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Former CEO of failed bank sentenced to prison
August 20, 2024 / Source: OIG
WICHITA, KAN. – A Kansas man was sentenced to 293 months in prison for using his former position as chief executive officer (CEO) of a bank to embezzle tens of millions of dollars in a cryptocurrency scheme which led the bank to fail at a complete loss of equity for investors. According to court documents,…
Speech – Remarks on the Economic Outlook and Financial Inclusion
August 20, 2024 / Source: FRB
Governor Michelle W. Bowman Good morning. It is really a pleasure to join you here in Alaska.1 Getting outside of Washington, D.C. and hearing about the unique issues that affect Alaskans provides valuable insights that inform my work at the Federal Reserve. A part of the mission of the Federal Reserve is to support an economy…
Treasury Sanctions Former Haitian President for Drug Trafficking
August 20, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the former President of Haiti, Michel Joseph Martelly (Martelly), pursuant to Executive Order (E.O.) 14059 of December 15, 2021, “Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.” “Today’s action against Martelly emphasizes the significant and destabilizing role…
Speech – At the Summer Workshop on Money, Banking, Payments, and Finance, Washington, D.C.
August 19, 2024 / Source: FRB
Governor Christopher J. Waller Thank you, Matt. I am delighted to welcome you all in person to the 2024 Summer Workshop on Money, Banking, Payments, and Finance, jointly organized by the Federal Reserve Board, the Bank of Canada, and the Study Center Gerzensee.1 I want to thank the organizers for putting together such an interesting program…
FTC Files Amicus Brief Saying COPPA Can’t Force Parents Into Arbitration
August 19, 2024 / Source: FTC
The Federal Trade Commission filed an amicus brief in a lawsuit brought by a group of parents who are suing IXL Learning, Inc. The FTC’s brief disputes the company’s argument that under the Children’s Online Privacy Protection Act and the COPPA Rule, the schools’ agreement to binding arbitration also applied to parents. The plaintiffs in…
Questions and Answers Regarding FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo
August 18, 2024 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) recently published a series of Questions and Answers (Q&As) related to the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo (part 328). The Q&As are a collection of the most frequently asked questions…
What Buy Now, Pay Later lenders are doing to be upfront with borrowers
August 18, 2024 / Source: CFPB
One of the ways that the CFPB promotes more innovation in the market and competition for consumers is by increasing transparency about how existing laws apply to emerging products. That’s why we have issued more guidance, and more specific guidance, to encourage new market entrants to focus on technological or business innovation instead of innovative…
Accounting: Bank Accounting Advisory Series Updated
August 15, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among banks.1 The BAAS…
HUD’s National Fair Housing Training Academy Partners with International Association of Official Human Rights Agencies
August 15, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced a renewed partnership between its National Fair Housing Training Academy (NFHTA) and the International Association of Official Human Rights Agencies (IAOHRA) at this week’s 2024 IAOHRA conference in St. Louis, MO. Commemorating NFHTA’s 20th anniversary and IAOHRA’s 75th anniversary, this partnership marks a growing relationship between the Federal government,…
Treasury Adds Further Sanctions Targeting Houthi and Hizballah Trade Networks
August 15, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several companies, individuals, and vessels for their involvement in the shipment of Iranian commodities, including oil and liquefied petroleum gas (LPG), to Yemen and the United Arab Emirates (UAE) on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods…
Former Attorney Sentenced to 25 Years in Federal Prison on Embezzlement and Fraud Charges in Connection With Collapse of Washington Federal Bank
August 15, 2024 / Source: DOJ
CHICAGO — A former attorney has been sentenced to 25 years in federal prison for embezzlement and fraud in connection with the failure of Washington Federal Bank for Savings in Chicago. ROBERT M. KOWALSKI served a key role in an embezzlement scheme at Washington Federal. The bank, which was based in Chicago’s Bridgeport neighborhood, was…
Biden-Harris Administration Awards Nearly $140 Million to Expand Affordable Housing for People with Disabilities
August 14, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development awarded $138.5 million in grants for more than a dozen state housing agencies to expand the supply of housing and supportive services for low-income persons with disabilities across America. Funding made possible by HUD’s Section 811 Project Rental Assistance (PRA) for Persons with Disabilities program will allow…
Treasury Unveils New CFIUS Enforcement Website to Provide Further Clarity and Transparency Regarding CFIUS Penalties and Other Enforcement Actions
August 14, 2024 / Source: Treasury
WASHINGTON — Today, in a continuing evolution and sharpening of the Committee on Foreign Investment in the United States (CFIUS) as a critical national security tool, and in furtherance of greater transparency, the Treasury Department updated the CFIUS website to share more details and guidance with the public and the investing community about how CFIUS approaches…
Federal Trade Commission Announces Final Rule Banning Fake Reviews and Testimonials
August 14, 2024 / Source: FTC
The Federal Trade Commission today announced a final rule that will combat fake reviews and testimonials by prohibiting their sale or purchase and allow the agency to seek civil penalties against knowing violators. Image “Fake reviews not only waste people’s time and money, but also pollute the marketplace and divert business away from honest competitors,” said FTC…
ACCESS magazine for August 2024 is now published
August 14, 2024 / Source: Compliance Alliance
A resource like no other—top-tier compliance guidance in a monthly magazine format—that’s Compliance Alliance’s ACCESS Magazine. Articles, FAQs, and more that range across regulations, bank areas, and functions, all with an eye on keeping you in best practices. This month we have: • Spotlight on Jane Lay, our Bank Compliance Leader Award winner from UBank…
Biden-Harris Administration Enhances Program to Build More Affordable Homes
August 13, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury today announced new actions to provide more interest rate certainty for state and local Housing Finance Agencies (HFAs) that use the Federal Housing Administration’s (FHA) risk sharing initiative with the Federal Financing Bank to finance new construction of affordable housing. Since Day…
Qualified Professional Asset Manager (QPAM) Exemption Amendment
August 13, 2024 / Source: FDIC
Summary: This issuance is intended to notify FDIC-supervised institutions of an amendment of the U.S. Department of Labor’s (DOL) Prohibited Transaction Class Exemption rule (PTE 84-14) for Qualified Professional Asset Manager (QPAM) exemptions. The QPAM Exemption (hereafter, PTE 84-14) provides broad relief for employee benefit plan and individual retirement account transactions that would otherwise be…
CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail
August 13, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. Under contract-for-deed deals, the seller agrees to turn over a home’s deed only after the buyer completes a series of payments. The deals often have little oversight,…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
August 13, 2024 / Source: FinCEN
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access Release Date August 13, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
CFPB Comment on Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
August 12, 2024 / Source: CFPB
The Honorable Janet YellenSecretaryU.S. Department of the Treasury1500 Pennsylvania Ave NWWashington, DC 20220 Thank you for the opportunity to comment on this important issue in the financial services sector. The Consumer Financial Protection Bureau (CFPB) is a unit of the Federal Reserve System charged with ensuring that consumer financial markets are fair, transparent, and competitive.1 As…
Proposed Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022
August 11, 2024 / Source: FDIC
Summary: The FDIC is issuing a joint Notice of Proposed Rulemaking (“NPR”) as required by the Financial Data Transparency Act of 2022 (“FDTA”) (PDF). Joining the FDIC in issuing the NPR are the Department of the Treasury; Board of Governors of the Federal Reserve System; Office of the Comptroller of the Currency; Consumer Financial Protection Bureau;…
Classification of Interactive Teller Machines as Domestic Branches or Remote Service Units
August 11, 2024 / Source: FDIC
Summary: Statutory Background Section 18(d) of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. § 1828(d)) requires a state nonmember bank to obtain the FDIC’s consent before establishing a domestic branch. Section 3(o) of the FDI Act (12 U.S.C. § 1813(o)) specifically excludes automated teller machines (ATMs) and remote service units (RSUs) from the…
2023 Financial Literacy Annual Report
August 11, 2024 / Source: CFPB
AUG 09, 2024 The 2023 Financial Literacy Annual Report describes the CFPB’s financial literacy activities and strategy to improve the financial literacy of consumers. This year’s report includes information about the CFPB’s efforts to be a source of unbiased, objective information consumers can trust, as well as examples of effective financial education using the CFPB’s…
FDIC Establishes Initial Submission Dates for Resolution Plans and Informational Filings For Covered Institutions
August 8, 2024 / Source: FDIC
Summary: This FIL supplements FIL 34-2024 regarding Final Rulemaking on Resolution Plans Required for Insured Depository Institutions with $100 Billion or More in Total Assets; Informational Filings Required for Insured Depository Institutions with At Least $50 Billion but Less Than $100 Billion in Total Assets (final rule) issued on June 20, 2024. This final rule was published in the Federal…
Treasury’s FinCEN Launches Nationwide Public Service Announcements to Inform Business Owners about Beneficial Ownership Reporting Requirements
August 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new beneficial ownership reporting requirements. To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio…