Citing “widespread mismanagement of auto loans, mortgages, and deposit accounts,” the federal consumer financial protection agency ordered $3.7 billion to be paid in fines and redress by one of the nation’s largest banks, the agency […]
Credit market risks have remained low in sectors targeted by lending programs set up by the Federal Reserve in response to the coronavirus crisis, although some risks remain, and the loans themselves have generally performed […]
Shortcomings in resolution plans (or “living wills”) for two very large banks were identified by two federal bank regulators, with the agencies calling on the banks to take actions (in one case by May 31, […]
Assets of less than $1.053 billion would define the size of a “small bank” under anti-redlining rules for 2023, and assets of at least $376 million would define an “intermediate small bank” under those rules, […]
Identifying benchmark rates based on the Secured Overnight Financing Rate (SOFR) that will replace LIBOR (formerly known as the London Interbank Offered Rate) in certain financial contracts after June 30, 2023 is the aim of […]
Addressing risks of nonbank financial intermediation and enforcing existing rules and regulations applicable to the “crypto-asset ecosystem” were among the recommendations made by the council of federal financial regulators in their annual report, issued Friday. […]
A 2023 budget of $360.4 million – an increase of more than 6% from the previous year – was approved unanimously by the federal credit union regulator’s board Thursday, which also included an additional 18 […]
Providing additional flexibility for credit unions to use “advanced technologies and opportunities” in lending that is offered through financial technology (fintech) firms is the stated goal of a proposed rule issued Thursday by the federal […]
Non- or partial compliance with Wi-Fi security controls were found in five areas at the federal bank deposit insurance agency, according to a report released Wednesday by the agency’s inspector general. To address those shortcomings […]
The first year of the coronavirus crisis led more higher-income borrowers to seek new mortgages or refinancings, and pushed more to consider “paperless” online mortgage borrowing, according to a report issued Tuesday by two federal […]
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