On November 17, 2021, the Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) released a final rule that requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification […]
Category: Federal Reserve Board
PLAN FOR PROPERTY APPRAISAL AND VALUATION EQUITY
Over the past few years, stories have circulated about properties being appraised for less than typical market value. When the property is reappraised, after the homeowner removes all evidence of his or her blackness, the property appraises for market value. On October 14, 2020, it was reported that an unnamed individual (Complainant) filed a complaint against JPMorgan Chase Bank, N.A. with the United States Department of Housing and Urban Development (“Department”), alleging Complainant was injured […]
INTERAGENCY STATEMENT ON SPECIAL PURPOSE CREDIT PROGRAMS
On February 22, 2022, The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (hereafter, the agencies) issued an interagency statement to remind creditors of the ability […]
FED INTRODUCES SYNTHETIC IDENTITY FRAUD MITIGATION TOOLKIT
Recently, the Federal Reserve board introduced a Synthetic Identity Fraud Mitigation Toolkits. The free toolkit consists of four modulus that provide a quick introduction to the topic. Synthetic Identity Fraud: The Basics– explains what synthetic identity fraud is, why you should care, and why fraudsters commit this type of fraud. How Synthetic Identities are Used– describes what is hiding in your portfolio and how fraudsters use synthetics to commit fraud and increase their payouts. When […]
FED SEEKS INPUT ON DIGITAL CURRENCY
On January 20, 2022, the Federal Reserve Board released a 40-page discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, that examines the pros and cons of a potential U.S. central bank digital currency (CBDC). It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome. […]