FDIC – Page 27 – Regulatory Report

What's up

[ December 23, 2024 ] Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech CFPB
[ December 23, 2024 ] Scheme to illegally steer business to Rocket Mortgage draws CFPB suit CFPB
[ December 23, 2024 ] Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA OCC
[ December 23, 2024 ] OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks OCC
[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB

Eight banks earned ‘outstanding’ CRA ratings in spring evaluations; one earned ‘substantial noncompliance’ mark

July 3, 2023 0

Eight banks earned ratings of “outstanding” for their compliance with rules implementing anti-redlining laws, two federal banking agencies said Monday. However, those agencies also reported three banks “need to improve” their compliance with rules implementing […]

Agencies release ’23 list of distressed, underserved non-metro middle-income geographies for CRA credit

June 23, 2023 0

The 2023 list of distressed or underserved nonmetropolitan middle-income geographies – which assists banks in determining where revitalization or stabilization activities are eligible to receive anti-redlining consideration – was released Friday by the federal banking […]

Proposal on changes to capital likely to consider banks with more than $100 billion in assets following recent failures, FDIC leader tells group

June 22, 2023 0

The federal banking agencies will issue “in the near term” a notice of proposed rulemaking on changes to the U.S bank capital framework to consider how best to incorporate the finalization of Basel III, the […]

Comments due Aug. 21 on agencies’ automated valuation models proposal

June 21, 2023 0

A rule proposed in early June that recognizes the increasing frequency of use of automated valuation models (AVMs) by mortgage lenders in determining the value of property is out for comment until Aug. 21, according […]

Quality Control Standards for Automated Valuation Models

June 21, 2023 0

Title: Quality Control Standards for Automated Valuation Models Subject: Residential mortgage valuation Agency: CFPB, Federal Reserve, FDIC, FHFA, NCUA, OCC Status: Proposed rule Summary: The Office of the Comptroller of the Currency (OCC), Federal […]

3 firms told to stop making false, misleading statements about FDIC deposit insurance

June 16, 2023 0

Demands to cease and desist from making false and misleading statements about federal deposit insurance was issued in letters to three firms Thursday by the Federal Deposit Insurance Corp. (FDIC). The FDIC letters to Bodega […]

Credit union regulator urges action over web file transfer app vulnerability

June 16, 2023 0

Credit unions are being warned to take action against a vulnerability in a popular file transfer application among financial institutions known as “MOVEit,” their federal regulator said Friday. According to the National Credit Union Administration […]

Banking agencies finalize some call report changes, invite added comment on others

June 13, 2023 0

Federal banking agencies have adopted some of the revisions proposed in February to the call report filed by federally supervised banking organizations but will make those effective as of the Sept. 30, 2023, report date […]

Joint proposal would offer guidance on reconsiderations of value (ROVs) in real estate appraisals

June 8, 2023 0

Reconsiderations of value (ROVs) for residential real estate valuations that allow consumers to provide financial institutions with information that may not have been considered during an appraisal, or if deficiencies are identified in the original […]

Guidance for risk management in third-party relationships issued by agencies; Fed govs split on support, FDIC director wants input

June 6, 2023 0

Guidance for banks establishing principles to consider when developing and implementing risk management practices governing their third-party relationships was issued Tuesday by the three federal banking agencies. The guidance, however, is not without some controversy, […]

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Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech

December 23, 2024 0

One of the nation’s largest retailers and a financial technology (fintech) firm were sued Monday for alleged illegal opening of accounts for delivery drivers and the two harvesting more than $10 million in “junk fees,” the federal consumer financial protection [...]
Scheme to illegally steer business to Rocket Mortgage draws CFPB suit

December 23, 2024 0

Rocket Homes and The Jason Mitchel Group were sued by the consumer financial protection agency Monday over allegations of illegal kickbacks for mortgage, title and escrow referrals in violation of the Real Estate Settlement Procedures Act (RESPA) and Regulation X, [...]
Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA

December 23, 2024 0

Violations and unsafe or unsound practices at one of the nation’s largest banks relating to anti-money laundering (AML) rules and sanctions compliance programs has prompted a cease-and-desist order by the regulator of national banks, made public Monday. The Office of [...]
OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks

December 23, 2024 0

Asset-size thresholds at small and intermediate-sized banks for defining compliance with anti-redlining rules in 2025 were announced Monday by the regulator of national banks. The Office of the Comptroller of the Currency (OCC) said that, starting Jan. 1, a bank [...]