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The U.S. Economic Recovery in International Context
June 8, 2022 / Source: Treasury
By:Â Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra Overview The economic recovery from the pandemic in the United States has been historic relative to prior episodes and has also been robust relative to the recoveries of many other major advanced economies. And while a counterfactual recovery is…
CFPB Issues Order to Terminate Upstart No-Action Letter
June 8, 2022 / Source: CFPB
Upstart requested termination of 2020 “no-action letter” to change its underwriting and pricing models. Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order to terminate Upstart Network from its list of approved “no-action letters.” The CFPB had granted special regulatory treatment to Upstart by immunizing the lender from being charged with fair…
Treasury Announces First Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet
June 8, 2022 / Source: Treasury
June 7, 2022 Louisiana, New Hampshire, Virginia, and West Virginia are the first states to be approved to receive funds under the American Rescue Plan and will connect over 200,000 homes and businesses WASHINGTON — Today, the U.S. Department of the Treasury announced the first group of plans approved under the American Rescue Plan’s Coronavirus Capital…
Data Spotlight: Financial well-being in America, from 2017 to 2020
June 8, 2022 / Source: CFPB
In 2017, CFPB published its first report on Financial Well-Being in America. Since then, the financial circumstances of many Americans have changed dramatically. This spotlight shows that Americans experienced an average increase in their financial well-being between 2017 and 2020, likely boosted by the large government response to the COVID-19 pandemic. Yet, a deeper analysis…
Terrorist Financing Targeting Center Members Jointly Designate a Broad Range of Financiers of Terrorism
June 7, 2022 / Source: Treasury
WASHINGTON – Today, members of the Terrorist Financing Targeting Center (TFTC) sanctioned 16 individuals, entities, and groups affiliated with a variety of regional terrorist organizations. All of these targets have been previously designated by the United States. The targets included three individuals associated with Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), four ISIS-associated individuals and…
FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process
June 7, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on questions relating to the implementation of a no-action letter process at FinCEN. A no-action letter is generally understood to be a form of enforcement discretion where an agency states by letter that it will not take an…
Treasury Designates Two Senior Officials in Bosnia and Herzegovina for Destabilizing Behavior
June 7, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two prominent officials in Bosnia and Herzegovina (BiH) pursuant to Executive Order (E.O.) 14033. This OFAC action, the third taken under E.O. 14033, targets Marinko Cavara, the Federation of Bosnia and Herzegovina President, and Alen Seranic, the Republika Srpska…
Protecting servicemembers from abuses of the military allotment system
June 3, 2022 / Source: CFPB
For years, we’ve warned of how companies position themselves just outside the gates of military bases to target servicemembers with costly loans and expensive contracts for items like cars, furniture, and electronics. Despite existing federal protections, the CFPB and the Department of Defense (DoD) continue to closely monitor these companies for abuses, particularly those that…
OCC Releases CRA Evaluations for 29 National Banks and Federal Savings Associations
June 1, 2022 / 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 May 1, 2022, through May 31, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Summary of Deposits Survey and Filing for June 30, 2022
June 1, 2022 / Source: FDIC
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July…
FDIC Issues CRA Examination Schedules for Third Quarter 2022 and Fourth Quarter 2022
June 1, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter 2022 and fourth quarter 2022. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
Minutes of the Board’s discount rate meetings from April 25 through May 4, 2022
June 1, 2022 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from April 25 and May 4, 2022. Subject to review and determination by the Board of Governors, the directors of the Federal Reserve Bank of Atlanta had voted on April 21, 2022, to establish the primary credit rate at the existing…
Measuring the Strength of the Recovery
May 26, 2022 / Source: TRESURY
By: Assistant Secretary for Economic Policy Ben Harris and Deputy Assistant Secretary for Macroeconomics Neil Mehrotra The U.S. economic recovery from the Covid-19 pandemic has been remarkably fast, with the unemployment rate now near 50-year lows and real gross domestic product (GDP) growth of 5.7 percent in 2021. Job growth remains strong so far in…
CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
May 26, 2022 / Source: CFPB
Companies relying on complex algorithms must provide specific and accurate explanations for denying applications Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on…
OCC Hosts Dallas Workshop for National Community Bank Board Directors, Bank Management
May 26, 2022 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) will host a workshop in Dallas for directors, senior management team members, and other key executives of national community banks and federal savings associations, June 28-29. The Building Blocks: Keys to Success for Directors and Senior Management workshop combines lectures, discussions, and exercises to…
FFELP student loan borrowers: take full advantage of fixes to Income-Driven Repayment
May 25, 2022 / Source: CFPB
Recently, the CFPB announced that it will begin to use a provision of law to supervise a wider range of nonbank financial companies. While we expect to use this provision judiciously, it is an important tool that Congress gave us to assess emerging risks facing consumers. Here are some things you should know: What is a supervisory…
Explainer: What is nonbank supervision?
May 25, 2022 / Source: CFPB
Recently, the CFPB announced that it will begin to use a provision of law to supervise a wider range of nonbank financial companies. While we expect to use this provision judiciously, it is an important tool that Congress gave us to assess emerging risks facing consumers. Here are some things you should know: What is a supervisory…
CFPB tells credit card CEOs: Practice of suppressing payment data has potential for consumer harm
May 25, 2022 / Source: CFPB
Recently, our research uncovered that only about half of the largest credit card companies contribute data to credit reporting companies about the exact monthly payment amounts made by borrowers. It also showed that over a short period of time, several of the largest credit card companies began to suppress actual payment amount information that they had previously…
Treasury Targets Oil Smuggling Network Generating Hundreds of Millions of Dollars for Qods Force and Hizballah
May 25, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating an international oil smuggling and money laundering network led by Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) officials that has facilitated the sale of hundreds of millions of dollars’ worth of Iranian oil for both the IRGC-QF and Hizballah….
Treasury Targets Covert Hamas Investment Network and Finance Official
May 25, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a Hamas finance official as well as an expansive network of three Hamas financial facilitators and six companies that have generated revenue for the terrorist group through the management of an international investment portfolio. Hamas’s Investment Office, whose leadership…
FDIC-Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022
May 25, 2022 / Source: FDIC
For Release Net Income Declined Year Over Year Net Interest Margin Remained Stable Quarter Over Quarter Loan Growth Was Broad-Based Credit Quality Continued to Improve Community Banks Reported a Slight Decline in Net Income Compared to the Industry “The banking industry reported a decline in net income driven by an increase in provision expense. Capital…
Acting Comptroller Discusses Vulnerabilities, Volatility with Cryptocurrency
May 25, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed vulnerabilities in the cryptocurrency framework and recent volatility with stablecoins in remarks at the DC Blockchain Summit 2022. In his remarks, the Acting Comptroller discussed the fragmented ecosystem of cryptocurrency, risk of contagion, and underdeveloped custody and ownership rights. He also emphasized the…
CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance
May 25, 2022 / Source: CFPB
New Office Will Identify Obstacles for New Market Entrants Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will…
CFPB and New York Attorney General Shut Down Debt Collection Ring
May 23, 2022 / Source: CFPB
Companies and individuals used social media to smear consumers and threaten them with imprisonment. Washington, D.C. – The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed stipulated judgment in federal court to settle its case against a debt collection enterprise and its owners and managers. The judgment would…
Acting Comptroller of the Currency Presents Bank Charter to Minority Depository Institution
May 23, 2022 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today presented a full-service community national bank charter to Agility Bank, N.A. in Houston. The woman-owned and -led bank is the first new minority depository institution (MDI) national bank in 15 years. Typically, MDIs serve economically challenged communities traditionally underserved by the banking industry and…