COVID-19 actions – Regulatory Report

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[ January 15, 2021 ] 2021 NCUA supervisory priorities focus on COVID-19, BSA/AML, consumer protection; no CECL reviews for now NCUA
[ January 15, 2021 ] Former top lawyer for Wells Fargo agrees to $3.5 million fine, cooperation OCC
[ January 15, 2021 ] Supervisory appeals guidelines slated for FDIC Board action Tuesday FDIC
[ January 15, 2021 ] FDIC: Bank call reports due Jan. 30; letter highlights provisions issued amid COVID-19 pandemic FDIC
[ January 15, 2021 ] Compliance guide for debt collection communications rule offered to small entities CFPB

NCUA, in letter, encourages credit unions to expand to underserved areas

January 11, 2021 0

Citing the aim of promoting greater financial inclusion and helping communities meet the challenges of the ongoing COVID-19 pandemic, the federal regulator of credit unions is encouraging eligible institutions – federal credit unions (FCUs) with […]

Jan. 11 webinar to look at features of new Paycheck Protection Program

January 8, 2021 0

An overview of the new Paycheck Protection Program (PPP) features included in the massive coronavirus crisis relief legislation passed by Congress late last month will be provided in a webinar on Monday (Jan. 11) sponsored […]

Report finds use of Fed lending facilities ‘relatively limited’ because terms were ‘deterrent’ to some

December 10, 2020 0

Use has been relatively limited of 13 special lending programs set up by the Federal Reserve in response to the financial impact of the coronavirus crisis, primarily because terms and conditions for some of the […]

Capitalization of Interest in Connection with Loan Workouts and Modifications

December 3, 2020 0

Title: Capitalization of Interest in Connection with Loan Workouts and Modifications Subject: Loan workouts Agency: NCUA Status: Proposed rule; COVID response Summary: The NCUA Board (Board) seeks public comment on a proposed rule to amend […]

Temporary Asset Thresholds

December 2, 2020 0

Title: Temporary Asset Thresholds Subject: Regulatory asset thresholds Agency: FDIC, Federal Reserve, OCC Status: Interim final rule; COVID response Summary: To mitigate temporary transition costs on banking organizations related to the coronavirus disease 2019 (COVID […]

UPDATED: Community banks could use year-end ’19 asset levels to determine regulatory thresholds in ’20, ’21 under new rule

December 1, 2020 0

Community banks could use asset data from the end of last year to determine applicability of various regulatory assets thresholds for the remainder of this year and all of next under an interim final rule […]

Fed extends four emergency lending facilities through March 31

November 30, 2020 0

Four lending facilities created to support short-term funding markets amid the COVID-19 pandemic have been extended through March 31, 2021, the Federal Reserve announced Monday. The facilities – the Commercial Paper Funding Facility (CPFF), the […]

NCUA extends virtual-meeting bylaws option through 2021 for federal credit unions

November 20, 2020 0

Federally chartered credit unions may adopt or continue following a special bylaw authorized by their regulatory agency to facilitate remote annual membership, board, or special membership meetings in 2021, the agency said in a letter […]

Eyeing COVID-19 pressures, agency proposes allowing credit unions to include unpaid interest in loan workouts

November 19, 2020 0

Credit unions would be permitted to include unpaid interest in loan workouts and modifications for all types of member loans – including commercial and business loans – under a rule proposed Thursday by their federal […]

OCC, noting Oct. 28 final rule on emergency funding facilities, rescinds prior guidance

November 3, 2020 0

A bulletin rescinding three previous ones to accommodate banking regulators’ recent rulemaking on the treatment of banks’ participation in three emergency funding facilities created to mitigate the negative impacts of COVID-19 was issued Tuesday by […]

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2021 NCUA supervisory priorities focus on COVID-19, BSA/AML, consumer protection; no CECL reviews for now

January 15, 2021 0

A continued focus on the challenges posed by the ongoing coronavirus (COVID-19) pandemic and steps to enhance the agency’s offsite monitoring of credit unions’ condition are among the highlights in a letter Friday on 2021 supervisory priorities announced by the [...]
Former top lawyer for Wells Fargo agrees to $3.5 million fine, cooperation

January 15, 2021 0

A $3.5 million fine has been assessed against the former Wells Fargo Bank general counsel in a settlement following charges that he and other executives helped to maintain a business model that urge workers at the bank to engage in [...]
Supervisory appeals guidelines slated for FDIC Board action Tuesday

January 15, 2021 0

A set of revisions to the agency’s guidelines for appeals of material supervisory determinations is the sole discussion item slated for action during next week’s open meeting of the Federal Deposit Insurance Corp. (FDIC), according to the agenda released Friday. [...]
FDIC: Bank call reports due Jan. 30; letter highlights provisions issued amid COVID-19 pandemic

January 15, 2021 0

Banks working on their fourth-quarter 2020 call reports, due generally by Jan. 30, are reminded of revisions made to the reports beginning last March in a Financial Institution Letter (FIL) issued Friday by the Federal Deposit Insurance Corp. (FDIC). While [...]
Compliance guide for debt collection communications rule offered to small entities

January 15, 2021 0

A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday. The Consumer Financial Protection Bureau (CFPB) said the guide [...]
Kressman is named NCUA general counsel; Conyers-Ausbrooks is board secretary

January 15, 2021 0

Frank Kressman has been selected as the agency’s general counsel, a move that elevates him from his “acting” role in that post assigned 13 months ago. The National Credit Union Administration (NCUA), in a release Friday, also said that Melane [...]
NCUA places small IN credit union into conservatorship

January 15, 2021 0

The federal credit union regulator on Thursday said it placed the $6.6 million-in-assets, 1,155-member Indianapolis’ Newspaper Federal Credit Union into conservatorship. “The NCUA placed Indianapolis’ Newspaper Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit [...]
Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions

January 15, 2021 0

Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a “memorandum of understanding” announced by [...]