Compliance Newshub
Federal Legislation

FRS is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions.

FRS has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the rate for primary credit at each Federal Reserve Bank.

The federal bank regulatory agencies have finalized updates to rules restricting the ability of a director or other management official to serve at more than one depository institution or depository holding company.

The federal bank regulatory agencies issue a final rule restricting the ability of a director or other management official to serve at more than one depository institution or depository holding company.

The National Flood Insurance Program (NFIP) Flood Insurance Manual has been revise.

OFAC has published the names of one or more 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. 

FinCEN published a corrected it's previously final rule issued for the 2018 annual adjustment to its civil monetary penalties to utilize the 2018 annual adjustment penalty assessment dates.

The CFPB has revised the Fair Lending Annual Report to Congress, originally issued June 29, 2019, to correct the omission of a 2018 referral by the Federal Deposit Insurance Corporation (FDIC) to the U.S. Department of Justice (DOJ) involving national origin discrimination in violation of ECOA.

The NCUA issued a final rule to allow federal credit unions to offer additional payday alternative loans to their members, effective December 2, 2019.

The OCC issued updates to the "Bank Supervision Process," "Community Bank Supervision," "Federal Branches and Agencies Supervision," and "Large Bank Supervision" booklets of the Comptroller’s Handbook. 

Ballard Spahr LLP--Alan S. Kaplinsky

The House passed HR 1423, the “Forced Arbitration Injustice Repeal Act”, on Friday amending the Federal Arbitration Act.

The OCC issued a bulletin to remind banks of the new registration requirement for appraisal management companies (AMC) that became effective on August 10, 2019.