Compliance Newshub
Federal Legislation

The FFIEC recently updated the interagency examination procedures for the Flood Disaster Protection Act (FDPA), reflecting the February 2019 final interagency rule that addresses the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.

The FDIC has issued a final rule to amend 12 C.F.R. Part 370, "Recordkeeping for Timely Deposit Insurance Determination" to make certain substantive revisions to simplify the process for making insurance determinations in the event a bank is placed into receivership by better aligning the benefits and the burdens of the Rule, clarifying the Rule's requirements, and making technical corrections effective October 1, 2019.

The NCUA released interim guidance allowing federally insured credit unions to service legally operating hemp businesses. 

FinCEN issued an advisory alerting financial institutions to financial schemes related to the trafficking of fentanyl and other synthetic opioids.

The OCC published a final rule to provide partial refunds to banks that exit the OCC's jurisdiction within the first half of each six-month period beginning the day after the date of the second or fourth quarterly Consolidated Report of Condition and Income (Call Report).

FDIC has issued a proposed rule on the deposit insurance assessment regulations that govern the use of small bank assessment credits and one-time assessment credits.

FDIC has approved an interagency final rule to simplify and tailor requirements relating to the Volcker Rule, which generally prohibits banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity funds.

The FDIC has proposal would amend the methodology for calculating the national rate and national rate cap for specific deposit products to provide a more balanced, reflective, and dynamic national rate cap.

OFAC has added one person to OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied. 

HousingWire--Ben Lane

HUD is proposing changes to its interpretation of the Fair Housing Act’s disparate impact standard, revising the current loose, three-step threshold for Fair Housing violations and impose a specific, five-step approach that would require regulators to prove intentional discrimination on the lender’s behalf.

This update of the BAAS covers multiple Financial Accounting Standards Board topics such as hedging and credit losses as well as answers to industry and examiners FAQs.

The Federal Reserve System (“Board”) 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.