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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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  • FTC Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates

    Federal Trade Commission Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates | site |


    (November (18, 2020) - - On November 18, 2020 the Federal Trade Commission (FTC) published the following information:

    The Federal Trade Commission sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds.

    In a complaint filed in federal court, the FTC alleges that Beam Financial Inc. and its founder and CEO Yinan Du, also known as Aaron Du, promised users of their free mobile banking app that they could make transfers out of their accounts and would receive their requested funds within three to five business days. Instead, some users waited weeks or even months to receive their money despite repeated complaints to Beam, while others said they never received their money, according to the
    ...
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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...
    See more | Go to post

  • Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window

    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window

    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window| site |



    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (March 17, 2020) - - On March 16, 2020 the Board of Governors of the Federal Reserve System published the following information: The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve's "discount window" so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers. Thus, the discount window supports the smooth flow of credit to households a
    ...
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  • Federal Banking Agencies host the 2020 National Interagency Community Reinvestment Conference

    Federal Banking Agencies host the 2020 National Interagency Community Reinvestment Conference| site |



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



    (February 21, 2020) - - Today (February 21, 2020), the Board of Governors of the Federal Reserve System published the following information: The 2020 National Interagency Community Reinvestment Conference takes place in Denver from March 9 to 12. The conference is hosted by the three federal banking agencies, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, and the Federal Reserve Banks of San Francisco, Kansas City, and Chicago. This biennial conference offers participants from around the country the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices and emer...
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  • FDIC Updates Money Smart for Small Business Credit and Banking Modules

    FDIC Updates Money Smart for Small Business Credit and Banking Modules

    FDIC Updates Money Smart for Small Business Credit and Banking Modules| site |



    Enhanced tools can help banks support small businesses


    (January 16, 2020) - - Today, the Federal Deposit Insurance Corporation published the following information:

    As part of their ongoing commitment to strengthening bank-community partnerships, the Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) today released two updates to the popular Money Smart for Small Business curriculum. The updated modules focus on banking and credit, and are now available for banks and small business development organizations to use to help small business owners succeed.

    "Money Smart for Small Business aims to help small business owners and entrepreneurs understand how a strong banking relationship can help them achieve their vision," said Elizabeth Ortiz, Deputy Director for Consumer and Community Affairs at the FDIC.
    ...
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  • Federal Deposit Insurance Corporation Hosts Use of Technology in the Business of Banking Forum in Virginia

    Federal Deposit Insurance Corporation Hosts Use of Technology in the Business of Banking Forum in Arlington, Virginia





    (April 12, 2018) - - The Federal Deposit Insurance Corporation (FDIC) will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including new and innovative delivery channels, enhanced customer experiences, and economic inclusion; and consumer financial data access—balancing rights and security. The forum will bring together representatives of banks that use or are considering using emerging technologies, firms offering emerging technologies, bank trade associations, and federal and state financial regulatory agencies, as well as thought leaders on the use of technology in the business of...
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  • Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of 500,000 Dollars or Less from Appraisal Requirements

    Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements




    Washington, DC - - (April 2, 2018) - - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. The agencies originally proposed to raise the threshold, which has been in place since 1994, to $400,000, but determined that a $500,000 threshold will materially reduce regulatory burden and the number of transactions that require an appraisal. The agencies also determined that the increased threshold will not pose a threat to the safety and soundness of financial institutions. The final rule allows a financial institution to use an e...
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  • Federal Banking Agencies Fine ServiceLink Holdings $65 Million

    Federal Banking Agencies Fine ServiceLink Holdings $65 Million

    Federal Banking Agencies Fine ServiceLink Holdings $65 Million







    January 25, 2017


    Washington, DC - - (January 24, 2017) - - The federal banking agencies today fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers.

    The penalty assessed by the three federal banking agencies--the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency--against ServiceLink Holdings satisfied the document review provision of the previous enforcement action. The agencies continue to monitor the company's compliance with other provisions of that order.

    The fine will be remitted to the U.S. Treasury.



    Information...
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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
    FTC Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates
    by Staff Reporter 1
    Federal Trade Commission Alleges Mobile Banking App Misled Users About Access to Their Funds, Failed to Deliver on Promised High Interest Rates | site |


    (November (18, 2020) - - On November 18, 2020 the Federal Trade Commission (FTC) published the following information:

    The Federal Trade Commission sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds.

    In a complaint filed in federal court, the FTC alleges that Beam Financial Inc. and its founder and CEO Yinan Du, also known as Aaron Du, promised users of their free mobile banking app that they could make transfers out of their accounts and would receive their requested funds within three to five business days. Instead, some users waited weeks or even months to receive their money despite repeated complaints to Beam, while others said they never received their money, according to the
    ...
    11-19-2020, 12:34 PM
  • Staff Reporter 1
    Federal Banking Agencies provide Banks additional flexibility to Support Households and Businesses
    by Staff Reporter 1
    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...
    03-18-2020, 11:33 AM
  • Staff Reporter 1
    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window
    by Staff Reporter 1
    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window| site |



    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (March 17, 2020) - - On March 16, 2020 the Board of Governors of the Federal Reserve System published the following information: The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve's "discount window" so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers. Thus, the discount window supports the smooth flow of credit to households a
    ...
    03-17-2020, 01:22 PM

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