Compliance Newshub
Federal Legislation

The CFPB has issued a policy statement effective February 1, 2020, that the Bureau intends to establish a new category of materials that are similar to previous compliance resources but will now be designated as “Compliance Aids” that will present the requirements of existing rules and statutes in a manner that is useful for compliance professionals, other industry stakeholders, and the public.

The CFPB issued a policy statement providing a common-sense framework on how it intends to apply the "abusiveness" standard in supervision and enforcement matters. 

FDIC and OCC issued a Financial Institution Letter that offers an interagency statement on heightened cybersecurity risk.

The Office of Foreign Assets Control (OFAC) published the names of seven persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied.

The Office of Foreign Assets Control (OFAC) published the names of eight persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied.

The FDIC is providing notice of its maximum civil money penalties as adjusted for inflation effective January 15, 2020, for conduct occurring on or after November 2, 2015.

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction effective January 15, 2020.

The NCUA Board adjusted the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation effective January 14, 2020.

DSNews--Seth Welborn

Senator Elizabeth Warren has proposed a plan to change the bankruptcy law by merging Chapter 7 and Chapter 13 into a single process, expanding more flexibility in deciding how to discharge consumers debts.

DSNews--Mike Albanese

HUD has published proposed updates to the Affirmatively Furthering Fair Housing (AFFH) rule that could offer guidance to states and local governments working to improve affordable housing choices. 

Ballard Spahr LLP--John L. Culhane, Jr. 

The CFPB has released its eighth annual report to Congress on college credit card agreements as mandated by the CARD Act. 

The OCC published a correction to the final rule to revise the other real estate owned rule, amending the final rule's effective date to January 1, 2020.