Compliance Newshub
Federal Legislation

FFIEC announces the 2020 edition of the “Guide to HMDA Reporting:  Getting It Right!” is now available.

The Federal Reserve Board (FRB) amended Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) to 1.60% and the rate of interest paid on excess balances (IOER) to 1.60% effective February 12, 2020.

FinCEN issued an administrative ruling regarding the Currency Transaction Report (CTR) requirements when reporting transactions involving sole proprietorships and legal entities operating under a “doing business as” (DBA) name, effective April 6, 2020.

The CFPB issued its semi-annual report to Congress covering the Bureau’s work from April 1, 2019 to September 30, 2019, highlighting that the Bureau will continue to place consumers at the heart of everything the CFPB does, its efforts to encourage consumer saving, and support of innovation in the financial marketplace.

VA is providing public notice of inflationary adjustments to the maximum civil monetary penalties assessed or enforced by VA.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have 

been placed on OFAC's Specially Designated Nationals and Blocked Persons List.

This rule eliminates that the securitization documents require compliance with Regulation AB of the Securities and Exchange Commission in

circumstances where Regulation AB by its terms would not apply to the issuance of obligations backed by such financial assets. 

The OCC approved a proposed rule to revise the "covered funds" provisions of the Volcker Rule in effort to help banks serve their customers more effectively and act as the engines of economic opportunity they should.

The FDIC issued technical corrections to a final rule published November 13, 2019, to standardize the language in the FDIC regulations with the regulations of the other agencies that issued the final rule, effective January 30, 2020.

The NCUA issued a proposed rule clarify and make transparent the procedures and requirements related to combination transactions where a federally insured credit union (FICU) proposes to assume liabilities from a non-credit union, including a bank.

Renewal without change of information collection requirements in connection with the imposition of a special measure concerning the Islamic Republic of Iran as a jurisdiction of primary money laundering concern.

OFAC published the names of one or more aircraft 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.