Compliance Newshub
Federal Legislation

FDIC published a Final Rule issuing a Statement of Policy Regarding Minority Depository Institutions that updates, strengthens, and clarifies the agency's policies and procedures related to minority depository institutions effective August 23, 2021.

The FFIEC released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

The CFPB has published the Spring 2021 Rulemaking Agenda which lists the regulatory matters that, to further our consumer protection mission and mandate, we are currently pursuing under interim leadership pending the appointment and confirmation of a permanent Director.

FDIC issued guidance that FDIC-supervised institutions should comply with applicable requirements of their state chartering authority and consider the impact on customers when determining how to proceed with the federal government observation of the new Juneteenth federal holiday on Friday, June 18.

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

Juneteenth National Independence Day has been signed into law on June 17, 2021 creating an important change under the Truth in Lending Act (TILA) and Regulation Z in relation to the definition of "business day.".

The FFIEC announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions (including banks, savings associations, credit unions, and mortgage companies) reported under the Home Mortgage Disclosure Act (HMDA).

ABA Banking Journal

The Consumer Financial Protection Bureau released an interpretive rule stating that it has statutory authority to conduct Military Lending Act supervision activities and signaled that it would resume MLA examinations.

The CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for risks to active-duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA).

HUD published an interim final rule to restore certain definitions and certifications that have been through notice-and-comment scrutiny and that are grounded in legal precedent to its regulations implementing the Fair Housing Act's requirement to affirmatively further fair housing (AFFH) and reinstate a process by which HUD will provide technical assistance and other support to funding recipients who are engaged in fair housing planning to support their certifications; effective July 31, 2021.

U.S. Department of the Treasury

The U.S. Department of the Treasury announced $1.25 billion COVID-19 relief funds to 863 community development financial institutions (CDFIs).

Ballard Spahr Richard J. Andreano, Jr.

The CFPB stated that it would not take up other HMDA rulemakings; it will assess the October 2015 significant amendments to Regulation C under the Home Mortgage Disclosure Act (HMDA).

The Rural Housing Service (RHS) proposes to amend the current regulation for the Single-Family Housing Guaranteed Loan Program (SFHGLP) to update the requirements for Federally supervised lenders, minimum net worth and experience for non-supervised lenders, approved lender participation requirements, treatment of applicants with delinquent child support payments and builder credit requirements; comments must be submitted on or before August 9, 2021.