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CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk
September 14, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures…
OCC Hosts Mutual Savings Association Advisory Committee Meeting October 3
September 13, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, October 3, 2023. 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)….
Treasury Designates Hizballah Operatives and Financial Facilitators in South America and Lebanon
September 12, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the Drug Enforcement Administration,designated key Hizballah operatives and financial facilitators in South America and Lebanon. This action includes Amer Mohamed Akil Rada, who in addition to his role as a senior Hizballah operative, was one of the operational members…
CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms
September 11, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. Forty-one states and the District of Columbia are entering into a parallel multi-state settlement addressing the same conduct. Tempoe offered…
United States Signs $20 Million Debt Swap Agreement with Peru to Support Amazon Conservation
September 11, 2023 / Source: Treasury
LIMA – The United States of America, the Republic of Peru, and four non-governmental organizations—Conservation International (CI), The Nature Conservancy (TNC), Wildlife Conservation Society (WCS), and World Wildlife Fund (WWF)— have finalized debt-for-nature swap and forest conservation agreements under the Tropical Forest and Coral Reef Conservation Act (TFCCA). The agreements will reduce Peru’s debt payments…
OCC Hosts Risk Governance and Capital Markets Workshops in Dallas
September 11, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops October 24-25 in Dallas for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on October 24 combines lectures, discussion, and exercises to provide practical information for participants to effectively…
FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued an alert to highlight a prominent virtual currency investment scam known as “pig butchering.” Multiple U.S. law enforcement sources estimate victims in the United States have lost billions of dollars to these scams and other virtual currency investment frauds. “This scam has impacted far too many Americans, which is…
FinCEN Analysis Reveals Trends and Patterns in Suspicious Activity Potentially Tied to Evasion of Russia-Related Export Controls
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity….
The Federal Reserve’s Role in Supporting Responsible Innovation
September 10, 2023 / Source: FRB
Thank you for the opportunity to speak today, in the midst of a wave of innovation in the payments system. There are a range of important players in the payments system and the Federal Reserve has important roles as a supervisor as well as a payments operator. Regardless of who is providing the service, our…
FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California
September 10, 2023 / Source: FDIC
WASHINGTON – Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of First Republic Bank, an internal review evaluating the agency’s supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank’s failure and evaluates…
United States and United Kingdom Sanction Additional Members of the Russia-Based Trickbot Cybercrime Gang
September 7, 2023 / Source: Treasury
U.S. Department of Justice Concurrently Unsealing Nine Indictments WASHINGTON — Today, the United States, in coordination with the United Kingdom, sanctioned eleven individuals who are part of the Russia-based Trickbot cybercrime group. Russia has long been a safe haven for cybercriminals, including the Trickbot group. Today’s action was taken by the U.S. Department of the…
FDIC-Insured Institutions Reported Net Income of $70.8 Billion in Second Quarter 2023
September 7, 2023 / Source: FDIC
For Release Net Income Decreased From the Prior Quarter, Driven By Lower Noninterest Income The Net Interest Margin Declined for the Second Straight Quarter Unrealized Losses on Securities Increased Quarter Over Quarter Community Banks Reported Higher Net Income From the Prior Quarter Loan Balances Increased From Last Quarter and One Year Ago Total Deposits Declined…
CFPB Report Highlights Role of Big Tech Firms in Mobile Payments
September 7, 2023 / Source: CFPB
Apple and Google set regulations on “tap-to-pay” which can impact innovation and competition WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. Apple currently forbids banks and payment apps from accessing…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
September 6, 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…
Treasury Sanctions Sudanese Paramilitary Leader
September 6, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Abdelrahim Hamdan Dagalo (Abdelrahim) for his leadership of the Rapid Support Forces (RSF), an entity whose members have engaged in acts of violence and human rights abuses, including the massacre of civilians, ethnic killings, and use of sexual violence. Since…
As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments
September 5, 2023 / Source: CFPB
In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020. Many borrowers may be able to reduce their payments or even get their loans cancelled, and they should explore their options before making payments. Borrowers who encounter issues with their student loans…
OCC Hosts Compliance and Credit Risk Workshops in Syracuse
September 5, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops in Syracuse on October 17-18 for directors, senior management, and other key executives of national community banks and federal savings associations. The Compliance Risk: Understanding the Rules workshop on October 17 focuses on the critical elements of an effective compliance risk management…
FDIC Announces Start of Marketing Process for $33 Billion Commercial Real Estate Loan Portfolio of Former Signature Bank, New York
September 5, 2023 / Source: FDIC
WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) announced the start of a marketing process for the approximately $33 billion Commercial Real Estate (CRE) loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The majority of the CRE loan portfolio being marketed is comprised of multifamily properties, primarily…
Tips for recovering financially from Hurricane Idalia
September 3, 2023 / Source: CFPB
Earlier this week, Florida, Georgia, and the Carolinas were hit by Hurricane Idalia, causing damage from storm surge, flooding, and high winds. Recovering from a catastrophic event like this one can feel overwhelming. It’s not always easy to know where to turn for help and what steps to take. Recovering financially after a natural disaster…
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Idalia
September 3, 2023 / Source: FRB
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject…
Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2022
August 31, 2023 / Source: Treasury
WASHINGTON – Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2022 were released today and posted on the Treasury website here. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2023. The survey was undertaken jointly by…
Treasury Targets Individuals and Entity Supporting the Democratic People’s Republic of Korea’s Weapons of Mass Destruction Program
August 31, 2023 / Source: Treasury
Action Taken in Coordination with the Republic of Korea and Japan WASHINGTON — In coordination with the Republic of Korea and Japan, the United States sanctioned two individuals and one entity—Jon Jin Yong, Sergey Mikhaylovich Kozlov, and Intellekt LLC—involved in generating revenue for the Democratic People’s Republic of Korea’s (DPRK) unlawful development of weapons of mass destruction…
READOUT: FinCEN Hosts Public-Private Dialogue on Countering the DPRK’s Illicit Cyber Activities
August 31, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) hosted a FinCEN Exchange last week focused on countering the abuse of the digital ecosystem by the Democratic People’s Republic of Korea (DPRK). The DPRK continues to use, steal, and launder virtual assets in order to fund its illicit weapons programs. The proliferation of cyber events and cyber-enabled crime…
OCC Hosts Compliance and Operational Risk Workshops in Santa Ana
August 30, 2023 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) will host two workshops in Santa Ana, California, on October 3-4 for directors, senior management, and other key executives of national community banks and federal savings associations. The Compliance Risk: Understanding the Rules workshop on October 3 focuses on the critical elements of an…
Sharing of Threat and Vulnerability Information with Financial Institutions
August 30, 2023 / Source: FDIC OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) issued its report on Sharing of Threat and Vulnerability Information with Financial Institutions. Financial institutions face a wide range of significant and persistent threats to their operations. Whether man-made or natural, these threats can disrupt the delivery of financial services and inflict financial…