Compliance Newshub
Federal Legislation

Reverse Mortgage Daily -- Chris Clow

Dave Uejio, acting director of the Consumer Financial Protection Bureau (CFPB), announced some changes to the agency policies in an email to Bureau staff.

FFIEC has updated the CRA website to provide the 2021 CRA Data Entry Software, File Specifications and Edits.

M Report – Christina Hughes Babb

Marcia Fudge appeared in front of the Senate Committee on Banking, Housing, and Urban Affairs and said her main concern would be to get people the support they need "to come back from the edge."

FinCEN adjusted the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation effective January 28, 2021.

Mortgage Bankers Association – Mike Sorohan

The Mortgage Bankers Association sent a letter to the Senate Banking Committee supporting Rep. Marcia Fudge as the HUD Secretary nomination.

The FDIC finalized revisions to its regulations relating to the brokered deposits and interest rate restrictions that apply to less than well capitalized insured depository institutions, including establishing a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose” and amended methodology for calculating the national rate, the national rate cap, and the local market rate cap; effective April 1, 2021, with an extended compliance date of January 1, 2022.

M Report – David Wharton

Monday, the Senate confirmed Janet Yellen as the first female Treasury Secretary in U.S. history.

The White House, under President Biden's Administration, issued a memorandum to the Heads of Executive Departments and Agencies, to immediately cease the issuance of any proposed or final rules until such time as the rule has been reviewed and approved by the department or agency head appointed or designated by the President.

Reverse Mortgage Daily – Chris Clow

Kathleen Kraninger has resigned as Director of the Consumer Financial Protection Bureau (CFPB), reportedly at the Joe Biden administration's request.

NCUA approved a final rule on supervisory guidance, codifying a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance and reaffirms that the credit union regulator “will continue to follow and respect the limits of administrative law”.

FinCen, jointly with the Federal Reserve, FDIC, NCUA and OCC published answers to frequently asked questions (FAQs) regarding suspicious activity reports (SARs) and other anti-money laundering (AML)
considerations for financial institutions covered by SAR rules.

The Office of the Comptroller of the Currency (OCC) approved a final rule on banks' supervisory guidance.