Compliance Newshub
Federal Legislation

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

The CFPB issued a series of orders to collect information on the risks and benefits of “buy now, pay later” (BNPL) credit to Affirm, Afterpay, Klarna, PayPal, and Zip due to concerns about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

The Office of the Comptroller of the Currency (OCC) announced draft principles designed to support the identification and management of climate-related financial risks by banks with more than $100 billion in total consolidated assets and is seeking feedback through February 14, 2022, on all aspects of these draft principles.

The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their Community Reinvestment Act (CRA) regulations:

• Small bank means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion.
• Intermediate small bank means a small institution with assets of at least $346 million as of December 31 of both of the prior two calendar years and less than $1.384 billion as of December 31 of either of the prior two calendar years.

The OCC, FRB, FDIC, SEC, FHFA, and HUD have made no changes to the definition of qualified residential mortgage (QRM), the community-focused residential mortgage exemption, and the exemption for qualifying three-to-four unit residential mortgage loans in the Credit Risk Retention Regulations, thus maintaining alignment with the CFPB definition of qualified mortgage (QM).

The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended.

The Agenda lists the regulatory matters that the CFPB plans to pursue during the period from November 1, 2021 to October 31, 2022

The Office of the Comptroller of the Currency (OCC) announced that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2021.

The CFPB has finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products.

The FDIC has published its December Consumer News article regarding overdraft and account fees.

The OCC has issued revised licensing booklets which reflect recent updates to 12 CFR 5 and other regulations, as applicable; remove references to outdated guidance and provide current references; and make other minor modifications and corrections throughout.

Office of the Comptroller of the Currency

Michael J. Hsu, the acting Comptroller of the Currency, issued a statement that encouraged national banks and federal savings associations to explore the opportunities available through special-purpose credit programs.