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Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by tornadoes Federal Reserve
December 15, 2021 / Source: FRB
Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration,…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes FDIC
December 15, 2021 / Source: FDIC
For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
December 15, 2021 / Source: OCC
Joint Release Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators,…
Prepared Remarks of Director Rohit Chopra on the FDIC’s Deposit Insurance Fund Restoration Plan
December 14, 2021 / Source: CFPB
The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law. The law requires that the…
Acting Comptroller Issues Statement on RFI on Bank Mergers
December 14, 2021 / Source: OCC
News Release 2021-134 | December 14, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding the Request for Information on bank mergers. I support the view of the majority of the FDIC Board members that the Bank Merger Act (BMA) guidelines are ripe for review. I am particularly focused on the…
Statement by FDIC Chairman Jelena McWilliams on DIF Restoration Plan Semiannual Update
December 14, 2021 / Source: FDIC
Due solely to extraordinary, unprecedented insured deposit growth during the first half of 2020, the Deposit Insurance Fund’s (DIF) reserve ratio fell below the statutory minimum of 1.35% in 2020. During this time the DIF balance grew steadily to $121.9 billion, the highest level ever. As required by statute, the FDIC implemented a Restoration Plan…
FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime
December 14, 2021 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release December 14, 2021 WASHINGTON— Today, FinCEN is issuing a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN is particularly interested in comments on ways to modernize risk-based AML/CFT regulations…
Fall 2021 Rulemaking Agenda
December 13, 2021 / Source: CFPB
By Susan M. Bernard – DEC 13, 2021 Consistent with the Bureau’s past practice, we have published the Bureau’s Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that we plan…
Acting Comptroller of the Currency Kicks Off DC REACh
December 13, 2021 / Source: OCC
News Reease 2021-132 | December 13, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch DC REACh, thereby expanding the OCC’s Project REACh efforts to Washington, D.C. The OCC launched Project REACh, or Roundtable for Economic Access and Change, to bring together leaders from the banking industry,…
Federal Reserve Board reiterates its supervisory expectations for large banks’ risk management with investment funds
December 10, 2021 / Source: FRB
The Federal Reserve Board on Friday reiterated its supervisory expectations for large banks' risk management with investment funds. The supervisory message follows a review by the Board of the default and failure of Archegos Capital Management, a concentrated and leveraged fund. The message describes the Board's existing expectations for large banks' counterparty credit risk management and margin…
FDIC Statement on CFPB Statement
December 10, 2021 / Source: FDIC
Thursday, December 9, 2021 For Release Earlier today, the Consumer Financial Protection Bureau (CFPB) posted on its website a document, purportedly approved by the FDIC, requesting comment on bank mergers. No such document has been approved by the FDIC. The FDIC has longstanding internal policies and procedures for circulating and conducting votes of its Board…
OCC Reports Improvement in Mortgage Performance December 2021
December 10, 2021 / Source: OCC
WASHINGTON— The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2021. The OCC Mortgage Metrics Report, Third Quarter 2021 showed that 95.6 percent of mortgages included in the report were current and performing at the end of the third…
Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets
December 10, 2021 / Source: OCC
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 “Background Investigations,” “Capital and Dividends,” “Charters,” “Conversions to Federal Charter,” and “National Bank Director Waivers”…
Acting Comptroller Discusses Reforming Overdraft Programs
December 9, 2021 / Source: OCC
News Release 2021-129 | December 8, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed reforming bank overdraft programs to improve individuals’ financial health in remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Acting Comptroller Issues Statement on HUD Guidance for Special Purpose Credit Programs
December 9, 2021 / Source: OCC
News Release 2021-130 | December 9, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding special purpose credit programs: Recently, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act (ECOA) and Regulation B generally do not…
How Should Regulators Review Bank Mergers?
December 9, 2021 / Source: CFPB
By Rohit Chopra – DEC 09, 2021 Across our economy, major sectors have become more consolidated. But consolidation can actually make it more difficult for smaller players to break in, denying the public of the benefits of competition. It can also make our economy less resilient and more vulnerable to shocks. At the Consumer Financial Protection…
Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags
December 9, 2021 / Source: CFPB
By Lorelei Salas – DEC 09, 2021 In 2021, we’ve seen many promising signs that the economy is reopening and recovering, including lower unemployment and more household spending. At the same time, our recovery remains fragile, and millions of families continue to struggle to afford their mortgage payments. Through our supervision of the financial marketplace, we…
The LIBOR index for adjustable-rate loans is being discontinued: here’s what to watch for
December 8, 2021 / Source: CFPB
By Davida Farrar – DEC 07, 2021 By June 2023, the LIBOR indexes that historically have been used to set interest rates for many types of adjustable-rate loans will be phased out. For consumers with adjustable-rate mortgages, reverse mortgages, student loans, HELOCs, or credit cards, this may mean a change to the way your lenders and…
Anti-Money Laundering Regulations for Real Estate Transactions
December 8, 2021 / Source: FinCEN
Release Date December 08, 2021 Anti-Money Laundering Regulations for Real Estate Transactions Action Type Advanced Notice of Proposed Rulemaking (ANPRM)
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021
December 8, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021. “Today’s report reveals…
CFPB Issues Final Rule to Facilitate Transition from LIBOR DEC 07, 2021
December 7, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the…
Statement of Director Rohit Chopra on the LIBOR Transition Rule
December 7, 2021 / Source: CFPB
In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to…
Statement by CFPB Director Rohit Chopra on HUD Guidance on Special Purpose Credit Programs
December 7, 2021 / Source: CFPB
Earlier today, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act. The special purpose credit program provisions of ECOA and Regulation B provide targeted means by which creditors can better…
Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)
December 7, 2021 / Source: FinCEN
Millions of corporations, limited liability companies, and other entities are formed within the United States each year. While such entities play an essential and legitimate role in the U.S. and global economies, they can also be used to facilitate illicit activity, such as corruption, and enable those who threaten U.S. national security to access and…
OCC Reports on Risks, Effects of COVID-19 Pandemic on Federal Banking System
December 6, 2021 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021. Banks are weathering the COVID-19 crisis with resilience and satisfactory credit quality and strong earnings, but weak…