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  • U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices

    U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices | site |




    (Information contained in U.S. Department of Veterans Affairs press release: November 20, 2020)

    Washington - - The U.S. Department of Veterans Affairs (VA) announced today at least 25,000 more Veterans are now receiving monetary benefits through federally-insured banks and credit unions — mitigating their risk of fraud occurrence.

    Prior to the inception of the Veterans Benefits Banking Program (VBBP), established in December 2019, Veterans who did not have bank accounts were only able to receive monetary benefits through pre-paid debit cards or paper checks. “At any given time, there are approximately 250,000 Veterans who do not have bank accounts, and as a result of the Veterans Benefits Administration working diligently to contact Veterans directly by mail and telephone calls to explain the benefits of switchin
    ...
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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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  • SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock

    SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock | site |



    Announces October 14 Staff Roundtable to Discuss Issues Raised in Report



    (October 5, 2020) - - Today, October 5, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information:

    Washington D.C., Oct. 5, 2020 — The Securities and Exchange Commission today published a staff report titled U.S. Credit Markets: Interconnectedness and the Effects of the COVID-19 Economic Shock, which focuses on the origination, distribution and secondary market flow of credit across U.S. credit markets. The staff report also addresses how the related interconnections in our credit markets operated as the effects of the COVID-19 pandemic took hold. In addition, staff will host a Roundtable on Interconnectedness and Risk in U.S. Credit Markets to discuss the issues raised in the report on the afternoon...
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  • Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks

    Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks | site |



    (October 1, 2020) - - Today, October 1, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) and waive overdraft fees for institutions that are eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps); and (3) suspend two collections of information that are used to calculate net debit caps. These temporary actions, which were announced on April 23,
    ...
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  • Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit

    Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit | site |




    (March 24, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Tuesday announced a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs). On April 1, 2019, the Board approved amendments to Part II of the PSR policy, which establishes the maximum levels of daylight overdrafts that depository institutions may incur in their Federal Reserve accounts. The changes were initially scheduled to become effective on April 1, 2020. In light of the challenges posed by the coronavirus, the Board is delaying implementation until October 1, 2020. This additional time will allow FBOs and the Federal Reserve Banks to focus ...
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  • Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses

    Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses | site |




    (March 23, 2020) - - Today (March 23, 2020), the U.S. Department of the Treasury published the following information:

    WASHINGTON – The spread of coronavirus has disrupted economic activity and put significant liquidity pressure on U.S. businesses. To immediately enhance liquidity and support American workers, households, and businesses through this challenging period, U.S. Treasury Secretary Steven T. Mnuchin today authorized the expansion of two recently launched facilities and the establishment of three new facilities to provide liquidity to the financial system pursuant to section 13(3) of the Federal Reserve Act.


    Expansion of the Money Market Mutual Fund Liquidity Facility (MMLF) and Commercial Paper Funding Facility (CPFF)

    Secretary Mnuchin today approved the expansion...
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  • Federal Reserve Board Expands its Program of Support for Flow of Credit to the Economy

    Federal Reserve Board Expands its Program of Support for Flow of Credit to the Economy by taking Steps to Enhance Liquidity and Functioning of Crucial State and Municipal Money Markets| site |



    (March 20, 2020) - - Today (March 20, 2020), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets. Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will now be able to make loans available to eligible financial institutions secured by certain high-quality assets purchased from single state and other tax-exempt municipal money market mutual funds. The attached term sheet details the assets that are eligible under the MMLF program, as well as additional information. More deta...
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  • Federal Reserve Board Encouraged by Increase in Discount Window Borrowing to Support the Flow of Credit to Households and Businesses

    Federal Reserve Board Encouraged by Increase in Discount Window Borrowing to Support the Flow of Credit to Households and Businesses | site |




    March 19. 2020) - - Today (March 19, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board is encouraged by the notable increase in discount window borrowing this week with banks demonstrating a willingness to use the discount window as a source of funding to support the flow of credit to households and businesses.

    This uptick follows the recent changes to the discount window announced by the Federal Reserve and the federal banking regulators' recent statement encouraging financial institutions to use the discount window. In that statement, the Federal Reserve and other federal regulatory agencies underscored the role of the discount window. By providing ready access to funding, the discount window helps depository institution
    ...
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  • Federal Reserve Board broadens Program of Support for the Flow of Credit to Households and Businesses

    Federal Reserve Board broadens Program of Support for the Flow of Credit to Households and Businesses by establishing a Money Market Mutual Fund Liquidity Facility (MMLF)| site |



    (March 18, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday broadened its program of support for the flow of credit to households and businesses by taking steps to enhance the liquidity and functioning of crucial money markets. Through the establishment of a Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds. Money market funds are common investment tools for families, businesses, and a range of companies. The MMLF will assist money market funds in meeting demands for redemptions by househol...
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  • Federal Reserve Board announces establishment of a Primary Dealer Credit Facility

    Federal Reserve Board announces establishment of a Primary Dealer Credit Facility| site |



    Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses


    (March 17, 2020) - - Today (March 17, 2020), the Board of Governors of the Federal Reserve System published the following information: To support the credit needs of American households and businesses, the Federal Reserve Board on Tuesday announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and term funding with maturities up to 90 days and will be available on March 20, 2020. It will be in place for at least six months and may be extended as conditions warrant. Credit extended to primary dealers under this facility may be collateralized by a broad range of inv...
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  • Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility

    Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility| site |



    (March 17, 2020) - - Today (March 17, 2020), the U.S. Department of the Treasury published the following information:

    WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of a primary dealer credit facility (PDCF) by the Federal Reserve Board: “I have just sent Chairman Jerome Powell a letter confirming that I approve the establishment of the PDCF to provide liquidity to the financial system pursuant to section 13(3) of the Federal Reserve Act and the Board’s Regulation A. The global coronavirus outbreak has contributed to significant financial market volatility. The establishment of a PDCF will help address illiquidity, mitigate disruptions in funding markets, support smooth market functioning and help facilitate the availability of credit to American workers and businesses. To make the
    ...
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  • Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans

    Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans| site |


    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (January 31, 2020) - - Today (January 31, 2020), the Board of Governors of the Federal Reserve System published the following information: WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and 2019, according to the Shared National Credit (SNC) Program Review. Total commitments with low ratings remain elevated compared to lows reached during prior periods of strong economic performance. The report, which was released today by the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), reflects reviews primarily covering SNC loans orig
    ...
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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 Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting

    Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting | site |



    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency

    National Credit Union Administration




    (December 3, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information: Five Federal financial regulatory agencies today issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The statement from the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) notes the benefits that
    ...
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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 |


    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau
    (October 31, 2019) - - Today (October 31, 2019), the Board of Governors of the Federal Reserve System published the following information: The Consumer Financial Protection Bureau (Bureau) and Federal Reserve Board 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 2020. 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 these thresholds annually based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
    ...
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  • Staff Reporter 1
    U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices
    by Staff Reporter 1
    U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices | site |




    (Information contained in U.S. Department of Veterans Affairs press release: November 20, 2020)

    Washington - - The U.S. Department of Veterans Affairs (VA) announced today at least 25,000 more Veterans are now receiving monetary benefits through federally-insured banks and credit unions — mitigating their risk of fraud occurrence.

    Prior to the inception of the Veterans Benefits Banking Program (VBBP), established in December 2019, Veterans who did not have bank accounts were only able to receive monetary benefits through pre-paid debit cards or paper checks. “At any given time, there are approximately 250,000 Veterans who do not have bank accounts, and as a result of the Veterans Benefits Administration working diligently to contact Veterans directly by mail and telephone calls to explain the benefits of switchin
    ...
    11-24-2020, 12:11 PM
  • 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
    SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock
    by Staff Reporter 1
    SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock | site |



    Announces October 14 Staff Roundtable to Discuss Issues Raised in Report



    (October 5, 2020) - - Today, October 5, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information:

    Washington D.C., Oct. 5, 2020 — The Securities and Exchange Commission today published a staff report titled U.S. Credit Markets: Interconnectedness and the Effects of the COVID-19 Economic Shock, which focuses on the origination, distribution and secondary market flow of credit across U.S. credit markets. The staff report also addresses how the related interconnections in our credit markets operated as the effects of the COVID-19 pandemic took hold. In addition, staff will host a Roundtable on Interconnectedness and Risk in U.S. Credit Markets to discuss the issues raised in the report on the afternoon...
    10-07-2020, 12:20 AM
  • Staff Reporter 1
    Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks
    by Staff Reporter 1
    Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks | site |



    (October 1, 2020) - - Today, October 1, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) and waive overdraft fees for institutions that are eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps); and (3) suspend two collections of information that are used to calculate net debit caps. These temporary actions, which were announced on April 23,
    ...
    10-04-2020, 05:44 AM
  • Staff Reporter 1
    Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit
    by Staff Reporter 1
    Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit | site |




    (March 24, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Tuesday announced a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs). On April 1, 2019, the Board approved amendments to Part II of the PSR policy, which establishes the maximum levels of daylight overdrafts that depository institutions may incur in their Federal Reserve accounts. The changes were initially scheduled to become effective on April 1, 2020. In light of the challenges posed by the coronavirus, the Board is delaying implementation until October 1, 2020. This additional time will allow FBOs and the Federal Reserve Banks to focus ...
    03-25-2020, 05:32 AM

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