Compliance Newshub
Federal Legislation

The Summer 2022 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors as well as the Regulatory and Supervisory Roundup, an overview of recently released regulations and other items of interest.

The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA).

The Consumer Financial Protection Bureau (CFPB) has issued new FAQs to address questions related to the electronic communication and unusual or inconvenient time and place provisions in the Debt Collection Rule.

On July 27, 2022, the House passed legislation creating federal minimum standards to allow notaries in all states to perform remote online notarization transactions.

Ballard Spahr LLP--John L. Culhane, Jr. & Richard J. Andreano, Jr.

The Federal Reserve Board is proposing default rules known as the Adjustable Interest Rate (LIBOR) Act to establish benchmark replacements in certain contracts that use LIBOR, which will be discontinued in 2023.

The Federal Deposit Insurance Corporation (FDIC) has updated chapters one and four of its Formal and Informal Enforcement Actions Manual regarding the agency’s minimum standards for terminating cease and desist and consent orders issued under Section 8(b) of the Federal Deposit Insurance (FDI) Act.

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Montana affected by a severe storm and flooding.

Mortgage Bankers Association

On July 12, 2022, the Federal Housing Finance Agency reported the GSEs had sold nearly 155,000 non-performing loans with a total unpaid principal balance of $28.7 billion since 2014.

DS News – Eric C. Peck

The Federal Housing Finance Agency (FHFA) has published its 2022 first-quarter Foreclosure Prevention and Refinance Report.

The CFPC has issued an Advisory Opinion to highlight the Fair Credit Reporting Act’s permissible purpose requirements that explains that the FCRA’s permissible purpose requirements are consumer specific and that under certain permissible purpose provisions, a consumer reporting agency may not provide a consumer report to a user unless it has reason to believe that all of the consumer report information it includes pertains to the consumer who is the subject of the user’s request.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the National Credit Union Administration (collectively, the agencies) today issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD).

DS News - Demetria Lester

The Consumer Financial Protection Bureau has issued an interpretive rule affirming states’ ability to protect their residents through fair credit reporting laws.