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Minutes of the Federal Open Market Committee, July 27-28, 2021
August 19, 2021 / Source: FRB
Press Release August 18, 2021 Minutes of the Federal Open Market Committee, July 27-28, 2021 The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 27–28, 2021. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three…
Model Risk Management: New Comptroller’s Handbook Booklet
August 19, 2021 / Source: OCC
OCC Bulletin 2021-39| August 18, 2021 Model Risk Management: New Comptroller's Handbook Booklet 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 new “Model Risk Management” booklet…
Federal Reserve Board announces approval of application by SmartFinancial, Inc.
August 17, 2021 / Source: FRB
Press Release August 17, 2021 Federal Reserve Board announces approval of application by SmartFinancial, Inc. The Federal Reserve Board on Tuesday announced its approval of the application by SmartFinancial, Inc., Knoxville, Tennessee, to merge with Sevier County Bancshares, Inc., and thereby indirectly acquire its subsidiary state nonmember bank, Sevier County Bank, both of Sevierville, Tennessee….
CFPB Takes Action Against Debt Collector for Failing to Investigate Reports of Identity Theft and Misrepresenting Consumers’ Debts
August 17, 2021 / Source: CFPB
CFPB Takes Action Against Debt Collector for Failing to Investigate Reports of Identity Theft and Misrepresenting Consumers’ Debts Proposed settlement would require Fair Collections & Outsourcing to pay $850,000 and overhaul its policies WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday filed a proposed settlement to resolve a lawsuit against a debt collection enterprise…
Accounting: Bank Accounting Advisory Series Updated
August 17, 2021 / Source: OCC
OCC Bulletin 2021-37| August 16, 2021 Accounting: Bank Accounting Advisory Series Updated 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 released an update to the Bank Accounting Advisory Series (BAAS)….
Liquidity: Updated Comptroller’s Handbook Booklet and Rescissions
August 17, 2021 / Source: OCC
OCC Bulletin 2021-38| August 16, 2021 Liquidity: Updated Comptroller's Handbook Booklet and Rescissions 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 “Liquidity” booklet of the Comptroller’s…
FDITECH Launches New Sprint to Measure and Test Bank Operational Resiliency
August 17, 2021 / Source: FDIC
Press Release FDITECH Launches New Sprint to Measure and Test Bank Operational Resiliency FOR RELEASE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a new tech sprint designed to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type. This tech sprint is intended…
FDIC Issues Request for Information on Supervisory Approach to Bank Examinations During the Pandemic
August 13, 2021 / Source: FDIC
Press Release FDIC Issues Request for Information on Supervisory Approach to Bank Examinations During the Pandemic Friday, August 13, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued a Request for Information (RFI) seeking feedback and comments from FDIC-supervised financial institutions regarding the FDIC’s supervisory approach to examinations during the pandemic,…
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests
August 13, 2021 / Source: FHFA
News Release FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests FOR IMMEDIATE RELEASE 8/13/2021 Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) released reports providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and…
Federal Reserve Board issues enforcement actions with South Shore Bank and Dime Community Bank
August 13, 2021 / Source: FRB
Press Release August 12, 2021 Federal Reserve Board issues enforcement actions with South Shore Bank and Dime Community Bank The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: South Shore Bank, Weymouth, Massachusetts Flood insurance violations; civil money penalty Consent Order, dated August 10, 2021 Dime Community Bank, Hauppauge,…
FDITECH Selects Eight Teams in Tech Sprint to Reach the Unbanked
August 13, 2021 / Source: FDIC
Press Release FDITECH Selects Eight Teams in Tech Sprint to Reach the Unbanked Thursday, August 12, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of eight teams to participate in a ‘tech sprint’ designed to explore new technologies and techniques to help banks meet the needs of unbanked…
FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems
August 11, 2021 / Source: CFPB
FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems AUG 11, 2021 WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties…
Treasury and Commerce Reiterate Commitment to Supporting Internet Freedom in Cuba
August 11, 2021 / Source: Treasury
PRESS RELEASES Treasury and Commerce Reiterate Commitment to Supporting Internet Freedom in Cuba August 11, 2021 WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Department of Commerce’s Bureau of Industry and Security (BIS) issued a fact sheet underscoring the U.S. government’s commitment to supporting internet freedom in Cuba, following…
FinCEN Announces $100 Million Enforcement Action Against Unregistered Futures Commission Merchant BitMEX for Willful Violations of the Bank Secrecy Act
August 10, 2021 / Source: FinCEN
FinCEN Announces $100 Million Enforcement Action Against Unregistered Futures Commission Merchant BitMEX for Willful Violations of the Bank Secrecy Act Contact Office of Strategic Communications, 703-905-3770 Immediate Release August 10, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty in the amount of $100 million against BitMEX, one of the oldest and largest…
FinCEN Holds Second Virtual FinCEN Exchange on Ransomware
August 10, 2021 / Source: FinCEN
FinCEN Holds Second Virtual FinCEN Exchange on Ransomware Contact Office of Strategic Communications, 703-905-3770 Immediate Release August 10, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers, and federal government agencies to discuss ongoing concerns regarding ransomware, as well as efforts…
CFPB Report: Mortgage Servicers’ Pandemic Response Varies Significantly
August 10, 2021 / Source: CFPB
CFPB Report: Mortgage Servicers’ Pandemic Response Varies Significantly Supervisory data show some servicers struggled to assist borrowers AUG 10, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the…
FDIC Requests Four Companies to Submit Pilot Proposals in Next Phase of Rapid Phased Prototyping Competition
August 9, 2021 / Source: FDIC
Press Release FDIC Requests Four Companies to Submit Pilot Proposals in Next Phase of Rapid Phased Prototyping Competition For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today requested that four companies submit proposals as part of the next phase of an ongoing Rapid Phased Prototyping Competition (RPP) in order to accelerate the adoption of modern technological…
Treasury Holds the Belarusian Regime to Account on Anniversary of Fraudulent Election
August 9, 2021 / Source: Treasury
Treasury Holds the Belarusian Regime to Account on Anniversary of Fraudulent Election Treasury uses new sanctions authority in support of the Belarusian people WASHINGTON — Today, on the one-year anniversary of Belarus’s fraudulent August 9, 2020 presidential election, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 23 individuals and 21 entities pursuant to…
Higher education emergency grants available for college students impacted by the COVID-19 pandemic
August 6, 2021 / Source: CFPB
Higher education emergency grants available for college students impacted by the COVID-19 pandemic By Scott Filter – AUG 06, 2021 The coronavirus pandemic has caused many financial disruptions for students and young consumers and those who are pursuing a higher education. If you’re a college student who may need additional help financially, you may qualify for…
Jury Convicts Five Former Officers and Employees of Banc-Serv Partners in $5 Million Scheme to Defraud the Small Business Administration
August 6, 2021 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Thursday, August 5, 2021 Jury Convicts Five Former Officers and Employees of Banc-Serv Partners in $5 Million Scheme to Defraud the Small Business Administration A federal jury convicted five former officers and employees of Banc-Serv Partners LLP (Banc-Serv) — a lending service provider — in a 13-year conspiracy to defraud…
CFPB Issues Interpretive Rule on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday
August 5, 2021 / Source: CFPB
CFPB Issues Interpretive Rule on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday Interpretive Rule will Help Mortgage Industry Determine How to Handle the June 19, 2021 Holiday WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat…
What the new CDC eviction moratorium means for you
August 5, 2021 / Source: CFPB
What the new CDC eviction moratorium means for you AUG 05, 2021 The CDC issued a new eviction moratorium on August 3, 2021 to temporarily halt evictions in counties where COVID-19 is spreading rapidly. If you are struggling to pay rent, the new pause in evictions may help you stay in your home, but you may need…
Small Business Administration Lending: Risk Management Principles
August 5, 2021 / Source: OCC
OCC Bulletin 2021-34 Small Business Administration Lending: Risk Management Principles 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) is issuing this bulletin to inform banks1 and examiners about sound…
Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act: OCC Contact Information for Certain Notices and Posters
August 5, 2021 / Source: OCC
OCC Bulletin 2021-35 Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act: OCC Contact Information for Certain Notices and Posters 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 This bulletin informs national banks, federal savings…
Federal Reserve Board announces termination of enforcement action with JPMorgan Chase & Co.
August 5, 2021 / Source: FRB
Press Release Federal Reserve Board announces termination of enforcement action with JPMorgan Chase & Co. The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: JPMorgan Chase & Co., New York, New York Cease and Desist Order, dated May 20, 2015 (PDF) Terminated August 3, 2021 Additional enforcement actions can…