NewsWatch Today

The Financial Crimes Enforcement Network issued an advisory on the Financial Action Task Force’s reissued list of jurisdictions with strategic deficiencies in countering money laundering, terrorist financing, and proliferation financing.

The Financial Stability Oversight Council will launch an activities-based review of the secondary mortgage market, the Federal Housing Finance Agency said.

Paycheck Protection Program lenders must submit the first monthly PPP 1502 report by tomorrow, July 15, according to a new procedural notice issued Monday night by the SBA. The SBA said it is granting a two-day grace period for this month's report.

With Congress continuing to debate the next economic stimulus package, community bankers can continue using ICBA's Be Heard grassroots action center to weigh in with recommendations.

Lenders under $10 billion in assets have made some 2.52 million PPP loans worth more than $229 billion through both rounds of funding, according to SBA data through July 10.

ICBA told Nacha that it generally supports a provision in proposed operating rule updates that would employ ACH as a low-cost account-validation method for originators, though it is concerned with the burden on receiving institutions.

The Consumer Financial Protection Bureau released a report on how credit builder loans could help consumers establish credit records and improve the credit scores of those with no outstanding debt. CBLs generally require borrowers to make installment payments before receiving funds.

ICBA told the FDIC that commercial firms should not own full-service banks or industrial loan companies, even if they are subject to enhanced supervision and regulation.

This year’s Crowe Compensation and Benefits Survey asks about how the COVID-19 pandemic, working remotely, and personal protective equipment are affecting the banking industry.

The Consumer Financial Protection Bureau released a report documenting changes in how consumers have used debt settlement and credit counseling for unsecured debt.

The House Appropriations Committee approved fiscal 2021 agriculture and rural development legislation. The bill allows for a combined $153 billion in discretionary and mandatory funding, an increase of $331 million over fiscal 2020.

Fintech company SoFi applied for a full-service national bank charter with the OCC after withdrawing its industrial loan company application nearly three years ago, according to reports.