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Bank CEO Stephen M. Calk Sentenced To One Year And One Day For Corruptly Soliciting A Presidential Administration Position In Exchange For Approving $16 Million In Loans
February 8, 2022 / Source: FDIC OIG
Damian Williams, the United States Attorney for the Southern District of New York, announced today that STEPHEN M. CALK was sentenced to one year and one day of imprisonment for corruptly using his position as the head of a federally-insured bank to issue millions of dollars in high-risk loans to Paul Manafort in exchange for…
Remarks by Secretary of the Treasury Janet L. Yellen at the White House Child Tax Credit and Earned Income Tax Credit Day of Action
February 8, 2022 / Source: Treasury
As prepared for delivery Thank you, Gene, and thank you all for coming – and, more importantly, thank you for the work you’re doing to make sure these tax credits actually reach the people they’re intended to help. I especially want to thank Vice President Harris. We would not be here today without her work….
FinCEN Statement Regarding Beneficial Ownership Information Reporting and Next Steps
February 8, 2022 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) notes that the comment period to the December 8, 2021 notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI) (the “Reporting NPRM”) has closed. FinCEN received over 230 comments. The Reporting NPRM is the first in a series of rulemakings that FinCEN will issue to…
Joint Readout of Principals’ Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution Feb 2022
February 8, 2022 / Source: FDIC
Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a virtual meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017…
Agencies announce public meeting on proposed U.S. Bancorp Acquisition of MUFG Union Bank, National Association; public comment period extended
February 7, 2022 / Source: FRB
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by U.S. Bancorp, Minneapolis, Minnesota, to acquire MUFG Union Bank, National Association, San Francisco, California. The proposal includes the merger of Union Bank into U.S. Bank National Association, Cincinnati, Ohio. The purpose…
OCC Announces Virtual Workshops for Community Bank Directors
February 7, 2022 / Source: OCC
News Release 2022-11 | February 7, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its schedule of free, virtual workshops for boards of directors of national community banks and federal savings associations for the first half of 2022. The OCC examiner-led workshops provide practical training and guidance to directors of national community banks…
Acting Chairman Martin J. Gruenberg Announces FDIC Priorities for 2022
February 7, 2022 / Source: FDIC
For Release WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg released this morning the following statement and summary of the FDIC’s priorities for the coming year: “The FDIC’s core mission is to maintain stability and public confidence in the U.S. financial system. The FDIC carries out this mission through its responsibilities…
New VA rule relieves financial distress for thousands of veterans with medical bills
February 7, 2022 / Source: CFPB
By Jim Rice – FEB 07, 2022 Getting sick or injured can often result in a heavy financial burden for many families, leaving them with mounting medical bills. Aggressive debt collection and coercive credit reporting can make matters worse by pressuring families to pay medical bills. On top of the initial medical crisis, this financial distress…
Appraisal discrimination is illegal under federal law
February 4, 2022 / Source: CFPB
By Patrice Alexander Ficklin – FEB 04, 2022 Home ownership is one of the best paths for building intergenerational wealth. But for some homebuyers and owners, a home’s valuation may be skewed by one’s skin color or the demographics of the surrounding community. A biased home appraisal can worsen racial inequities and distort the housing market….
Federal Bank Regulatory Agencies to Host the 2022 National Interagency Community Reinvestment Conference
February 4, 2022 / Source: OCC
News Release 2022-10 | February 4, 2022 The three federal bank regulatory agencies and the Federal Reserve Banks of Chicago and San Francisco will host the 2022 National Interagency Community Reinvestment Conference on March 15-17. The biennial conference offers participants from around the country the opportunity to learn about the Community Reinvestment Act (CRA); participate in regulator-led training…
Treasury Releases Study on Illicit Finance in the High-Value Art Market
February 4, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the…
Financial Stability Oversight Council Statement on Nonbank Financial Intermediation February 4, 2022
February 4, 2022 / Source: Treasury
Nonbank financial institutions (NBFIs) are an essential source of capital in financial markets and provide vital funding to the U.S. economy. In 2016, the Financial Stability Oversight Council (Council) issued a statement describing risks to financial stability that may arise from certain asset management products and activities.[1] The market dislocations of March 2020 demonstrated that…
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Union of Arab Banks Conference
February 3, 2022 / Source: Treasury
Good afternoon and thank you to the Union of Arab Banks for the invitation to speak with your member institutions today. The UAB has an impressive breadth of membership, and I appreciate the opportunity to address financial experts from across the Middle East and Africa. My name is Elizabeth Rosenberg, and I’m the United States’…
OCC to Host Virtual Innovation Office Hours Feb 2022
February 3, 2022 / Source: OCC
News Release 2022-9 | February 3, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on March 16-17, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products…
FinCEN Announces Extension of the Comment Period for its Real Estate Advance Notice of Proposed Rulemaking
February 3, 2022 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release February 03, 2022 WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) announced that it would extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPRM). On December 8, 2021, FinCEN issued the ANPRM to solicit public comment on a potential rulemaking to address the…
The hidden cost of junk fees
February 2, 2022 / Source: CFPB
When shopping for a product or service, it’s common and prudent to compare your options by looking at the price. Unfortunately, many companies are increasingly using fees to make additional money on fees you don’t shop for on the front-end. Junk fees can show up in the form of “service charges” that inflate ticket prices,…
FDIC Expands #GetBanked Campaign in Los Angeles, Dallas, and Detroit
February 2, 2022 / Source: FDIC
For Release WASHINGTON — As part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) today announced it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas. The FDIC’s #GetBanked campaign is focused on areas where research finds that a…
State Community Reinvestment Laws; Consumer Complaints: Input From State Officials and Consumer Complaint Referrals From States
February 2, 2022 / Source: OCC
OCC Bulletin 2022-2| February 2, 2022 Summary This bulletin addresses the Office of the Comptroller of the Currency’s (OCC) processes for considering input from state banking commissioners regarding national banks’ performance under state community reinvestment laws, including implementation of community reinvestment-related provisions of the Riegle–Neal Interstate Banking and Branching Efficiency Act (Riegle–Neal Act). (Note that the Riegle–Neal…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
February 2, 2022 / Source: Treasury
February 1, 2022 Letter to the Secretary Dear Madam Secretary: Economic activity rose at a faster pace in the fourth quarter of 2021, in part reflecting recovery from the impact of the Delta variant in Q3. Real GDP grew at a 6.9% annualized rate, above consensus expectations, though this reflected a 4.9pp contribution from inventory…
FDIC and FinCEN Open Registration for Digital Identity Tech Sprint FinCEN
February 1, 2022 / Source: FinCEN
Immediate Release February 01, 2022 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s…
FDIC and FinCEN Open Registration for Digital Identity Tech Sprint
February 1, 2022 / Source: FDIC
For release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH)…
Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee January 31, 2022
January 31, 2022 / Source: Treasury
Real GDP growth accelerated in the fourth quarter of 2021, returning to a pace consistent with that seen in the first half of the year. Economic growth this quarter was driven primarily by inventory investment—as firms restocked depleted inventories—as well as strong export growth and robust consumer spending on services. By the end of 2021,…
Treasury Announces Marketable Borrowing Estimates
January 31, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the January – March 2022 and April – June 2022 quarters. During the January – March 2022 quarter, Treasury expects to borrow $729 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $650 billion. The…
CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage
January 31, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to…
CFPB 2022 Lists of Rural, Underserved Counties Release
January 29, 2022 / Source: CFPB
The CFPB released the lists of rural counties and rural or underserved counties entities can use in 2022 to determine status as exempt from certain regulatory requirements of the Truth in Lending Act. Some entities that do business in rural or underserved counties are exempt from certain regulatory requirements of the Truth in Lending Act. In…