Current Industry News
Attorney General Becerra Leads Effort to Defend Federal Regulations Protecting Underserved Communities from Banking Discrimination
SACRAMENTO – California Attorney General Xavier Becerra today announced leading a coalition of 22 attorneys general in filing a comment letter urging the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to withdraw a proposed rule that threatens to undermine the Community Reinvestment Act (CRA) and Congressional efforts to combat banking discrimination. The CRA is a critical civil rights tool that is responsible for directing trillions of dollars in investments back to low- and moderate-income communities. It also provides access to financial services and loans that incentivize the availability of affordable housing and support small businesses across the country.
Banks blame AML rules for emergency loan logjam
U.S. banks, facing criticism for prioritizing existing customers over new ones who are seeking coronavirus rescue loans, put the blame on federal rules meant to catch terrorists and money launderers. The lenders, who have been getting beaten up by small businesses and lawmakers alike, have urged a little-known agency charged with monitoring suspicious financial transactions for relief from the stringent regulations. But their requests have gone unheeded for now.
Fed modifying asset cap so Wells Fargo can make more small business loans
WASHINGTON (Reuters) – The U.S. Federal Reserve said on Wednesday it would “temporarily and narrowly” modify the growth restriction on Wells Fargo & Co’s (WFC.N) balance sheet, allowing the bank to make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.
CROWN ASSET MANAGEMENT SUPPORTS FRONTLINE COVID-19 HEALTHCARE WORKERS
Duluth, Georgia, April 7, 2020 — Crown Asset Management, LLC announced today that it has made a contribution to a local food service provider, Gourmet Innovations, to fund meals for frontline service care providers involved in the fight against the coronavirus pandemic in the Atlanta metropolitan area.