Compliance Newshub
Federal Legislation

Ballard Spahr LLP--Peter D. Hardy, Scott Diamond, Siana Danch & Kaley Schafer

The Financial Crimes Enforcement Network, FinCEN, has published a Small Entity Compliance Guide for beneficial ownership information reporting under the Corporate Transparency Act, as well as updated FAQs regarding CTA compliance.

The Consumer Financial Protection Bureau is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act applicable January 1, 2024, consistent with relevant statutory or regulatory provisions.

The CFPB has announced that the Filing Instructions Guide for HMDA data collected in 2024 is now available.

The Securities and Exchange Commission issued a final rule effective on September 5, 2023, relating to cybersecurity risk management, strategy, governance, and incidents by public companies that are subject to reporting requirements under the Securities Exchange Act.

The CFPB has released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.

The FFIEC has released updates to six sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual not to be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.

The Federal Deposit Insurance Corporation its list of banks recently evaluated for compliance with the Community Reinvestment Act (CRA) for July 2023.

The Distressed or Underserved Nonmetropolitan Middle Income Geographies list has been published on the FFIEC website.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and the Federal Housing Finance Agency (FHFA) have issued a proposed rule that will implement quality control standards for automated valuation models (AVM) used to value real estate in the mortgage market.

The CFPB plans to use the public's input to identify ways to help homeowners who struggle to make payments get help more quickly and easily.

The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees to clarify its supervisory approach for corrective action when a violation of law is identified.

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency requested public comment on a proposed rule that would implement quality control standards for the automated valuation models (AVNMs) used by lenders. Comments are due 60 days after publication in the Federal Register.