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Interest Rate Risk: Interest Rate Risk Statistics Report
April 18, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the spring 2024 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
FDIC’s Office of the Ombudsman publishes 2023 Annual Report of Activities
April 18, 2024 / Source: FDIC
The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report highlighting its activities and the services provided to stakeholders during 2023. The role of FDIC Ombudsman was created by Congressional action in 1995 to provide an informal alternative to the regulatory appeals process. The Office of the Ombudsman operates independent of…
FinCEN Renews Real Estate Geographic Targeting Orders
April 17, 2024 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning April 19, 2024, and ending on October 15, 2024….
CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred for Deceiving Students and Hiding Loan Costs
April 17, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against BloomTech and its CEO, Austen Allred, for deceiving students about the cost of loans and making false claims about graduates’ hiring rates. The CFPB found that BloomTech and Allred falsely told students the school’s “income share” agreement contracts were not loans, when…
HUD Takes a Major Step to Boost Homeownership in Tribal Communities
April 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a final rule that will increase lender participation in the Section 184 Indian Housing Loan Guarantee (Section 184) program, strengthen regulations to meet the program’s growing demands, and ensure that the program will remain a vital resource for Native American families looking to…
CFPB Updates Supervision Designation Procedures
April 16, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for both the CFPB and nonbanks. The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection law. The examinations can help identify issues…
FTC Action Leads to Industry Ban for Ringleader of Student Loan Debt Relief Scam
April 16, 2024 / Source: FTC
The ringleader of a student loan debt relief scam will be permanently banned from the debt relief industry and is required to turn over assets as part of a settlement with the Federal Trade Commission. The settlement with Marco Manzi resolves FTC charges involving the student loan debt relief scheme. The FTC charged that Manzi, Ivan Esquivel, and…
Shareholder Statement on the MDB Callable Capital Exercise
April 16, 2024 / Source: Treasury
April 16, 2024 Issued by: United States, Japan, Germany, France, United Kingdom, Italy, India, Republic of Korea, Spain, Australia, Netherlands, Switzerland, Belgium, Denmark, and New Zealand The G20 Independent Review of Multilateral Development Banks’ (MDB) Capital Adequacy Frameworks (G20 CAF Review) provided thoughtful recommendations for boosting MDB financial capacity by stretching existing resources and pursuing innovative measures. …
FinCEN Issues Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions
April 15, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select…
CFPB Letter to Connecticut State Legislature on Barring Medical Bills on Credit Reports
April 15, 2024 / Source: CFPB
April 11, 2024 The Honorable Matt LesserConnecticut State Senate300 Capitol Ave., Room 2800Hartford, CT 06106 Dear Senator Lesser, I write on behalf of the Consumer Financial Protection Bureau (CFPB) regarding Senate Bill 395 as amended (SB395), which would prohibit health care providers in Connecticut from reporting medical debt to consumer reporting agencies for use in…
Treasury Targets Belarusian Sanctions Evasion Networks and Cogs in Russia’s War Machine
April 15, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 12 entities and 10 individuals pursuant to Executive Order (E.O.) 14038. This action builds on U.S. sanctions imposed in response to Belarus’s fraudulent August 2020 election, as well as President Alyaksandr Lukashenka’s (Lukashenka) support for Russia’s illegal full-scale…
Treasury Targets Hamas UAV Unit Officials and Cyber Actor
April 14, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against Hamas, targeting Gaza- and Lebanon-based leaders of the terrorist group’s offensive cyber and unmanned aerial vehicle (UAV) operations. Concurrent with this action, the European Union is imposing sanctions targeting Hamas. “Today’s joint action reinforces our continued,…
Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director Consumer Financial Protection Bureau, at the National Consumer Law Center/National Association of Consumer Advocates Spring Training
April 14, 2024 / Source: CFPB
Thank you very much for having me here today. It’s always great to talk to the people in the trenches, fighting day in and day out for consumers. I’m Seth Frotman, the General Counsel of the Consumer Financial Protection Bureau. As many of you know, the CFPB administers and is the primary enforcer of the…
Ensuring servicemembers can protect themselves from unlawful financial practices
April 11, 2024 / Source: CFPB
The Servicemembers Civil Relief Act was passed by Congress to enable servicemembers to devote themselves to the defense of the Nation by providing them key protections. This law’s important provisions include the right to reduced interest on certain loans and shielding servicemembers from foreclosure while they are serving the nation. In an ongoing case, Citibank has been…
Treasury Proposes Regulatory Update to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security
April 11, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities. The proposed rule reflects CFIUS’s evolution and increased focus on monitoring, compliance, and enforcement….
FDIC Releases Comprehensive Report On Orderly Resolution of Global Systemically Important Banks
April 10, 2024 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive report on how the FDIC would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In remarks to the Peterson Institute for International Economics in Washington,…
OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers
April 10, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. The proposal also includes a policy statement to clarify the OCC’s review of applications…
HUD Announces $10 Million Funding Opportunity for Community Revitalization Efforts
April 9, 2024 / Source: HUD
WASHINGTON – Today, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD) Adrianne Todman announced a new notice of funding opportunity through the FY24 Choice Neighborhoods Planning Grant that will provide $10 million to support local planning efforts to revitalize communities. She made this announcement while addressing stakeholders at the annual National Association of Housing…
CFPB Comment to Illinois Joint Committee on Administrative Rules on the State’s Proposed Community Reinvestment Act Rules
April 9, 2024 / Source: CFPB
April 9, 2024 Via electronic submission Illinois Joint Committee on Administrative Rules700 Stratton BuildingSpringfield, Illinois 62706 Dear Members of the Joint Committee on Administrative Rules: On behalf of the Consumer Financial Protection Bureau (CFPB), I am pleased to submit this comment regarding the Illinois Department of Financial and Professional Regulation’s (IDFPR’s) proposed rules for the…
CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking
April 8, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or…
HUD Awards $83 Million to Boost Local Affordable Housing and Community Development
April 8, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it will award $83 million to three organizations for local affordable housing and community development activities that benefit people with low-incomes. The funding, awarded through HUD’s Capacity Building for Affordable Housing and Community Development program, also known as Section 4, will be…