Today, we issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.
Federal Deposit Insurance Corporation (FDIC)’s Post
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What is the Community Reinvestment Act? In a recent webinar, CDBA reported that there is good news for low- and moderate income communities in the revised regulations implementing the Community Reinvestment Act (CRA). But what is the history of the CRA? “The Community Reinvestment Act (12 USC 2901 (PDF)) was enacted in 1977, against a backdrop of urban decay and a lack of investment in communities. Congress found that banks have a continuing and affirmative obligation to help meet the credit needs of their local communities, including low- and moderate-income (LMI) neighborhoods where they are chartered, consistent with the safe and sound operations of the institutions. This finding was based on preexisting chartering laws that require banks to demonstrate that their deposit taking facilities serve the convenience and needs of their communities, which include credit and deposit services. Three federal banking agencies, or regulators, are responsible for the CRA [Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency]. Banks that have CRA obligations are supervised by one of these three regulators. Each regulator has a dedicated CRA site that provides information about the banks they oversee and those banks' CRA ratings and Performance Evaluations. On October 24, 2023, the Board, the FDIC, and the OCC issued a final rule amending the agencies’ CRA regulations. In developing the final rule, the agencies’ objectives included updating the CRA regulations to strengthen the achievement of the core purpose of the statute, and adapting to changes in the banking industry, including the expanded role of mobile and online banking.” Click here to read more about the CRA and its most recent updates: https://shorturl.at/fBDOR Source: Federal Reserve Board #CommunityReinvestmentAct #CRA #CDFI #CommunityDevelopment #CDBA #BankingForGood
History of the CRA
federalreserve.gov
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Good News! The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) released an interim final rule that extends to January 1, 2026, the applicability date of the facility-based assessment areas and public file provisions included in the agencies’ final rule revising their regulations implementing the Community Reinvestment Act of 1977 (CRA) (2023 CRA Final Rule). The agencies also released as a final rule technical amendments to the 2023 CRA Final Rule and related agency regulations. One of these technical amendments clarifies that banks do not need to make changes to their public notices until January 1, 2026. (The interim final rule and final rule are hereafter collectively referred to as the Supplemental Final Rule.) The Supplemental Final Rule is effective on April 1, 2024. What does this mean for you? You have until January 1, 2026 to put your public file on your website or where it can be accessed by the public. You have until January 1, 2026 to make changes to your assessment areas.
Community Reinvestment Act: Supplemental Final Rule
occ.gov
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🔎The IRS has launched an extensive campaign employing 30,000 IRS Agents to investigate 11.5 million small business owners all over the country to identify possible fraud and misuse of government relief funds during the Covid-19 Global Pandemic - particularly PPP loans and EIDL funds. Could you be audited? Our recent blog post explores this more in depth. If you have further questions, please call us at 📞630-832-6500. #IRSTroubleSolvers #IRSProblems #IRSCrackdown #smallbusinesses #Covid19 #PPPLoans #EIDL #IRSaudit #PaycheckProtectionPlan https://bit.ly/48g9JIM
How Will The New IRS Crackdown Impact You?
irstroublesolvers.com
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Adjunct Law Professor & Commentator | Attorney at Law (Joseph M. Vincent Ltd. PC) | Publishing (Law Givers) | Mediator, Conciliator & Intercessor (Olive Branch Solutions LLC)
The unchecked chutzpah. Enough is enough, you would think. NCUA should clarify that their charges can’t call themselves “banks.” If you want to be a bank, convert to a mutual savings bank charter. #creditunions #bankingandfinance #communitybanks
Pres/CEO of Community Spirit Bank & Serving Americas Community Banks as Past Chairman of Independent Community Bankers of America at @ICBA
Unbelievable slap in the face to the thousands of tax paying #ProtectorsOfMainStreet across the country, #CommunityBanks! That title is hard earned everyday with a 100 percent focus on the relationships with our customers and communities! Many want to claim it, few earn it and Navy Federal ain’t no #CommunityBank! Issue that C&D Federal Deposit Insurance Corporation (FDIC) ! ICBA
With Navy Federal Calling Itself a Community Bank, ICBA Urges Regulators to Issue Cease-and-Desist Orders
icba.org
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The Federal Deposit Insurance Corporation (FDIC) announced that U.S. commercial banks and savings institutions insured by the FDIC reported aggregate net income totaling $64.2 billion in Q1’24, up from $35.8 billion in Q4’23, according to its own release. The FDIC noted that net interest margin stood at 3.17% in Q1’24, down from 3.27% in the previous quarter. Community banks reported that net income increased by $363.2 million in Q1’24 to $6.3 billion. The number of institutions on the FDIC’s list of "problem banks" stood at 63 at the end of Q1’24. The post-crisis (2008-2009) high for the list was 888 in Q1’11.
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On April 19, 2024, the Financial Crimes Enforcement Network (FinCEN) renewed Real Estate Geographic Targeting Orders (GTOs), mandating U.S. Title Insurance companies to identify the natural persons behind so-called “shell companies” involved in residential real estate purchases without mortgages. To know more: https://lnkd.in/ga-hdQb6 These GTOs continue to yield valuable data on residential real estate purchases potentially linked to various illicit enterprises. The key provisions include: • The purchase amount threshold remains at USD 300,000 for each covered metropolitan area, except in Baltimore city and county, where it stands at USD 50,000. • Businesses must report Covered Transactions to FinCEN by filing a FinCEN Currency Transaction Report within 30 days of closing. • The GTO terms are effective from April 19, 2024, until October 15, 2024. • Covered Businesses are required to maintain compliance records for five years, ensuring accessibility and availability to FinCEN or other law enforcement agencies upon request. The designated GTO areas encompass: • Texas: Bexar, Tarrant, Dallas, Montgomery, Harris, or Webb, Travis Counties • Florida: Miami-Dade, Broward, Palm Beach, Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee, and Collier Counties • Maryland: Montgomery, Anne Arundel, Prince George’s, Howard Counties, Baltimore City, and County • New York: Boroughs—Brooklyn, Queens, Bronx, Staten Island, or Manhattan California: San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara Counties • Colorado: Adams, Arapahoe, Clear Creek, Denver, Douglas, Eagle, Elbert, El Paso, Fremont, Jefferson, Mesa, Pitkin, Pueblo, or Summit Counties • Connecticut: Fairfield or Litchfield County • District of Columbia • Hawaii: City and County of Honolulu, Maui, and Kauai • Nevada: Clark County • Virginia: Arlington or Fairfax Counties; or the cities of Alexandria, Falls Church, or Fairfax • Washington: King County • Massachusetts: Suffolk or Middlesex, Bristol, Essex, Norfolk, and Plymouth Counties • Illinois: Cook County Visit our website: https://lnkd.in/gsA2nNNQ #MoneyLaundering #AML #TerroristFinancing #shellcompanies #realestate
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Today, the Federal Deposit Insurance Corporation (FDIC) is requiring very large banks to submit plans demonstrating how they could be wound down without the costly megamergers we see time and again. When a community bank fails, the FDIC can market the bank and sell it to the highest bidder. These transactions result in minimal risk to financial system and cost to the Deposit Insurance Fund. The story is much different for a very large bank. The plans will help the FDIC break up failed banks and sell them in pieces or spin them back out into private hands without a megamerger. This approach would reduces costs to the DIF, mitigate the risk of contagion, and reduce the creep of concentration in our banking sector.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Avoid Costly Megamergers | Consumer Financial Protection Bureau
consumerfinance.gov
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Today, as a result of Consumer Financial Protection Bureau action, more than $384 million dollars from the CFPB’s victims relief fund will be sent to about 191,000 consumers harmed by Think Finance, a Texas-based online lender that deceived borrowers into repaying loans they did not owe. The CFPB’s victims relief fund has put more than $1 billion back into consumers’ pockets. This is in addition to $19 billion in the form of monetary compensation, principal reductions, canceled debts, and other consumer relief ordered. Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement. The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.
CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices | Consumer Financial Protection Bureau
consumerfinance.gov
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