On 11/6/2020, the joint regulators (Federal Reserve, OCC, and FDIC) issued a statement reiterating that the agencies do not endorse a specific replacement rate for the London InterBank Offered Rate (Libor), which is expected to cease after 2021. The statement explains that banks may use any reference rate for loans that the banks determine to be appropriate for their funding models and customer needs. In addition, the statement encourages banks to include appropriate language in lending contracts that provides for using a robust fallback rate if the initial reference rate is discontinued.

On 11/5/2020, the OCC announced updates to its Director’s Toolkit, which is intended to assist directors of national banks and federal savings associations fulfill their corporate governance responsibilities. Th guide covers topics like strategic issues, risk management, and compliance responsibilities and updates include a revised Director's Book: Role of Directors for National Banks and Federal Savings Associations as well as a new publication, the Director’s Reference Guide to Board Reports and Information.

On 11/4/2020, the Internal Revenue Service (IRS), along with the state tax agencies and the tax industry, issued a warning of a new text scam that tricks people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

On 10/30/2020, the CFPB issued a 653 page final rule relating to debt collection practices. According to the CFPB’s release, the rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. The rule also clarifies how the protections of the Fair Debt Collection Practices Act (FDCPA), which was passed in 1977, apply to newer communication technologies, such as email and text messages.

On 10/29/2020, the joint regulators (OCC, CFPB, FDIC, Federal Reserve, and NCUA) issued a proposal outlining the agencies’ use of supervisory guidance for supervision of regulated financial institutions. This proposal would formalize the joint agencies’ prior September 2018 statement that clarified the differences between regulations and guidance.

On 10/22/2020, the CFPB released an advance notice of proposed rulemaking (ANPR) requesting feedback from the public as to how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records. In their release, the CFPB explains that consumer access to data collected by financial product and service providers allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks. Therefore, the CFPB’s ANPR is seeking comments and information on costs and benefits of consumer data access; competitive incentives; standard-setting; access scope; consumer control and privacy; and data security and accuracy.