Compliance Newshub
Federal Legislation

The CFPB has issued questions and answers pertaining to compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) as of November 24, 2019, the effective date of the 2018 amendments to the statute.

FDIC has updated Section 6.1 Liquidity and Funds Management to include discussion of new statutory and regulatory provisions related to reciprocal deposits; add a new section on securing public funds with standby letters of credits; as well as, clarify expectations related to examination assessment of brokered and rate sensitive deposits.

In an effort to lessen regulatory burden, the FDIC is requesting comments by October 30, 2019 on the proposed rescission of 4 FDIC Statements of Policy that is outdated according to the FDIC and comments believes are outdated.

The FDIC and the other federal bank regulatory agencies have jointly updated their rules restricting the ability of a director or other management official to serve at more than one unaffiliated depository organization.

The CFPB issued a final rule extending for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA, as well as clarifying partial exemptions from certain HMDA requirements.

This rule adjusts certain civil monetary penalties,CMPs, within the jurisdiction of FinCEN to the maximum amount required by the Federal Civil Penalties Inflation Adjustment Act.

Ballard Spahr LLP--the White Collar Defense/Internal Investigations Group

The Assistant Attorney General has announced restructuring of the U.S. Department of Justice’s Securities and Financial Fraud Unit within the Fraud section of the Criminal Division.

The Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission has finalized revisions to simplify compliance requirements relating to the "Volcker rule," effective January 1, 2020 with a compliance date of January 1, 2021.

The NCUA has revised regulations governing the responsibilities of a federally insured credit union (FICU) to obtain an annual supervisory committee audit of the credit union effective January 6, 2020.

The OCC issued a final rule amending the OCC’s stress testing rule effective November 24, 2019 to revise the minimum threshold for national banks and federal savings associations to conduct stress tests from $10 billion to $250 billion; revise the frequency by which certain national banks and federal savings associations are required to conduct stress tests; reduce the number of required stress testing scenarios from three to two; and make certain additional technical changes to the stress testing requirements.

NMLS has provided additional information and guidance for the industry on its website regarding Temporary Authority in the NMLS Resource Center, including a video of how Temporary Authority will work in the NMLS, as well as policies and tips for navigating through the process, and answers to Frequently Asked Questions.

The NCUA Board has issued a final rule to update, clarify, and simplify the federal credit union bylaws, conforming to legal opinions issued by the NCUA's Office of General Counsel and providing greater flexibility to federal credit unions.