Compliance Newshub
Federal Legislation

The CFPB finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products, establishing requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.

The fourth annual Money Mule Initiative, which targets networks of individuals through which international fraudsters obtain proceeds of fraud schemes was announced today by the Department of Justice, FBI, U.S. Postal Inspection Service and five other federal law enforcement agencies, including the CFPB.

The Office of the Comptroller of the Currency (OCC) has released an OnPoint economic paper examining mortgage data reported under the Home Mortgage Disclosure Act (HMDA) for evidence supporting the claim of movement away from large metropolitan statistical areas in 2020.

The U.S. Treasury has announced measures it will use in support of the national action plan to combat human trafficking.

Office of the Comptroller of the Currency

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase in 2022.

This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the Office of the Comptroller of the Currency (OCC) for calendar year 2022 and becomes effective January 1, 2022.

The FFIEC today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

The CFPB issued two new data briefs, "Overdraft/NSF Fee Reliance Since 2015 – Evidence from Bank Call Reports" and "Checking Account Overdraft at Financial Institutions Served by Core Processors", and announced that enhanced scrutiny of ODP programs would follow.

The CFPB issued a final rule to amend an appendix for Regulation V that implements the Fair Credit Reporting Act (FCRA) as well as announce that the ceiling on allowable charges under section 612(f) of the FCRA will increase to $13.50 for 2022 effective on January 1, 2022.

The Consumer Financial Protection Bureau (CFPB) has provided voluntary recommendations in this advisory for financial institutions to help them prevent elder financial exploitation with alerts to trusted contacts.

The FRS and CFPB published a final rule announcing the Consumer Leasing (Regulation M) exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022.

The CFPB issued a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the loan amount for higher priced mortgage loan (HPML) appraisal exemptions from $27,200 to $28,500, effective January 1, 2022.