Compliance Newshub
Federal Legislation

DSNews--Seth Welborn

FEMA is extending the grace period for National Flood Insurance Program (NFIP) renewals from 30 to 120 days applicable to NFIP flood insurance policies with an expiration date between February 13, 2020 and June 15, 2020.

The FDIC, FRS, and OCC are, for supervisory purposes, examiners will calculate credit concentration ratios using tier 1 capital plus the appropriate allowance for loan and lease losses or the allowance for credit losses attributed to loans and leases (as applicable) for the denominator, effective March 31, 2020.

Black, Mann & Graham L.L.P.--David F. Dulock

The CARES Act (Public Law No. 116-136) signed into law by the President includes Section 4021 of the Act amends Section 623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(1) to provide certain credit reporting protect for consumers affected by COVID-19.

Reuters--Pete Schroeder

U.S. banking regulators  have advised banks that the capital implications of the CECL accounting standard has been postponed for two years as a result of the coronavirus pandemic.

MBA Newslink--Michael Tucker

The Federal Reserve Bank of New York will begin increasing its System Open Market Account holdings of agency mortgage-backed securities.

The FDIC announced that it will not take action against any institution for submitting its March 31, 2020, Consolidated Reports of Condition and Income (Call Report) after the official filing deadline, provided the report is submitted within 30 days of the official filing deadline.

The FRS, FDIC, NCUA, OCC, and CFPB have issued a joint statement encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.

The CFPB is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic by postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and making changes to its supervisory activities to account for operational challenges at regulated entities.

FinCEN has issued an advisory to financial institutions regarding the Financial Action Task Force’s updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies.

The CFPB has extended the comment period for the Supplemental Debt Collection Proposal on Time-Barred Debt to June 5, 2020.

FDIC communicates that the Cybersecurity and Infrastructure Security Agency (CISA) issued guidance identifying financial services sector workers as essential critical infrastructure workers during the COVID-19 response emergency.

American Banker--Laura Alix

New York’s Department of Financial Services issued an emergency regulation requiring banks and credit unions already regulated by the agency to give mortgage borrowers forbearance of at least 90 days if they apply for assistance due to job loss or other issues brought on by the economic fallout from the pandemic, as well as waive ATM fees, overdraft fees, and late payment fees on credit cards.