The Fed – Page 31 – 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

Barr addresses innovation – including crypto, stablecoins, tokenization, FedNow, CBDCs – in wide-ranging speech

October 12, 2022 0

Regulating financial institutions innovations – including stablecoins, payment systems, tokenizing bank liabilities and more – is critical to the safety and soundness of the overall financial system, the Federal Reserve’s top supervisor said Wednesday. Fed […]

Fed ups rates of interest applied to reserve balances, primary credit

October 7, 2022 0

Increases of 75 basis points (bps) in the rate of interest paid on depository institutions’ reserve balances at Federal Reserve Banks and the rate banks pay on Reserve Bank primary credit took effect Oct. 7 […]

Fed slates Oct. 17 launch of new, upgraded bank application filing system

October 6, 2022 0

The system that banks supervised by the Federal Reserve must use to file their applications with the Fed will be replaced Oct. 17 with a new cloud-based system called FedEZFile, the Fed announced Thursday in […]

Financial Market Utilities

October 5, 2022 0

Title: Financial market utilities Subject: Regulation HH; operational risk management Agency: Federal Reserve Status: Proposed rule Summary: The Board of Governors of the Federal Reserve System (Board) is proposing to amend the requirements relating to […]

Fed proposal takes stab at operational risk management for systemically important FMUs

October 5, 2022 0

Requirements relating to operational risk management, particularly with regard to systemically important financial market utilities (FMUs), under the Federal Reserve’s Regulation HH would be amended under a proposal published Wednesday in the Federal Register. The […]

Final rule reiterates debit card issuers should enable two payment card networks for transaction processing

October 4, 2022 0

Debit card issuers should enable at least two payment card networks to process all debit card transactions, including “card-not-present” transactions such as online payments, under a final rule issued late Monday by the Federal Reserve. […]

FedNow slated for rollout from May to July 2023, Fed says; technical testing begins next month

August 29, 2022 0

Full-scale pilot testing of the Federal Reserve System’s instant payments service – FedNow – is set to launch in September, with the Federal Reserve Banks’ rollout of the FedNow Service now set to occur between […]

Insider trading earns MD bank $9.5 million fine; CEO barred from further employment in banking

August 19, 2022 0

A fine of $9.5 million against a Maryland bank was assessed Tuesday for violation of insider trading rules, and its chief executive has been barred from working in the banking industry, the Federal Reserve said […]

Fed governor warns of ‘false expectations’ over timeline of applying guidelines for access to Fed services

August 17, 2022 0

“False expectations” may be raised about the timeline for evaluating and acting on requests for Federal Reserve account access from non-bank entities based on new guidelines issued earlier this week, a Fed governor said Wednesday. […]

Letter advises banks to assess legal permissibility, filing requirements before diving into crypto

August 16, 2022 0

Assessing whether engaging in crypto-asset-related activities are legally permissible and determining whether any regulatory filings are required prior to engaging in the activities are steps outlined for banks in a supervisory letter issued Tuesday by […]

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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 [...]