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FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft
September 9, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic. During the review period, FinCEN received 15,417 BSA reports from 841…
Prepared Remarks of CFPB Director Rohit Chopra at the National Housing Conference
September 9, 2024 / Source: CFPB
Interest rates are a major driver of decision-making in our economy. In board rooms and at kitchen tables, many are wondering how much today’s high interest rates will fall. For families, interest rates are often what makes or breaks the math on their mortgage. Today, I want to discuss mortgage refinancing, and whether falling interest…
FDIC-Insured Institutions Reported Net Income of $71.5 Billion
September 9, 2024 / Source: FDIC
For Release “The banking industry continued to show resilience in the second quarter. Net income increased and asset quality metrics remained generally favorable. However, the banking industry still faces significant downside risks from uncertainty in the economic outlook, market interest rates, and geopolitical events. In addition, weakness in certain loan portfolios, particularly office properties, credit cards, and multifamily…
CFPB Report Highlights Consumer Protection Issues in Medical and Rental Debt Collection
September 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt. The report discusses how problems with real estate companies’ “revenue management software” can result in improperly inflated rental debt amounts. The report also focuses on…
FTC Provides Annual Letter Summarizing Debt Collection Activities
September 5, 2024 / Source: FTC
The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activities to protect consumers in the debt collection arena. The summary is used by CFPB in its annual report to Congress on the activities of both agencies, which share law enforcement responsibility in this area. In the summary, the Commission…
FFIEC Information Technology Examination Handbook: New Development, Acquisition, and Maintenance Booklet
September 5, 2024 / Source: OCC
Summary The Federal Financial Institutions Examination Council (FFIEC) issued the “Development, Acquisition, and Maintenance” booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet replaces the “Development and Acquisition” booklet issued in April 2004. The examination procedures in this booklet help examiners evaluate a financial institution’s controls and risk management processes relative to…
HUD Awards Over $32 Million to Fight Housing Discrimination
September 5, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) awarded $31.7 million from its FY 2024 budget to support 75 fair housing organizations across the nation through the Fair Housing Initiatives Program (FHIP). These funds are being directed to second- and third-year multi-year grantees of the Private Enforcement Initiative (PEI) to continue their ongoing…
Sunset of FFIEC Cybersecurity Assessment Tool
September 5, 2024 / Source: FDIC
Summary: The Federal Financial Institutions Examination Council (FFIEC) issued a statement to communicate the August 31, 2025, sunset of the FFIEC Cybersecurity Assessment Tool (CAT). The FFIEC will discuss new and updated government and industry resources during a banker webinar this Fall. Statement of Applicability: The contents of, and material referenced in, this FIL apply…
U.S. Department of the Treasury Releases New Report Highlighting $3.5 Billion in Clean Energy Investments in Low-Income Communities
September 4, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury released a report with new data on the success of the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The report demonstrates how the program is lowering American families’ energy costs as part of the Biden-Harris Administration’s economic agenda. About $3.5 billion in investments in…
OCC Hosts Minority Depository Institutions Advisory Committee Meeting September 24
September 4, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 24, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Federal Reserve Board issues enforcement actions with First Interstate Bank and United Texas Bank
September 4, 2024 / Source: FRB
The Federal Reserve Board on Wednesday announced the execution of the enforcement actions listed below: First Interstate Bank, Billings, MontanaFlood insurance violations, civil money penalty, dated August 28, 2024 United Texas Bank, Dallas, TexasCease and Desist Order dated August 29, 2024 Additional enforcement actions can be searched for here. For media inquiries, please email [email protected] or call 202-452-2955.
Three Individuals Indicted in Mortgage, COVID-19 Relief Program Fraud Schemes
September 4, 2024 / Source: OIG
CAMDEN, N.J. – Three New Jersey residents were indicted for their role in a multimillion-dollar mortgage fraud scheme and two of the three were indicted for fraudulently obtaining approximately $3 million of federal Economic Injury Disaster Loans, U.S. Attorney Philip R. Sellinger announced today. Arthur Spitzer, 37, of Toms River, New Jersey, is charged with…
New FTC Data Shows Massive Increase in Losses to Bitcoin ATM Scams
September 3, 2024 / Source: FTC
New data from the Federal Trade Commission shows a massive increase in the amount of money consumers report losing to scammers involving Bitcoin ATM machines. Since 2020, the amount consumers reported losing has increased nearly tenfold to over $110 million in 2023. Bitcoin ATMs are machines that look like a traditional ATM and are often found at…
Acting Comptroller Discusses the Evolution of Bank Supervision
September 3, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the evolution of bank supervision during a presentation at the Joint European Banking Authority and European Central Bank International Conference in Frankfurt, Germany. In his written remarks, Acting Comptroller Hsu offered thoughts on the nature of bank supervision, how and why it has evolved, and…
CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans
September 3, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s…
Updated FFIEC IT Examination Handbook – Development, Acquisition, and Maintenance Booklet
September 3, 2024 / Source: FDIC
Summary: The Federal Financial Institutions Examination Council (FFIEC) issued the Development, Acquisition, and Maintenance (DA&M) booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet replaces the Development and Acquisition booklet issued in April 2004. Statement of Applicability: FDIC-Supervised Institutions and their service providers. Highlights: FIL-60-2024Attachment(s) FFIEC Information Technology Examination Handbook
HUD Announces Funding to Help House Vulnerable Residents in Communities Damaged by Hurricane Beryl
August 29, 2024 / Source: US Department of Housing and Urban Development
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced nearly $3.6 million to help assist unhoused people after a natural disaster in communities across Oklahoma and Texas that were damaged by Hurricane Beryl, earlier this summer. Through HUD’s Rapid Unsheltered Survivor Housing (RUSH) program, grant awards will help cities and jurisdictions provide…
Federal Reserve Board announces final individual capital requirements for all large banks, effective on October 1
August 29, 2024 / Source: Board of Governors of the Federal Reserve System
Following its stress test earlier this year, the Federal Reserve Board on Wednesday announced final individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are informed by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The table shows each bank’s common equity…
Promoting competition in payments
August 29, 2024 / Source: CFPB
As consumers increasingly move and store their money using mobile device apps, we have seen a rise in Big Tech conglomerates extending their reach into banking and payments. There has been a recent market development that might affect the availability of payment apps for Americans who use Apple iOS devices. Last September, the CFPB published…
CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards
August 27, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. These cash-back fees are occurring against the backdrop…
Telemarketer Fees to Access the FTC’s National Do Not Call Registry to Increase in 2025
August 27, 2024 / Source: FTC
The Federal Trade Commission announced today an update to the fees telemarketers must pay to access phone numbers on the National Do Not Call (DNC) Registry in FY 2025, which starts on October 1, 2024. All telemarketers calling consumers in the United States are required to download the numbers on the National DNC Registry to ensure…
HUD Takes Action to Support Community Living for People with Disabilities
August 27, 2024 / Source: HUD
WASHINGTON – On the heels of the 34th anniversary of the Americans with Disabilities Act and the 25th anniversary of the landmark Supreme Court decision on Olmstead v. L.C., the U.S. Department of Housing and Urban Development (HUD) is taking policy actions to support community living for people with disabilities. Specifically, HUD published guidance that creates new alternative requirements…
FinCEN Reminds Financial Institutions to Remain Vigilant to Suspicious Transactions Associated with Synthetic Opioids
August 26, 2024 / Source: FinCEN
WASHINGTON—During Overdose Awareness Week as the nation honors and remembers loved ones lost to the drug overdose epidemic, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids. FinCEN continues its efforts to…
FTC Sends Refunds to Consumers Harmed by Lanier Law Mortgage Relief Scheme
August 26, 2024 / Source: FTC
The Federal Trade Commission is sending more than $222,000 in refunds to consumers harmed by a deceptive mortgage relief operation known as Lanier Law. The scheme collected thousands of dollars in upfront fees from homeowners by promising to lower their monthly payments but then failed to deliver. The FTC first took action against Lanier Law in…
What we’re learning: Medical debt’s impact on Alaska Native communities
August 26, 2024 / Source: CFPB
This week, CFPB Director Rohit Chopra will visit Alaska to meet with state officials, Tribal leaders, and consumer advocates to discuss the consumer finance issues impacting Alaskans’ lives. Since the CFPB opened its doors in 2011, we have received thousands of complaints from Alaskans who had problems with their credit reports, mortgages, credit cards, and…