Month: November 2020

OCC Issues First Quarter and Second Quarter 2021 CRA Evaluation Schedule

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first quarter and second quarter 2021.

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first quarter and second quarter 2021.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-162.html

Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances

Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances

Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/other20201130a.htm

Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31

Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31

Federal Reserve Board announces extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20201130a.htm

Agencies Issue Statement on LIBOR Transition

The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable…

The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-161.html

Federal Reserve Board welcomes and supports release of proposal and supervisory statements that would enable clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system

Federal Reserve Board welcomes and supports release of proposal and supervisory statements that would enable clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system

Federal Reserve Board welcomes and supports release of proposal and supervisory statements that would enable clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201130b.htm

Consumer Financial Protection Bureau Finalizes Advisory Opinions Policy and Announces Two New Advisory Opinions

On November 25, 2020, the Consumer Financial Protection Bureau launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to informa…

On November 25, 2020, the Consumer Financial Protection Bureau launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-finalizes-advisory-opinions-policy-and-announces-two-new-advisory-opinions/

CFPB Announces Additions to Executive Team

On November 30, 2020, the Consumer Financial Protection Bureau announced additions to its executive team.

On November 30, 2020, the Consumer Financial Protection Bureau announced additions to its executive team.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-additions-executive-team-2020/

Consumer Financial Protection Bureau Issues No Action Letter to Facilitate the Use of Artificial Intelligence for Pricing and Underwriting Loans

The Consumer Financial Protection Bureau granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans.

The Consumer Financial Protection Bureau granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-issues-no-action-letter-facilitate-use-artificial-intelligence-pricing-and-underwriting-loans/