COVID-19 actions – Page 26 – Regulatory Report

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[ November 15, 2024 ] Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds The Fed
[ November 15, 2024 ] CLF’s 2025-26 budget, share insurance fund update slated next Thursday NCUA
[ November 15, 2024 ] Farmer Mac stock a permissible investment for some FCUs, agency opinion states NCUA
[ November 14, 2024 ] Fed’s Kugler becomes latest board member to advocate for continued agency independence The Fed
[ November 14, 2024 ] VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs CFPB

Banking agencies jointly encourage use of discount window in support of households, businesses in warding off coronavirus impact

March 16, 2020 0

Use of the Federal Reserve’s discount window to continue supporting households and businesses in the face of the spreading coronavirus was encouraged in a statement issued Monday by all three of the federal banking agencies, […]

Powell: Banks plan to take up Fed’s offer on capital buffers by extending credit to stanch financial impact of coronavirus

March 15, 2020 0

Banks have every intention of using their capital buffers to provide more credit, and to work with borrowers, in the face of the coronavirus financial crisis, the chair of the Federal Reserve said Sunday.’ In […]

Fed sets 0% reserve requirement ratio, urges banks to use capital, liquidity buffers to bolster lending in face of coronavirus

March 15, 2020 0

Reserve requirement ratios will drop to 0% effective March 26, the Federal Reserve said Sunday, as it announced a series of actions to encourage financial institutions to step up the availability of credit in the […]

Fed, other central banks announce moves to bolster liquidity; FOMC cuts fed funds to range of 0-0.25%

March 15, 2020 0

The U.S. joined central banks of Canada, England, Japan, Europe, and Switzerland Sunday to announce coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. Under this action, […]

UPDATED: House committee chair seeks info from Treasury, financial regulators, trade groups about coronavirus response

March 12, 2020 0

House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and the panel’s task force and subcommittee chairs are is pushing Treasury, financial regulators, financial trades and consumer reporting agencies for action and information on the steps […]

FDIC, OCC post special web pages with coronavirus info

March 12, 2020 0

The federal agencies that charter and insure the nation’s banks and savings institutions have both created website pages with links to federal guidance issued so far to financial institutions, and more, regarding the coronavirus known […]

FDIC holds open meeting Tuesday, but coronavirus concerns mean public to view online only

March 11, 2020 0

An open meeting of the Federal Deposit Insurance Corp. (FDIC) Board next Tuesday will include board action on a proposal related to parent companies of industrial banks and industrial loan companies – the only topic to […]

Report: Travel restrictions due to coronavirus push bureau to cancel series of advisory group meetings

March 11, 2020 0

Advisory council and board meetings previously scheduled to begin Wednesday have been canceled by the federal consumer financial protection agency, the agency said on its website. According to reports, the Consumer Financial Protection Bureau (CFPB) […]

Regulators’ group gathers for rare call to discuss impact on markets, economy of coronavirus

March 10, 2020 0

Federal financial regulators joined in a conference call Tuesday with the Treasury secretary to discuss recent market conditions and activity related to the economic impact of the spread of the coronavirus, the Treasury Department said. […]

In joint statement, regulators urge financials to work constructively with customers in areas affected by coronavirus

March 9, 2020 0

Financial institutions should work constructively with borrowers and other customers in communities affected by coronavirus outbreaks, federal financial regulators and their state counterparts said in a joint statement issued Monday. The five federal financial regulatory […]

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Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds

November 15, 2024 0

Delinquency rates for some commercial real estate (CRE) loans and some consumer loans have increased to above pre-pandemic levels, and banks have boosted the allowance for credit losses in anticipation of further deterioration in asset quality, according to a supervision [...]
CLF’s 2025-26 budget, share insurance fund update slated next Thursday

November 15, 2024 0

The budget for the agency’s liquidity facility for credit unions is slated for action during the Nov. 21 open meeting of the National Credit Union Administration (NCUA) Board, which will also receive a credit union share (deposit) insurance fund briefing. [...]
Farmer Mac stock a permissible investment for some FCUs, agency opinion states

November 15, 2024 0

Federal credit unions (FCUs) may invest in common stock of the Federal Agricultural Mortgage Corporation, or Farmer Mac, to the extent they must in order to serve as loan originators or sellers in the program, the federal credit union regulator [...]
Fed’s Kugler becomes latest board member to advocate for continued agency independence

November 14, 2024 0

Count Federal Reserve Board Gov. Adriana Kugler as an advocate of continued agency independence, who Thursday said that condition is “fundamental” to the Fed achieving good policy. In remarks to a meeting of the Latin American and Caribbean Economic Association [...]
VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs

November 14, 2024 0

A Virginia firm must pay $3 million for illegally taking millions of dollars from more than a half-million accounts and blocking money transfers to consumers who are incarcerated, according to charges made public by Thursday by the federal consumer financial [...]
OIG sets 4 recommendations for NCUA’s federal chartering process

November 14, 2024 0

Automation, better communication on process and a process for handling inquiries are recommended for the federal credit union regulator’s chartering process in an inspector general audit report released recently on the agency’s website. The National Credit Union Administration (NCUA) Office [...]
Small FL credit union conserved

November 14, 2024 0

The $59 million-in-assets Alliance Credit Union of Florida, Gainesville, Fla., was conserved last week by the state’s financial regulator, with the National Credit Union Administration (NCUA) named conservator. No specific reason for the conservatorship was provided in the NCUA’s evening [...]
PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds

November 13, 2024 0

Republic First Bank became “critically undercapitalized” in April – which a dysfunctional board and management team exacerbated, ultimately leading to the bank’s failure, according to the material loss review published Wednesday by the federal insurer of bank deposits. The report, [...]
Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs

November 13, 2024 0

An alert to help financial institutions identify fraud schemes targeting them and that are associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools was issued Wednesday by Treasury’s financial crimes enforcement arm. The Financial Crimes [...]