The OCC adopted a rule that makes explicit the circumstances in which a national bank or federal savings association is considered to be the "true lender" in the "context of a partnership between a bank and a third party, such as a marketplace lender. "
A FinCEN and Federal Reserve Board rule proposal to reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals was published in the Federal Register.
The Federal Reserve Board and FinCEN proposed to significantly reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals.
An investment firm was fined $2.9 billion by several authorities for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.
In a newly published resource guide, the FDIC promoted partnerships between "mission-driven" banks and other financial institutions in order to facilitate "critically needed" banking services to those communities where such services are not traditionally accessible or affordable.
A Federal Reserve Board Advance Notice of Proposed Rulemaking soliciting comment on policies to modernize the "regulatory and supervisory framework" of the Community Reinvestment Act was published in the Federal Register.
The Federal Reserve Board, OCC and FDIC final rule that allows financial institutions an additional 120 days following a real estate closing transaction to obtain an appraisal or evaluation of the property was published in the Federal Register.
Nissan Motor Acceptance Corporation, a nonbank auto financing corporation that originates and services auto loans and leases, settled CFPB charges for engaging in "wrongful repossession" and servicing activities.
The FDIC, the Federal Reserve Board, the OCC and the National Credit Union Administration issued an exemption from customer identification program requirements for banks extending loans to facilitate a borrower's purchase of property and casualty insurance policies.
The Bank of Japan reported that it will begin to "explore general purpose Central Bank Digital Currency in a more concrete and practical way by conducting experiments, rather than confining itself to conceptual research as before."
In a new staff report, the SEC Division of Economic and Risk Analysis considered the interconnections among six separate U.S. credit markets, and how three distinct types of stresses in each of the markets affected the products and participants during the COVID-19 pandemic.