Compliance Newshub
Federal Legislation

OFAC has published the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

Weiner Brodsky Kider PC

The FTC reported to the CFPB a summary of 2019 research and policy development and educational initiatives related to compliance with Regulation B and ECOA.

OFAC has published the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

The FRB approved a "stress capital buffer" rule which integrates the Board's stress test results with its non-stress capital requirements which will result in required capital levels that more closely match financial institutions risk profiles.

The Federal Reserve has finalized and announced its new rules related to annual stress testing for banks. 

The financial regulatory agencies have finalized an interagency policy statement on allowances for credit losses, describing the CECL methodology for determining allowances for credit losses applicable to financial assets measured at amortized costs, including loans held-for-investment, net investments in leases, held-to-maturity debt securities and certain off-balance-sheet credit exposures.

Buckley LLP--InfoBytes Blog

The Department of Defense (DoD) published an amendment to the Military Lending Act (MLA) rule to withdraw a provision concerning the exemption of credit secured by a motor vehicle or personal property effective immediately.

The OCC, FRS Board, FDIC, SEC and CFTC have issued a proposed rule that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act) to modify and clarify requirements related to the covered fund provisions.

The FDIC has released a new guide to bridge financial technology companies and third-party bank partners.

The CFPB issued a Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) regarding the collection of time-barred debt with proposal to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred.

The FDIC is seeking input from a broad range of stakeholders regarding potential modernization of the official sign and advertising rules (12 C.F.R. Part 328) to reflect that deposit-taking via physical branch, digital, and mobile banking channels continues to evolve since the FDIC last significantly updated the rules in 2006.

The FDIC and OCC have announced an extension to the public comment period for proposed changes to the regulations implementing the Community Reinvestment Act (CRA) until April 8, 2020.