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Plain Writing Act compliance report 2021
September 17, 2021 / Source: CFPB
To Congress Plain Writing Act compliance report 2021 SEP 17, 2021 The Consumer Financial Protection Bureau’s eighth annual Plain Writing Act Compliance Report is presented to fulfill the Bureau’s statutory responsibilities pursuant to the Plain Writing Act of 2010. Our commitment to the goals of the Plain Writing Act is central to the Bureau’s mission…
Guide to Remote Financial Coaching
September 17, 2021 / Source: CFPB
Consumer education and empowerment Guide to Remote Financial Coaching SEP 17, 2021 To better understand the benefits and challenges of remote service delivery, the CFPB talked with leaders of nine programs that are providing remote financial coaching. This guide draws insights from those discussions to serve as a resource for programs that are establishing or…
OCC Reports Second Quarter 2021 Bank Trading Revenue
September 16, 2021 / Source: OCC
News Release 2021-98 | September 16, 2021 OCC Reports Second Quarter 2021 Bank Trading Revenue WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $8.1 billion in the second quarter of 2021. The second quarter trading revenue was $2.4 billion, or 22.9 percent, less than the previous…
OCC Enforcement Actions and Terminations September 16, 2021
September 16, 2021 / Source: OCC
News Release 2021-99 | September 16, 2021 OCC Enforcement Actions and Terminations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders…
FDIC Launches Mission-Driven Bank Fund
September 16, 2021 / Source: FDIC
Press Release FDIC Launches Mission-Driven Bank Fund $120 million pledged to support Minority Depository Institutions and CDFIs Thursday, September 16, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions…
Acting Comptroller Discusses Priorities, Safeguarding Trust in Banking
September 15, 2021 / Source: OCC
News Release 2021-97 | September 15, 2021 Acting Comptroller Discusses Priorities, Safeguarding Trust in Banking WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the agency’s priorities during an appearance before the Exchequer Club. His remarks provided the audience an overview of his priorities to reduce inequality, adapt to digitization, act on climate change, and guard against…
Michigan Man Sentenced for COVID-19 Relief Fraud
September 15, 2021 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Michigan Man Sentenced for COVID-19 Relief Fraud A Michigan man was sentenced today to 32 months in federal prison for fraudulently seeking nearly $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Michael Bischoff,…
Banker Series: Overview and Updates on Consumer Complaints Management
September 14, 2021 / Source: FDIC
Financial Institution Letter Banker Series: Overview and Updates on Consumer Complaints Management FIL-66-2021 Summary: The FDIC offers a series of events for bankers, including teleconferences and webinars, to maintain open lines of communication and to update bank management and staff on important regulatory issues in the consumer compliance area. The FDIC’s Division of Depositor and…
Treasury Department and Federal Housing Finance Agency Suspend Certain Requirements Under Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac
September 14, 2021 / Source: Treasury
PRESS RELEASES Treasury Department and Federal Housing Finance Agency Suspend Certain Requirements Under Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac September 14, 2021 WASHINGTON – The U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) today agreed to suspend certain requirements that were added on January 14, 2021…
Counterfeit Cashier’s Checks: Counterfeit Cashier’s Checks of Queensborough National Bank & Trust Company, Louisville, Ga.
September 13, 2021 / Source: OCC
Alert 2021-4| September 13, 2021 Counterfeit Cashier's Checks: Counterfeit Cashier's Checks of Queensborough National Bank & Trust Company, Louisville, Ga. To Chief Executive Officers of All National Banks and Federal Savings Associations; All State Banking Authorities; Chair, Board of Governors of the Federal Reserve System; Chair, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (Districts);…
Problem Bank Supervision: New Comptroller’s Handbook Booklet and Rescissions
September 13, 2021 / Source: OCC
OCC Bulletin 2021-43| September 13, 2021 Problem Bank Supervision: New 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 a new “Problem Bank…
FDITECH Selects Three Winning Teams in Tech Sprint to Reach the Unbanked
September 13, 2021 / Source: FDIC
Press Release FDITECH Selects Three Winning Teams in Tech Sprint to Reach the Unbanked Monday, September 13, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of three winning teams in a ‘tech sprint’ designed to explore new technologies and techniques to help banks meet the needs of unbanked…
Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of North Carolina Affected by Remnants of Tropical Storm Fred
September 13, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of North Carolina Affected by Remnants of Tropical Storm Fred September 13, 2021 | FIL-65-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of North Carolina affected by…
FDIC Launches 2nd Annual Academic Challenge
September 10, 2021 / Source: FDIC
Press Release FDIC Launches 2nd Annual Academic Challenge University and College Teams to consider impacts of pandemic on banking sector Friday, September 10, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s Second Annual Academic Challenge, a competition among teams of university and college students to address questions…
OCC to Hold Hearing on Charges Against Former Wells Fargo Bank, N.A. Executives; Agency Seeks Prohibition Order, Orders to Cease and Desist, and Civil Money Penalties
September 10, 2021 / Source: OCC
News Release 2021-96 | September 10, 2021 OCC to Hold Hearing on Charges Against Former Wells Fargo Bank, N.A. Executives; Agency Seeks Prohibition Order, Orders to Cease and Desist, and Civil Money Penalties WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public hearing before an Administrative Law Judge beginning Monday, September 13, 2021, in…
Third-Party Relationships: Agencies Extend Comment Period on Proposed Interagency Guidance
September 10, 2021 / Source: OCC
OCC Bulletin 2021-42| September 10, 2021 Third-Party Relationships: Agencies Extend Comment Period 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 On September 10, 2021, the Office of the Comptroller of the Currency (OCC), the…
2022 HMDA Filing Instructions Guide and Supplemental Guide for Quarterly Filers Release
September 10, 2021 / Source: CFPB
2022 HMDA Filing Instructions Guide and Supplemental Guide for Quarterly Filers Release The Bureau is pleased to announce that the Filing Instructions Guide (FIG) for Home Mortgage Disclosure Act (HMDA) data collected in 2022 is now available. The 2022 FIG is a technical resource to help financial institutions file HMDA data collected in 2022 and…
Consumer Financial Protection Bureau Issues Report Finding a Continued Decline in College Credit Card Agreements in 2020
September 9, 2021 / Source: CFPB
Consumer Financial Protection Bureau Issues Report Finding a Continued Decline in College Credit Card Agreements in 2020 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report on the agreements signed between credit card issuers and colleges, or organizations affiliated with colleges, finding that the market for college credit cards continued its general…
OCC Assesses $250 Million Civil Money Penalty, Issues Cease and Desist Order Against Wells Fargo
September 9, 2021 / Source: OCC
News Release 2021-95 | September 9, 2021 OCC Assesses $250 Million Civil Money Penalty, Issues Cease and Desist Order Against Wells Fargo WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., based on the bank’s unsafe or unsound practices related to…
Regulatory Relief FIL-63-2021
September 9, 2021 / Source: FDIC
Financial Institution Letter Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of New Jersey and New York Affected by Remnants of Hurricane Ida September 9, 2021 | FIL-63-2021 Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Jersey…
Federal Reserve Board issues enforcement action with former institution-affiliated party of BNP Paribas
September 9, 2021 / Source: FRB
Press Release September 09, 2021 Federal Reserve Board issues enforcement action with former institution-affiliated party of BNP Paribas The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below: Consent prohibition and civil money penalty against Bhushan Bhangale Former institution-affiliated party of BNP Paribas, New York, New York Receipt of improper…
Federal Reserve publishes paper describing landscape of partnerships between community banks and fintech companies
September 9, 2021 / Source: FRB
Press Release September 09, 2021 Federal Reserve publishes paper describing landscape of partnerships between community banks and fintech companies To support responsible innovation in the community banking sector, the Federal Reserve Board on Thursday published a paper describing the landscape of partnerships between community banks and fintech companies. The paper captures insights gathered from extensive…
S. CON. RES. 14
September 9, 2021 / Source: TBA
Please act now. It appears the Biden Administration and this Congress has resolved itself to allow the invasive and potentially unconstitutional tax provision that would turn bankers into de facto surrogates for the IRS. As noted before, this little known or debated tax policy inserted into the reconciliation bill would force banks to report details…
CFPB Sues LendUp Loans for Violating 2016 Consent Order and Deceiving Borrowers
September 8, 2021 / Source: CFPB
CFPB Sues LendUp Loans for Violating 2016 Consent Order and Deceiving Borrowers Online Lender Accused of Continuing to Misrepresent Products and Failing to Provide Timely and Accurate Adverse-Action Notices to Applicants SEP 08, 2021 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing LendUp Loans, LLC of…
OCC Issues Proposal to Rescind its 2020 Community Reinvestment Act Rule
September 8, 2021 / Source: OCC
News Release 2021-94 | September 8, 2021 OCC Issues Proposal to Rescind its 2020 Community Reinvestment Act Rule WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995,…