On 12/14/21, the OCC issued a final rule on Community Reinvestment Act (CRA) to rescind the June 2020 rule. In their release, the OCC explained that this is to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions. The June 2020 rule will be replaced with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. The OCC explained that these actions are intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.

Dec 14
Dec 14 CFPB Updates Reg E FAQs

Adam Witmer

Regulatory Update, Regulation E

On 12/13/21, the CFPB updated its list of frequently asked questions on Electronic Fund Transfers provisions of Regulation E. Previously, the Reg E FAQs included only 8 questions and answers in a single category. Now, the FAQs include four categories and a total of 24 FAQs.

Dec 13
Dec 13 Acting OCC Comptroller Remarks on Reforming Overdraft Programs

Adam Witmer

Regulatory Update

On December 8, 2021, Acting Comptroller of the Currency, Michael J. Hsu, spoke at the Consumer Federation of America’s 34th Annual Financial Services Conference. With the conference’s theme, “Reforming Overdraft Programs to Empower and Promote Financial Health”, Hsu talked about bank overdraft practices and how it contributes to income and wealth inequality.

Dec 13
Dec 13 CFPB Supervision Activities Uncover Red Flags

Adam Witmer

Regulatory Update

On 12/9/2021, the CFPB published a blog post titled “Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags.” In their post, the CFPB explains that during the pandemic, families struggle to afford their mortgage payments. It was noted that over 7 million homeowners entered forbearance programs to defer their monthly payments.

Dec 9
Dec 9 FTC Data Show Increase in Gift Cards As Scam Payment Method

Adam Witmer

Regulatory Update

On 12/8/21, the Federal Trade Commission issued a data spotlight that shows consumers reported losing $148 million in scams where gift cards were used as the form of payment , in the first nine months of 2021. That amount is more than was reported in all of 2020.

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Adam Witmer

Regulatory Update

On 12/8/21, the Consumer Financial Protection Bureau (CFPB) issued their regular Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

Adam Witmer

Regulatory Update, BSA

On 12/7/21, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). FinCEN explains that the proposed rule is designed to protect the U.S. financial system from illicit use and prevent malign actors from abusing legal entities, like shell companies, to conceal proceeds of corrupt and criminal acts.

Dec 7
Dec 7 FinCEN Starts Process for Reporting Requirements to Curb Illicit Finance

Adam Witmer

Regulatory Update, BSA

On 12/06/21, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. According to the release, this ANPRM is important as the systemic money laundering vulnerabilities presented by the U.S. real estate sector threatens U.S. national security and the integrity of the U.S. financial system.

Dec 7
Dec 7 OCC Reports on Effects of COVID-19 Pandemic on Federal Banking System

Adam Witmer

Regulatory Update

On 12/6/21, the Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021.

Dec 6
Dec 6 OCC Solicits Academic Papers on Climate Risk

Adam Witmer

Regulatory Update

On 12/3/21, the Office of the Comptroller of the Currency (OCC) announced that it is soliciting academic-focused papers and policy-focused research on climate risk in banking and finance for presentation to the agency on June 6-7, 2022. Information gathered will help OCC in developing climate-related financial risk management guidance for regulated institutions.

Dec 15
Dec 15 OCC Issues Final Rule to Rescind its 2020 CRA Rule

Dec 14
Dec 14 CFPB Updates Reg E FAQs

Dec 13
Dec 13 Acting OCC Comptroller Remarks on Reforming Overdraft Programs

Dec 13
Dec 13 CFPB Supervision Activities Uncover Red Flags

Dec 9
Dec 9 FTC Data Show Increase in Gift Cards As Scam Payment Method

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

Dec 7
Dec 7 FinCEN Starts Process for Reporting Requirements to Curb Illicit Finance

Dec 7
Dec 7 OCC Reports on Effects of COVID-19 Pandemic on Federal Banking System

Dec 6
Dec 6 OCC Solicits Academic Papers on Climate Risk

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