Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing or acquiring branches outside of…
Federal Reserve: Report Issued on the Economic Well-Being of U.S. Households
in the fourth quarter of 2020, nearly one-fourth of adults said that they were worse off financially compared to a year earlier, reflecting the economic fallout and distress resulting from the global COVID-19 pandemic. The Federal Reserve Board’s report, Economic Well-Being of U.S. Households in 2020, which was released on Monday, found a larger share of adults…
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit…
Federal Reserve: Third Extension Announced of Rule to Bolster the Effectiveness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Friday announced the third extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for…
Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence
Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the…
Interagency Interim Final Rule Issued Regarding the Emergency Capital Investment Program
On March 22, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published an interim final rule to support and facilitate the timely implementation of the congressionally authorized Emergency Capital Investment Program (ECIP). Under ECIP, the…
Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and CDFIs
Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. The Treasury Department’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance…
Interagency CRA Frequently Asked Questions Related to COVID-19 Pandemic Issued
Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today published a new version of frequently asked questions (FAQ) to assist financial institutions and examiners with determining Community Reinvestment Act (CRA) consideration for activities undertaken in response…
Federal Reserve: Supervisory Guidance Issued to Clarify Definitions for Minority Depository Institutions
The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing…
Federal Reserve: FEDS Notes | The Effects of COVID-19 as Reported by Local Communities
Author: Andrew Dumont1 Since early-April 2020, the Community Development function of the Federal Reserve Board and the twelve Federal Reserve Banks have, approximately every eight weeks, surveyed key stakeholders in local communities across the United States to learn about how the COVID-19 pandemic is affecting their community. Survey respondents have included representatives from local, state…