CFPB Provides New Elder Abuse Resource

Adam Witmer
Regulatory Update

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…

Virtual BSA Board Training Available

Adam Witmer

For those looking to provide BSA training to your board in a virtual format, look no further than our BSA Board Training program. This program runs under a half an hour and brings the BSA trainer to your board, virtually. Many of our members have been finding our “virtual classroom” program to be the perfect way to provide quality BSA training to their boards, at an extremely affordable price. The entire program is delivered electronically and there are several logistical ways the material can be provided to the board. To learn more about how our program might assist your organization with BSA board training, take a look at the program description in our store here.

SBA Amendments to PPP Program

Adam Witmer
Regulatory Update

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.

Regulators Issue Statement on Financial Inclusion

Adam Witmer
Regulatory Update

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.”

CFPB Begins to Move Away from LIBOR

Adam Witmer
Regulatory Update

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.

OCC Proposes Rule Updates

Adam Witmer
Regulatory Update

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.

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