Compliance Newshub
Federal Legislation

The CFPB issued two No-Action Letter (NAL) Template: one template enables mortgage servicers to use Brace Software's online platform to implement loss-mitigation efforts for their borrowers; the second template in intended for insured depository institutions to apply for a NAL covering their small-dollar credit products.

The OCC announced new enforcement actions and Terminations against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal saving associations.

The CFPB issued three FAQs clarifying how ECOA and Regulation B relate to the COVID-19 pandemic.

FHFA is seeking comments on a new regulatory capital framework for Fannie Mae and Freddie Mac, which consists of risk-based capital and leverage ratio requirements, with capital buffers on certain of these requirements, and is an import step towards ending conservatorship. 

Ballard Spahr LLP—Stefanie Jackman

The CFPB announced a second 60-day extension of the comment period for its Supplemental Debt Collection Proposal. 

The Office of the Comptroller of the Currency issued a final rule on how to strengthen and modernize the Community Reinvestment Act.

FinCEN issued a notice regarding reporting COVID-19-related criminal and suspicious activity and reminding financial institutions of certain Bank Secrecy Act (BSA) obligations. 

American Banker--Katy Berry

Five ways the Consumer Financial Protection Bureau has relaxed or eliminated rules so financial institutions can focus on aiding consumers. 

The FRB, FDIC, and OCC announced temporary changes to their supplementary leverage ratio rule to provide flexibility to certain depository institutions to expand their balance sheets in order to provide credit to households and businesses in light of the challenges arising from the coronavirus response.

FDIC has published of a notice of proposed rulemaking that would mitigate the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Lending Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF).

The CFPB issued a final rule covering remittances transfers, imposing requirements on entities that send international money transfers, or remittance transfers, on behalf of consumers, effective July 1, 2020.

In a blog post, the CFPB is reminding the industry that COVID-19 pandemic has not affected the Bureau’s ability or resolve to use its enforcement tool to police the consumer financial marketplace, and their enforcement team remains committed to vigorously enforcing consumer financial protection laws in all markets under our jurisdiction.