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Third-Party Relationships: Notice and Request for Comment on Proposed Interagency Guidance
July 20, 2021 / Source: OCC
OCC Bulletin 2021-31| July 19, 2021 Third-Party Relationships: Notice and Request for Comment on Proposed Interagency Guidance 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), the Board of Governors…
FDIC Minority Depository Institutions Subcommittee to Meet Friday, July 16, 2021
July 16, 2021 / Source: FDIC
Press Release FDIC Minority Depository Institutions Subcommittee to Meet July 21st virtual meeting to address issues important to minority banks Friday, July 16, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the agency's Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at…
Man Sentenced for His Role in COVID-19 Relief Fraud Scheme
July 16, 2021 / Source: FDIC OIG
PRESS RELEASE Man Sentenced for His Role in COVID-19 Relief Fraud Scheme A Wisconsin man was sentenced today to 36 months in prison for fraudulently seeking over $600,000 in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Stephen Smith, 42, of…
OCC Marks the First Anniversary of Project Reach
July 16, 2021 / Source: OCC
News Release 2021-75 | July 15, 2021 OCC Marks the First Anniversary of Project Reach WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated…
FDIC Announces Meeting of the Advisory Committee on Community Banking
July 16, 2021 / Source: FDIC
Press Release FDIC Announces Meeting of the Advisory Committee on Community Banking Agency Names Community Banker from New York to Advisory Committee Thursday, July 15, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Advisory Committee on Community Banking will meet on Thursday, July 22nd to discuss local banking conditions…
Second FinCEN Exchange on Ransomware to Take Place in August
July 15, 2021 / Source: FinCEN
Second FinCEN Exchange on Ransomware to Take Place in August Contact Office of Strategic Communications, 703-905-3770 Immediate Release July 15, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced it will convene a FinCEN Exchange in August 2021 with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss ongoing concerns…
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults
July 14, 2021 / Source: CFPB
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people…
Consumer Fraud Alert – Tips for avoiding VA home loan scams
July 14, 2021 / Source: CFPB
Consumer Fraud Alert – Tips for avoiding VA home loan scams By Patrick Brick, Carolyn Hahn, and Alberto Planas – JUL 14, 2021 Many servicemembers, veterans, and military spouses have been receiving fraudulent calls and mailers from companies who claim to be affiliated with the government, the Department of Veterans Affairs (VA), or their home loan…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
July 13, 2021 / Source: OCC
News Release 2021-74 | July 13, 2021 Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks…
Minutes of the Board’s discount rate meetings from May 17 through June 16, 2021
July 13, 2021 / Source: FRB
Press Release July 13, 2021 Minutes of the Board's discount rate meetings from May 17 through June 16, 2021 The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from May 17 through June 16, 2021. The minutes are attached. For media inquiries, call 202-452-2955. Attachment (PDF) Last Update: July 13,…
CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization
July 12, 2021 / Source: CFPB
CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action against GreenSky, LLC for enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The…
Federal Reserve Board announces approval of application by First Bank Corp.
July 12, 2021 / Source: FRB
Press Release July 12, 2021 Federal Reserve Board announces approval of application by First Bank Corp. The Federal Reserve Board on Monday announced its approval of the application by First Bank Corp. of Fort Smith, Arkansas, to acquire Central Bancshares of Poteau, Inc., and indirectly acquire The Central National Bank of Poteau, both of Poteau,…
EXCLUSIVE White House to target bank mergers, financial data with competition order
July 10, 2021 / Source: Reuters
President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter. It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules…
Federal Reserve submits – Monetary Policy Report–on recent economic developments and its plans for monetary policy.
July 10, 2021 / Source: FRB
The Fed is accountable to the public & the U.S. Congress. Twice a year, the Federal Reserve submits an extensive report–the Monetary Policy Report–on recent economic developments and its plans for monetary policy. Next week, Chair Powell presents the Monetary Policy Report to Congress. The Federal Reserve Chair testifies twice each year on economic developments…
FinCEN Welcomes First-Ever Chief Digital Currency Advisor and First Director of Strategic Communications
July 6, 2021 / Source: FinCEN
WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced leadership additions to the bureau. Michele Korver, who led a distinguished career at the United States Department of Justice, now serves as FinCEN’s first-ever Chief Digital Currency Advisor. Jayna Desai, formerly of the U.S. Customs and Border Protection, now serves as FinCEN’s first Director…
Updates to Public Information on Brokered Deposits
July 6, 2021 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) has updated the resources available on the FDIC’s Banker Resource Center Brokered Deposits. The website has been updated to include a list of entities for which a Primary Purpose Exception Notice has been submitted. The webpage also includes an updated Question and Answer document addressing questions received on the…
FDITECH Opens Registration for Tech Sprint to Reach the Unbanked
July 6, 2021 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. Interested organizations can request to participate in this Tech Sprint by visiting the FDIC’s…
OCC Announces Organizational Changes
July 6, 2021 / Source: OCC
News Release 2021-73 | July 6, 2021 OCC Announces Organizational Changes WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced structural changes intended to enhance the agency’s efficiency and effectiveness. “The changes announced today will improve collaboration, alignment, and engagement within the agency,” said Acting Comptroller of the Currency Michael J. Hsu. The agency is realigning…
FDIC Issues List of Banks Examined for CRA Compliance July 2, 2021
July 2, 2021 / Source: FDIC
Press Release FDIC Issues List of Banks Examined for CRA Compliance June 2021 For Release WASHINGTON – 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 April 2021….
OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations
July 2, 2021 / Source: OCC
News Release 2021-72 OCC Releases CRA Evaluations for 16 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 June 1, 2021 through June 30, 2021. The list contains only national banks, federal…
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals
July 2, 2021 / Source: CFPB
CFPB Prioritizing Resources Against Racial Bias in Home Appraisals By Patrice Alexander Ficklin – JUL 02, 2021 As the Bureau’s Fair Lending Director, I am pleased to highlight that the CFPB has prioritized resources to focus on the role of racial bias in home appraisals, a growing topic of conversation within our communities. Home ownership is a key…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 1, 2021 / Source: FinCEN
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies Contact Office of Strategic Communications, 703-905-3770 Immediate Release WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering,…
Federal Reserve Board issues enforcement action with First Vision Bank
July 1, 2021 / Source: FRB
Federal Reserve Board issues enforcement action with First Vision Bank The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: First Vision Bank, Tullahoma, Tennessee Flood insurance violations; civil money penalty Consent Order, dated June 30, 2021 Enforcement actions can be searched for here. For media inquiries, call 202-452-2955. Attachment…
Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard
July 1, 2021 / Source: FRB
Press Release Federal Reserve announces it will soon release new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard The Federal Reserve announced on Thursday it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard. Known as the Scaled CECL Allowance…
Complaint Bulletin: COVID-19 issues described in consumer complaints
July 1, 2021 / Source: CFPB
Consumer complaint Complaint Bulletin: COVID-19 issues described in consumer complaints JUL 01, 2021 The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Complaint Bulletin analyzes COVID-19 issues described in consumer complaints….