All in Regulatory Update

FDIC Compliance Manual Updates

Adam Witmer
Regulatory Update

The FDIC recently updated its Consumer Compliance Examination Manual. This manual is published for FDIC compliance examiners and can be a valuable resource to compliance professionals. The Manual incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public. Sections updated during this revision include the Fair Housing Act and the Home Mortgage Disclosure Act (HMDA).

CFPB Updates Mortgage Servicing Compliance Guide

Adam Witmer
Regulatory Update

On 8/4/2021, the CFPB Updated it’s “Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Rules” small entity compliance guide. In the version log, which outlines changes that took place to the guide, the guide explains that the August 4, 2021 changes relate to the final rule for servicers relating to the COVID-19 pandemic.

Address Updates for OCC Posters & Notices

Adam Witmer
CRA, Regulatory Update, Regulation B, Fair Lending

On 8/5/2021, the OCC issued Bulletin 2021-35 to inform national banks, federal savings associations, and other applicable branches/organizations of the appropriate names and addresses for certain notices. Specifically, the Bulletin provides the current addresses needed on notices/posters required by the Community Reinvestment Act (CRA), Equal Credit Opportunity Act, and the Fair Housing Act. Banks should make the appropriate changes to their notices and posters, if necessary, within 90 days of this bulletin’s date of issuance.

FinCEN Announces New Acting Director

Adam Witmer
BSA, Regulatory Update

On 8/3/2021, FinCEN announced that Acting Director Michael Mosier will depart FinCEN at the end of the week for a new opportunity, after serving as the organization’s acting director. Himamauli "Him" Das, a national security expert with experience at the White House, National Security Council, National Economic Council, and Departments of State and the Treasury, will assume the role of acting director of FinCEN. FinCEN also announced that the Treasury launched a public search for a permanent FinCEN director.

OCC Updates Remittance Transfer Exam Procedures

Adam Witmer
Regulatory Update

On 8/2/2021, the OCC released Bulletin 2021-33 which provides the OCC’s supplemental examination procedures on remittance transfers. The examination procedures are prepared for use by OCC examiners as a supplement to the Federal Financial Institutions Examination Council's interagency Electronic Fund Transfer Act (EFTA) procedures that the OCC adopted in 2019. In addition, this bulletin summarizes the Consumer Financial Protection Bureau's (CFPB) Regulation E amendments regarding remittance transfers that became effective in July 2020. The CFPB has exclusive Regulation E rulemaking authority and supervisory jurisdiction for banks with assets over $10 billion. The OCC has Regulation E supervisory jurisdiction for banks with assets of $10 billion or less.

CFPB Issues Effective Date of FDCPA Final Rules

Adam Witmer
Regulatory Update

On 7/30/2021, the CFPB announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as originally planned, on November 30, 2021. This announcement comes after the CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective dates to January 29, 2022. The CFPB has now determined that such an extension is unnecessary. Following this announcement, the CFPB will publish a formal notice in the Federal Register withdrawing the April 2021 proposal.

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