Compliance Newshub
Federal Legislation

OFAC issued a final rule to adjust certain civil monetary penalties for inflation effective April 9, 2020.

The FDIC, FRS, and OCC have issued an interim final rule that allows banking organizations to neutralize the regulatory capital effects of participating in the Federal Reserve's Paycheck Protection Program Lending Facility. 

The FDIC, FRS, OCC, NCUA, CFPB, and state financial regulators issued a revision to the previous Interagency Statement issued on March 22, 2020; encouraging financial institutions to work constructively with borrowers impacted by the COVID-19, providing additional information regarding loan modifications, and clarifying the interaction between the interagency statement and related relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

FinCEN updates the March 16, 2020 COVID-19 Notice, provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues.

The HMDA modified LAR is available for institutions that filed their collected HMDA data in 2019.

The FDIC, FRS, and OCC issued two interim final rules that make changes to the community bank leverage ratio framework and implement Section 4012 of the Coronavirus Aid, Relief, and Economic Security Act.

The CFPB, FRS, FDIC, NCUA, OCC, and State Banking Regulators jointly issued a statement clarifying regulatory support in that the agencies “do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices and taking certain actions relating to loss mitigation set out in the mortgage servicing rules, provided that servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.”

Five federal financial regulatory agencies have announced announced comments submitted before May 1, 2020 will be considered relating to their proposal to modify the Volcker rule

The CFPB released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic.

The FDIC is advising financial institutions of multiple forms of relief available in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to small businesses through programs administered by the Small Business Administration (SBA).

OCC is proposing to amend its rules relating to policies and procedures for corporate activities and transactions involving national banks and Federal savings associations to update and clarify the policies and procedures, eliminate unnecessary requirements consistent with safety and soundness, and make other technical and conforming changes. 

The CFPB released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic, stating lenders must comply with the CARES Act by reporting to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic.