When the Federal Reserve announced in March that it would temporarily reduce its exam activity in light of the coronavirus response measures banks were taking, we knew this break from exams wouldn’t last forever. On 6/15/2020, the Federal Reserve Board announced that it will resume examination activities for all banks and anticipates that exams will continue to be conducted offsite until conditions improve.

On 6/10/2020, the CFPB issued a new step-by-step guide to help communities form networks to increase their capacity to prevent and respond to elder abuse. Specifically, the guide offers planning tools, templates, and exercises to help stakeholders complete the following key tasks in the creation of a new network or to refresh or expand an existing one…

On 6/9/2020, the CFPB issued a new FAQ sheet on TRID and title insurance disclosures.

On 6/9/2020, the CFPB released four new FAQs on three topics including:

• Providing Closing Disclosures to consumers

• Total of payments (2 questions)

• Optional signature line

Specifically, the four new FAQs are as follows:

On 6/8/2020, the Small Business Administration (SBA), along with the Treasury Secretary, issued a joint statement regarding the enactment of the Paycheck Protection Program Flexibility Act. Specifically, the SBA is planning to issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application to implement the legislative amendments to the PPP.

On 6/5/2020, the federal regulators, through the Federal Financial Institutions Examination Council (FFIEC) released a statement on financial inclusion. Specifically, their statement is as follows: “We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion. Racism and discrimination must not be tolerated. Everyone deserves the opportunity to participate in our financial mainstream. We remain steadfastly dedicated to ensuring that the financial institutions which we regulate provide fair access and fair treatment to everyone in America.”

On 6/4/2020, the CFPB announced that it began taking steps to transition away from LIBOR for consumers and regulatred entities. As explained in their announcement, the CFPB released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) as well as a Notice of Proposed Rulemaking (NPRM) concerning the anticipated discontinuation of LIBOR, including proposing examples of replacement indices that meet Regulation Z standards. Additionally, the Bureau issued a number of FAQs on other important LIBOR transition topics that do not require amendments to Regulation Z.

On 6/4/2020, the Office of the Comptroller of the Currency (OCC) released two issuances for public comment: a Notice of Proposed Rulemaking (NPR) and an Advance Notice of Proposed Rulemaking (ANPR). The NPR would update the OCC’s rule for national banks and federal savings association activities and operations while the ANPR is seeking comment on rules on national banks’ and federal savings associations’ digital activities.

On 6/3/2020, the CFPB issued a statement on supervisory and enforcement practices regarding electronic credit card disclosures in light of the COVID-19 pandemic. The Bureau explained in their release that they issued this statement to provide temporary and targeted flexibility for credit card issuers regarding electronic provision of certain disclosures required to be in writing during this pandemic. The Bureau also explained that this supervisory and enforcement flexibility will facilitate credit card issuers’ ability to quickly assist consumers during the pandemic.