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CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options
May 15, 2020 / Source: CFPB
CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options WASHINGTON, D.C. — To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal…
Financial Stability Report May 2020
May 15, 2020 / Source: FRB
Financial Stability Report This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment. By publishing this report, the Board intends to promote public understanding and increase transparency and accountability for the Federal Reserve’s views on this topic.
Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies
May 14, 2020 / Source: CFPB
Consumer Financial Protection Bureau Settles with Monster Loans, Thomas Chou, Sean Cowell, and Related Companies WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated final judgment to resolve its allegations in its lawsuit against California mortgage lender Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans), and several…
FDIC Consumer Compliance Examination Manual (CEM)
May 14, 2020 / Source: FDIC
FDIC Consumer Compliance Examination Manual (CEM) May 13, 2020 The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations. The CEM is designed…
FHFA Extends Foreclosure and Eviction Moratorium
May 14, 2020 / Source: FHFA
FHFA Extends Foreclosure and Eviction Moratorium Moratorium applies to Enterprise-backed mortgages FOR IMMEDIATE RELEASE 5/14/2020 Washington, D.C. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending…
Consumer Financial Protection Bureau Outlines Responsibilities of Financial Firms During Pandemic
May 13, 2020 / Source: CFPB
Consumer Financial Protection Bureau Outlines Responsibilities of Financial Firms During Pandemic WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a statement and FAQs outlining the responsibility of certain financial firms during the pandemic. In the statement, the Bureau outlines the billing error responsibilities of credit card issuers and other open-end non-home secured creditors…
Comptroller of the Currency Discusses Efforts to Support the Federal Banking System’s Response to COVID-19
May 13, 2020 / Source: OCC
Comptroller of the Currency Discusses Efforts to Support the Federal Banking System's Response to COVID-19 WASHINGTON—Comptroller of the Currency Joseph M. Otting today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Comptroller's testimony discussed the agency's efforts to support the safe, sound, and fair…
Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity
May 12, 2020 / Source: FDIC
Financial Institution Letters Proposed Rulemaking to Mitigate the Deposit Insurance Assessment Effects of Participation in the Paycheck Protection Program (PPP), the PPP Lending Facility, and the Money Market Mutual Fund Liquidity Facility Printable Format: FIL-56-2020 – PDF (PDF Help) Summary: On May 12, 2020, the FDIC Board of Directors authorized publication of a notice of proposed…
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19
May 12, 2020 / Source: CFPB
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19 WASHINGTON, D.C. – To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of…
Interagency Guidance on Credit Risk Review Systems
May 11, 2020 / Source: FDIC
Financial Institution Letters Interagency Guidance on Credit Risk Review Systems Printable Format: FIL-55-2020 – PDF (PDF Help) Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration have jointly issued the final Interagency Guidance on Credit Risk Review Systems (interagency guidance). The interagency guidance replaces the guidance…
Consumer Financial Protection Bureau Issues Final Remittance Rule
May 11, 2020 / Source: CFPB
Consumer Financial Protection Bureau Issues Final Remittance Rule WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule covering remittances transfers. The Remittance Rule imposes requirements on entities that send international money transfers, or remittance transfers, on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must…
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas May 2020
May 8, 2020 / Source: FinCEN
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas Contact Steve Hudak, 703-905-3770 Immediate Release May 08, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of…
Federal Reserve Supervision and Regulation Report May 2020
May 8, 2020 / Source: FRB
Federal Reserve Supervision and Regulation Report Current Report: May 8, 2020 Report (PDF) The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.
Enforcement work continues with a commitment to protecting consumers
May 8, 2020 / Source: CFPB
Enforcement work continues with a commitment to protecting consumers During these difficult times, the COVID-19 pandemic has not affected the Bureau’s ability or resolve to use its enforcement tool to police the consumer financial marketplace. Our enforcement team is on the job—while safely teleworking—and committed to vigorously enforcing consumer financial protection laws in all markets…
COVID-19 Pushes Consumer Confidence in Housing to Lowest Level Since November 2011
May 7, 2020 / Source: Fannie Mae
COVID-19 Pushes Consumer Confidence in Housing to Lowest Level Since November 2011 Substantially Fewer Americans Believe It's a Good Time to Sell a Home WASHINGTON, DC – May 7, 2020 – After falling 11.7 points last month, the Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased an additional 17.8 points in April to 63.0, its lowest reading…
Agencies extend two resolution plan deadlines
May 7, 2020 / Source: FRB
Joint Press Release May 06, 2020 Agencies extend two resolution plan deadlines Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation In light of the challenges arising from the coronavirus response, the Federal Deposit Insurance Corporation and the Federal Reserve Board today announced two extensions to upcoming resolution plan deadlines. First, the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds
May 7, 2020 / Source: FDIC
Financial Institution Letters FIL-53-2020 May 7, 2020 Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe Storms, Tornadoes and Straight-Line Winds Printable Format: FIL-53-2020 – PDF (PDF Help) Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate…
Two Charged with Stimulus Fraud
May 6, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Tuesday, May 5, 2020 Two Charged with Stimulus Fraud First in the nation to be charged with fraudulently seeking CARES Act SBA Paycheck Protection Loans PROVIDENCE – Two businessmen have been charged in the District of Rhode Island with allegedly filing bank loan applications fraudulently seeking more than a half-million…
Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility
May 6, 2020 / Source: FDIC
Press Releases Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency May 5, 2020 Federal Bank Regulatory Agencies Modify Liquidity Coverage Ratio For Banks Participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility To support the flow of…
Federal Reserve Board issues enforcement action with former employee of Whitaker Bank, Inc. and announces termination of enforcement actions with Crown Bankshares, Inc. and First Bankshares, Inc.
May 6, 2020 / Source: FRB
Press Release May 05, 2020 Federal Reserve Board issues enforcement action with former employee of Whitaker Bank, Inc. and announces termination of enforcement actions with Crown Bankshares, Inc. and First Bankshares, Inc. The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Prohibition and cease and desist order against Thomas…
Joint Statement by Administrator Jovita Carranza and Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program
May 4, 2020 / Source: SBA
Joint Statement by Administrator Jovita Carranza and Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program Release Date: Sunday, May 3, 2020 Release Number: 20-37 Contact: [email protected], (202) 205-7036 WASHINGTON— U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin today issued the following statement on…
FDIC Issues List of Banks Examined for CRA Compliance
May 4, 2020 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE May 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 finalizes rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule
May 1, 2020 / Source: FRB
Press Release May 01, 2020 Federal Reserve Board finalizes rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule The Federal Reserve Board on Friday finalized a rule to extend by 18 months the initial compliance dates for certain parts of its single-counterparty credit limit rule….
Treasury Designates IRGC-Qods Force Front Company and Owner
May 1, 2020 / Source: OFAC
PRESS RELEASES Treasury Designates IRGC-Qods Force Front Company and Owner May 1, 2020 WASHINGTON—The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated dual Iranian and Iraqi national Amir Dianat, a longtime associate of senior officials of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Dianat, who is also known as Ameer…
Consumer Financial Protection Bureau Report Shows Substantial Decline in Credit Applications in March
May 1, 2020 / Source: CFPB
Consumer Financial Protection Bureau Report Shows Substantial Decline in Credit Applications in March MAY 01, 2020 WASHINGTON, D.C. – A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders…