FDIC: New FIL Clairifies Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks

In recent days, the FDIC has established two bridge banks, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., to assume the deposits and obligations of two failing banks. All contracts entered into with banks before they failed, and their counterparties were transferred into the bridge bank by the […]

Federal Reserve: Additional Funding Announced for Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Depositors

To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard […]

CDFI Fund: Annual Compliance, Certification and Reporting Obligations Reminder

Are you the Authorized Representative of an organization that has received a Community Development Financial Institutions Fund Award (CDFI Fund) Award and/or Allocation? If so, don’t forget that in order to maintain compliance with your Assistance and/or Allocation Agreement(s) you must complete and submit the annual compliance report(s) as specified […]

CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans

Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday […]

CDFI Fund: 2023 Annual Certification & Data Collection Report Guidance Materials and Conference Call Announced

The Community Development Financial Institutions Fund (CDFI Fund) has released updated information for Certified Community Development Financial Institutions (CDFIs) regarding the 2023 reporting round for the Annual Certification and Data Collection Report (ACR). The CDFI Fund has updated the supporting information for the ACR to reflect the changes made for […]

CFPB: NLRB and CFPB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices

The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to […]

CFPB: New Findings Published on Financial Profiles of Buy Now, Pay Later Borrowers

Report finds consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later […]

Agencies Issue 2022 Shared National Credit Program Review

The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but  noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second […]

HUD: FHA Annual Mortgage Insurance Premium Deducations To Save Homebuyers an Average of $800 Annually on Mortgage Payments

30 basis point reduction in FHA annual mortgage insurance premium supports Biden-Harris Administration goals to make homeownership more affordable and accessible for working families. Today, the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a 30 basis point reduction to the annual mortgage insurance premiums (annual […]