ProBank Austin Advisor

June 21, 2021 - 1 min read

The view that inflation is temporary continues to drive the bond market and the Fed. The FOMC meeting did have an impact on financial markets last week. Stocks declined and bond prices increased. The Fed did not change its current accommodative monetary policy position and did not issue any real change in guidance as to…

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CFPB Issues Special Edition of Supervisory Highlights for COVID-19 Prioritized Assessments

June 21, 2021 - 6 min read

The Consumer Financial Protection Bureau (CFPB) published a Special Edition of Supervisory Highlights to share its observations in its prioritized assessment supervisory work conducted last year after the sudden onset of the COVID-19 pandemic. These assessments focused on assessing risks to consumers resulting from the pandemic. In May of 2020, the CPFB rescheduled about half of…

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CFPB Rescinds Temporary Policy Statements

June 16, 2021 - 4 min read

Following the onset of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a number of policy statements to provide temporary flexibilities and guidance for financial institutions in consumer financial markets, including mortgages, credit cards, credit reporting and prepaid cards, on complying with their legal and regulatory obligations. Effective April 1, 2021, the CFPB…

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The Great Pandemic-Induced Delivery Channel Transformation of 2021

June 15, 2021 - 10 min read

2020 was the year of the great pivot.  Nearly every service industry pivoted from in-person service to something less personal, less interactive, and less direct.  Now that we are anticipating an expiration date on the pandemic, the pivoting continues for bank management.  This time, however, the pivot is how bankers are viewing their branch network. …

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ProBank Austin Advisor

June 14, 2021 - 1 min read

The FOMC meets this week and must address the inflation data being reported. The FOMC meets this week with no expectation they will change their current accommodative monetary policy positions. The key issue is how they will react to the inflation data of the last three months. The core PCE price index is up 3.1%…

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NCUA Outlines 2021 Supervisory Priorities

June 14, 2021 - 4 min read

The NCUA remains committed to incorporating efficiencies into its examination and supervision program to address the effects of the COVID-19 pandemic on credit unions and their members. As the economic impact of the COVID-19 pandemic evolves, the NCUA will continue to provide the necessary guidance. Under its Letter to the Credit Unions, 21-CU-02 issued in January 2021,…

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NCUA: Joint Ownership Share Accounts

June 11, 2021 - 1 min read

The NCUA Board (Board) amended its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund (NCUSIF) effective March 26, 2021. The final rule provides an alternative method to satisfy the membership card or account signature card requirement necessary for insurance…

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FinCEN Highlights BSA FAQs for Paycheck Protection Program

June 10, 2021 - 3 min read

FinCEN recently updated its Frequently Asked Questions regarding the implementation of the Paycheck Protection Program (PPP), established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). The Small Business Administration (SBA) has issued FAQs regarding implementation of the PPP, some of which involve explaining the requirements under the Bank Secrecy…

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Extension of COVID-19 Forbearance and Foreclosure Protections for Homeowners

June 9, 2021 - 1 min read

The Biden Administration announced the extension of certain protections for homeowners due to the COVID-19 pandemic triggering a housing affordability crisis. The Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA) announced a coordinated extension and expansion of forbearance and foreclosure relief programs that were due to…

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ProBank Austin Advisor

June 7, 2021 - 1 min read

The economy remains short of the supply of goods while consumption surges. The important employment data for May was released last Friday. Nonfarm payroll growth was double the growth reported for April but below consensus forecasts. The 559,000 increase in jobs in the corporate survey was low enough to keep the Fed on course to…

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