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March 2021 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Abusiveness Policy Statement Rescinded  

The Consumer Financial Protection Bureau announced that it would rescinding its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices”, a policy statement issued on January 24, 2020. In order to better protect consumers and the marketplace and to enforce the law as it was written by Congress, the CFPB intends to use its authority as supervisor and enforcer with the full scope of its authority, established by the Dodd-Frank Act.  

  

The Office of the Comptroller of the Currency (OCC) 

OCC and Other Agencies Seek Opinions on Use of Artificial Intelligence      

The Office of the Comptroller of the Currency and four other federal regulatory agencies are looking for more information regarding the use of artificial intelligence (AI) by financial institutions. They are looking for information on the use of AI in activities such as fraud prevention, customer service personalization, credit underwriting, and other operations.  

    

Federal Reserve Board

FRB Announces Restrictions on Bank Holding Company Dividends Ending for Most on June 30    

The Federal Reserve Board announced that temporary and additional bank holding company dividend and share repurchase restrictions will end for most institutions on June 30, after stress tests are completed and depending on the institution’s capital levels. If capital levels are above what is required by the stress test, the firm will no longer be subject to the additional restrictions.  

 

National Credit Union Administration

NCUA Board Extends CUSO Rule Comment Period 

The NCUA Board unanimously approved a 30-day extension to the comment period regarding the proposed rule on credit union service organizations, Part 712. The rule would increase the number of permissible activities and services for CUSOs, including originating loans that a federal credit union may originate and granting the NCUA Board more flexibility approving permissible activities and services.  

 

 

The Securities and Exchange Commission

SEC Amends and Seek Comment on Holding Foreign Companies Accountable Act 

The Securities and Exchange Commission has implemented an interim final rule applying requirements mandated by congress regarding submission and disclosure requirements of the Holding Foreign Companies Accountable Act (HFCA Act). These amendments apply to those who register with the Commission and meet certain requirements.  

February 2021 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

Making our housing market work better for all Americans

In 2020, the CFPB issued new rules to help ensure borrowers can afford the mortgages they take on. To ensure consumers have the options they need, the CFPB will extend the mandatory compliance deadline for the Qualified Mortgage rules until July 1, 2021.  

  

The Office of the Comptroller of the Currency (OCC) 

Role of Supervisory Guidance: Final Rule     

The Office of the Comptroller of the Currency (OCC) has approved a final rule which confirms that supervisory guidance does not create binding legal obligations for the public. The final rule adopts the proposed rule, which was published on November 5, 2020, without substantive change. The final rule will become effective on March 15, 2021.

     

 

Federal Reserve Board

Federal Reserve Board announces final rule intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions     

The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions.

The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities.

 

 

National Credit Union Administration

Board Approves Joint-Ownership Share Accounts Final Rule

The NCUA Board unanimously approved a final rule amending the NCUA’s regulation governing the requirements for a share account to be separately insured as a joint account. The final rule provides federally insured credit unions with an alternative method to satisfy the membership card or account signature card requirement. For example, under the final rule, the signature card requirement can be satisfied by the credit union having issued a mechanism for accessing the account, such as a debit card, to each co-owner or evidence of usage of the joint share account by each co-owner.

January 2021 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Finalizes Rule on Bureau’s Supervisory Guidance Use  

The Consumer Financial Protection Bureau (CFPB) released a final rule that codifies and amends the clarifications of differences between a regulation and supervisory guidance that were issued by the CFPB and other federal financial regulatory agencies in 2018. Supervisory guidance does not have the force and effect of law as regulations do but are more of an overview of supervisor expectations and best practices.    

  

The Office of the Comptroller of the Currency (OCC) 

OCC Releases Final Rule Ensuring Large Banks Provide Fair Access to Their Services     

The Office of the Comptroller of the Currency (OCC) issued a final rule to ensure that services, capital and credit from large national banks, federal savings associations and federal branches of foreign banks are accessible and codifies years of guidance stating that banks should assess individual customers for risk, rather than making broad decisions about categories of customers.    

 

 

Securities and Exchange Commission

SEC Updates List of Solicitors Using Misleading Information     

The Securities and Exchange Commission (SEC) updated its list of unregistered soliciting entities that use inaccurate information to solicit mostly foreign investors by impersonating genuine firms among other false pretenses. They added 28 entities to the list, which is meant to make sure investors can better inform themselves and avoid scams.         

 

Federal Reserve Board

FRB Releases Final Rule Updating Capital Planning Requirements      

The Federal Reserve Board (FRB) issued a final rule that updates capital planning requirements to fit with other recently modified rules. These requirements are meant to ensure large banks plan for their capital needs for different circumstances.  

 

National Credit Union Administration

NCUA and Other Agencies Issue SAR and AML Requirement FAQs  

The Nationals Credit Union Administration and other Federal Agencies recently released responses they compiled to frequently asked questions (FAQs) regarding suspicious activity reporting (SAR) and other anti-money laundering (AML) rules. The goal of these FAQs is to provide a central resource of information that can clarify regulatory requirements for financial institutions and assist them with compliance efforts.  

December 2020 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Issues Consumer Disclosure Final Rule    

The Consumer Financial Protection Bureau issued a final rule regarding certain consumer disclosures required by the Fair Debt Collection Practices Act. The new rule requires debt collectors to provide in-depth disclosures, detailing the existence of a consumer’s debt and rights in debt collection at the very start of collection communications. They must also provide information to help the consumer respond. The rule also stops collectors from threatening consumers with time-barred debt with lawsuits.    

The Office of the Comptroller of the Currency (OCC) 

OCC Invites Comment on Proposed Rule Modifying Suspicious Activity Report Requirements    

The Office of the Comptroller of the Currency recently released a notice of proposed rulemaking that would allow the OCC to issue exemptions from the requirements of suspicious activity reports (SARs), allowing the agency to grant relief to national banks and federal savings associations that develop more efficient and effective solutions to meet Bank Secrecy Act requirements. The OCC has invited comments on the notice for 30 days after publication in the Federal Register.    

 

Securities and Exchange Commission

SEC Adopts New Rule Limiting Chances of Overlapping or Redundant Regulation     

The Securities and Exchange Commission announced it’s adoption of a rule that would limit the chances of regulations that overlapped or were duplicates of other regulations regarding their security-based swap regulatory system. The rule makes exemptions for some activities of security-based swap organizations from being required to also register as a clearing agency, similar to rules regarding broker-dealers and national securities exchanges.        

 

Federal Reserve Board

FRB and Other Agencies Propose New Computer Security Incident Notification    

The Federal Reserve Board and other federal financial regulatory agencies proposed a new requirement for financial institutions to notify their primary federal regulator if there is a computer security issue as soon as possible. Specifically, banking organizations would be required to issue alerts for incidents that could lead to an inability to deliver services to a large part of its customer base, jeopardize the success of key operations or impact the stability of the financial sector.     

 

November 2020 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB and Other Regulatory Agencies Announce Current Threshold for Smaller Loan Exemption Will Remain the Same   

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the current threshold for loan exemptions from special appraisal requirements for higher-priced mortgage loans will remain the same in 2021 as they were in 2020: $27,000. This threshold amount will go into effect on January 1, 2021. The amount is based on the annual percentage increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2020.      

The Office of the Comptroller of the Currency (OCC) 

OCC and Other Regulatory Agencies Announce Interim Final Rule Providing Relief for Community Banking Organizations    

The Office of the Comptroller of the Currency and other regulatory agencies approved an interim final rule that provides reporting and regulatory relief for some community banking organizations on a temporary basis because of their growth from the COVID-19 response. This temporary increase in size due to COVID response programs like PPP could subject these community banking organizations to new reporting and regulatory requirements.  

 

Securities and Exchange Commission

SEC Announced Amendments to Enhance Certain Financial Disclosure Requirements in Regulation S-K   

The Securities and Exchange Commission adopted amendments that would enhance, modernize and simplify some financial disclosure requirements in Regulation S-K. The changes made are intended to focus the financial disclosures on material information, simplify compliance efforts for registrants and improve disclosure by making it more readable and eliminating repetition and non-material information.         

 

Federal Reserve Board

FRB Issues Final Rule Changing Annual Assessment Fees For Large Financial Company Regulation   

The Federal Reserve Board issued a final rule that modified the annual assessment fees required by the EGRRCPA for supervision and regulation of large financial companies. This rule is almost identical to the proposal issued in November of 2019, raising the threshold at which fees are assessed from $50 billion to $100 billion in total consolidated assets. This rule will be effective thirty days after publication in the Federal Register.    

 

National Credit Union Administration

NCUA and Other Agencies Release Fact Sheet Clarifying BSA Due Diligence for Banks Offering Services to Non-Profits and Charities     

The National Credit Union Administration and other banking regulatory agencies announced the release of a fact sheet that clarifies the need for credit unions and banks that work with non-profits and charities to base their due-diligence efforts to meet BSA requirements regarding these clients on the money laundering risks posed by the customer relationship. It highlights the importance of legitimate charities and non-profits using legitimate channels to transmit funds and have access to financial services, especially when responding to the COVID-19 pandemic. It also clarifies that these types of customers as a whole do not represent a uniform or unacceptably high risk for exploitation.    

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