FDIC – Regulatory Report

What's up

[ August 14, 2020 ] NCUA info collection requests support PCA, low-income measures set amid COVID-19 COVID-19 actions
[ August 14, 2020 ] FinCEN should develop guidance for anti-money laundering tool – and maybe even a regulation, GAO says Other
[ August 13, 2020 ] Brainard notes Fed’s ongoing research into opportunities, risks related to central bank digital currencies The Fed
[ August 13, 2020 ] Transparency on BSA/AML enforcement aim of joint agency statement (supersedes statement from 2007) FDIC
[ August 13, 2020 ] NCUA alert briefs credit unions on CFPB payday rule, which remains stayed under court order NCUA

Transparency on BSA/AML enforcement aim of joint agency statement (supersedes statement from 2007)

August 13, 2020 0

A statement intended to clarify and provide transparency on how regulators evaluate enforcement actions required by law in response to Bank Secrecy Act/anti-money laundering (BSA/AML) violations was issued jointly by federal bank and credit union […]

Paper implies ‘significant source of risk’ for lenders (especially fintechs) from instability of credit models

August 12, 2020 0

Instability of consumer credit models can be a significant source of risk for lenders – particularly for financial technology (fintech) firms and others, a paper released Wednesday by the federal insurer of bank deposits implied. In […]

FDIC holding four deposit insurance seminars from September to December

August 12, 2020 0

Bank employees and bank officers are the target audience for a series of four identical deposit insurance seminars scheduled to be held remotely between Sept. 15 and Dec. 10 by the Federal Deposit Insurance Corp. […]

Back to school? Agencies plan webinar on financial literacy (with a section on doing so during pandemic)

August 11, 2020 0

Apparently expressing confidence that students will be actually returning to their schools over the next few weeks, federal bank, credit union, and consumer financial protection regulators are scheduling a webinar late this month on financial […]

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. […]

Consolidated data web page offers ‘one-stop-shop’ for researching banks and building APIs, agency says

August 6, 2020 0

Consolidating its online tools for researching banks, including their financials and details on mergers, is the aim of a new section on the website of the federal insurer of bank deposits, the agency said Wednesday. […]

FDIC terminates two receiverships of closed banks in GA, IL

August 5, 2020 0

The federal bank deposit insurer on Aug. 1 terminated the receiverships of United Security Bank, Sparta, Ga., and Town Community Bank & Trust, Antioch, Ill., the agency said in a notice for the Federal Register. […]

Three banks earned ‘outstanding’ CRA ratings in May; one ‘needs improvement’

August 4, 2020 0

Three banks that earned ratings of “outstanding,” and one a rating of “needs improvement,” were among the 64 institutions rated for compliance with anti-redlining laws in May, the federal insurer of bank deposits said Tuesday. […]

Colorado man pleads guilty to stealing nearly $32 million through identity theft, fake loans

August 3, 2020 0

A Boulder, Colo., man pleaded guilty late last week to a nearly $32 million bank fraud scheme involving identity theft and fake residential mortgage loans that he sold to a Texas bank, federal law enforcement […]

Two civil money penalties totaling $190k among June enforcement actions by the FDIC

July 31, 2020 0

A bank in California and a former Iowa bank official were assessed civil money penalties (CMPs) in June by the Federal Deposit Insurance Corp. (FDIC), according to orders released Friday. On June 1, the FDIC […]

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NCUA info collection requests support PCA, low-income measures set amid COVID-19

August 14, 2020 0

Two information collections related to the federal credit union regulator’s implementation of some prompt corrective action (PCA) easing due to the COVID-19 pandemic and its change in methodology for determining whether a credit union qualifies for the “low income” designation [...]
FinCEN should develop guidance for anti-money laundering tool – and maybe even a regulation, GAO says

August 14, 2020 0

Guidance for oversight, outreach and evaluation should be developed by the Treasury’s financial crimes law enforcement arm for its geographic targeting orders (GTOs) to make the orders more effective and efficient, the congressional watchdog said in a report Thursday. In [...]