OCC: Federally Chartered Banks and Thrifts Allowed to Engage in Certain Stablecoin Cryptocurrency Activities
The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including U.S. dollars or other foreign currency. “National banks and…
FDIC: Results of 2020 Summary of Deposits Annual Survey Released
The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2020. The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 85,000 domestic offices operated by more than 5,000 FDIC-insured commercial and savings banks, savings…
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, trade associations, financial institutions and…
CFPB: New Resources Released to Help Employers Develop Emergency Savings Programs for Workers
The Consumer Financial Protection Bureau (Bureau) today announced that it issued a Compliance Assistance Statement of Terms Template (CAST Template) under its Compliance Assistance Sandbox (CAS) Policy to Build Commonwealth, Inc (Commonwealth). Employers interested in creating an automatic savings (Autosave) program as a way for employees to build emergency savings and increase their financial resiliency…
CFPB: New Capability for the Consumer Complaint Database Announced Including Viewing Complaints Over Time
The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using a robust set of filter options. For several years, the database has provided users with the ability to filter complaints by date,…
CFPB: Updated COVID-19 Consumer Complaint Data Released
The Consumer Financial Protection Bureau (Bureau) today issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”). The bulletin shows that mortgage (19 percent), credit card (18 percent), and credit or consumer reporting (18 percent) complaints top the list…
CFPB: Tech Sprints Will Empower Consumers, Reduce Regulatory Burden
The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges. The first Tech Sprint will kick off…
OCC: Comments Requested on Proposed Rules to Update Activities and Operations and Digitial Activities
The Office of the Comptroller of the Currency (OCC) today released two issuances for public comment. The OCC published a Notice of Proposed Rulemaking (NPR) for public comment to update its rules for national bank and federal savings association activities and operations. The agency also released an Advance Notice of Proposed Rulemaking (ANPR) seeking comment…
FDIC: Annual Summary of Deposit Survey Begins
Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July…