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FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2023 / Source: FDIC
WASHINGTON – 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 May 2023. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
August 2, 2023 / Source: FFIEC
The Federal Financial Institutions Examination Council, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions Due Diligence Programs for Private Banking Accounts Prohibition on…
CFPB Sues USASF Servicing for Illegally Disabling Vehicles and for Improper Double-Billing Practices
August 2, 2023 / Source: CFPB
AUG 02, 2023 WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a host of illegal practices that harmed individuals with auto loans. These practices include wrongfully disabling borrowers’ vehicles, improperly repossessing vehicles, double-billing borrowers for insurance premiums, and failing to return…
Orange County Woman and Man Charged with Running $2.2 Million Scheme that Tricked Banks into Cashing Out Victims’ Mortgages
August 2, 2023 / Source: OIG
August 1, 2023 SANTA ANA, California – Two Orange County residents have been charged by a federal grand jury with fraudulently obtaining more than $2 million by stealing the identities of homeowners – primarily elderly Vietnamese Americans – and duping banks into “cashing out” mortgages on those properties, the Justice Department announced today. Thao Thi Kim…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
August 1, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, their expectations for potential…
OCC Releases CRA Evaluations for 27 National Banks and Federal Savings Associations
August 1, 2023 / Source: OCC
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 July 1, 2023, through July 31, 2023. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…