Compliance Newshub
Federal Legislation

The CFPB is requesting public comment on an assessment it will conduct on the TRID Integrated Disclosure Rule; specifically in addressing the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act.

The federal banking agencies published a final rule that revises the definition of a "high volatility commercial real estate" (HVCRE) exposure in the regulatory capital rules in accordance with Section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, effective on April 1, 2020.

The CFPB issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority effective on November 24, 2019.

FFIEC has revised the "Business Continuity Management" booklet, one of a series of booklets that make up the FFIEC Information Technology Examination Handbook (IT Handbook).

The OCC, FRS, FDIC, and other agencies, have published amendments to the Volcker Rule to simplify the rule in a manner that is consistent with section 13 of the BHC Act.  The rule is effective January 1, 2020, with a compliance date of January 1, 2021.

The OCC, Board, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act, containing certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.

FinCEN has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies and relevant actions by the U.S. Government. 

Comments requested by January 9, 2020 to the Federal Reserve in a notice of proposed rulemaking to amend its assessment rule and raise the minimum threshold for an assessed company to $100 billion in total consolidated assets for bank holding companies and savings and loan holding companies.

FinCEN announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate; the purchase amount threshold remains $300,000 for each covered metropolitan area.

The Federal Reserve issued a final rule regarding Regulation A (Extensions of Credit by Federal Reserve Banks) to reflect the primary credit rate decrease at each Federal Reserve Bank. 

The NCUA Board is proposing to amend its chartering and field of membership (FOM) rules to re-adopt a provision to allow an applicant to designate a Combined Statistical Area (CSA), or an individual, contiguous portion thereof, as a well-defined local community (WDLC), provided that the chosen area has a population of 2.5 million or less. 

The FDIC, Federal Reserve Board, and OCC published proposed regulatory reporting changes that apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101).