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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.    

October 2020 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Issues Final Rule Extending GSE Patch    

The Consumer Financial Protection Bureau issued a final rule that extended the Government Sponsored Enterprise (GSE) Patch. The GSE Patch was scheduled to expire on January 10, 2021 but has been extended until the mandatory compliance date of a final rule that amends the QM loan definition in Regulation Z. The GSE Patch will still expire, however, if the GSEs (Fannie Mae and Freddie Mac) exit conservatorship as specified in Regulation Z, a provision which the Bureau will not amend. The hope is to provide a smooth transition away from the GSE Patch while still allowing access to fair mortgage credit when it expires.      

The Office of the Comptroller of the Currency (OCC) 

OCC and Other Agencies Issue Final Rule to Make Large Banks More Resilient    

The Office of the Comptroller of the Currency and the other federal bank regulatory agencies announced a final rule that would require large banks to maintain a set minimum level of stable funding for one year in order to strengthen the resilience of those banks. The net stable funding ratio (NSFR) final rule will require these large banks to maintain funding relative to each institution’s assets, derivatives, and commitments, reducing liquidity risk and increasing financial stability, which will support the ability of these banks to lend to households and business in both normal and difficult conditions.  

 

Securities and Exchange Commission

SEC Adopts Amendments to Auditor Independence Rules  

The Securities and Exchange Commission announced that it had finalized amendments to some auditor independence requirements on Rule 2-01 of Regulation S-X. The amendments are intended to reflect staff experience applying the auditor independence framework, modernizing the regulations and focus evaluations on specific relationships and services that may threaten an auditor’s impartiality to ensure investors are protected.        

 

Federal Deposit Insurance Corporation

FDIC Approves Interim Rule Providing Relief from Part 363 Audit and Reporting Requirements     

The Federal Deposit Insurance Corporation, in response to recent increased cash inflows resulting from PPP, MMLF, PPPLF and other government stimulus initiatives for some insured depository institutions (IDIs), issued a final interim rule that would temporarily provide relief for the IDIs which would be required to incur substantial costs outside of regulatory action. The rule allows IDIs with growth to determine their Part 363 requirements for the fiscal years ending in 2021 based on consolidated total assets as of December 31, 2019.   

 

National Credit Union Administration

NCUA Proposes Derivative Rule Changes and Approves Final Corporate Rule     

The National Credit Union Administration Board unanimously approved two items. The first was a proposed rule that modernizes the Administration’s derivatives rule, allowing for more flexibility for federal credit unions managing their interest rate risk through these financial tools. The second was a final rule updating and clarifying several provisions in their corporate credit union regulations.    

September 2020 - Compliance Alert

Consumer Financial Protection Bureau (CFPB)

CFPB Extends Comment Period for New Seasoned QM Category  

The Consumer Financial Protection Bureau has extended the comment period for a notice of proposed rule making (NPRM) that would create a new category seasoned qualified mortgages (Seasoned QMs). The original comment period ended on September 28, 2020, but to accommodate for the Jewish holiday of Yom Kippur, the period will now end on October 1, 2020.     

The Office of the Comptroller of the Currency (OCC) 

OCC Reports that Mortgage Performance Declined During Second Quarter of 2020   

The Office of the Comptroller of the Currency issued their OCC Mortgage Metrics Report, Second Quarter 2020.  The report on the performance of first-lien mortgages showed that 91.1 percent of mortgages included in the report were up to date and performing at the end of the second quarter of this year. Last year, that number was 96.1 percent. The percentage of mortgages that were past due for 60 or more days and mortgages held by bankrupt borrowers with payments overdue by 30 days or more increased from 5.3 percent in 2019 to 5.4 percent.  

 

Securities and Exchange Commission

SEC Votes to Modernize Its Shareholder Proposal Rule  

The Securities and Exchange Commission recently voted to amend its shareholder proposal rule. The rule governs the process by which shareholders include their proposals in a company’s proxy statement for consideration by all of the company’s shareholders. The new amendments would modernize the rule which has not been amended since 1998 and before that 1954.     

 

Federal Deposit Insurance Corporation

FDIC Releases Annual Summary of Deposits Survey Results   

The Federal Deposit Insurance Corporation released the results of their yearly branch-office deposits survey for all FDIC-insured institutions as of June 30, 2020. The Summary of Deposits (SOD) gives totals of deposits in each of the domestic offices operated by FDIC-insured commercial and savings banks, saving associations, and U.S. branches by foreign banks.  

 

National Credit Union Administration

NCUA Approves Final Rule Changing Real Estate Appraisal Regulations    

The National Credit Union Administration approved a final rule that postpones, for up to 120 days, the rule to obtain an appraisal or written estimate of the market value of a piece residential or commercial real estate following the closing of certain transactions regarding these types of properties. This final rule adopts the interim rule approved by the board in April without change.    

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