COVID-19 actions – Page 3 – Regulatory Report

What's up

[ July 23, 2021 ] CRA consideration among possible relief available to MI banks affected by storms, flooding, tornadoes FDIC
[ July 23, 2021 ] Fed publishes 0.15% reserves interest rate The Fed
[ July 22, 2021 ] NCUA-proposed complex credit union leverage ratio framework would require 10% minimum net worth by 2024 NCUA
[ July 22, 2021 ] RFI seeks credit unions’ input on digital assets, related technologies NCUA
[ July 22, 2021 ] Little IL bank, holding company ordered to hire competent bookkeepers The Fed

NCUA has $1.5 million for grants to low-income credit unions in 2021 focused on digital/cyber efforts, MDIs, underserved

April 6, 2021 0

Approximately $1.5 million in awards to support digital services and cybersecurity, mentoring of small minority depository institution (MDI) credit unions, and service to underserved communities will be available to low-income-designated credit unions during 2021, the […]

CFPB, anticipating ‘tidal wave’ of distressed homeowners, says it will brook ‘no excuse’ for servicers’ inaction

April 1, 2021 0

Declaring “no time to waste, and no excuse for inaction,” the acting director of the Consumer Financial Protection Bureau (CFPB) on Thursday issued Bulletin 2021-01 containing compliance and policy guidance for mortgage servicers in their […]

Quarles outlines reports ahead outlining impact of COVID-19 crisis, particularly through NBFIs

March 30, 2021 0

Studies and reports with recommendations about how to deal with the overall impact of the coronavirus crisis on the international banking community, particularly via non-bank financial intermediaries (NBFIs), are forthcoming over the next several months, […]

Evictions by multistate landlords, eviction services, private equity, to be investigation targets, CFPB, FTC leaders announce

March 29, 2021 0

Evictions – particularly by major multistate landlords, eviction management services and private equity firms – will be targeted for investigation by two federal agencies charged with overseeing consumer financial protection and fair trade, the agencies […]

Financial stability council slates climate change, COVID-19 developments for March 31 meeting

March 25, 2021 0

The interagency council formed under the 2010 Dodd-Frank Act to identify risks to financial stability and respond to emerging threats is set to meet next Wednesday on climate change and its potential impact on stability, […]

Q4 mortgage performance down due to pandemic and CARES Act actions, OCC reports; modifications, foreclosures up sharply from Q3

March 25, 2021 0

The percentage of mortgages that were current and performing in the fourth quarter of 2020 declined 3.2% to 93.3% from a year earlier, the Office of the Comptroller of the Currency (OCC) reported Thursday based […]

Bureau attributes 54% increase in 2020 complaints to coronavirus crisis; credit, consumer reporting objections led total

March 24, 2021 0

More than a half million complaints – up 54% from the previous year – were fielded in 2020 by the federal consumer financial protection agency, which reflects the financial impact of the coronavirus crisis, the […]

NCUA chairman urges credit unions to keep hands off of stimulus payments made to their members

March 23, 2021 0

Credit unions were urged to protect their members’ stimulus payments – and by extension, the reputation of their industry – under the recently enacted, $1.9 trillion American Rescue Plan from collection, garnishment, and the right […]

Banking agencies’ capital rule supporting Treasury program (ECIP) kicks in Monday

March 19, 2021 0

An interim final rule to support a Treasury program making capital investments in minority depository institutions (MDIs) and community development financial institutions (CDFIs) is slated to publish in the Federal Register and to go into effect […]

Credit union regulator extends enhanced CLF provisions under COVID relief law; asset-growth trigger for supervision paused until 2023

March 18, 2021 0

Provisions implementing a recent statutory extension of enhanced liquidity facility access and those delaying the effects of asset growth on a credit union’s regulatory and supervisory framework to 2023 – both aimed at helping credit […]

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NCUA-proposed complex credit union leverage ratio framework would require 10% minimum net worth by 2024

July 22, 2021 0

A proposal to make a simplified measure of capital adequacy available to federally insured credit unions defined as “complex” – meaning those with more than $500 million in assets – was released for comment Thursday by unanimous vote of the [...]
RFI seeks credit unions’ input on digital assets, related technologies

July 22, 2021 0

Input on potential and current impacts of the use of digital assets and related technologies – or, said another way, the impacts of distributed ledger technology (DLT, such as blockchain) and decentralized finance (DeFi) – is sought through a request [...]
Little IL bank, holding company ordered to hire competent bookkeepers

July 22, 2021 0

Bookkeeping staffing and other operational deficiencies at an Illinois bank holding company have led the Federal Reserve to issue an enforcement order against it, which includes no payment of dividends to stockholders without supervisors’ prior approval. In the consent order, [...]