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Agencies Extend Comment Period on Request for Information on Artificial Intelligence
May 17, 2021 / Source: CFPB
WASHINGTON, D.C. – Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer…
Featured Webinar May 2021
May 17, 2021
Description: During this one-hour webinar, we will outline the guidelines and requirements when it comes to providing banking services to hemp-related customers. We will address guidance issued by FinCEN, the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements, the Farm Bill and other guidance and updates which effect the hemp industry. In an effort to enhance the availability of financial…
Regulatory Relief FIL-33-2021
May 14, 2021 / Source: FDIC
Financial Institution Letter Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, and Flooding Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, tornadoes, and flooding. A copy…
Federal Reserve Board announces the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)
May 14, 2021 / Source: FRB
Press Release The Federal Reserve Board on Friday announced the third extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP…
Foreclosure Prevention, Refinance and FPM Report – February 2021
May 13, 2021 / Source: FHFA
February 2021 Highlights – Foreclosure Prevention The Enterprises' Foreclosure Prevention Actions: The Enterprises completed 60,661 foreclosure prevention actions in February, bringing the total to 5,720,846 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications. There were 3,334 permanent loan modifications in February, bringing the total to…
Florida Man Sentenced After Fraudulently Obtaining $3.9 Million in PPP Loans
May 13, 2021 / Source: FDIC OIG
PRESS RELEASE Defendant Purchased Lamborghini with COVID-19 Relief Funds A Florida man was sentenced today to more than six years in prison for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini luxury car for himself. David T. Hines, 29, of Miami, pleaded guilty…
New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering
May 12, 2021 / Source: FDIC OIG
PRESS RELEASE A criminal complaint was filed in the District of New Jersey today charging a dual-resident of New York and Florida with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP). According to court documents, Gregory J. Blotnick, 34, of New York City and West Palm…
Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; Total payments reach nearly 165 million
May 12, 2021 / Source: Treasury
PRESS RELEASES May 12, 2021 WASHINGTON — Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan. Today’s announcement brings the total disbursed so far…
FDIC Publishes 2021 Risk Review
May 12, 2021 / Source: FDIC
Press Release Report highlights emerging risks in banking system WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. The FDIC began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of…
FinCEN Extends Application Deadline for Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity
May 12, 2021 / Source: FinCEN
Immediate Release May 10, 2021 The Financial Crimes Enforcement Network (FinCEN) is extending the deadline for its special monthly virtual FinCEN Innovation Hours Program on June 10, 2021, which will focus on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security. FinCEN encourages participation by financial technology (FinTech) and…
FDiTech Announces New Deputy Director of Office of Innovation
May 10, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Zunera Mazhar as Deputy Director of the agency’s Office of Innovation. Ms. Mazhar will guide the agency’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. “I am extremely excited that Zunera…
FDIC Announces Settlement with Umpqua Bank, Roseburg, Oregon for Unfair and Deceptive Practices in Violation of Section 5 of the Federal Trade Commission Act
May 10, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a settlement with Umpqua Bank, Roseburg, Oregon, for engaging in unfair and deceptive practices, in violation of Section 5 of the Federal Trade Commission Act (Section 5). Umpqua Bank stipulated to the issuance of an Order to Pay Civil Money Penalty (CMP) in…
OCC Releases CRA Evaluations for 15 National Banks and Federal Savings Associations May 4, 2021
May 10, 2021 / Source: OCC
News Release 2021-50 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 April 1, 2021 through April 30, 2021. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing
May 7, 2021 / Source: FRB
Press Release May 07, 2021 The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The…
Michael J. Hsu to Become Acting Comptroller of the Currency May 10, 2021
May 7, 2021 / Source: OCC
News Release 2021-51 | May 7, 2021 WASHINGTON—The U.S. Department of the Treasury today announced that Michael J. Hsu will become Acting Comptroller of the Currency on May 10, 2021, pursuant to 12 USC 4 as designated by Secretary of the Treasury Janet Yellen. Blake Paulson, who has served as Acting Comptroller of the Currency since January 14,…
FDIC Announces Meeting of Advisory Committee on Economic Inclusion
May 6, 2021 / Source: FDIC
Press Release The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet virtually on Thursday, May 13, with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access via the FDIC Public Awareness Campaign #GetBanked, which was launched on April 5, 2021. The panel on Technology and…
Office of Servicemember Affairs Annual Report MAY 06, 2021
May 6, 2021 / Source: CFPB
Consumer complaint We are proud to share some of the great work done by the Bureau and the Office of Servicemember Affairs (OSA) in 2020, highlighted in our eighth annual report. Even though the pandemic has changed where we work and how we interact with our colleagues, we remain committed to educating and empowering servicemembers,…
Consumer use of payday, auto title, and pawn loans: Insights from the Making Ends Meet Survey
May 6, 2021 / Source: CFPB
Data point MAY 05, 2021 In this research brief, we examine the prevalence, persistence of use, and alternate credit sources available for consumers who use payday, auto title, and pawn loans. We use the first two waves of the Bureau’s Making Ends Meet survey, conducted in June 2019 and June 2020, to examine how consumers…
FDIC’s Office of the Ombudsman Publishes Report on 2019 & 2020 Activities
May 6, 2021 / Source: FDIC
Press Release WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report detailing its activities, as well as assistance provided on behalf of the banking industry, for calendar years 2019 and 2020. The FDIC Office of the Ombudsman is an independent, neutral, and confidential liaison between the agency and…
Federal Reserve Board invites public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks
May 6, 2021 / Source: FRB
Press Release May 05, 2021 The Federal Reserve Board on Wednesday invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks (“Account Access Guidelines”). Recent years have seen the introduction of new financial products and delivery mechanisms for traditional banking services, notably leveraging emerging technologies, including from…
FDIC Issues List of Banks Examined for CRA Compliance May 4, 2021
May 4, 2021 / Source: FDIC
Press 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 February 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice About Tenants’ Pandemic Protections
May 4, 2021 / Source: CFPB
WASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. The letters remind these landlords of federal protections in place to keep tenants in their homes…
CFPB Issues Reports Detailing Mortgage Borrowers’ Continuing COVID-19 Challenges
May 4, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than…
Fite Elected as State Liaison Committee Chairman, Reappointed to FFIEC State Liaison Committee
May 3, 2021 / Source: FFIEC
Press Release For Immediate Release May 3, 2021 The Federal Financial Institutions Examination Council’s (FFIEC) State Liaison Committee (SLC) today announced the election of Thomas Fite as SLC Chairman. The SLC Chairman’s one-year term runs from May 1 until April 30 of the following year. The SLC can re-elect the chairman for additional terms. Additionally,…
Regulatory Relief FIL-32-2021
May 3, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Severe Storms, Straight-line Winds, and Tornadoes April 30, 2021 | FIL-32-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe…