Compliance Newshub
Federal Legislation

The FRS, FDIC, and OCC issued the 2020 host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

The CFPB has issued FAQs explaining whether failure to deliver remittance transfer funds to the designated recipient by the disclosed date of availability due to certain government-mandated closures in response to the COVID-19 pandemic is an error under the Remittance Rule. 

The OCC, FRS, FDIC, and NCUA issued final guidance for credit risk review, discussing sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding the performance of the institution's loan portfolio to its management and board of directors.

The OCC, FRS, FDIC and NCUA have issued a final interagency policy statement on allowances for credit losses (ACLs), describing the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale debt securities in accordance with FASB ASC Topic 326; the design, documentation, and validation of expected credit loss estimation processes, including the internal controls over these processes; the maintenance of appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

The updated versions of FNMA and FHLMC ARM notes and riders go into effect on June 1, 2020.  

OCC published the revised “Sampling Methodologies” booklet of the Comptroller’s Handbook to, amoung other things, explain the differences between statistical and judgmental sampling. The new booklet is effective for supervisory activities beginning on or after June 15, 2020.

Brian P. Brooks released a statement on becoming Acting Comptroller of the Currency. 

NCUA published an interim final rule modifying its prompt corrective action (PCA) regulations to help ensure that federally insured credit unions (FICUs) remain operational and liquid during the COVID-19 crisis; effective May 28, 2020.

The CFPB published updates to the HMDA Small Entity Compliance Guide to reflect changes made to Regulation C by the 2020 HMDA Thresholds Rule.

MReport—Mike Albanese

Freddie Mac announced its monthly summary, indicating its single-family portfolio increased by 14.3% in April.  

The OCC released its third and fourth quarter 2020 schedule of Community Reinvestment Act (CRA) evaluations. 

MPA – Ryan Smith

Fannie Mae launches “Here to Help” an attempt to educate US homeowners and renters with their options should they experience hardship related to the COVID-19 pandemic.