Compliance Newshub
Federal Legislation

The Board of Governors of the Federal Reserve System (FRS) adopted final amendments to Regulation A of a decrease in the rate for primary credit at each Federal Reserve Bank effective March 24, 2020.

FHFA is adopting a final rule that amends its stress testing rule adopting the proposed amendments without change to modify the minimum threshold for the regulated entities to conduct stress tests increased from $10 billion to $250 billion; removal of the requirements for Federal Home Loan Banks (Banks) subject to stress testing; and removal of the adverse scenario from the list of required scenarios, effective March 24, 2020.

The FRS, FDIC, NCUA, OCC, CFPB and State Banking Regulators issued a joint statement encouraging financial institutions to “work constructively” with borrowers affected by the coronavirus pandemic and said they “will not criticize” loan modifications made in a “safe and sound” manner.

The CFPB released it's annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA), highlighting continued efforts by the Bureau and the FTC to stop unlawful debt collection practices, including vigorous law enforcement, consumer education and public outreach, and policy initiatives, as well as extending the comment period on its Supplemental Notice of Proposed Rulemaking (SNPRM) implementing the Fair Debt Collection Practices Act (FDCPA) to June 5, 2020.

The CFPB is issuing an updated Bulletin to clarify its approach to responsible conduct and to reiterate the importance of such conduct.

The FDIC, FRB, and OCC jointly issued an interim final rule that revises the definition of eligible retained income for all depository institutions, bank holding companies, and savings and loan holding companies subject to the agencies' capital rule, which becomes effective upon publication in the Federal Register.

The FDIC, FRB, and the OCC have issued Questions and Answers (Q&As) in response to public inquiries on the agencies' Statement Regarding the Use of Capital and Liquidity Buffers, which was issued on March 17, 2010.

The Federal Reserve Board, the FDIC, and the OCC will provide favorable consideration of certain retail banking services, retail lending activities, and community development activities related to this national emergency for Community Reinvestment Act (CRA) purposes.

The FDIC is providing two sets of frequently asked questions (FAQs), one for financial institutions and one for consumers, the potential impact of COVID-19.

ABA Banking Journal

The Federal Reserve has introduced a Money Market Mutual Fund Liquidity Facility, or MMLF in response to the coronavirus.

President Trump declared a nationwide emergency increases federal support to the Department of Health and Human Services (HHS) in its role as the lead federal agency for the ongoing COVID-19 pandemic response.

ABA Banking Journal

Steven Mnuchin, the U.S. Treasury Secretary, has announced that the April 15th deadline to pay taxes due will be extended for 90 days.