Compliance Newshub
Federal Legislation

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their revenue reduction and payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining their eligibility for and amount of a Second Draw PPP Loan.

The CFPB issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

The CFPB issued a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions, which codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018.

FinCEN has issued a notice of proposed rulemaking proposing requirements for banks and money services businesses related to certain transactions involving convertible virtual currency or digital assets with legal tender status; comments are due on February 1, 2021 for the proposed reporting requirements and March 1, 2021 for all other aspects of the proposed rule.

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction effective January 15, 2021.

The CFPB issued an Advisory Opinion (AO) to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act, as it applies to certain aspects of special-purpose credit programs designed and implemented by for-profit organizations to meet special social needs.

The NCUA issued a proposed rule to amend to modify the requirement that an FCU's written overdraft policy establish a time limit that is both reasonable and applicable to all members (removing the current 45 calendar days limit), for a member to either deposit funds or obtain an approved loan from the FCU to cover each overdraft; comments are due on or before February 16, 2021.

The OCC issued a final rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations; effective April 1, 2021.

The CFPB and NCUA announced a Memorandum of Understanding (MOU) agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.

The CFPB has issued guidance that encourages financial institutions to better serve limited English proficient (LEP) consumers, providing principles and guidelines to inform and assist financial institutions seeking to better serve LEP consumers in non-English languages.

The OCC, FRS, and FDIC issued a notice of proposed rulemaking that would require a banking organization to provide its primary federal regulator with prompt notification of any “computer-security incident” that rises to the level of a “notification incident” as soon as possible and no later than 36 hours after the banking organization believes in good faith that the incident occurred; comments are due April 12, 2021.

Buckley LLP

The Small Business Administration (SBA) has released guidance for accessing PPP capital for minority, underserved, veteran, and women-owned businesses, as well as two interim final rules implementing the various changes to the PPP made by the Economic Aid Act and addressing the PPP Second Draw.