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OCC Hosts Mutual Savings Association Advisory Committee Meeting April 4
March 20, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 4, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:15 a.m. Eastern Daylight Time (EDT)….
FDIC Extends Bid Window For Silicon Valley Bridge Bank, N.A.
March 20, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California. There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome. To…
Subsidiary of New York Community Bancorp, Inc., to Assume Deposits of Signature Bridge Bank, N.A., From the FDIC
March 20, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, Hicksville, New York, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, New York. The 40 former branches of…
Coordinated central bank action to enhance the provision of U.S. dollar liquidity
March 20, 2023 / Source: FRB
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines’ effectiveness in providing U.S. dollar…
WHAT THEY ARE SAYING: New Analyses Highlight American Rescue Planâs Historic Investments in Economic Growth
March 19, 2023 / Source: Treasury
WASHINGTON â To mark the two-year anniversary of President Joe Bidenâs American Rescue Plan (ARP), local government organizations and various interest groups released new analyses detailing the transformative impact ARP funds have had on communities across the nation, supporting both immediate pandemic recovery and long-term economic growth. These analyses join a new Department of the Treasury…
Equal Employment Opportunity (EEO) program status report for fiscal year (FY) 2022
March 19, 2023 / Source: CFPB
The U.S. Equal Employment Opportunity Commissionâs (EEOC) Management Directive 715 (MD-715) requires federal agencies to submit an annual report that evaluates whether agencies are establishing and maintaining effective programs of equal employment opportunity under Section 717 of Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., and…
CFPB Heightens Scrutiny of Unlawful Collection of Payments on Discharged Student Loans
March 16, 2023 / Source: CFPB
CFPB examiners found servicers engaging in unfair practices in trying to collect on loans discharged in bankruptcy WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent…
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC, and OCC
March 16, 2023 / Source: FDIC
For release Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support…
The FDIC’s Security Controls Over Microsoft Windows Active Directory
March 16, 2023 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on The FDIC’s Security Controls Over Microsoft Windows Active Directory. It is important for the FDIC to ensure that only individuals with a business need are allowed access to its many systems that contain sensitive information. The FDIC uses Active…
2022 Financial Literacy Annual Report
March 15, 2023 / Source: CFPB
The 2022 Financial Literacy Annual Report of the Consumer Financial Protection Bureau (CFPB) is required under Section 1013 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It details the CFPBâs financial literacy strategy and activities to improve the financial literacy of consumers. Overall, this report describes the CFPBâs efforts in a broad range…
OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
March 15, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.âs Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms….
Federal Reserve announces July launch for the FedNow Service
March 15, 2023 / Source: FRB
The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO â The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service….
Treasury International Capital Data for January
March 15, 2023 / Source: Treasury
Washington â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2023. The next release, which will report on data for February 2023, is scheduled for April 17, 2023. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Illinois Attorney Found Guilty of Embezzlement, Bankruptcy Fraud, and Tax Fraud
March 14, 2023 / Source: FDIC OIG
CHICAGO â A federal jury has found a former Illinois attorney and real estate developer guilty on two counts of embezzlement, six counts of bankruptcy fraud, and eight counts of tax fraud following a nearly four week-long trial in Chicago. Evidence at trial revealed that ROBERT KOWALSKI, 61, of Chicago was a close associate of…
On American Rescue Planâs Second Anniversary, Treasury Releases New Data on Actâs Historic Investments in Economic Growth
March 14, 2023 / Source: Treasury
Two years in, ARP has delivered over 10.3 million payments to renters in need, provided direct aid to more than 30,000 state and local governments, funded projects that will connect over 1.4 million families and businesses to high-speed internet, and launched programs that will aid up to 100,000 small businesses WASHINGTON â Today, to mark…
Bringing tech enforcers together to protect consumers
March 14, 2023 / Source: CFPB
Regulators across the country are working to ensure that new technologies meaningfully help consumers in their financial lives. Large-scale technology companies often produce new technologies that want to reshape the consumer financial marketplace to benefit their growth and market share instead of to benefit consumers. In response, weâre convening enforcement agencies across the government â…
Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC
March 13, 2023 / Source: Treasury
WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S….
FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, Californiav
March 13, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today transferred all depositsâboth insured and uninsuredâand substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated âbridge bankâ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their…
Protecting homeowners from discriminatory home appraisals
March 13, 2023 / Source: CFPB
Homeownership is one of the best paths to building intergenerational wealth, especially within communities historically shut out from fair access to the housing market. For families of all races and income levels to prosper and successfully pursue the American dream of homeownership, home appraisals must be accurate and free of bias. The CFPB administers and…
The U.S. Economic Recovery in International Context
March 12, 2023 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomic Policy Tara Sinclair OVERVIEW With the American Rescue Planâs two-year anniversary approaching on March 11, 2023, this blog post revisits the economic impact of pandemic response policies of the Biden Administration. The economic recovery from the pandemic in the United States…
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
March 12, 2023 / Source: FDIC
WASHINGTON â Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver…
CFPB starting mandated review of mortgage loan originator rules
March 12, 2023 / Source: CFPB
The mortgage loan originator rules, part of the Truth in Lending Actâs Regulation Z, protect homebuyers from anti-competitive practices, like double-dealing or steering activities, that lead consumers into more expensive loans. The Consumer Financial Protection Bureau is requesting the publicâs input  on the economic impact of the mortgage loan originator rules on small mortgage companies. We may use…
Joint Statement from the REPO Task Force
March 9, 2023 / Source: Treasury
WASHINGTON – Today, after a virtual meeting, the Deputies of the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released the following statement on the groupâs continued work. One year into Russiaâs unprovoked and illegal war of aggression against Ukraine, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination…
Treasury Targets Sanctions Evasion Network Moving Billions for Iranian Regime
March 9, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned 39 entities constituting a significant âshadow bankingâ network, one of several multi-jurisdictional illicit finance systems which grant sanctioned Iranian entities, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd. (Triliance), access to the international…
U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share
March 9, 2023 / Source: Treasury
View the full Greenbook here. âThis Budget builds on our economic progress by making smart, fiscally responsible investments, which would be more than fully paid for by requiring corporations and the wealthy to pay their fair share. The Budgetâs growth-enhancing investments will continue the economic progress of the last two years and further boost the…