The Fed – Regulatory Report

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[ October 29, 2020 ] Federal financial regulators, separately but united, announce proposal codifying supervisory guidance CFPB
[ October 29, 2020 ] Fed supplemental data from 2019 shows faster decline in check payments, slower decline in value; more The Fed
[ October 29, 2020 ] Online lender Social Finance gets OCC’s preliminary, conditional approval for national bank charter OCC
[ October 29, 2020 ] Bureau issues final rule on its own records and information disclosure CFPB
[ October 28, 2020 ] FDIC information security ‘not effective,’ report finds; eight recommendations offered to address FDIC

Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

October 29, 2020 0

A proposal outlining and confirming federal financial institution regulators’ use of supervisory guidance for regulated institutions was issued for a 60-day comment period, the regulators announced Thursday. In individual press releases, the federal banking agencies, […]

Fed supplemental data from 2019 shows faster decline in check payments, slower decline in value; more

October 29, 2020 0

Detailed noncash payments data from the 2019 Federal Reserve Payments Study (FRPS) shows that the number of check payments from 2015-2018 declined at a faster pace than reported last December but that the decline in […]

UPDATED: Reg capital, LCR provisions to neutralize effects of participation in certain COVID-19 emergency facilities adopted as final

October 27, 2020 0

Three interim final rules in place since the spring to mitigate the effects on capital and the liquidity coverage ratio (LCR) in banks making use of certain Federal Reserve emergency funding facilities have been adopted […]

Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status

October 27, 2020 0

Title: Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and […]

Proposal would amend recordkeeping, travel rules under BSA, lowering international transaction base

October 23, 2020 0

Amending the recordkeeping and travel rule regulations under the Bank Secrecy Act is the focus of a proposed rule issued Friday by the Federal Reserve and the Treasury’s financial law enforcement arm. The Fed and […]

Goldman Sachs fined $154 million by Fed over failures that allowed scheme against 1MDB to proceed

October 22, 2020 0

Failures in oversight, internal controls, and risk management that prevented Goldman Sachs Group, Inc., from detecting a “far-reaching” fraud scheme among its own employees and others against its client 1Malaysia Development Berhad (1MDB) drew a […]

Although economic activity is on upswing, Beige Book finds ‘considerable uncertainty’ about the future remains prevalent

October 21, 2020 0

Economic activity is increasing across the country, but a “considerable degree of uncertainty” for the future outlook is prevalent in many areas, according to the latest snapshot of economic activity released Wednesday by the Federal […]

Brainard calls CRA modernization critical to addressing growing scarcity of affordable housing

October 20, 2020 0

Challenges facing low- to moderate-income (LMI) and minority renters and would-be homeowners underscore the importance of getting modernization of anti-redlining laws right, the point person for the Federal Reserve’s efforts on the issue said Tuesday. […]

Quarles: FSB report will identify policy goals to make nonbank sector more resilient

October 20, 2020 0

A Financial Stability Board (FSB) report to the G20 Summit next month will give a diagnosis of the financial stability shock related to the coronavirus (COVID-19) pandemic and identify areas for possible policy action, including […]

Fed C&D order cites bank employee for unsafe, unsound practices

October 20, 2020 0

A consent order to cease and desist has been executed with a bank employee of First Savings Bank, Jefferson, Ind., related to that individual’s supervision of the bank’s loan production office in Louisville, Ky., according […]

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Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

October 29, 2020 0

A proposal outlining and confirming federal financial institution regulators’ use of supervisory guidance for regulated institutions was issued for a 60-day comment period, the regulators announced Thursday. In individual press releases, the federal banking agencies, the Consumer Financial Protection Bureau [...]
Fed supplemental data from 2019 shows faster decline in check payments, slower decline in value; more

October 29, 2020 0

Detailed noncash payments data from the 2019 Federal Reserve Payments Study (FRPS) shows that the number of check payments from 2015-2018 declined at a faster pace than reported last December but that the decline in their value was also less [...]
Online lender Social Finance gets OCC’s preliminary, conditional approval for national bank charter

October 29, 2020 0

Social Finance, Inc., this week obtained preliminary approval of its application to establish a full-service national bank – to be named SoFi Bank, National Association, and based in Utah – from the Office of the Comptroller of the Currency (OCC). [...]
Bureau issues final rule on its own records and information disclosure

October 29, 2020 0

The federal consumer financial protection agency on Thursday completed action initiated in 2016 by issuing a final rule on its own disclosure of records and information that is scheduled to take effect 30 days after its publication in the Federal [...]