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FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist Financing
June 26, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a final rule under section 311 of the USA PATRIOT Act (section 311) that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of…
Biden-Harris Administration Takes Additional Steps to Increase Housing Supply and Lower Housing Costs Across the Country
June 26, 2024 / Source: HUD
WASHINGTON – Today, Vice President Kamala Harris and HUD Acting Secretary Adrianne Todman announced that the Biden-Harris Administration is awarding $85 million in grant funding for the Pathways to Removing Obstacles to Housing (PRO Housing) program. PRO Housing aims to identify and remove barriers to affordable housing production and preservation, and lower housing costs. PRO Housing…
CFPB Extends Compliance Dates for Small Business Lending Rule
June 25, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Courtâs decision in CFPB v. CFSA. The Texas court also required the…
Speech – Moving Toward Better Balance and Implications for Monetary Policy
June 25, 2024 / Source: FRB
Governor Lisa D. Cook Thank you, Barbara. It is a fitting time to be speaking again to the Economic Club of New York, because this month marks two years since my first Federal Open Market Committee (FOMC) meeting.1 At that meeting, we kicked off a series of large interest-rate increases, all of which I supported, because…
OCC Reports First Quarter 2024 Bank Trading Revenue
June 25, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.6 billion in the first quarter of 2024. The first quarter trading revenue was $4.0 billion, or 34.2 percent, more than in the previous quarter and $2.0 billion, or 11.1 percent, less than a…
CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals
June 24, 2024 / Source: CFPB
Today, the Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home. When buying or selling a home, an accurate home valuation is critical. Mortgage lenders use this valuation to determine how much they will lend on a…
OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines
June 24, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to revise its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). The proposed rulemaking is part of the OCCâs effort to ensure that large banks are adequately prepared and have developed a…
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
June 24, 2024 / Source: Treasury
WASHINGTON â Today, U.S. Secretary of the Treasury Janet L. Yellen is delivering remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing, as part of the Biden Administrationâs push to lower costs. In announcing these new initiatives, Secretary Yellen will note that â[G]iven…
HUD Approves Agreement with Michigan Housing Provider Resolving Allegations of Discrimination Under the Violence Against Women Act and the Fair Housing Act
June 23, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Conciliation Agreement with Michigan housing provider, Czapp Real Estate, LLC., resolving allegations that the Respondent denied housing to a woman because of her disability and status as a survivor under the Violence Against Women Act (VAWA). The…
Agencies Announce Results of Resolution Plan Review for Largest and Most Complex Banks
June 23, 2024 / Source: FDIC
The Federal Deposit Insurance Corporation and Federal Reserve Board today announced that, following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The agencies did not identify any weaknesses…
Federal Reserve Board announces it will extend until September 6, 2024, the comment period on proposal to expand operating days of the Federal Reserve Banksâ two large-value payments services, Fedwire Funds Service and the National Settlement Service
June 23, 2024 / Source: FRB
The Federal Reserve Board on Friday announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, FedwireÂź Funds Service and the National Settlement Service (NSS), to include weekends and holidays. The Board extended the comment period to…
Treasury Issues Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
June 23, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury (Treasury) today issued a Notice of Proposed Rulemaking (NPRM) to implement Executive Order 14105 of August 9, 2023, âAddressing United States Investments in Certain National Security Technologies and Products in Countries of Concernâ (the Outbound Order). The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM)…
OCC Approves Final Rule on Automated Valuation Models
June 20, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsuâs priority to reduce inequality and…
FDIC Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks
June 20, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the FDIC issued a final rule that incorporates several changes from the agencyâs proposed rule published…
FinCEN Issues Supplemental Advisory on the Illicit Procurement of Fentanyl Precursor Chemicals and Manufacturing Equipment
June 20, 2024 / Source: FinCEN
Immediate Release June 20, 2024 Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Avoid Costly Megamergers
June 20, 2024 / Source: CFPB
Today, the FDIC is considering amendments to its rules regarding the resolution plans required of very large banks with $50 billion or more in assets.1 The rules will require these banks to submit plans to the FDIC demonstrating how they could be wound down without a costly megamerger.2 When a community bank fails, the FDIC can…
OCC Report Highlights Key Risks in Federal Banking System
June 19, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2024. The OCC reported that the overall condition of the federal banking system remains sound. However, the maturing economic cycle may cause consumer headwinds. It is important for banks to…
CFPB Takes Action Against Repeat Offender Freedom Mortgage Corporation for Violating Law Enforcement Order and for Housing Data Errors
June 19, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators. In October 2023, the CFPB sued the nonbank mortgage company for violating both the Home Mortgage Disclosure Act (HMDA) and a 2019 CFPB order. In addition…
CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures
June 19, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting…
Home Mortgage Disclosure Act:Â FFIECâs 2024 ‘A Guide to HMDA Reporting: Getting It Right!’
June 17, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Councilâs (FFIEC) revised âA Guide to HMDA Reporting: Getting it Right!â (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12…
HUD Awards $10 Million in Grants to Combat the Homeownership Gap Through Housing Counseling
June 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Developmentâs (HUD) Office of Housing Counseling is announcing the award of $10 million in grant funding under its Homeownership Initiative to 23 HUD-approved housing counseling agencies. The funding will support activities by these agencies to prepare and equip prospective homebuyers to successfully navigate the homebuying process…
Negative Equity Findings from the Auto Finance Data Pilot
June 17, 2024 / Source: CFPB
Americans owed more than $1.6 trillion on auto loans through the fourth quarter of 2023, with more than 100 million active auto finance accounts. Despite the size and prominence of this market, detailed information about the market is limited or non-existent. In February 2023, the CFPB launched the Auto Finance Data Pilot and issued nine…
FinCEN Reminds Financial Institutions to Remain Vigilant to Elder Financial Exploitation
June 16, 2024 / Source: FinCEN
WASHINGTONâAs the nation recognizes World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation (EFE). EFE-related losses affect personal savings, checking accounts, retirement savings, and investments, and can severely impact victimsâ well-being and financial security as they…
New protections for payday and installment loans slated to take effect next year
June 16, 2024 / Source: CFPB
Several years ago, the CFPB issued a rule to end an unfair and abusive practice in payday and installment lending. After a thorough review of the market, the CFPB found that even after a consumerâs account had been shown to be empty, lenders would keep trying to withdraw money from the account to pay off…
FTC Data Shows Major Increases in Cash Payments to Government Impersonation Scammers
June 16, 2024 / Source: FTC
New Federal Trade Commission data reveals that government impersonation scammers are targeting consumers for payments in cash, with the amount of cash reported lost to these scams nearly doubling from 2022 to 2023. The FTC data shows that consumers reported losing $76 million when paying cash to government impersonation scammers in 2023, up from $40…