Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
CFPB Issues Policy on Contractual ‘Gag’ Clauses and Fake Review Fraud
March 22, 2022 / Source: CFPB
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued policy guidance regarding potentially illegal practices related to consumer reviews. The CFPB seeks to ensure that customers can write reviews, particularly ones posted online, about financial products and services that accurately reflect their opinions and experiences. The guidance also highlights that practices such as posting…
OCC Reports Improvement in Mortgage Performance for Fourth Quarter 2021
March 22, 2022 / Source: OCC
News Release 2022-26 | March 22, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the fourth quarter of 2021. The OCC Mortgage Metrics Report, Fourth Quarter 2021 showed that 96.4 percent of mortgages included in the report were current and performing at the end…
Remarks by Under Secretary for Domestic Finance Nellie Liang to the National Association for Business Economics
March 22, 2022 / Source: Treasury
Thank you to Julia and NABE for inviting me to participate in this panel. I will talk today about two topics. First, I will review the recent executive order (EO) on digital assets and Treasury’s work on the future of money and payments. Second, I will describe the President’s Working Group (PWG) analysis of stablecoins…
Federal Reserve Board invites comment on interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions
March 22, 2022 / Source: FRB
The Federal Reserve Board on Tuesday invited comment on an interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions. The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in administrative proceedings. The proposal was jointly developed with the…
Federal Reserve System publishes annual financial statements March 2022
March 21, 2022 / Source: FRB
The Federal Reserve System on Monday released the 2021 combined annual audited financial statements for the Federal Reserve Banks. The System also released individual statements for the 12 Federal Reserve Banks, the Board of Governors, and five limited liability companies (LLCs) related to lending facilities established to support the Federal Reserve's pandemic response. An independent…
Treasury Sanctions Sudanese Central Reserve Police for Serious Human Rights Abuse
March 21, 2022 / Source: Treasury
Washington — Today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Republic of the Sudan Central Reserve Police (CRP) for serious human rights abuse. The CRP has used excessive force against pro-democracy protesters peacefully demonstrating against the military-led overthrow of the civilian-led transitional government in Sudan. “Since the October 25…
Statement by Secretary of the Treasury Janet L. Yellen on SEC Proposal to Enhance and Standardize Climate-Related Disclosures for Investors
March 21, 2022 / Source: Treasury
WASHINGTON— U.S. Secretary of the Treasury Janet L. Yellen released the following statement on the Securities and Exchange Commission’s (SEC) proposal to enhance and standardize climate-related disclosures for investors: “The SEC’s proposal is an important step to protect investors and strengthen the overall resilience of the financial system. Investors and businesses have for years asked…
At Fed Listens: Helping Youth Thrive””A Discussion with Leaders, Federal Reserve Bank of Cleveland, Cleveland, Ohio (via livestream)
March 18, 2022 / Source: FRB
When we started the Fed Listens initiative, we wanted input from the public on one big decision that the Fed faced, which was making changes to our goals and strategy for monetary policy. After holding a number of public meetings in communities across the country, and after issuing a new statement on our goals and strategy that…
Treasury Sanctions Guatemala’s Los Huistas Drug Trafficking Organization with Ties to Mexican Cartels
March 18, 2022 / Source: Treasury
WASHINGTON – Today, the Office of Foreign Assets Control (OFAC) designated the Los Huistas Drug Trafficking Organization (DTO) and its leaders pursuant to Executive Order (E.O.) 14059 for drug trafficking that threatens the people and security of the United States and Guatemala. The Los Huistas DTO is the dominant criminal structure in the Guatemalan…
Treasury Sanctions Alain Goetz and a Network of Companies Involved in the Illicit Gold Trade
March 17, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), sanctioned Alain Goetz, the African Gold Refinery in Uganda, and a network of companies involved in the illicit movement of gold valued at hundreds of millions of dollars per year from the Democratic Republic of the Congo (DRC). The illicit…
The Fed is raising interest rates. What does that mean for borrowers and savers?
March 17, 2022 / Source: CFPB
By Rohit Chopra – MAR 17, 2022 As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices. The Federal Reserve’s Federal Open Market Committee announced that it would seek to adjust interest rates higher to address inflation. The Committee also indicated that it will likely continue to raise interest rates in the…
Data Spotlight: Medical debt among older adults before the pandemic
March 16, 2022 / Source: CFPB
MAR 16, 2022 In 2018, 4.5 million adults ages 65 and older had medical debt, and many experienced significant hardships. This data spotlight describes the characteristics of older adults with medical debt, measured as having a past due medical bill, using the most recent data from the FINRA Foundation National Financial Capability Study (NFCS). FULL…
Federal Reserve issues FOMC statement March 2022
March 16, 2022 / Source: FRB
Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and…
FinCEN Alert on Real Estate, Luxury Goods, and Other High-Value Assets Involving Russian Elites, Oligarchs, and their Family Members
March 16, 2022 / Source: FinCEN
FinCEN Alert Russian Elites High Value Assets_508 FINAL.pdf Immediate Release March 16, 2022
FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption
March 16, 2022 / Source: FinCEN
Takes Steps to Increase Information Sharing with Task Force Countries, Enhances Engagement with Financial Institutions, and Issues a New Alert on Russian Oligarchs, Elites, and Their Family Members WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is announcing its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced earlier today by the U.S. Department…
OCC Issues Final Rule Addressing Authority for Exemptions to Suspicious Activity Report Requirements
March 16, 2022 / Source: OCC
News Release 2022-23 | March 16, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule amending the OCC’s suspicious activity report (SAR) regulations. The rule clarifies the OCC’s authority to issue exemptions from the requirements of those regulations based on a request from a national bank or federal savings association, including federal…
U.S. Departments of Treasury and Justice Launch Multilateral Russian Oligarch Task Force
March 16, 2022 / Source: Treasury
WASHINGTON – Secretary of the Treasury Janet L. Yellen and Attorney General Merrick B. Garland today met virtually with representatives from Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Commission, to launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force. The task force was first announced by leaders on February 26. The…
CFPB Targets Unfair Discrimination in Consumer Finance
March 16, 2022 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that…
RUSSIA-RELATED ILLICIT FINANCE AND SANCTIONS FIU WORKING GROUP STATEMENT OF INTENT
March 16, 2022 / Source: FinCEN
We, the Financial Intelligence Units of Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, the United Kingdom, and the United States, referred to herein as Working Group Members issue this statement of intent: Recalling statements made by governments around the world, including Australia, Canada, France, Germany, Italy, Japan, New Zealand, the United Kingdom, the…
Designing for the people we serve
March 15, 2022 / Source: CFPB
By Kristin Dohn, Sonna Kim, and Stephanie Osan – MAR 15, 2022 At the CFPB, we believe all of our work should be rooted in research and experience from the very people we aim to serve. For many, our website’s homepage is the front door to the CFPB. For that reason, we are excited to…
Treasury Sanctions Russians Connected to Gross Human Rights Violations and Corrupt Leader of Belarus
March 15, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 (the Russia Magnitsky Act). These Russia Magnitsky Act targets were involved in concealing events surrounding the death of renowned Russian whistleblower Sergei…
Treasury International Capital Data for January 2022
March 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2022. The next release, which will report on data for February, is scheduled for April 15, 2022. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Safely sending money to loved ones in conflict areas
March 14, 2022 / Source: CFPB
Amid the ongoing war in Ukraine, many people in the United States are trying to help family and friends in Ukraine and those who have fled the country, including finding ways to send them money directly. We have a number of resources aimed at helping you safely send money overseas, as well as to help…
Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure
March 14, 2022 / Source: CFPB
By Lorelei Salas – MAR 14, 2022 As of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. The CFPB remains focused on preventing avoidable foreclosures to the maximum extent possible and expects…
WHAT THEY ARE SAYING: State and Local Leaders, New Data Highlight Impact of American Rescue Plan on Anniversary
March 11, 2022 / Source: Treasury
One year after President Biden signed the American Rescue Plan Act into law, our country is in the midst of one of the strongest periods of economic growth in a century. Enacted during a severe public health and economic crisis, the American Rescue Plan has made a difference in the lives of millions of Americans…