FDIC – Page 33 – Regulatory Report

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[ 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

UPDATED: In face of run, Silicon Valley Bank becomes first to close in ’23; FDIC creates new institution to accept deposits

March 10, 2023 0

A Santa Clara, Calif., bank largely serving the tech industry was closed Friday by state regulators, which immediately prompted federal regulators to charter a new bank to accept the deposits of the closed bank, the […]

Treasury’s Yellen gathers bank regulators over closure of Silicon Valley Bank; calls banking system ‘resilient’

March 10, 2023 0

Federal banking regulators met Friday afternoon with the Secretary of the Treasury to discuss developments around the closure of a Santa Clara, Calif., bank, the Treasury Department said. In a release, the Treasury Department said […]

Rules changes, mandated by law, proceeding by agency to allow some previously prohibited to resume working at banks

March 9, 2023 0

Changes to rules that will allow persons who were previously prohibited from working at or serving a bank and will now let those individuals take those positions were announced Thursday by the federal bank deposit […]

Risks rising for banks on interest rates and credit, FDIC leader warns, despite strong financials

March 6, 2023 0

Risks remain on the horizon for the banking industry, the result of trends developed during the coronavirus, despite strong performance and the low number of problem banks and failures, the board chairman for the federal […]

Two UT banks, and a third in CA, earn ‘outstanding’ ratings for CRA compliance

March 3, 2023 0

Three banks – including two in Utah – earned “outstanding” ratings in December for their compliance with anti-redlining rules, the federal insurer of bank deposits said Friday. Another 49 banks, the Federal Deposit Insurance Corp. […]

600+ banks on regulators’ CRA eval schedules over coming two quarters

February 28, 2023 0

A total of 605 federally supervised banks and savings institutions are slated for evaluation under the anti-redlining Community Reinvestment Act (CRA) by the Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the […]

Stealing checks from churches, worth nearly $2 million, results in conviction for former bank worker

February 28, 2023 0

Obtaining or attempting to obtain almost $2 million by fraud, including by stealing checks from the mail of churches and religious institutions, earned a Maryland man a conviction by a federal jury late last week, […]

Banks saw drop-off in net income in ’22, some worsening in asset quality; lending heated up

February 28, 2023 0

Net income for the nation’s banks declined in 2022 from the previous year but was still higher than the average posted by the institutions before the coronavirus crisis emerged in 2020, the federal bank deposit […]

Statement raises red flags over ‘liquidity risks’ of deposits from crypto-related firms

February 23, 2023 0

The “potential heightened liquidity risks” presented by certain sources of funding from crypto-asset-related entities is highlighted in a joint statement issued Thursday by federal banking agencies. “When a banking organization’s deposit funding base is concentrated […]

Report finds preparing for crises, risks in cybersecurity, digital assets, as top three FDIC challenges

February 22, 2023 0

Preparing for crises in the banking sector, mitigating cybersecurity risks at banks and third parties, and supervising risks posed by digital assets are the top three challenges for the federal bank deposit insurance agency in […]

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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 [...]