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FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs
September 16, 2020 / Source: FinCEN
Immediate Release September 16, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA). The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of…
Restoration Plan for the FDIC Deposit Insurance Fund
September 15, 2020 / Source: FDIC
Financial Institution Letter FIL-90-2020 Summary: On September 15, 2020, the Federal Deposit Insurance Corporation (FDIC) Board of Directors (Board) voted to adopt a Restoration Plan to restore the Deposit Insurance Fund (DIF) reserve ratio to at least 1.35 percent within 8 years, as required by the Federal Deposit Insurance Act. Under the Restoration Plan, the…
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Sally to Close
September 15, 2020 / Source: OCC
News Release 2020-120 WASINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Sally at their discretion. In issuing the proclamation, the OCC expects that only those bank offices directly affected…
Consumer Financial Protection Bureau and Multiple States Enter Into Settlement with Owner of ITT Private Loans for Substantially Assisting ITT in Unfair Practices
September 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a proposed stipulated judgment against PEAKS Trust 2009-1, along with Deutsche Bank National Trust Company, Deutsche Bank Trust Company Delaware, and Deutsche Bank Trust Company Americas, in their capacity as trustees to PEAKS Trust 2009-1 (collectively, “PEAKS”). In its complaint, filed in the District Court…
Consumer Financial Protection Bureau Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements
September 15, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released its Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the…
Consumer Financial Protection Bureau Settles with Eighth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 14, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against ClearPath Lending, Inc. (ClearPath), a California corporation that is licensed as a mortgage broker or lender in about 22 states. ClearPath offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). ClearPath’s principal means of advertising…
FinCEN Issues Final Rule to Require Customer Identification Program, Anti-Money Laundering Program, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
September 14, 2020 / Source: FinCEN
Immediate Release September 14, 2020 WASHINGTON—To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) today issued a final rule that requires minimum standards for anti-money laundering programs for banks lacking a Federal functional regulator. The final rule also extends customer identification program and beneficial ownership requirements to those…
HUD’s Implementation of the Fair Housing Act’s Disparate Impact Standard
September 11, 2020 / Source: HUD
HUD has long interpreted the Fair Housing Act (“the Act”) to create liability for practices with an unjustified discriminatory effect, even if those practices were not motivated by discriminatory intent. This rule amends HUD’s 2013 disparate impact standard regulation to better reflect the Supreme Court’s 2015 ruling in Texas Department of Housing and Community Affairs…
OCC Allows National Banks and Federal Savings Associations Affected by Oregon and Washington Wildfires to Close
September 11, 2020 / Source: OCC
News Release 2020-119 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by wildfires in Oregon and Washington at their discretion. In issuing the proclamation, the OCC expects that only those bank…
New York Brothers Charged With COVID-Relief Fraud
September 11, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Two New York brothers were charged in a criminal complaint unsealed today for their alleged participation in a scheme to file fraudulent loan applications seeking nearly $7 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,…
NFL Player Charged for Role in $24 Million COVID-Relief Fraud Scheme
September 10, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE A National Football League (NFL) player has been charged for his alleged participation in a scheme to file fraudulent loan applications seeking more than $24 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Acting Assistant Attorney…
Credit Risk: Risk Management of Loan Purchase Activities
September 10, 2020 / Source: OCC
OCC Bulletin 2020-81| September 10, 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) today issued this bulletin to inform banks1 of sound risk management principles regarding loan purchase activities.2 Commercial…
Consumer Financial Protection Bureau Announces Podcast Series on Paying for Higher Education
September 9, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released the first episodes of a two-part podcast series for students, parents, and practitioners on managing finances before, during, and after college. The podcast series, Financial inTuition, will include interviews with experts in financial aid, student loans, financial coaching, and planning. The podcasts also will highlight…
Federal Branches and Agencies: Revised Comptroller’s Licensing Manual Booklet
September 9, 2020 / Source: OCC
OCC Bulletin 2020-80 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) issued today the “Federal Branches and Agencies” booklet of the Comptroller’s Licensing Manual, which revises and replaces…
One Person Indicted, Second Person to Plead Guilty in COVID-19 Stimulus Fraud Investigation
September 8, 2020 / Source: FDIC OIG
FOR IMMEDIATE RELEASE PROVIDENCE – A Massachusetts man who failed to appear in federal court in Rhode Island and who allegedly faked his own death after being charged and arraigned on fraud and conspiracy charges for his alleged participation in a conspiracy to file bank loan applications fraudulently seeking more than a half-million dollars in…
Consumer Financial Protection Bureau and New York Attorney General Take Action Against Debt-Collection Operation and Its Owners and Managers
September 8, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau), in partnership with the New York Attorney General (NYAG), today filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, for their participation in a debt-collection operation using illegal methods to collect debts….
FDIC Issues List of Banks Examined for CRA Compliance September 4, 2020
September 4, 2020 / Source: FDIC
For Release 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 June 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Supervisory Highlights, Issue No. 22 (Summer 2020)
September 4, 2020 / Source: CFPB
Supervisory Highlights SEP 04, 2020 In this edition of Supervisory Highlights, we report examination findings in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing and payday lending. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts…
New Jersey Attorney Charged with Fraudulently Obtaining $9 Million in Loans Meant to Help Small Businesses During COVID-19 Pandemic
September 3, 2020 / Source: DOJ
FOR IMMEDIATE RELEASE A New Jersey attorney was arrested today and charged with fraudulently obtaining approximately $9 million in Paycheck Protection Program (PPP) loans, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Craig Carpenito of the District of New Jersey. Jae H. Choi, 48, a licensed…
Consumer Financial Protection Bureau Settles with Seventh Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 3, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Accelerate Mortgage, LLC (Accelerate), a Delaware limited liability corporation that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Accelerate’s principal means…
CFPB’s first tech sprint on October 5-9, 2020: Help improve consumer adverse action notices
September 3, 2020 / Source: CFPB
By Albert Chang, Tim Lambert, and Jennifer Lassiter – SEP 01, 2020 In June, the Consumer Financial Protection Bureau (Bureau) announced its first Tech Sprint to reduce regulatory burden and improve consumer understanding of financial services. Regulators, developers, software providers, consumer groups, and financial entities will come together to find solutions to shared compliance challenges. The first Tech Sprint will…
Consumer Financial Protection Bureau Settles with Sixth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
September 2, 2020 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Service 1st Mortgage, Inc. (Service 1st), a mortgage broker based in Glen Burnie, Maryland that is licensed in about 12 states. Service 1st offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Service 1st's principal…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Laura and California Wildfires
September 2, 2020 / Source: FDIC
Press Release The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial…
Other Real Estate Owned: Updated Comptroller’s Handbook Booklet and Rescissions
September 2, 2020 / Source: OCC
OCC Bulletin 2020-79 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) today issued an updated “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which is prepared for…
Statement by FinCEN Regarding Unlawfully Disclosed Suspicious Activity Reports
September 1, 2020 / Source: FinCEN
Immediate Release The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago. As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can…