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U.S. Law Enforcement Takes Action Against Approximately 2,300 Money Mules In Global Crackdown On Money Laundering
December 4, 2020 / Source: FDIC OIG
PRESS RELEASE FOR IMMEDIATE RELEASE Department of Justice and Partner Agencies Stop the Flow of Fraud Proceeds The U.S. Department of Justice, the FBI, the U.S. Postal Inspection Service, and six other federal law enforcement agencies announced the completion of the third annual Money Mule Initiative, a coordinated operation to disrupt the networks through which…
Consumer Financial Protection Bureau Sues LendUp Loans, LLC for Allegedly Violating the Military Lending Act
December 4, 2020 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against LendUp Loans, LLC (LendUp). The Bureau alleges that LendUp violated the Military Lending Act (MLA) in connection with its extensions of credit. LendUp, which has its principal place of business in Oakland, California, is an online lender that offers single-payment and installment…
FDIC Issues List of Banks Examined for CRA Compliance December 2020
December 4, 2020 / Source: FDIC
Press Release 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 September 2020. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Beige Book December 2020
December 3, 2020 / Source: FRB
Beige Book Summary of Commentary on Current Economic Conditions by Federal Reserve District Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists,…
Project REACh Pledge Released to Promote Vitality of Minority Depository Institutions
December 3, 2020 / Source: OCC
News Release 2020-166 WASHINGTON—The Office of the Comptroller of the Currency today announced the release of the Project REACh Minority Depository Institution (MDI) Pledge. In doing so, Acting Comptroller of the Currency Brian P. Brooks encouraged all large and midsize banks to consider the pledge to develop meaningful partnerships with MDIs to help them remain a…
Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report Dec 2020
December 2, 2020 / Source: FDIC
Financial Institution Letter December 1, 2020 | FIL-110-2020 Summary: On November 23, 2020, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published the attached final regulatory reporting changes in the Federal Register. …
Temporary Asset Thresholds: Interim Final Rule
December 2, 2020 / Source: OCC
OCC Bulletin 2020-107 To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties Summary On December 2, 2020, the Office of the Comptroller of the Currency (OCC), together with the Board of Governors of the Federal Reserve System (Board) and the Federal Deposit…
FDIC-Insured Institutions Reported Improved Profitability in Third Quarter 2020
December 2, 2020 / Source: FDIC
For Release Quarterly Net Income Improved, Primarily Because of Lower Provision Expense Net Interest Margin Fell to a Record Low Loan and Lease Balances Declined, Driven by Reduced Commercial and Industrial Lending Activity Noncurrent Loan Balances Increased Modestly Community Banks Reported a 10 Percent Increase in Net Income Year Over Year “The banking industry exhibited…
OCC Releases CRA Evaluations for 39 National Banks and Federal Savings Associations
December 2, 2020 / Source: OCC
News Release 2020-164 WASHINGTON—The 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 November 1, 2020 through November 30, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
OCC Reduces 2021 Assessments on National Banks and Federal Savings Associations
December 2, 2020 / Source: OCC
News Release 2020-163 WASHINGTON—The Office of the Comptroller of the Currency (OCC) is reducing the rates in all Fee Schedules by 3 percent for the 2021 calendar year. The 2021 reduction is in addition to the 10 percent reduction to all Fee Schedules in 2020 and to the General Assessment Fee Schedule in 2019. The reduction…