Compliance Newshub
Federal Legislation

M Report -- Phil Hall

The U.S. Supreme Court has taken the case of Collins v. Mnuchin to determine the Constitutionality of the FHFA Structure.

The FFIEC website has been updated to add the 2020 CRA File Specifications and CRA Edits files.

The Federal Reserve Board adopted a final rule to amend the Board's assessment rule, Regulation TT, raising the minimum threshold for being considered an assessed company from $50 billion to $100 billion in total consolidated assets for bank holding companies and savings and loan holding companies and adjusting the amount charged to assessed companies with total consolidated assets between $100 billion and $250 billion to reflect changes in supervisory and regulatory responsibilities resulting from EGRRCPA.

NCUA seeks public comment on a proposed rule to amend its regulations by removing the prohibition on the capitalization of interest in connection with loan workouts and modifications; comments are due on or before February 2, 2021.

The OCC issued a notice of proposed rulemaking to request comment on the OCC's proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail lending distribution test thresholds, and community development minimums under the general performance standards; comments are due on or before February 2, 2021.

The OCC, Federal Reserve, and FDIC published an interim final rule, effective immediately, to permit national banks, savings associations, state banks, bank holding companies, savings and loan holding companies, and U.S. branches and agencies of foreign banking organizations with under $10 billion in total assets as of December 31, 2019, to use asset data as of December 31, 2019, in order to determine the applicability of various regulatory asset thresholds during calendar years 2020 and 2021 as a result of the COVID-19 pandemic.

The Federal Reserve Board, OCC and FDIC issued a joint statement stressing the significance of the LIBOR transition that banks must manage closely.

The CFPB issued a final Advisory Opinions Policy, as well as two advisory opinions on earned wage access (EWA) products and private education loans.

The CFPB launched a refresh of its public website, which includes a new interactive enforcement database to help the public track the Bureau’s enforcement actions.

The OCC is proposing a regulation to ensure that national banks and Federal savings associations offer and provide fair access to financial services; comments are due on or before January 4, 2021.

The CFPB has published an update to the Filing Instructions Guide (FIG) for data collected in 2021.

Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) sent the Federal Register for publication a final rule that determines a new regulatory capital structure for Fannie and Freddie Mac (the Enterprises).