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July 2019 - Compliance Alert

The Consumer Financial Protection Bureau (CFPB)

CFPB and Others Announce Equifax Data Breach Settlement

The Consumer Financial Protection Bureau, Federal Trade Commission, 48 states, Puerto Rico, and the District of Columbia announced a settlement with Equifax. The settlement would provide up to $700 Million in relief and penalties. This comes after a complaint that Equifax participated in unfair and deceptive practices involved with an Equifax data breach in 2017 that impacted 147 million consumers.

 

Office of the Comptroller of Currency (OCC)

OCC and Other Agencies Propose Rule Regarding Land Development Loans

The Office of the Comptroller of the Currency and other regulatory agencies asked for public comment on a proposed change to the treatment of land development loans under the agencies’ capital rules. This proposal aims to clarify the treatment of this type of loan and expand on a September 2018 proposal to revise what high volatility commercial real estate (HVCRE) means.

 

Securities and Exchange Commission (SEC)

SEC and Other Agencies Accept Rule to Exclude Community Banks from Volcker Rule

The Securities and Exchange Commission and the other federal financial regulatory agencies adopted a final rule, excluding community banks from the Volcker Rule. This decision is in line with the stipulations of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

 

The Federal Deposit Insurance Company (FDIC)

FDIC, Other Regulatory Agencies, and FinCEN Improve BSA/AML Supervision Transparency

The Federal Deposit Insurance Corporation, the other federal financial regulatory authorities, and FinCEN released a statement as part of an ongoing effort to increase transparency regarding risk-based BSA and AML supervision. The statement outlines assessment practices for a bank’s money laundering and terrorist financing risk.

 

Federal Reserve Board (FRB)

FRB and Other Regulatory Agencies Will Not Take Action on Volcker Rule Restrictions for Certain Foreign Funds

The Federal Reserve Board and other regulatory bodies announced that they would not take action on Volcker Rule Restrictions involving certain foreign funds for an additional two years. These foreign funds are excluded from the definition of covered funds as established by the agencies’ regulations.


June 2019 - Compliance Alert

The Consumer Financial Protection Bureau (CFPB)

CFPB Holds First Symposium on June 25

The Consumer Financial Protection Bureau announced that it would hold its first symposium at 9AM on June 25. This will be part of a series that was announced earlier this year. The symposium will focus on the prohibition of abusive acts or practices in the Dodd-Frank Act and will be broadcast on the CFPB’s website.

 

Office of the Comptroller of Currency (OCC)

OCC Extends DFAST Requirements

The Office of the Comptroller of the Currency has extended the Dodd-Frank Act Stress Test (DFAST) deadline for compliance to November 25, 2019. This decision was made considering that national banks and federal savings associations with consolidated assets between $100 billion and $250 billion are not subject to the DFAST requirements as of November 24, 2019, in order to avoid unnecessary regulatory burden on these institutions.

 

Securities and Exchange Commission (SEC)

SEC Will Host 2019 Government-Business Forum in Omaha

The Security and Exchange Commission announced that it will host the 38th annual Government-Business Forum. The forum will be held in Omaha, Nebraska on August 14, 2019. The forum will give a platform to point out potential problems for capital formation and help produce recommendations to improve the atmosphere for small businesses.

 

The Federal Deposit Insurance Company (FDIC)

FDIC and Other Agencies Release Distressed or Underserved Nonmetropolitan Middle-Income Geographies List

The Federal Deposit Insurance Corporation and several other agencies released the 2019 list of distressed or underserved nonmetropolitan middle-income geographies. The communities highlighted on the list are eligible for Community Reinvestment Act (CRA) consideration. You can find the criteria used to designate these areas on the FFIEC website.

 

Federal Reserve Board (FRB)

FRB and Other Agencies Issue Rule Streamlining Regulatory Reporting Requirements

The Federal Reserve Board and the other two federal bank regulatory agencies issued a final rule that will streamline regulatory reporting requirements for small institutions. The changes made to the rule would allow certain institutions with total assets of less than $5 billion to file the simplest version of the Call Report.


May 2019 - Compliance Alert

 

Securities and Exchange Commission

SEC Emergency Order Halts ICO Scheme

The Securities and Exchange Commission announced that it had obtained a court order that halted a Ponzi scheme that targeted over 300 investors. The charges were made against Argyle Coin, LLC, a Florida-based cryptocurrency company. The complaint alleges that Argyle Coin used investor funds to pay former investors returns on their investments.

The Federal Reserve Board

FRB Requests Comment on Proposal to Change Regulation EE

The Federal Reserve Board announced that it would seek public comment on a proposed amendment to Regulation EE, which would provide netting protections to a broader range of financial institutions, reducing risk and increasing efficiency in the financial system.

The Consumer Financial Protection Bureau (CFPB)

CFPB Outlines Process Review of Regulations Under RFA

The Consumer Financial Protection Bureau announced its plans to review regulations under the Regulatory Flexibility Act, which specifies that certain rules need to be reviewed by agencies within 10 years of their publication. After the review, the CFPB will decide if the rule should stay as is, be amended, or be rescinded.

CFPB Issues Two Notices of Proposed Rulemaking

The Consumer Financial Protection Bureau issued to Notices of Proposed Rulemaking in May. The first proposal was to implement the Fair Debt Collection Practices Act (FDCPA).The FDCPA would give protections to consumers against harassment from debt collectors and provide straightforward processes for disputing debts. The second proposal regards changes to the Home Mortgage Disclosure Act. The changes would raise the threshold for collecting and reporting data about closed-end mortgage loans and open-lines of credit.

Other Regulatory Bodies

FTC Completes Its Review of Holder Rule

The Federal Trade Commission announced that it completed its review of the Holder Rule. The Holder Rule protects consumers who use credit obtained from merchants to buy products and services. The FTC received comments and after the review, it was decided that there is a continued need for the Holder Rule.

April 2019 - Compliance Alert

The Office of the Comptroller of the Currency (OCC)

OCC and Other Agencies Request Comment on Revisions to the Supplementary Leverage Ratio

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation announced that they will be seeking comment on a proposed change to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) that requires agencies to permit firms that engage in custody, safekeeping, and asset servicing to exclude certain central bank deposits from their supplementary leverage ratio.

 

Securities and Exchange Commission

Two Agencies Hold Compliance Outreach Program for Broker-Dealers

The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) announced that they will hold the 2019 National Compliance Outreach Program for Broker-Dealers on June 27 in Chicago. This program provides regulators and industry professionals to discuss how they can best protect investors.

The Federal Reserve Board

FRB Invites Comment on Proposed Change to Simplify Rules for Determining Control of a Banking Organization

The Federal Reserve Board (FRB) announced that it would be requesting public comment on proposed changes that would simplify the rules for determining the control of a banking organization and increasing transparency. This proposal would set up a regulatory framework for determining control.

The Federal Deposit Insurance Corporation (FDIC)

FDIC Requests Comment on New Approaches for IDI Rule

The Federal Deposit Insurance Corporation (FDIC) announced that it would be requesting comments on how they can improve their rule that requires some insured depository institutions (IDIs) to submit resolution plans.

The National Credit Union Administration (NCUA)

NCUA Requests Comment on Regulation for Compensation Regarding Loans

The National Credit Union Association announced that it would be seeing public comment on the proposed modernization to regulations that deal with compensation connected with lending. The Board is considering these changes as part of their regulatory reform agenda.

The Consumer Financial Protection Bureau (CFPB)

CFPB Announces Changes to CID Policies

The Consumer Financial Protection Bureau announced that it would be changing policies regarding Civil Investigative Demands (CIDs). These updated policies are designed to ensure that more information is available about which laws may have been violated, prompting an investigation. They’ll also specify what activities the Bureau is responsible for monitoring and which specific issues the CID is addressing to further increase transparency.

March 2019 - Compliance Alert

 

 

The Office of the Comptroller of the Currency (OCC)

Comptroller Supports Activities-Based Approach for Identifying Risk

Joseph Otting, Comptroller of the Currency announced his support for the proposed revision to the process in which the Financial Stability Oversight Council’s (FSOC) identifies potential market-wide risks and the way in which the FSOC designates individual companies as systematically important. Otting said “this approach would rely on the expertise of the primary regulators to address the identified risks” and that the proposal “ensures FSOC continues to serve its primary function in a transparent, efficient, and effective manner”.

 

Securities and Exchange Commission

SEC HIts Volkswagen with Fraud Regarding Emissions Claims 

The Securities and Exchange Commission charged Volkswagen, two of its subsidiaries, and its former CEO with violating federal securities laws by defrauding their investors and raising money with false claims about their “clean diesel” fleet and the impact this had on the environment. The SEC’s complaint alleges that Volkswagen Senior Executives knew that more than half-a-million vehicles did not meet legal emission’s limits and made false claims about vehicles to investors.

 

The Federal Reserve Board

FRB and FDIC Announce Public Meetings on BB&T and SunTrust Merger 

The Federal Reserve Board and Federal Deposit Insurance Corporation announced that the two agencies would hold two meetings to discuss the proposed merger of BB&T Corporation and SunTrust Banks and collect information on the necessity and convenience of such a merger on the communities that are served. The first meeting will be held on March 25 at 8:30 AM in Charlotte, NC and the other will be held on May 3 at 8:30 AM, in Atlanta GA. 

 

The Federal Deposit Insurance Corporation (FDIC)

FDIC and Other Agencies Adopt Rule to Ensure Transfer of Legacy Swamps

The Federal Deposit Insurance Corporation and four other federal agencies adopted a new rule that allows the transfer of qualified swamps from UK entities to affiliates in the EU and US without triggering new margin requirements. This new rule was made in response to the potential non-negotiated withdrawal of the UK from the EU. A 30-day comment period is open, despite the rule being made immediately effective.

 

The National Credit Union Administration (NCUA)

Senate Comfirms New NCUA Board Members

The US Senate confirmed two new members to the National Credit Union Administration Board, Rodney Hood and Todd Harper. Their terms will begin once they are both sworn into office, Hood’s continuing until 2023 and Harper’s until 2021. NCUA Board Chairman, J. Mark McWatters congratulated both on their confirmation and said he looked forward to “working with both of them in a collegial, bipartisan manner”.

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