CFPB: Guidance Issued Regarding Reopening of Deposit Accounts
New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in…
ABA: Foundation Recognizes Older Americans Month and Offers New Resources on Financial Caregiving
In recognition of Older Americans Month, the ABA Foundation today released three new videos on financial caregiving as a part of its Safe Banking for Seniors program. The free national program, which aims to protect older Americans from financial exploitation, provides bankers with turnkey tools and resources to help them connect with their communities on this complex…
ABA: Foundation Accepting Submissions for Community Commitment Awards
The American Bankers Association Foundation is accepting submissions for its 11th annual Community Commitment Awards and encouraging banks of all sizes to enter their successful community initiatives. The awards, ABA’s highest honors for extraordinary community engagement, recognize innovative, high-impact bank programs that improve the quality of life for the communities they serve. The entry period for submitting…
CDFI Fund: Update Provided on Revisions to the CDFI Certification Application
CDFI Fund expects to open the new CDFI Certification process in the Fall of 2023 after revising the CDFI Certification Application A request for public comment on a draft of the CDFI Fund’s CDFI Certification Application was published in the Federal Register last fall. The draft Application was developed after approximately six years of consideration and two…
FDIC: JPMorgan Chase Bank of Columbus, OH Assumes All the Deposits of First Republic Bank, San Francisco, CA
First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits…
FDIC: Report Released Detailing Supervision of the Former Signature Bank, New York, NY
Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of…
Federal Reserve: Results from the Review of the Supervison and Regulation of Silicon Valley Bank Announced
The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their…
Interagency Statement on Completing the LIBOR Transition Issued
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end…
CFPB: Artificial Intelligence, Automated Systems and Advanced Technology Have the Potential to Result in Unlawful Discrimination
CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily…
ABA: Bank Volunteers Celebrate National Financial Literacy Month with Teach Children to Save Lessons
April 27 marks ABA Foundation’s 26th annual Teach Children to Save Day On April 27th, bank employees will deliver financial literacy lessons to K-8 students across the nation as part of the ABA Foundation’s 2023 Teach Children to Save Day. The annual Teach Children to Save campaign is a centerpiece of the banking industry’s longstanding commitment…