Policy
December 14, 2020 / Source: FDIC
Financial Institution Letter December 14, 2020 | FIL-112-2020 Summary: At the October 20 Board meeting, the FDIC Board of Directors approved amendments to Part 303 of the FDIC Rules and Regulations with respect to requirements concerning compliance with the National Historic Preservation Act of 1966 (NHPA) and the National Environmental Policy Act of 1969 (NEPA). Under the…
Federal Banking Agencies Announce Availability of 2019 Small Business, Small Farm, and Community Development Lending Data
December 14, 2020 / Source: FFIEC
Joint Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community…
Federal Reserve releases illustrative examples of new charts that will be included in the Federal Open Market Committee’s quarterly Summary of Economic Projections (SEP)
December 11, 2020 / Source: FRB
Press Release December 11, 2020 The Federal Reserve on Friday released illustrative examples of new charts that will be included in the Federal Open Market Committee's quarterly Summary of Economic Projections (SEP). The new charts show FOMC participants' judgments of uncertainty and risks related to their projections of the change in real gross domestic product,…
Consumer Financial Protection Bureau and Arkansas Attorney General Settle with Home-Alarm Company for Using Consumers’ Credit Scores Without Proper Notice
December 11, 2020 / Source: CFPB
WASHINGTON, D.C. — Alder is a Utah-based company that sells home-security and alarm systems, primarily door-to-door, throughout the country and has sold its products and services to over 115,000 customers. The Bureau and Arkansas filed a proposed stipulated final judgment and order in the United States District Court for the Eastern District of Arkansas. If…
Swap Margin Rule: Joint Statement Regarding Treatment of Certain Legacy Swaps Affected by Brexit and the Swap Margin Rule
December 11, 2020 / Source: OCC
OCC Bulletin 2020-108| December 11, 2020 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) and the Board of Governors of the Federal Reserve System today issued a joint…
Director Blanco Emphasizes Importance of Information Sharing Among Financial Institutions
December 11, 2020 / Source: FinCEN
Immediate Release December 10, 2020 In prepared remarks today, FinCEN Director Blanco provided important clarification on FinCEN’s information sharing program under Section 314(b) of the USA PATRIOT Act.
Agencies Announced Several Resolution Plan Actions
December 10, 2020 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation and the Federal Reserve Board today announced several resolution plan actions. Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the company. First, the agencies confirmed that weaknesses…
Consumer Financial Protection Bureau Issues Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit
December 10, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans. Lenders are required under the law to determine that consumers have the ability to repay mortgage loans before lenders make those loans. Loans that meet legal standards for QM loans are presumed to be loans for which…
FHFA Further Extends COVID-Related Loan Flexibilities 12/10/2020
December 10, 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 January 31, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on December 31, 2020. Extended flexibilities…
Revisions to the Consolidated Reports of Condition and Income (Call Report)
December 9, 2020 / Source: FDIC
Financial Institution Letter December 9, 2020 | FIL-111-2020 Summary: On November 30, 2020, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached initial regulatory…
Consumer Financial Protection Bureau Settles with Debt Collector for Engaging in Deceptive Debt Collection Practices in Three States DEC 08, 2020 SHARE & PRINT • • • • • WASHI
December 9, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) issued a consent order against RAB Performance Recoveries, LLC (RAB) for threatening to sue and suing consumers to collect debts where it did not have a legally required license to do so. Through 2012, RAB, a New Jersey company, purchased and collected consumer debts from debt…
Arkansas Project Manager Sentenced In Connection With COVID-Relief Fraud
December 8, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE A project manager employed by a major retailer was sentenced to 24 months in prison followed by five years of supervised release for fraudulently seeking more than $8 million in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act announced…
SAR 84 – Semiannual Report to Congress for the period ending September 30, 2020
December 8, 2020 / Source: HUD
SAR 84 HUD OIG SAR 84.PDF The Inspector General Act of 1978 requires the Inspector General to prepare semiannual reports summarizing the activities of the Office of Inspector General for the preceding six-month periods. The semiannual reports are intended to keep the Secretary and the Congress fully informed of significant findings, progress the Agency has…
Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2021
December 7, 2020 / Source: FRB
The Federal Reserve Board on Monday announced the annual indexing of the reserve requirement exemption amount and the low reserve tranche. The annual indexation and publication of these amounts are required by statute but will not affect depository institutions' reserve requirements, which will remain zero. For all net transaction accounts in 2021, the reserve requirement…
Publication of New and Updated Iran-related Frequently Asked Questions
December 7, 2020 / Source: OFAC
Publication of New and Updated Iran-related Frequently Asked Questions Release date 12/07/2020 Body The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two new Iran-related Frequently Asked Questions (FAQs) 855 and 856. Additionally, OFAC is also publishing updates to Iran-related FAQs 830, 831, 832, and 847.
Consumer Financial Protection Bureau and Multiple States Enter into Settlement with Nationstar Mortgage, LLC for Unlawful Servicing Practices DEC 07, 2020
December 7, 2020 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar). The Bureau’s action is part of a coordinated effort between the Bureau, a multistate group of state attorneys general, and state bank regulators. The Bureau alleges…