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Summary of Commentary on Current Economic Conditions by Federal Reserve District March 2022
March 2, 2022 / Source: FRB
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…
Secretary of the Treasury Janet L. Yellen’s Remarks at the University of Illinois Chicago’s Innovation Center
March 2, 2022 / Source: Treasury
Remarks as prepared Thank you to the University of Illinois at Chicago’s Innovation Lab for hosting us and to Governor Pritzker and Mayor Lightfoot for welcoming me to the wonderful city of Chicago. I want to begin by saying my thoughts are with the people of Ukraine, who continue to exemplify exceptional bravery as they…
Prepared Remarks of Director Rohit Chopra on New CFPB Medical Debt Report
March 1, 2022 / Source: CFPB
By Rohit Chopra Good morning. Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with…
GAO-IG Act Reporting
March 1, 2022 / Source: CFPB
FEB 28, 2022 On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act) was enacted as Public Law number 115-414. The GAO-IG Act requires agencies to annually submit a report to Congress on the status of open public audit recommendations. This report is published by the Consumer Financial Protection Bureau in compliance…
CFPB Estimates $88 Billion in Medical Bills on Credit Reports
March 1, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are common, and where patients often have…
FDIC-Insured Institutions Reported Net Income of $63.9 Billion in Fourth Quarter 2021
March 1, 2022 / Source: FDIC
For Release Negative Provision Expense Drove Increased Full-Year 2021 Net Income Quarterly Net Income Continued to Increase Year Over Year Net Interest Margin Remained Stable Quarter Over Quarter Quarterly Loan Growth Was Broad-Based Asset Quality Continued to Improve Community Banks Reported an Increase in Quarterly Net Income and Full-Year Net Income “With strong capital and…
Federal Reserve Board invites public comment on supplement to its May 2021 proposal
March 1, 2022 / Source: FRB
The Federal Reserve Board on Tuesday invited public comment on a supplement to its May 2021 proposal intended to ensure that Reserve Banks use a transparent and consistent set of factors when reviewing requests to access Federal Reserve accounts and payment services. Institutions offering novel types of financial products or with novel charters have emerged…
CFPB Moves to Thwart Illegal Auto Repossessions
February 28, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance statements, and ransom for personal property. “With today’s high car prices,…
Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets Feb 2022
February 28, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today the “Articles of Association, Charter, and Bylaw Amendments,” “Fiduciary Powers,” “Subordinated Debt,” and “Subsidiaries and Equity Investments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between June 2017 and January 2019. The revised booklets reflect recent…
FDIC Issues CRA Examination Schedules for Second Quarter 2022 and Third Quarter 2022
February 28, 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 second quarter 2022 and third 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…
Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2021
February 28, 2022 / Source: Treasury
Washington – Preliminary data from the June 2021 benchmark survey of foreign portfolio holdings of U.S. securities were released today on the Treasury website at https://home.treasury.gov/data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities. Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 29, 2022. The survey was undertaken jointly by Treasury,…
Treasury Prohibits Transactions with Central Bank of Russia and Imposes Sanctions on Key Sources of Russia’s Wealth
February 28, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) prohibited United States persons from engaging in transactions with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. This action effectively immobilizes any assets of…
Federal Reserve Board begins 2022 Survey of Consumer Finances
February 25, 2022 / Source: FRB
The Federal Reserve Board in March will begin a statistical study of household finances, the Survey of Consumer Finances, that will provide policymakers with important insight into the economic condition of a broad cross section of American families. “This survey is one of the nation's primary sources of information on the financial condition of different…
U.S. Treasury Issues General License to Facilitate Economic Activity in Afghanistan
February 25, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new General License (GL) to expand authorizations for commercial and financial transactions in Afghanistan, including with its governing institutions. The GL aims to ensure that U.S. sanctions do not prevent or inhibit transactions and activities needed to provide aid to…
Federal Reserve Board announces $20.4 million penalty against the National Bank of Pakistan, a foreign bank operating in the United States and headquartered in Pakistan, for anti-money laundering viol
February 24, 2022 / Source: FRB
The Federal Reserve Board on Thursday announced a $20.4 million penalty against the National Bank of Pakistan, a foreign bank operating in the United States and headquartered in Pakistan, for anti-money laundering violations. The Board will also require the firm to improve its anti-money laundering program. As detailed in the consent cease and desist order…
CFPB: Rising car prices means more auto loan debt
February 24, 2022 / Source: CFPB
Earlier this month, the Bureau of Labor Statistics released data regarding changes to the Consumer Price Index (CPI), which is one measure of inflation. The increasing cost of automobiles continues to be a major component of inflation, as many manufacturers face difficulties procuring chips that are a key component in cars and are therefore producing…
Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations
February 23, 2022 / Source: CFPB
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses. “It is tempting to think that machines crunching numbers can take bias out of the…
OCC Issues Second and Third Quarter 2022 CRA Evaluation Schedule
February 23, 2022 / Source: OCC
News Release 2022-19 | February 23, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarters of 2022. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…
Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners
February 23, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating members of an international network funding the Houthis’ war against the Yemeni government and increasingly aggressive attacks threatening civilians and civilian infrastructure in neighboring states. Led by the U.S.-designated Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Houthi financier…
U.S. Treasury Imposes Immediate Economic Costs in Response to Actions in the Donetsk and Luhansk Regions
February 22, 2022 / Source: Treasury
WASHINGTON – Today, the United States is taking action to respond to President Vladimir Putin’s decision to recognize the so-called Donetsk and Luhansk People’s Republics (DNR and LNR) as “independent” states and to deploy troops to these regions by sanctioning two major Russian state-owned financial institutions, imposing additional restrictions on Russian sovereign debt, and sanctioning…
Minutes of the Board’s discount rate meetings on January 18 and January 26, 2022
February 22, 2022 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from January 18 and January 26, 2022. The minutes are attached. For media inquiries, call 202-452-2955 or email [email protected]. Attachment (PDF) Last Update: February 22, 2022
Community Reinvestment Act: Frequently Asked Questions Regarding the Final Rule to Rescind the OCC’s June 2020 CRA Rule
February 22, 2022 / Source: OCC
OCC Bulletin 2022-4| February 22, 2022 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about the December 2021 final rule1 to rescind…
Using special purpose credit programs to serve unmet credit needs
February 22, 2022 / Source: CFPB
By Tim Lambert – FEB 22, 2022 Far too many minority households and businesses continue to lack fair and equitable access to credit. This critical unmet need, coupled with historic and ongoing discrimination such as redlining, has exacerbated our racial wealth divide and continues to leave many communities shut out from and underserved by lenders….
Inaccurate Small Business Credit Reports Can Block Access to Loans
February 18, 2022 / Source: CFPB
By Alan Ellison and Kyle Thetford – FEB 18, 2022 The COVID-19 pandemic has been devastating for many American small businesses, who have struggled to navigate the economic turmoil caused by the virus. The hardships endured by small businesses and entrepreneurs include damage to their credit histories. Similar to how a bank or credit card company…
CFPB Steps Up Scrutiny of Student Loan Servicers That Deceive Borrowers About Public Service Loan Forgiveness
February 18, 2022 / Source: CFPB
Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. The bulletin recommends actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to…