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CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts
July 9, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars repossessed. Specifically, the CFPB…
Speech – Promoting an Inclusive Financial System
July 9, 2024 / Source: FRB
Governor Michelle W. Bowman Good afternoon and welcome back to the second half of today’s conference on Financial Inclusion Practices and Innovations.1 It is really a pleasure to join you to discuss this important topic. This morning, our panelists provided their perspectives on issues related to supervision and regulation and payment frictions and innovations both domestically…
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives
July 9, 2024 / Source: Treasury
As Prepared for Delivery Chairman McHenry, Ranking Member Waters, and Members of the Committee: Thank you for the invitation to testify in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies. The United States built the international financial institutions 80 years ago with our allies and partners. Today, U.S….
FDIC Issues List of Banks Examined for CRA Compliance
July 8, 2024 / 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 April 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Treasury Issues Proposed Rule to Expand CFIUS Coverage of Real Estate Transactions Near Military Installations
July 8, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM or proposed rule) that would expand CFIUS’s jurisdiction over certain transactions by foreign persons involving real estate in the United States. Pursuant to legislation that…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
July 4, 2024 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary…
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Notice of Proposed Rulemaking
July 4, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is proposing to revise its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches (recovery planning guidelines) at 12 CFR 30, appendix E. The OCC invites the public to comment on all aspects of the proposal….
HUD Updates Tools to Help Americans Buy Homes
July 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), is making available translated versions of 19 single family mortgage documents used in the servicing of FHA-insured mortgages. These documents will be available in Chinese, Korean, Spanish, Tagalog, and Vietnamese. The educational resources are accessible from FHA’s language access…
CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
July 2, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account…
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 2, 2024 / Source: Treasury
Brussels — The EU–U.S. Joint Financial Regulatory Forum took place on 25-26 June 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was hosted by the European Commission and the U.S. Department of the Treasury. EU participants included representatives of the European Commission, the European…
U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
July 2, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for an additional $10 million in technical assistance (TA) funding allocated to four states, two territories, the District of Columbia, and one Tribal government under the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant Program. Included in…
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
July 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021. Since…
Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel
July 1, 2024 / Source: Treasury
Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Mexico-based money launderer and China-based members of a money laundering organization with criminal links to the Sinaloa Cartel as part of ongoing efforts to disrupt the flow of illicit narcotics into the United States. This action is the…
Federal Reserve Board fines Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering law
July 1, 2024 / Source: FRB
The Federal Reserve Board on Monday fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering laws. The Board’s action was taken in coordination with an action by the Department of Financial Protection and Innovation of the State of California, the state supervisor of…
FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs
June 30, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be…
The CFPB is working to reinforce the foundation of a fair, nondiscriminatory and competitive mortgage market
June 30, 2024 / Source: CFPB
The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report data about the loans and applications they receive and the loans they originate. These data allow regulators and the public to assess whether mortgage lenders are meeting the housing needs of their communities. HMDA can be an effective, quantitative tool for uncovering discrimination, but…
FATF Holds Plenary in Singapore, Advances Key Illicit Finance Initiatives
June 30, 2024 / Source: Treasury
SINGAPORE — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency. During the Plenary, the FATF took several key actions, including adopting the Mutual Evaluation Reports (MERs) for India and Kuwait,…
The CFPB’s 2023 fair lending annual report to congress
June 26, 2024 / Source: CFPB
Today, the CFPB released its Fair Lending Annual Report to Congress, describing how we took action against unlawful discrimination and advanced access to fair credit in calendar year 2023. The CFPB used every tool at our disposal to carry out our fair lending work, from enforcement and supervision to guidance and rulemaking, including close coordination with…
OCC Reports Mortgage Performance for First Quarter of 2024
June 26, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist Financing
June 26, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s 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 Court’s 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
WASHINGTON—The 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…