Compliance Newshub
Federal Legislation

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), released data on small business, small farm, and community development lending during 2020.

The Office of the Comptroller of the Currency (OCC) issued an updated "Other Real Estate Owned" booklet of the Comptroller’s Handbook.

The Department of Justice and the Consumer Financial Protection Bureau issued a letter to mortgage servicers to ensure that servicemember and veteran mortgage borrowers’ rights under federal law are diligently protected during the loss mitigation process, and that any issues identified are addressed expeditiously as thousands of servicemember and veteran homeowners will be exiting COVID-19 hardship mortgage forbearances.

The Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint letter to landlords and other housing providers regarding important legal housing protections for military families.

The OCC, the FRB, and the FDIC issued a revised statement extending the expiration of the “Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations,” to January 1, 2023.

The Office of the Comptroller of the Currency (OCC) issued the revised interagency Home Mortgage Disclosure Act (HMDA) examination procedures for determining compliance with HMDA and its implementing regulations.

The FDIC Quarterly Banking Profile for the third quarter of 2021 has been published and includes two articles:

• Commercial Real Estate: Resilience, Recovery, and Risks Ahead
• Implications of Record Deposit Inflows for Banks During the Pandemic

The FDIC has updated five videos intended as a high-level overview to help FDIC-supervised institutions understand and comply with the mortgage servicing rules

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.