NCUA
Federal financial regulation
FDIC
FDIC revises guidelines on appeals of material supervisory findings; new office planned for review of appeals
Revised guidelines for banks’ appeals of material supervisory determinations by the federal bank deposit insurer were approved by the agency’s board Monday on a vote of 3-1, with Board Member Martin Gruenberg (a former chairman) […]
OCC
OCC releases list of enforcements dating back to November; 2015 BSA-related order against Wells Fargo terminated
Orders of removal and prohibition, civil money penalties, and personal cease-and-desist orders are among the actions included in the list of recent enforcements released Thursday by the Office of the Comptroller of the Currency (OCC). […]
CFPB
CFPB seeks $1.25 million in penalty, redress by LendUp over alleged military servicemember protection violations
The federal financial consumer protection agency has proposed $300,000 in consumer redress and a $950,000 civil money penalty assessment against the Oakland, Calif.-based LendUp Loans LLC, which the bureau alleges violated the Military Lending Act’s […]
Other
White House order starts process for improving, modernizing regulatory review
Producing a set of recommendations for improving and modernizing federal regulatory review was ordered by the new president Wednesday, with an aim of ensuring “swift federal action,” according to a memorandum issued by the White […]
FDIC
FinCEN, bank and credit union regulators issue FAQs on SAR reporting, other AML considerations
Answers to frequently asked questions (FAQs) related to suspicious activity report (SAR) rules and other anti-money laundering (AML) considerations were issued jointly Monday by the four federal financial regulatory agencies. The FAQs from the Federal […]
CFPB
Biden administration imposes moratorium on regulations
The new Biden administration instituted a “regulatory freeze” order on Wednesday, requiring that no new rules be proposed or issued until a Biden-appointed official has reviewed or approved the rule. The order also requires that […]
CFPB
UPDATED: Kraninger tenders resignation from CFPB, citing support for Biden to appoint own officials
Noting that she was doing so at the request of the new Biden administration, Consumer Financial Protection Bureau (CFPB) Director Kathleen (“Kathy”) Kraninger resigned Wednesday shortly after 12:45 p.m. ET. She had served about 25 […]
OCC
OCC community developments newsletter focuses on ‘opportunity zone’ investments
In the first issue published since 2018, the Office of the Comptroller of the Currency’s (OCC) January 2021 Community Developments Investments newsletter focuses on ow banks can support distressed communities through “opportunity zone” investments. The […]
CFPB
Final rule exempting smaller credit unions, banks from escrow accounts for HPMLs issued
An exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs) for smaller banks and credit unions was issued as a final rule Tuesday by the federal consumer financial protection agency. […]