Happy National Donut Day
(Yes, apparently it's a thing)

Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

From the CFPB:
Mortgage Servicing FAQs - The Bureau released a set of FAQs that discuss certain topics relating to escrow accounts under Regulation X. The FAQs provide a general overview of the escrow account provisions in Regulation X, and they address topics such as deficiencies, shortages, and surpluses. (Published June 3, 2021)

EFT FAQs - The Bureau issued FAQs regarding the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation. (Published June 4, 2021)

From the FRS:
Regulation D Final Rule - The Federal Reserve Board announced the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves (IORR) rate and to an interest on excess reserves (IOER) rate, replacing them with a single interest on reserve balances (IORB) rate. This is effective as of July 29, 2021. (Published June 2, 2021)

FedNow Funds Transfer - The Federal Reserve Board invited comments on a proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023. The proposed rule would establish a new and comprehensive set of rules governing funds transfers over the FedNow Service and set out the legal rights and obligations of the Reserve Banks and FedNow Service participants. Many of the concepts in the proposed rule are similar to existing provisions that govern the Fedwire Funds Service, which is the payments service currently operated by the Federal Reserve System. (Published June 1, 2021)

Beige Book - The Federal Reserve reports that the national economy is expanding at a moderate pace, although there are adverse impacts of supply chain disruptions. Lending increased modestly, with gains in both commercial and household loans. (Published June 2, 2021)

Prohibition Order - An employee misappropriated funds from a customer's account and from teller drawer. (Published June 3, 2021)

From the FTC:
MoneyGram Refunds - In February 2021, prefilled forms were mailed to victims who had previously been identified. Beginning June 1, 2021, people who did not receive prefilled forms but were victimized through MoneyGram may file claims online or obtain a paper claim form (referred to as a petition) on the website: www.moneygramremission.com. These claims must be submitted by August 31, 2021. The claims process is being overseen by the U.S. Postal Inspection Service. (Published June 1, 2021)

2020 Financial Acts Enforcement Report - The FTC provided a report to the CFPB on enforcement and related activities regarding TILA, CLA, and EFTA. The report includes the FTC’s enforcement actions related to automobile purchases and financing, payday lending, credit repair and debt relief, and electronic fund transfers.

From the NCUA:
21-RA-07 Equal Credit Opportunity Act - The Regulatory Alert reiterates the CFPB's March 16, 2021 Interpretive Rule which clarifies that the prohibition against sex discrimination in the ECOA encompasses discrimination based on sexual orientation and gender identity discrimination. (Published June 1, 2021)

CDRLF Annual Report to Congress - In 2020, the NCUA devoted nearly all CDRLF efforts to help credit unions and their members meet the significant challenges posed by the COVID-19 pandemic. Overall, the NCUA received 432 technical assistance grant and loan requests for a total of $7.6 million. The agency’s funding capacity allowed it to award $3.7 million in technical assistance grants and loans to 165 credit unions. Additionally, the NCUA awarded 149 credit unions in 42 states and the District of Columbia more than $968,000 in urgent need grants. (Published June 1, 2021)

Quarterly Credit Union Data Summary Report - Federally insured credit unions reported net income growth of $11.3 billion, or 134.9 percent, over the year ending in the first quarter of 2021. The increase in net income was due in large part to strong growth in other operating income and a decline in the provisioning for loan, lease, and credit loss expenses. Insured shares and deposits rose $286 billion, or 22.4 percent, to $1.56 trillion over the same period. (Published June 4, 2021)

Letter to Credit Unions 21-CU-04 Renewal of Prompt Corrective Action Relief - Due to the continued impact of COVID, the NCUA has reintroduced two temporary changes to it's Prompt Corrective Action regulation. The first change allows the NCUA to waive the earnings-retention requirements for adequately capitalized credit unions. The second change allows a credit union that experienced a decline in its net worth ratio due predominantly to temporary share growth may submit a streamlined net worth restoration plan. (Published June 4, 2021)

From the SBA:
Statement on the Closure of Paycheck Protection Program - The PPP has provided nearly $800 billion to small businesses and nonprofits across the nation, fueling the economy by supporting over 8.5 million small businesses and nonprofits. Existing borrowers may still be eligible for PPP loan forgiveness. (Published 06/01/2021)

From the Treasury:
General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals - The report contains details on the Biden administration's proposed tax changes to fund the 2022 budget. Proposals include includes increases in the corporate tax rate to 28% and an increase in the individual tax rate to 39.6%, a book earnings minimum tax, significant changes to international taxation rules, and elimination of the capital gains rate preference and step-up in basis at death. (Published May 28, 2021)

From the OCC:
The OCC is offering a number of virtual presentations in June:
Building Blocks for Directors: Keys to Success (June 8)

From the Washington DFI:
Spring 2021 Division of Consumer Services Newsletter: Topics covered in this edition include: a message from Cindy Fazio, DFI's Launch of Center for FinTech Information, the Importance of Authorized Delegates, Common Exam Findings, as well as legislative and rulemaking updates. (Published June 1, 2021)

Money Transmitters and Currency Exchangers Annual Assessments: All Money Transmitters and Currency Exchangers Annual Assessments are due by close of business on July 1, 2021. In order to avoid late fees and penalties, all assessment reports and payments must be filed by close of business (5pm Pacific Standard Time) on July 1, 2021. This means you must have submitted your annual assessment online, uploaded all necessary documents into NMLS, attested to the accuracy of the report, and made your electronic payment through the system by that deadline.

Online Bank Eliminates Overdraft Fees - The bank studied research that found that overdraft fees disproportionately affect Black and Latino households. (Published June 2, 2021)

Financial Services Digital Fraud Increase - TransUnion reports that suspected digital fraud attempts against financial services companies increased 109% from the last four months of 2020 to the first four months of 2021. (Published June 3, 2021)

Spudnuts were the donuts that I grew up on. These are made with a dry potato mix, which makes these nothing like your normal donut. Once you've had one, you'll never go back.

In the 1950's, there were over 300 Spudnut Shops throughout the U.S. Today there are about 35.
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