Search Results for keywords:"financial institutions"

The Federal Housing Finance Agency (FHFA) has announced an adjustment to the cap on average total assets to determine if a Federal Home Loan Bank member qualifies as a "community financial institution" (CFI). This cap has been set at $1.5 billion, reflecting a 2.7% increase based on changes in the Consumer Price Index for all urban consumers (CPI-U) from November 2023 to November 2024. This adjustment, effective from January 1, 2025, allows CFI status to be determined using unadjusted CPI-U data, as it is less prone to revisions than adjusted data.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, has proposed a new rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group. This is because Huione Group, a Cambodian financial institution, has been identified as a serious risk for money laundering, particularly concerning illicit proceeds from cybercrimes and activities linked to North Korea's operations. U.S. financial institutions must also take special measures to ensure they are not processing transactions that involve Huione Group. The public has 30 days to comment on this proposal.

The Federal Reserve Board has proposed a rule change to stabilize the capital requirements for large financial institutions. The changes would calculate the stress capital buffer requirement by averaging the capital declines from the past two years of stress tests, instead of just one, to reduce volatility. Additionally, the implementation date for the new requirements would be moved from October 1 to January 1, giving firms extra time to comply. These adjustments aim to make capital planning easier and lower regulatory burdens without significantly affecting overall capital demands.

The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.

The Department of the Treasury is seeking public feedback on their information collection requests related to the sale of financial instruments like bank checks and money orders. These rules are part of efforts to comply with the Bank Secrecy Act, which requires record-keeping for transactions involving $3,000 or more to prevent illegal activities. The public is invited to provide comments by January 2, 2025. This collection primarily impacts businesses and aims to track large cash transactions more effectively.

The Bureau of Consumer Financial Protection has issued an Advisory Opinion to clarify rules under Regulation B of the Equal Credit Opportunity Act regarding special purpose credit programs. This opinion provides guidance to for-profit organizations on how to develop credit programs that serve specific social needs and explains what information must be included in programs' written plans. It aims to address regulatory uncertainties and encourage financial institutions to create programs that improve credit access for disadvantaged groups. The Advisory Opinion became effective on January 15, 2021.

The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.

The Federal Reserve Board is seeking public input on a new proposal related to the reporting of transactions involving U.S. Treasury securities and mortgage-backed securities by certain financial institutions. This proposed rule, known as FR 2956, aims to collect detailed daily transaction data from depository institutions that meet specific trading volume criteria. Comments from the public on this proposal are invited by March 22, 2021, and can be submitted through various methods including email and the Federal Reserve’s website. The Board plans to implement this new reporting requirement in 2021, under legal authority provided by the Federal Reserve Act.

The Department of Labor has issued a notice to request public comments on an information collection related to foreign currency transactions involving employee benefit plans. This is conducted under a class exemption that allows certain financial institutions to engage in such transactions with the plans, provided certain conditions are met. The public can submit comments or feedback until April 14, 2025, and the Department aims to ensure the transaction processes protect the interests of plan participants. The collection seeks to gather input on the necessity, accuracy, and impact of the information collection, which is subject to approval by the Office of Management and Budget.

The Consumer Financial Protection Bureau (CFPB) has published its 37th edition of Supervisory Highlights, which outlines recent findings from examinations of financial institutions completed in 2024. The report highlights unfair practices in the areas of deposits, such as unauthorized overdraft and non-sufficient funds fees, and issues with credit reporting related to identity theft and dispute investigations. It also discusses problems with short-term lending, including misleading loan terms and denial of credit under unfair conditions. The document emphasizes the importance of accurate information and consumer protection in financial services, noting efforts to correct violations and implement safeguards.