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E.g., Dec 2 2020
E.g., Dec 2 2020

09/09/2020

NY AG and CFPB file suit against debt collection network

The New York Attorney General and the CFPB have filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, for their participation in a debt-collection operation using illegal methods to collect debts.

The company defendants are: JPL Recovery Solutions, LLC; Regency One Capital LLC; ROC Asset Solutions LLC, which does business as API Recovery Solutions; Check Security Associates LLC, which does business as Warner Location Services and Orchard Payment Processing Systems; and Keystone Recovery Group. The individual defendants are Christopher Di Re and Scott Croce, who have held ownership interests in some or all of the defendant companies; and Brian Koziel and Marc Gracie, who are members of Keystone Recovery Group, and have acted as managers of some or all of the defendant companies.

The complaint alleges that from at least 2015 through the present, the defendants have participated in a debt-collection operation that has used deceptive, harassing, and improper methods to induce consumers to make payments to them in violation of the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Act (CFPA). The New York Attorney General alleges violations of New York law based on the same conduct.

The complaint seeks consumer redress, disgorgement of ill-gotten gains, civil money penalties, and injunctive relief against the defendants.

09/09/2020

FTC sending checks and PayPal refunds to scam targets

The Federal Trade Commission has announced it is sending 70,142 checks and PayPal payments totaling $3,864,824 to consumers across the country who bought Quell, a wearable device that supposedly would treat chronic pain throughout the body when placed below the knee. Massachusetts-based NeuroMetrix, Inc. and its CEO, Shai Gozani, sold Quell—a transcutaneous electrical nerve stimulation device—to consumers, touting it as “clinically proven” and “FDA cleared” for widespread chronic pain relief. The Commission says that the defendants lack scientific evidence to support widespread chronic pain-relief claims, and their claims about clinical proof and the scope of FDA clearance for this use are false. The FTC is sending 2,144 refund checks and 67,998 refunds via PayPal to consumers. The average refund amount is $55.10 per consumer.

09/09/2020

Consumer credit increased in July

The Federal Reserve System has posted its July 2020 G.19 Consumer Credit data. Consumer credit increased at a seasonally adjusted annual rate of 3-1/2 percent. Revolving credit decreased at an annual rate of 1/2 percent, while nonrevolving credit increased at an annual rate of 4-3/4 percent.

09/08/2020

FTC settlement shutters auto dealer group

The Federal Trade Commission has announced a group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court -approved settlement resolving FTC charges that the dealerships deceived consumers and falsified information on vehicle financing applications. In a case filed in 2018, the FTC alleged that Tate’s Auto Center of Winslow, Inc.; Tate’s Automotive, Inc.; Tate Ford-Lincoln-Mercury, Inc. (doing business as Tate’s Auto Center); Tate’s Auto Center of Gallup, Inc.; and Richard Berry, an officer of the dealerships, falsified consumers’ income and down payment information on vehicle financing applications and misrepresented important financial terms in vehicle advertisements. The case continues against Berry and relief defendant Linda Tate.

09/08/2020

HUD: ESG and CDBG funds can be used for rental assistance

HUD has issued a reminder that all grantees (states, cities, communities , and non-profits) who received Emergency Solutions Grants (ESG) or Community Development Block Grant (CDBG) funds may use those funds to provide rental assistance or other aid to individuals experiencing financial hardship because of the pandemic and are at risk of being evicted, consistent with applicable laws, regulations, and guidance.

09/08/2020

NMLS updates Policy Guidebook

The NMLS Policy Guidebook has been updated and posted to the NMLS Resource Center and the Regulator Resource Center.

The changes were made to the Criminal Background Checks Section on pages 61-62 and 96 to:

  • explain that fingerprints in NMLS must be no older than three years, otherwise an individual will need to be reprinted.
  • explain that new fingerprints must be submitted within the 180-day background check window.
  • add an explanation that international applicants will receive fingerprint packages in a traceable manner to their current physical or mailing international address or their employer’s address and that the applicant is responsible for providing a mailing label to facilitate the transmission of the packet.

09/09/2020

Fed CRA evaluation ratings

The Federal Reserve Board made five CRA evaluation ratings public during August. Four of the evaluations were rated "satisfactory." One evaluation received an "outstanding" rating, earned by VCC Bank, Richmond, Virginia.

09/08/2020

OFAC sanctions Maduro regime officials

On Friday, OFAC designated four key figures that have facilitated the illegitimate Maduro regime’s efforts to undermine the independence and democratic order of Venezuela — David Eugenio De Lima Salas, Reinaldo Enrique Muñoz Pedroza, Indira Maira Alfonzo Izaguirre, and Jose Luis Gutierrez Parra. Their actions are part of a broader election interference scheme to prevent free and fair parliamentary elections from taking place in December 2020 by restructuring the National Electoral Council and controlling the state’s wealth and assets for regime purposes through the Solicitor General.

As a result of Friday’s action, all property and interests in property of these individuals that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by the designated individuals are also blocked. For identification details, see BankersOnline's OFAC Update.

09/09/2020

Hizballah supporters in Lebanon targeted

Treasury has reported that OFAC has sanctioned former Lebanese government ministers Yusuf Finyanus and Ali Hassan Khalil, who provided material support to Hizballah and engaged in corruption. The designations were made under the authority of Executive Order 13224, as amended.

OFAC also updated an SDN listing. For identity information on the two new designees and the updated listing, see BankersOnline's OFAC Update.

09/09/2020

FDIC releases CRA evaluation ratings

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in June 2020. Of the 76 banks listed, 70 receive a "satisfactory" rating, and three were rated "needs to improve." Our congratulations to three banks who received "outstanding" ratings:

09/08/2020

Stress test results corrected

On Friday, the Federal Reserve Board released corrected stress test results stemming from an error in projected trading losses and as a result, revised the capital requirements for two banks. The Board identified the error and all results affected by it, corrected those results, and implemented changes to prevent similar errors in the future.

The loss rates for certain public welfare investments made by large banks were initially miscalculated, resulting in an overestimation of hypothetical losses for those investments. The error affected five banks: Citigroup Inc., The Goldman Sachs Group Inc., HSBC North America Holdings Inc., Morgan Stanley, and Wells Fargo & Company. The resulting common equity tier 1, or CET1, capital requirements for three firms were unaffected, while the CET1 capital requirements for Goldman Sachs and Morgan Stanley were revised.

09/04/2020

CU performance data for Q2 released

The NCUA has released data on the financial performance of federally insured credit unions for the quarter ending June 30, 2020. An overview of the quarterly Call Report data as well as tables showing the recent history of major credit union performance indicators are in the current Quarterly Data Summary Report.

09/04/2020

Colorado communities suspended from flood insurance program

FEMA has published at 85 FR 55196 in today's Federal Register a notice identifying four Colorado communities—Columbine Valley, Glendale, Greenwood Village, and Lone Tree—that are scheduled for suspension today from the National Flood Insurance Program for failure to comply with the floodplain management requirements of the program.

If FEMA received documentation that an identified community has adopted the required floodplain management measures prior to the effective suspension date, the suspension will not occur

09/04/2020

NJ condo association charged with housing discrimination

HUD has announced that it has charged Le Club II Condominium Association in Mount Laurel, New Jersey, with housing discrimination after its management company, Dan-Mar Management, allegedly refused to allow a resident with disabilities to keep an assistance animal.

09/03/2020

OFAC and Delaware sign MOU

Treasury has announced a Memorandum of Understanding between OFAC and the Delaware Department of Justice concerning information sharing procedures.

09/03/2020

Comptroller’s Handbook updated

The OCC yesterday issued an updated "Other Real Estate Owned" booklet for the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. The OCC rescinded Bulletin 2018-26, which addressed the previous version of the booklet.

The updated booklet—

  • reflects recent changes to 12 CFR 34, subpart E, including changes to holding period requirements for federal savings associations.
  • reflects changes to other regulations that occurred since the booklet was last issued.
  • reflects changes to OCC issuances published and rescinded since the booklet was last issued.
  • clarifies applicability of certain requirements to covered savings associations.
  • includes clarifying edits regarding supervisory guidance, sound risk management practices, or legal language.
  • revises certain content for general clarity

09/03/2020

7th settlement with CFPB in VA loan ads sweep

The CFPB has announced it has issued a consent order against Accelerate Mortgage, LLC, a Newark, Delaware-based company that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA). Accelerate’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. The Bureau found that Accelerate sent consumers mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z. The consent order requires Accelerate to pay a civil money penalty of $225,000 and imposes requirements to prevent future violations.

The CFPB's action is the seventh case stemming from a Bureau sweep of investigations of multiple mortgage companies that use deceptive mailers to advertise VA-guaranteed mortgages. The Bureau commenced this sweep in response to concerns about potentially unlawful advertising in the market that the VA identified.

For more information on the Bureau's consent order, see BankersOnline's Penalty Page.

09/03/2020

September Beige Book released

The Federal Reserve Board has posted the September 2, 2020, Beige Book, which reports:

  • Overall Economic Activity - Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic
  • Employment and Wages - Employment increased overall among Districts, with gains in manufacturing cited most often. However, some Districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft
  • Prices - Price pressures increased since the last report but remained modest. While input prices generally rose faster than selling prices, they were moderate overall. Notable exceptions included inputs experiencing demand surges or supply-chain disruptions, such as structural lumber, for which prices spiked.

09/04/2020

Companies sanctioned for enabling Iran's petrochemical industry

Treasury has announced that OFAC has designated six entities for their support to Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury in January 2020, and related activities. These entities, based in Iran, UAE, and China, support Triliance’s continued involvement in the sale of Iranian petrochemical products, including efforts by Triliance to hide or otherwise obscure its involvement in sales contracts.

Treasury also reported that the State Department has imposed sanctions on five entities for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran. The Department of State also sanctioned three individuals who are principal executive officers of the sanctioned entities.

For identification of the sanctioned individuals and entities, see BankersOnline's OFAC Update.

09/03/2020

OFAC adjusts CMP caps for recordkeeping and reporting violations

The Treasury Department's Office of Foreign Assets Control (OFAC) has today published at 85 FR 54911 in the Federal Register an interim final rule adjusting for inflation its civil monetary penalties for failure to comply with certain recordkeeping and reporting requirements, which are contained in OFAC’s Economic Sanctions Enforcement Guidelines in OFAC’s Reporting, Procedures and Penalties Regulations. The rule, which will amend Appendix A to 31 CFR Part 501, becomes effective October 5, 2020. Comments on the rule will be accepted through that date.

09/02/2020

OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations of OCC-supervised institutions that became public in August. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Of the 20 evaluations listed, twelve are rated satisfactory, and one is rated needs to improve. Our congratulations to the seven institutions that received Outstanding ratings:

09/02/2020

Two more brokers caught in CFPB VA loan ads sweep

The Consumer Financial Protection Bureau has announced settlements with, and the issuance of consent orders to, two mortgage brokers over UDAAP, MAP Rule and Regulation Z violations involving advertisements for VA-guaranteed loans.

  • Hypotec, Inc. is a mortgage broker based in Miami, Florida, licensed in eight states. Hypotec offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs. Hypotec advertises its VA-guaranteed loans to U.S. military servicemembers and veterans through using direct mail. The Bureau found that Hypotec sent consumers numerous mailers that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s prohibition against deceptive acts and practices, the Mortgage Acts and Practices—Advertising Rule (MAP Rule), and Regulation Z. The consent order requires Hypotec to pay a civil money penalty of $50,000 and imposes requirements to prevent future violations.
  • Service 1st Mortgage, Inc. is a mortgage broker based in Glen Burnie, Maryland, licensed in about 12 states. Service 1st also offers and provides VA-guaranteed mortgage loans. Service 1st's principal means of advertising VA loans is via direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. The Bureau found that in advertising VA-guaranteed mortgages Service 1st sent consumers numerous mailers that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s prohibition against deceptive acts and practices, the Mortgage Acts and Practices—Advertising Rule (MAP Rule), and Regulation Z. The consent order requires Service 1st to pay a civil money penalty of $230,000 and imposes requirements to prevent future violations.

09/02/2020

Agencies' statement on Hurricane Laura and California wildfires

The OCC, Fed, FDIC, NCUA, and Conference of State Bank Supervisors issued a joint press release to state they recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

09/02/2020

Agencies extend comment period on Flood Insurance Q&As

The Fed, FDIC, NCUA, OCC, and the Farm Credit Administration have announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance to end on November 3, 2020.

The agencies are extending the comment period because of the extent of the revisions proposed by the agencies and in light of the challenges associated with the COVID-19 pandemic. The extension will allow interested parties additional time to analyze the issues and to prepare comments. The proposed Interagency Questions and Answers, which were issued in July 2020, provide information addressing technical flood insurance-related compliance issues. The previous deadline for comments was September 4, 2020.

09/02/2020

North Korea ballistic missile procurement advisory

The Treasury Department has announced it has issued a North Korea Ballistic Missile Procurement Advisory to alert industry worldwide to North Korea’s ballistic missile procurement activities. This advisory identifies three key North Korean procurement entities:

  • Korea Mining Development Trading Corporation (KOMID), aka Changgwang Sinyong Corporation, External Technology General Corporation, Korea Kumryong Trading Company, Korean Mining and Industrial Development Corporation
  • Munitions Industry Department (MID), aka Military Supplies Industry Department
  • Second Academy of Natural Sciences (SANS), aka National Defense Academy

The advisory also describes deceptive techniques employed by North Korean proliferators and procurement networks, provides an overview of U.S. sanctions authorities related to DPRK proliferation, and lists North Korea-related sanctions enforcement resources:

09/02/2020

Assistance for Hurricane Laura victims

HUD has announced federal disaster assistance for the State of Louisiana to provide support to homeowners and low-income renters displaced from their homes in areas affected by Hurricane Laura. On August 28, President Trump issued a major disaster declaration for Allen, Beauregard, Calcasieu, Cameron, and Jefferson Davis parishes. The declaration allows HUD to offer foreclosure relief and other assistance to impacted families living in these counties, including:

  • Providing immediate foreclosure relief - HUD’s automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the Louisiana counties covered under the Presidential declaration on the date of the declaration. Borrowers can call their loan servicer or FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for assistance.
  • Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims whose homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary and are facing the daunting task of rebuilding or buying another home. Section 203(h) borrowers are eligible for 100 percent financing, including closing costs;
  • Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. Call FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for a list of area lenders.
    Making information on housing providers and HUD programs available - The Department will share information with the Federal Emergency Management Agency (FEMA) and the state on housing providers that may have available units in the impacted counties. This includes public housing agencies and multi-family owners. The Department will also connect FEMA and the state to subject matter experts to provide information on HUD programs and providers.

09/02/2020

Justice seeks input on bank merger review updates

The Department of Justice announced yesterday it is seeking public comments into whether the division should revise the 1995 Bank Merger Competitive Review guidelines to reflect emerging trends in the banking and financial services sector and modernize its approach to bank merger review under the antitrust laws.

In particular, the division seeks public comments on the issues found in the Antitrust Division Banking Guidelines Review - Public Comments Topics & Issues Guide. The division has and will continue to consult with the Federal Reserve and other banking agencies and will review and consider public comments before deciding on the most appropriate course of action. Comments will be accepted through October 1, 2020.

09/02/2020

OCC CRA exam schedule released

The Office of the Comptroller of the Currency has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2020 and first quarter 2021.

09/02/2020

Unlawfully disclosed SARs

FinCEN issued this statement on Tuesday:

"The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago. As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can impact the national security of the United States, compromise law enforcement investigations, and threaten the safety and security of the institutions and individuals who file such reports. FinCEN has referred this matter to the U.S. Department of Justice and the U.S. Department of the Treasury’s Office of Inspector General."

09/01/2020

SEC updates PAUSE list

The Securities and Exchange Commission has announced it updated its Public Alert: Unregistered Soliciting Entities (PAUSE) list of entities that use misleading information to solicit primarily non-U.S. investors, adding 23 soliciting entities, eight impersonators of genuine firms, and seven bogus regulators.

09/01/2020

CARES funding for Tribes

The Department of Housing and Urban Development has announced that it has awarded a total of $100 million to tribes across the nation as part of HUD’s Indian Community Development Block Grant Imminent Threat program (ICDBG-CARES). This funding helps address problems that pose an imminent threat to public health or safety of tribal residents and will be used to help tribes prevent, prepare for, and respond to COVID-19. These funds, provided through the CARES Act, support several projects on tribal lands across the United States, such as:

    >li>construction of new rental housing to address overcrowding and homelessness;
  • construction of water infrastructure, including water wells and water lines;
  • purchase and renovation of an old clinic facility to facilitate access to testing, diagnosis, and treatment of tribal members; and
  • provision of emergency food supplies to geographically isolated communities.

09/01/2020

FTC to add celebs to real estate scheme case

The Federal Trade Commission is seeking to name celebrity real estate investment promoters Dean Graziosi and Scott Yancey as defendants in a case for their roles in a massive real estate training scheme that bilked consumers out of more than $400 million.

Graziosi is known for his appearances in infomercials promoting his books on real estate investing and is a self-described New York Times best-selling author, entrepreneur, and investor. Yancey was the star of the reality television series “Flipping Vegas” that aired on the A&E television network between 2011 and 2014.

09/01/2020

Bureau report on early effects of COVID-19 on consumer credit

The CFPB has released a special data-point brief describing trends in delinquency rates, payment assistance, credit access, and account balance measures with a focus on the period since the start of the COVID-19 pandemic (March 2020). Based on the credit outcomes analyzed, this report shows that through June 2020 consumers did not experience many of the negative credit consequences that might be expected during periods of high unemployment and large income shocks.

The analysis shows that between March and June of 2020 delinquencies declined on auto loan, mortgage, student loan, and credit card accounts, while the number of accounts with zero payment due (assistance) increased. Financial institutions also appear to have responded by increasing closures of credit card accounts and halting limit increases, but these actions have not significantly limited overall access to credit. As of June 2020, consumers also do not appear to have responded to adverse financial conditions by increasing balances, consistent with reports showing significant decreases in consumer spending since the start of the COVID-19 pandemic.

09/01/2020

Remittance transfer providers settle with CFPB

The Consumer Financial Protection Bureau has announced settlements with Trans-Fast Remittance LLC and Sigue Corporation and its subsidiaries, SGS Corporation and GroupEx Corporation. Trans-Fast is a former remittance transfer provider based in New York City, and was licensed in over 30 states. Sigue and its subsidiaries, which are all headquartered in Sylmar, California, provide consumers with international money-transfer services, including remittance-transfer services.

The Bureau found that Trans-Fast and Sigue and its subsidiaries violated the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA. The Bureau also found that Trans-Fast violated the Consumer Financial Protection Act of 2010’s (CFPA) prohibition against deceptive acts or practices. The consent orders require the companies to pay civil money penalties and impose requirements to prevent future violations. Sigue and its subsidiaries must also pay consumer redress.

Details of the Bureau's findings, the settlements, and links to the settlement orders can be found in our BankersOnline Penalties page.

09/01/2020

NCUA Issues one prohibition notice

The National Credit Union Administration issued one prohibition notice in August. A former employee of Northland Area Federal Credit Union, Oscoda, Michigan, has been barred from employment or other participation in the affairs of any depository institution or credit union because she had been sentenced on a charge of embezzlement.

09/01/2020

FedNow Service webinar scheduled

FRB Services has scheduled a one-hour informational webinar on its FedNow℠ instant payment service for Wednesday, September 9, at 2:00.p.m. ET. Interested parties must Register and submit any questions in advance.

09/01/2020

FDIC posts CRA exam schedules

The FDIC has released its CRA examination schedules for the fourth quarter of 2020 and first quarter of 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

08/31/2020

SEC charges in Ponzi scheme victimizing African immigrants

The SEC announced on Friday it has charged two Maryland companies and their principals for a scheme that allegedly defrauded approximately 1,200 investors, many of them African immigrants, of more than $27 million. According to the SEC’s complaint, Dennis Jali, John Frimpong, and Arley Johnson, directly and through their companies 1st Million LLC and The Smart Partners LLC, falsely told investors that their funds would be used by a team of skilled and licensed traders for foreign exchange and cryptocurrency trading, promising risk-free returns of between 6% and 42%.

The complaint alleges that the defendants often targeted vulnerable African immigrants and exploited their common ancestry and religious affiliations. The complaint further alleges that Jali, who claimed to be a pastor and falsely held himself out as a self-made millionaire and expert trader, rented office space to conduct in-person meetings and give the appearance of a legitimate company. The SEC also alleges the defendants diverted investor funds for personal use and to make Ponzi payments to prior investors.

08/31/2020

Guidance on deferring payroll tax obligations

Treasury and the IRS have announced new guidance that allows employers to defer withholding and paying the employee’s portion of the Social Security payroll tax during the period from September 1 to December 31, 2020, if the employee’s wages or compensation during any bi-weekly pay period generally are less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay cycles. The withholding and payment of the taxes would be deferred until the period beginning January 1, and ending April 30, 2021.

The IRS guidance is permissive. Employers are not required to defer the collection and payment of the tax.

08/31/2020

FDIC guidance - California wildfires relief

In FIL-85-2020, The FDIC has announced steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires that began August 14 and are continuing.

  • The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in California on August 22, 2020. FEMA may make additional designations after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the wildfires.
  • Banks that extend repayment terms, restructure existing loans, or ease terms for new loans in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
  • Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.
  • The FDIC also will consider regulatory relief from certain filing and publishing requirements.

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