Compliance Newshub
Federal Legislation

OFAC has introduced a new Non-SDN Menu-Based Sanctions (NS-MBS) List designed as a reference tool that identifies persons subject to certain non-blocking menu-based sanctions that have been imposed under statutory or other authorities.

FFIEC has updated the CRA website to publish the annual release of the CRA asset-size thresholds used to define large institutions, intermediate small institutions, and small institutions

The FDIC released a new large-scale study on the state of the nation’s community banks, finding that the banks played a critical role in providing access to credit in several key areas of the U.S. economy, particularly through lending to support commercial real estate, small businesses and agriculture.

The CFPB released a panel report on its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data.

Mortgage Professional America – Candyd Mendoza

The Consumer Financial Protection Bureau (CFPB) completes an overhaul for two proposed rules that change the lending requirements for qualified mortgage loans to expand consumer access and affordability.

The OCC and Federal Reserve Board issued a joint statement to address the ability of a covered swap entity subject to the OCC’s or Federal Reserve Board’s jurisdiction, respectively, to service the covered swap entity’s cross-border clients.

The CFPB published its Fall 2020 Rulemaking Agenda, including key regulatory activities planned over the course of the next year: an additional final rule on debt collection (disclosures related to the validation notice and time-barred debt); LIBOR retirement rulemaking; interagency final rules to regulations to implement the amendments made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning appraisals; possible amendments to mortgage servicing rules to address actions required of servicers working with borrowers affected by natural disasters or other emergencies; and more.

Buckley LLP

The SBA has updated the Paycheck Protection Program Loans Frequently Asked Questions (FAQs) to address the SBA’s Loan Necessity Questionnaire.

The Financial Crimes Enforcement Network (FinCEN) today announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act regarding FBARs.

The Federal Reserve is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount at $21.1 million of reservable liabilities and the low reserve tranche at $182.9 million for 2021.

The OCC published a final rule amending licensing requirements to update and clarify the policies and procedures, eliminate unnecessary requirements consistent with safety and soundness, and make other technical and conforming changes; the final rule is effective on January 11, 2021, except for instruction 15g which is effective on December 11, 2020.

The CFPB issued a final rule adding a Seasoned QM loan definition in Regulation Z; creating a new category of Seasoned QMs for first-lien, fixed-rate covered transactions that have met certain performance requirements, are held in portfolio by the originating creditor or first purchaser for a 36-month period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements. The Seasoned QM Final Rule will apply to covered transactions for which creditors receive an application on or after the effective date.