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Household Debt Tops $14 Trillion as Mortgage Originations Reach Highest Volume Since 2005
February 12, 2020 / Source: New York Fed
PRESS RELEASE Household Debt Tops $14 Trillion as Mortgage Originations Reach Highest Volume Since 2005 Growth Seen in New Credit Extensions Across Debt Types; Transitions into Delinquency Among Credit Card Borrowers Continue to Rise February 11, 2020 NEW YORK – The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly…
FinCEN Issues Administrative Ruling on the Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a DBA Name
February 11, 2020 / Source: FinCEN
FinCEN Issues Administrative Ruling on the Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a DBA Name The Financial Crimes Enforcement Network (FinCEN) has issued an administrative ruling regarding the Currency Transaction Report (CTR, FinCEN Form 112). The ruling was issued to clarify the requirements of financial institutions when reporting…
4 in Chinese Army Charged With Breaching Equifax
February 11, 2020 / Source: BankInfoSecurity
4 in Chinese Army Charged With Breaching Equifax Justice Department Unveils Indictments Against Members of China's PLAScott Ferguson (@Ferguson_Writes) • February 10, 2020 Four members of China's People's Liberation Army have been indicted for allegedly hacking Equifax in 2017 and stealing the personal data of over 145 million Americans as well as a vast trove of the…
FDIC Issues Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks
February 10, 2020 / Source: FDIC
Financial Institution Letters FIL-8-2020 February 10, 2020 FDIC Issues Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks Printable Format: FIL-8-2020 – PDF (PDF Help) Summary: The FDIC has released a supplement to its Deposit Insurance Application Procedures Manual (Procedures Manual) that addresses deposit insurance applications involving unique or complex proposals. The FDIC has…
For the Record: Why Direct Deposit Benefits American Workers
February 10, 2020 / Source: NACHA
For the Record: Why Direct Deposit Benefits American Workers Nacha News Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability. Posted on February…
Federal Reserve Board releases hypothetical scenarios for its 2020 stress test exercises
February 7, 2020 / Source: FRB
Press Release February 06, 2020 Federal Reserve Board releases hypothetical scenarios for its 2020 stress test exercises For release at 4:30 p.m. EST Share The Federal Reserve Board on Thursday released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes so that they can continue…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2020
February 7, 2020 / Source: OCC
News Release 2020-17 | February 6, 2020 OCC Releases Dodd-Frank Act Stress Test Scenarios for 2020 WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s final rule…
Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County
February 6, 2020 / Source: FRB
Press Release February 06, 2020 Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County For release at 11:00 a.m. EST Share The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Farmers & Merchants Bank of Craig County, New Castle, Virginia Order of Assessment of…
Man Sentenced for Embezzling $3 Million from Employer
February 6, 2020 / Source: FDICOIG
FOR IMMEDIATE RELEASE Friday, January 31, 2020 Man Sentenced for Embezzling $3 Million from Employer ALEXANDRIA, Va. – A Maryland man was sentenced today to 30 months in prison for embezzling over $3.2 million from his employer. According to court documents, Reginald Zayas, 49, of Upper Marlboro, was the Controller at a Virginia-based company. Over…
News Release 2020-16: OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations
February 5, 2020 / Source: OCC
News Release 2020-16 | February 5, 2020 OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of January 1, 2020 through January 31, 2020. The list contains only…
Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities
February 5, 2020 / Source: CFPB
Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities FEB 05, 2020 Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with Think Finance, LLC, formerly known as Think Finance, Inc., and six subsidiaries (collectively, the “Think Finance Entities”), to resolve the Bureau’s lawsuit, which the Bureau filed on…
FDIC Issues November 2019 List of Banks Examined for CRA Compliance
February 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE February 4, 2020 Media Contact: LaJuan Williams-Young (202) 898-3876 [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…
Federal Reserve Board announces it is permanently barring senior executive at Goldman Sachs from banking industry
February 4, 2020 / Source: FRB
Press Release February 04, 2020 Federal Reserve Board announces it is permanently barring senior executive at Goldman Sachs from banking industry For release at 11:30 a.m. EST Share The Federal Reserve Board on Tuesday announced that it is permanently barring Andrea Vella, a senior executive at Goldman Sachs, from the banking industry for his role…
FDIC Publishes Comprehensive History of Risk-Based Pricing
February 3, 2020 / Source: FDIC
Press Releases FDIC Publishes Comprehensive History of Risk-Based Pricing First in a series of staff studies chronicles 85-year evolution of deposit insurance premiums FOR IMMEDIATE RELEASE February 3, 2020 Brian Sullivan (202) 898-6534 [email protected] WASHINGTON – In the first of a series of staff studies to be released to the public, the Federal Deposit Insurance…
Banker Webinar: Community Bank Leverage Ratio Framework
February 3, 2020 / Source: FDIC
Financial Institution Letters FIL-7-2020 February 3, 2020 Banker Webinar: Community Bank Leverage Ratio Framework Printable Format: FIL-7-2020 – PDF (PDF Help) Summary: The FDIC will host a webinar on February 25, 2020, from 2:00 p.m. to 3:30 p.m., Eastern Time (ET) to discuss the optional community bank leverage ratio (CBLR) capital framework for qualifying FDIC-supervised institutions….
Former Stockman Bank employee sentenced to prison for stealing from customers
February 3, 2020 / Source: FDICOIG
FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Former Stockman Bank employee sentenced to prison for stealing from customers BILLINGS—A former Stockman Bank commercial loan assistant who admitted stealing money from the accounts of two customers, including a mentally incompetent elderly man, was sentenced today to 57 months in prison and five years of supervised release…