All in Regulatory Update

FDIC Updates Consumer Compliance Exam Manual

Adam Witmer
Regulatory Update

Earlier this month, the FDIC updated their Consumer Compliance Exam Manual by adding a section on Disclosure Requirements for Sweep Accounts. This new section adds just a half a page of instruction and is intended to assist examiners in the review of disclosure requirements that apply to all sweep account contracts, which require financial institutions to prominently disclose whether swept funds are deposits and the status of the swept funds if the institution were to fail. The updated version…

CFPB Issues Proposal on Remittance Rule

Adam Witmer
Regulatory Update

Consistent with their Fall 2019 rulemaking agenda, the CFPB on 12/3/19 announced a Notice of Proposed Rulemaking (NPRM) relating to remittance transfers. As a background, the remittance transfer rules generally require companies that provide remittance transfers in the normal course of business to disclose to consumers certain fees and the exchange rates that apply to transfers. The current remittance transfer rule also includes an exception for certain credit unions and banks where they are permitted to estimate certain fee and exchange rate information instead of providing exact amounts.  This exception, however, is set to expire in July of 2020.

Agencies Issue Hemp Guidance

Adam Witmer
BSA, Regulatory Update

On 12/3/2019, four regulators (FDIC, Federal Reserve, OCC, and FinCEN) issued a joint statement to clarify requirements for providing financial services to hemp-related businesses. The statement, which runs only three pages long and has about as many footnotes as it does content, emphasizes that banks are no longer required to file SARs for customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.  Similar to recent NCUA hemp guidance, it is important to note that this guidance seems to…

NFIP Extended for Fourteenth Time

Adam Witmer
Flood, Regulatory Update

On 11/19/19, the House Committee on Appropriations released a statement that the House passed a continuing resolution to extend federal government funding through December 20, 2019, which includes an extension of the National Flood Insurance Program (NFIP). This is the fourteenth temporary extension since 2017 while lawmakers work on a longer-term solution that would

UPDATE on HMDA Changes! - CFPB Gives Timetable for Final Rules

Adam Witmer
HMDA, Regulatory Update

As the new year is quickly approaching, we have continued to receive a number of questions regarding a potential final HMDA rule that would (possibly) increase the thresholds for reporting of both closed-end and open-end loans.  This, of course, could provide significant relief to HMDA reporters, especially those reporters who have fairly small HMDA LARs.

As the CFPM released their Fall regulatory agenda this week (11/20/19), the Bureau provided us with a bit of insight into their plans for two potential new HMDA rules that could provide significant relief…

CFPB Releases 2019 Fall Agenda

Adam Witmer
Regulatory Update

On 11/20/19, the CFPB released their twice-a-year agenda of planned rulemaking activities.  Interesting observations of changes from the spring agenda include the addition of “E-Sign Act Requirements” being added to the long-term actions list while “Regulation E Modernization” was removed from the long-term actions list.  It should also be noted that, while this list outlines their planned agenda, that things can change.  For example…

CFPB Assessment of TRID

Adam Witmer
Regulatory Update, TRID

On 11/20/19, the CFPB announced a request for public comment on an assessment it will conduct on the TRID rules. 

As part of its assessment, the Bureau intends to address TRID’s effectiveness in meeting the purposes and objectives of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors.  The public is invited to comment on the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan, and recommendations for modifying, expanding, or eliminating the TRID Rule…

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