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 […]
Tag: Federal Reserve
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. […]
AGENCIES ANNOUNCE 2022 CRA ASSET-SIZE THRESHOLDS
On December 16, 2021, the Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. As a result of the 4.73 percent increase in the CPI-W for the period ending in November 2021, the definitions of small and intermediate small banks for CRA examinations will change as follows: Small bank means an institution […]
INTERAGENCY STATEMENT ON STORM DAMAGE
On December 15, 2021, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the currency, the National Credit Union Administration, and the Conference of State Bank Supervisors (the Agencies) issued an interagency statement that states that the agencies recognize the serious impact of tornadoes 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 […]