Compliance Newshub
Federal Legislation

The FDIC, Federal Reserve, and OCC issued three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year, including: a Final Rule on Eligible Retained Income (ERI); Technical Corrections to CECL Losses Methodology for Allowances; and Modifications to Community Bank Leverage Ratio Framework (CBLR).

The CFPB issued a request for information (RFI) to examine the economic impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules) on small entities.

FDIC issued proposed revisions to its Statement of Policy Regarding Minority Depository Institutions (MDIs) to enhance the FDIC’s efforts to encourage and preserve MDIs and would update, strengthen, and clarify the FDIC’s policies and procedures related to the existing framework for preservation and promotion of MDIs.

FHFA has issued an advisory bulletin to communicate supervisory expectations for cybersecurity incident reporting to maintain safe and sound operations at Fannie Mae and Freddie Mac.

The FDIC, Federal Reserve, NCUA, OCC and FinCEN issued a joint statement on Bank Secrecy Act due diligence requirements for customers whom banks may consider to be politically exposed persons (PEPs) clarifying that, while banks must adopt appropriate risk-based procedures for conducting customer due diligence (CDD), the CDD rule does not create a regulatory requirement, and there is no supervisory expectation for banks to have unique, additional due diligence steps for customers who are considered PEPs.

Mortgage Professional America – Candyd Mendoza

According to the Federal Housing Finance Agency (FHFA), Multifamily property owners with a government-backed mortgage in forbearance are currently required to inform tenants in writing about tenant protections during the owner’s forbearance and repayment periods. 

The Board of Governors of the Federal Reserve (FRS) developed examination procedures for the credit reporting and mortgage servicing provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Ballard Spahr LLP--Scott A. Coleman & Lori J. Sommerfield

Federal banking regulators have issued new sets of examination procedures including the OCC with two significant examination booklets on sampling methodologies and UDAP/UDAAP together with state financial regulators issued interagency exam guidance for assessing safety and soundness of financial institutions due to COVID-19 and the FRB also issued examiner guidance on the credit reporting and mortgage servicing provisions of the federal CARES Act.

Mortgage Professional America – Ryan Smith

Top Democrats in both the House and Senate blast the CFPB director Kathy Kraninger for what they said was her abdication of the agency's responsibilities during a hearing.  

The FFIEC announces the Joint Statement on Additional Loan Accommodations Related to COVID-19, discussing risk management principles relevant to institutions that work with their borrowers as loans near the end of initial loan accommodation periods related to COVID-19.

Mortgage Professional America – Candyd Mendoza

The Federal Housing Finance Agency employed RiskSpan’s cloud platform to provides instant access to agency MBS pool- and loan-level data through the cloud – enabling advanced prepayment analytics across the mortgage securities space.

DSnews – Chuck Green

The Director of the CFPB, Kathleen Kraninger, delivered the Bureau’s “Semi-Annual Report to Congress” addressing a fully remote hearing of the Senate Committee on Banking, Housing, and Urban Affairs.