Compliance Newshub
Federal Legislation

The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the federal banking agencies) are issuing the Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks (Guide), which is intended to help community banks in conducting due diligence when considering relationships with financial technology (fintech) companies.

The FDIC has updated the Compliance Examination Manual's Fair Housing Act (V-8.1) chapter to conform to changes in advertising rules and disclosure and recordkeeping requirements, as well as the Home Mortgage Disclosure Act (V-9.1) chapter to delete a reference to a “Reasons for Denial” reporting requirement that no longer applies.

DS News -- Christina Hughes Babb

The U.S. Treasury aims to expedite billion in government assistance to renters and property owners who need it.

The CFPB issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act (Regulation Z).

Ballard Sparh LLP--Christopher J. Willis

The California Department of Financial Protection and Innovation (DFPI) is requesting comments on draft rules to implement certain provisions of the California Consumer Financial Protection Law (CCFPL) which became effective on January 1, 2021; comments are due by September 17, 2021.

The Office of the Comptroller of the Currency (OCC) issued today the new "Model Risk Management" booklet of the Comptroller's Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks).

The OCC provides supplemental examination procedures on Electronic Fund Transfer Act (EFTA) remittance transfers.

M Report – Eric C. Peck

Representative Maxine Water, Chairwoman of the House Financial Services Committee, sent two letters urging regulatory to strengthen foreclosure and mortgage servicing protections for borrowers to provide further oversight to avoid unnecessary foreclosures during the pandemic.

The OCC Bulletin informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters under the Fair Housing Act.

The Consumer Financial Protection Bureau (CFPB) released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

The CFPB updated the Mortgage Servicing Small Entity Compliance Guide to incorporate references to the most recent Mortgage Servicing Rules.

Mortgage Bankers Association

The Centers for Disease Control and Prevention released a new order terminating residential evictions through October 3 in counties with “heightened levels of community [COVID-19] transmission.”