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Acting Comptroller Discusses Expanding Diversity and Inclusion, Minority HomeownershipÂ
May 12, 2022 / Source: OCC
WASHINGTON â Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s efforts to reduce barriers to homeownership and promote financial inclusion in remarks at the Asian Real Estate Association of America Diversity and Fair Housing Summit. The Acting Comptroller highlighted the work of Project REACh to support affordable…
Data Spotlight: Profiles of older adults living in mobile homes
May 10, 2022 / Source: CFPB
Where older adults choose to live is often affected by their unique needs and challenges, including having a fixed income, enduring increased medical costs, and needing accommodations that can handle possible physical and cognitive decline. These same factors can influence older adultsâ housing experiences. According to the U.S. Census Bureau, about one-third of adults who…
Acting Comptroller Issues Statement on Interagency Proposal to Modernize the Community Reinvestment Act
May 5, 2022 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting to consider the interagency notice of proposed rulemaking (NPR) to strengthen and modernize the Community Reinvestment Act (CRA). Today marks an important milestone in our efforts to expand financial access and inclusion for low-and…
Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations
May 5, 2022 / Source: OCC
Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency WASHINGTONâFederal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 4, 2022 / Source: Treasury
Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 1.4% pace in the first quarter of 2022, reflecting the large drag from a widening of the trade deficit. Consumption grew at a 2.7% annualized rate, and private-sector domestic final demand grew 3.7%, despite headwinds from Omicron early in the quarter and reduced…
Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith
May 4, 2022 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $47.8 billion of privately-held Treasury notes maturing on May 15, 2022. This issuance will raise new cash of approximately $55.2 billion. The securities are: – A 3-year note in the amount of $45 billion, maturing May 15, 2025;– …
Plans for Reducing the Size of the Federal Reserve’s Balance Sheet
May 4, 2022 / Source: FRB
Consistent with the Principles for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve’s securities holdings. The Committee intends to reduce the Federal Reserve’s securities holdings over time in a predictable manner primarily by adjusting…
Federal Reserve issues FOMC statement
May 4, 2022 / Source: Federal Reserve
Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of…
OCC to Host Virtual Innovation Office Hours
May 4, 2022 / Source: OCC
WASHINGTON â The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on June 14-15, 2022, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or…
CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments
May 4, 2022 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customersâ bank accounts. Bank of America unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the…
FDIC Issues List of Banks Examined for CRA Compliance
May 3, 2022 / Source: FDIC
WASHINGTON â 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 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations
May 3, 2022 / Source: OCC
WASHINGTONâThe 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, 2022, through April 30, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…
Consumer advisory: Donât give money or information to scammers promising student loan forgiveness
May 3, 2022 / Source: CFPB
Recognizing student loan scams Our infographic highlights red flags for student loan borrowers to watch out for. Download the infographic Numerous student loan borrowers recently submitted complaints to the Consumer Financial Protection Bureau (CFPB) about companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of…
Remarks by Treasuryâs Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan, Puerto Rico
May 3, 2022 / Source: Treasury
Remarks as prepared for delivery: Thank you to Inclusiv CEO Cathie Mahon and Pablo DeFilippi, both of whom Iâve had the pleasure of working with for many years, for inviting me to the Inclusiv Annual Conference. I also want to recognize the important partners here, including CUPride, African American Credit Union Coalition, and the National…
FDIC to Launch 2022 Small Business Lending Survey
May 3, 2022 / Source: FDIC
Approximately 2,000 Banks Asked to Detail their Lending Practices For Release WASHINGTON â Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg and U.S. Census Bureau (Census) Director Robert L. Santos today formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and volumes….
Treasury Announces Marketable Borrowing Estimates
May 3, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April â June 2022 and July â September 2022 quarters.[2] During the April â June 2022 quarter, Treasury expects to pay down $26 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion.[3] The…