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  • Agencies provide Temporary Relief to Community Banking Organizations

    Agencies provide Temporary Relief to Community Banking Organizations

    Agencies provide Temporary Relief to Community Banking Organizations | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: November 20, 2020)


    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency
    The federal bank regulatory agencies on Friday announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in large part, of their growth in size from the coronavirus response. Community banking organizations are subject to different rules and requirements based on their risk profile and asset size. Due to participating in federal coronavirus response programs—such as the Paycheck Protection Program—and other lending that supports the U.S. economy, many community banking organizations h
    ...
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  • FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers

    FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers| site |


    (Information contained in U.S. Department of the Treasury press release: November 19, 2020)

    WASHINGTON—In coordination with the Federal Banking Agencies, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a joint fact sheet to provide clarity to banks on how to apply a risk-based approach to charities and other non-profit organizations (NPOs). The joint fact sheet highlights the importance of ensuring that legitimate charities have access to financial services and can transmit funds through legitimate and transparent channels, especially during the current COVID-19 pandemic. Also, the joint fact sheet reminds banks to apply a risk-based approach to customer due diligence (CDD) requirements when developing the risk profiles of charities and other non-profit customers. The fact sheet reaff
    ...
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  • Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements

    Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements for Banks and Credit Unions that offer Services to Charities and Non-profits | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: November 19, 2020)

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit union compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights the importance of legitimate charities and nonprofit organizations having access to financial services and being able to transmit funds
    ...
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  • Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Agencies announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease transactions | site |


    (Information contained in Board of Governors of Federal Reserve System press release: November 18, 2020)


    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau


    Washington, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting the thresho...
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  • Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans

    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans | site |



    (November 18, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau

    Office of the Comptroller of the Currency
    WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount will be effective January 1, 2021, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Wall Street Reform and Con
    ...
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  • Agencies release Paper on Operational Resilience

    Agencies release Paper on Operational Resilience

    Agencies release Paper on Operational Resilience | site |




    (October 30, 2020) - - On October 30, 2020, the Board of Governors of the Federal Reserve System published the following information:


    Agencies release paper on operational resilience

    Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today released a paper outlining sound practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics. The "Sound Practices to Strengthen Operational Resilience" paper outlines practices to increase operational resilience that are drawn from existing regulations, guidance, statements, and common industry standards. The practices are grounded in effective governance and risk management techniques, consider third-...
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  • Agencies propose Regulation on the Role of Supervisory Guidance

    Agencies propose Regulation on the Role of Supervisory Guidance

    Agencies propose Regulation on the Role of Supervisory Guidance| site |


    (October 29, 2020) - - Today, October 29, 2020, the Board of Governors of the Federal Reserve System published the following information:


    Agencies propose Regulation on the Role of Supervisory Guidance



    Board of Governors of the Federal Reserve System
    Consumer Financial Protection Bureau
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency



    Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies' use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance. Unlike a law or regulation, supervisory guidance does not ha...
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  • Agencies invite Comment on Proposed Rule under Bank Secrecy Act

    Agencies invite Comment on Proposed Rule under Bank Secrecy Act

    Agencies invite Comment on Proposed Rule under Bank Secrecy Act | site |



    (October 23, 2020) - - Today, October 23, 2020, the Board of Governors of the Federal Reserve System published the following information:





    Agencies invite comment on proposed rule under Bank Secrecy Act


    Board of Governors of the Federal Reserve System
    Financial Crimes Enforcement Network



    The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule. Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and
    ...
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  • Agencies issue Final Rule to Strengthen Resilience of Large Banks

    Agencies issue Final Rule to Strengthen Resilience of Large Banks

    Agencies issue Final Rule to Strengthen Resilience of Large Banks| site |


    (October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:


    Agencies issue final rule to strengthen resilience of large banks



    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    The federal bank regulatory agencies on Tuesday finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period. The net stable funding ratio, or NSFR, final rule will require large banks to maintain a minimum level of stable funding, relative to each institution's assets, derivatives, and commitments. As a result, the NSFR rule will support the ability of banks to lend to households and businesses in both normal and adverse ec
    ...
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  • Agencies Finalize Rule to Reduce the Impact of Large Bank Failures

    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures

    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures | site |




    (October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:



    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures



    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency




    The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest banking organizations. U.S. global systemically important bank holding companies, or GSIBs, as well as U.S
    ...
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  • Agencies Issue Two Final Rules

    Agencies Issue Two Final Rules

    Agencies Issue Two Final Rules | site |



    (September 29, 2020) - - Today, September 29, 2020, the Federal Deposit Insurance Corporation (FDIC) published the following information:

    Joint Release:

    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency



    The federal bank regulatory agencies finalized two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year. They include:
    • A final rule that temporarily defers appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions; and
    • A final rule that neutralizes—due to the lack of credit and market risk—the regulatory capital and liquidity effects for banks that participate in certain Federal Reserve liquidity facilities.
    The...
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  • Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements

    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements | site |



    (August 21, 2020) - - Today, August 21, 2020, the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Financial Crimes Enforcement Network
    National Credit Union Administration
    Office of the Comptroller of the Currency


    WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency today issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered "politically exposed persons" (PEPs) should be commensurate with the risks posed by the PEP
    ...
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  • Agencies Issue Host State Loan-to-Deposit Ratios

    Agencies Issue Host State Loan-to-Deposit Ratios

    Agencies Issue Host State Loan-to-Deposit Ratios| site |


    (June 2, 2020) - - Today (June 2, 2020), the Federal Deposit Insurance Corporation (FDIC) published the following information:

    Joint Release

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency



    Agencies Issue Host State Loan-to-Deposit Ratios



    The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year's ratios, which were released on May 28, 2019. In general, section 109 prohibits a bank from establishing or acquiring a branch or branches outside of ...
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  • Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19

    Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 | site |




    Board of Governors of the Federal Reserve System

    Conference of State Bank Supervisors

    Consumer Financial Protection Bureau

    Federal Deposit Insurance Corporation

    National Credit Union Administration

    Office of the Comptroller of the Currency





    (March 22, 2020) - - Today (March 22, 2020), the Board of Governors of the Federal Reserve System published the following information: The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not cri...
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  • Federal Banking Agencies provide Banks additional flexibility to Support Households and Businesses

    Federal Banking Agencies provide Banks additional flexibility to Support Households and Businesses| site |



    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency



    (March 17, 2020) - - Today (March 17, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are:
    • A statement encouraging banks to use their resources to support households and businesses; and
    • A technical change to phase in, as intended, the automatic distribution restrictions gradually if a firm's capital levels decline.
    The statement notes that banks have more than doubled their capital and liquidity levels over the past decade and are now substantially safer and...
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  • Staff Reporter 1
    Agencies provide Temporary Relief to Community Banking Organizations
    by Staff Reporter 1
    Agencies provide Temporary Relief to Community Banking Organizations | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: November 20, 2020)


    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency
    The federal bank regulatory agencies on Friday announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in large part, of their growth in size from the coronavirus response. Community banking organizations are subject to different rules and requirements based on their risk profile and asset size. Due to participating in federal coronavirus response programs—such as the Paycheck Protection Program—and other lending that supports the U.S. economy, many community banking organizations h
    ...
    11-21-2020, 10:43 AM
  • Staff Reporter 1
    FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers
    by Staff Reporter 1
    FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers| site |


    (Information contained in U.S. Department of the Treasury press release: November 19, 2020)

    WASHINGTON—In coordination with the Federal Banking Agencies, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a joint fact sheet to provide clarity to banks on how to apply a risk-based approach to charities and other non-profit organizations (NPOs). The joint fact sheet highlights the importance of ensuring that legitimate charities have access to financial services and can transmit funds through legitimate and transparent channels, especially during the current COVID-19 pandemic. Also, the joint fact sheet reminds banks to apply a risk-based approach to customer due diligence (CDD) requirements when developing the risk profiles of charities and other non-profit customers. The fact sheet reaff
    ...
    11-21-2020, 04:42 AM
  • Staff Reporter 1
    Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements
    by Staff Reporter 1
    Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements for Banks and Credit Unions that offer Services to Charities and Non-profits | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: November 19, 2020)

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit union compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights the importance of legitimate charities and nonprofit organizations having access to financial services and being able to transmit funds
    ...
    11-21-2020, 01:14 AM
  • Staff Reporter 1
    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions
    by Staff Reporter 1
    Agencies announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease transactions | site |


    (Information contained in Board of Governors of Federal Reserve System press release: November 18, 2020)


    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau


    Washington, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting the thresho...
    11-20-2020, 05:40 AM
  • Staff Reporter 1
    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
    by Staff Reporter 1
    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans | site |



    (November 18, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau

    Office of the Comptroller of the Currency
    WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount will be effective January 1, 2021, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Wall Street Reform and Con
    ...
    11-19-2020, 12:55 AM

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