COVID-19 actions – Regulatory Report

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[ August 10, 2020 ] As coronavirus crisis ramped up over four months, Fed, Treasury leaders stayed in increasing contact – and remain so, calendar shows COVID-19 actions
[ August 10, 2020 ] Retail worker pleads guilty to fraudulently seeking $8 million+ through CARES Act program COVID-19 actions
[ August 10, 2020 ] FFIEC grants one-year extension of commercial real estate appraisal credentialing waiver in ND Other
[ August 10, 2020 ] New capital requirements for largest banks range from 13.7% to 7%; 11 must hold 10% or more The Fed
[ August 7, 2020 ] OCC says assessment reduction to take effect Sept. 7 (for collections due Sept. 30) COVID-19 actions

As coronavirus crisis ramped up over four months, Fed, Treasury leaders stayed in increasing contact – and remain so, calendar shows

August 10, 2020 0

As the financial impact of the coronavirus became increasingly apparent this spring, top federal financial regulators intensified their interaction, meeting – typically by conference calls – more than 60 times from March through June, according […]

Retail worker pleads guilty to fraudulently seeking $8 million+ through CARES Act program

August 10, 2020 0

A project manager employed by a major retailer has pleaded guilty to bank fraud charges for fraudulently seeking more than $8 million in forgivable Paycheck Protection Program (PPP) bank loans, the Federal Deposit Insurance Crop. […]

OCC says assessment reduction to take effect Sept. 7 (for collections due Sept. 30)

August 7, 2020 0

An interim reduction of assessments charged by the federal regulator of national banks goes into effect Sept. 7, to be reflected in assessments paid Sept. 30, the agency said in a release Friday. The Sept. […]

OCC interim rule provides exception allowing longer withdrawal periods for collective investment funds

August 4, 2020 0

An interim final rule codifying the “standard withdrawal period” for a collective investment fund (CIF) and allowing for an exception, with the regulator’s approval, was issued for comment Tuesday by the Office of the Comptroller […]

Study shows coronavirus financial impact hit hardest among businesses owned by Blacks, Latinos, Asians

August 4, 2020 0

Black business owners declined by 41% from February to April 2020, the period of the initial financial impact of the coronavirus crisis, largely because of several factors, including that areas with high volume of virus […]

Regulators issue principles for dealing with end of loan accommodations related to coronavirus crisis

August 4, 2020 0

Prudent risk management and consumer protection principles for borrowers nearing the end of accommodation periods due to the impact of the coronavirus crisis were outlined in a joint statement issued Monday by federal and state […]

Advisory outlines 20 ‘red flags’ for identifying, preventing coronavirus-related criminal activity

July 31, 2020 0

Aiding financial institutions in detecting, preventing, and reporting potential COVID-19-related criminal activity is the aim of an advisory issued Thursday by the Treasury’s top financial crimes enforcement arm. The Financial Crimes Enforcement Network (FinCEN) said […]

Fed extends temporary U.S. liquidity swap lines, repo facility through March 2021

July 29, 2020 0

The Federal Reserve’s temporary U.S. dollar liquidity swap lines and temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) established in March to help ease the effects on funding markets from […]

Pandemic contributing to rising number of complaints, new supervisory approach, bureau chief tells panel

July 29, 2020 0

About 5% of complaints received by the federal consumer financial protection agency since the year began specifically referenced coronavirus, the director of the agency told a Senate panel Wednesday. Consumer Financial Protection Bureau (CFPB) Director […]

NCUA alert details mortgage servicers’ COVID-19-related loss mitigation options

July 28, 2020 0

An interim final rule detailing how mortgage servicers can provide COVID-19-related forbearance based on their evaluation of limited information collected from a borrower – and which took effect July 1 – is outlined in a […]

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As coronavirus crisis ramped up over four months, Fed, Treasury leaders stayed in increasing contact – and remain so, calendar shows

August 10, 2020 0

As the financial impact of the coronavirus became increasingly apparent this spring, top federal financial regulators intensified their interaction, meeting – typically by conference calls – more than 60 times from March through June, according to a review of the [...]
Retail worker pleads guilty to fraudulently seeking $8 million+ through CARES Act program

August 10, 2020 0

A project manager employed by a major retailer has pleaded guilty to bank fraud charges for fraudulently seeking more than $8 million in forgivable Paycheck Protection Program (PPP) bank loans, the Federal Deposit Insurance Crop. (FDIC) Office of Inspector General [...]
FFIEC grants one-year extension of commercial real estate appraisal credentialing waiver in ND

August 10, 2020 0

An umbrella council for federal financial institution regulators on Friday approved a one-year extension of appraisal credentialing requirements for federally related commercial real estate transactions under $1 million in North Dakota. The extension, which continues the waiver until Aug. 7, [...]
New capital requirements for largest banks range from 13.7% to 7%; 11 must hold 10% or more

August 10, 2020 0

Individual capital requirements ranging from 13.7% to 7% for the 34 largest U.S. banks, effective Oct. 1, were released Monday by the Federal Reserve, with Goldman Sachs and Morgan Stanley at the top of the list. The Fed said the [...]