COVID-19 actions – Regulatory Report

What's up

[ March 30, 2023 ] Office of Financial Technology opens at OCC, with new leader, to bolster ability to deal with tech changes at banks OCC
[ March 30, 2023 ] New small business lending reporting rule finalized after 13 years in the making CFPB
[ March 30, 2023 ] Wells Fargo slapped with fines of nearly $98 million for ‘historical inadequate oversight’ of sanctions compliance risks The Fed
[ March 30, 2023 ] Credit union regulator lists 2023 criteria for collecting mortgage loan application data NCUA
[ March 29, 2023 ] May 3 is comment deadline for CFPB credit card late-fee proposal CFPB

Emergency exemption for ‘virtual-only’ FCU membership, board meetings expires Dec. 31

December 20, 2022 0

A COVID-19-related bylaw amendment for authorizing virtual-only membership and board meetings by federal credit unions (FCUs) is set to expire Dec. 31, according to a letter from the institutions’ federal regulator. The bylaw was approved […]

Today marks resumption of on-site examination, supervision by NCUA

October 17, 2022 0

With “phase 3” of its phased approach to returning to onsite operations following the a lengthy period of distancing amid the COVID-19 pandemic, the National Credit Union Administration (NCUA) is expected today to resume onsite […]

NCUA extends PCA earnings-retention relief through March 2023

April 29, 2022 0

Prompt corrective action (PCA) changes affecting earnings retention and the filing of net worth restoration plans remain in place through March 31, 2023, the National Credit Union Administration (NCUA) announced Friday in an NCUA Express […]

Virginia college wins challenge studying impact of COVID-19 on nation’s banks

April 11, 2022 0

The four members of a team of undergraduate students from a Virginia university are the winners of the annual academic challenge hosted by the federal insurer of bank deposits, focusing on the impact of the […]

COVID-related reg relief measures for credit unions extended through 2022

December 21, 2021 0

A temporary final rule providing pandemic-related regulatory relief under rules on loan participations, eligible obligations, and occupancy requirements for certain properties has been extended until Dec. 31, 2022, by notation vote of the National Credit […]

OIG finds NCUA’s COVID-19 work posture took into account expert guidance, reliable info

December 13, 2021 0

A self-initiated inspector general review of the federal credit union regulator’s work posture during the COVID-19 pandemic shows the agency “took actions designed to protect the health and safety of staff in response to COVID-19 […]

Federal credit union boards may continue to meet virtually, extending pandemic bylaw provision adopted in 2020

November 15, 2021 0

Flexibility for board meetings originally extended to federal credit unions during the height of the coronavirus crisis will be extended in the new year, the institutions’ regulator said Monday. In Letter to Credit Unions (LTCU) […]

Bank, credit union regulators cease COVID-related supervisory ‘flexibility’ for mortgage servicers

November 12, 2021 0

Federal and state financial institution regulators on Wednesday said they were ending the flexible approach to supervision and enforcement they initiated in April 2020 regarding certain mortgage servicing timing requirements. The agencies – the Federal […]

CFPB: Credit card debt dropped, digital engagement rose during pandemic; bureau looking to issuers for continued service improvements

September 29, 2021 0

Growth in the consumer credit card market in recent years reversed itself in 2020, with credit card debt falling to $811 billion by the second quarter of 2020 from a 2019 peak of $926 billion […]

Credit access for credit cards fell during pandemic – but increased for mortgages, auto loans, report asserts

August 26, 2021 0

Credit access declined during the coronavirus crisis for credit cards but increased for mortgages and auto loans, the federal consumer financial protection agency said in its final report issued Thursday in a series documenting consumer […]

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Office of Financial Technology opens at OCC, with new leader, to bolster ability to deal with tech changes at banks

March 30, 2023 0

A new Office of Financial Technology, as well as the leader of that new department, was announced Thursday by the regulator of national banks. The new office, which the Office of the Comptroller of the Currency (OCC) said last fall [...]
New small business lending reporting rule finalized after 13 years in the making

March 30, 2023 0

A new rule requiring lenders to collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit, was finalized Thursday by the federal consumer financial protection bureau. [...]
Wells Fargo slapped with fines of nearly $98 million for ‘historical inadequate oversight’ of sanctions compliance risks

March 30, 2023 0

Fines of nearly $98 million were assessed against the holding company of Wells Fargo bank Thursday for its “historical inadequate oversight of sanctions compliance risks” which resulted in more than $530 million in prohibited transactions over a five-year period. The [...]
Credit union regulator lists 2023 criteria for collecting mortgage loan application data

March 30, 2023 0

All credit unions with more than $54 million in assets will be required to collect data associated with mortgage loan applications processed in 2023, the federal credit union regulator said Thursday. In a “regulatory alert” (23-RA-02), the National Credit Union [...]