Jun 4
Jun 4 ON SALE: Fair Lending For Lenders

Our new Fair Lending for Lenders program is now on sale for an “early bird” discount. If you have ever thought about how to give your lenders comprehensive fair lending training without spending a fortune or boring them to death, you might be excited to learn more about our Fair Lending for Lenders which is a virtual seminar designed for loan officers, processors, and those on the front lines of lending. You can learn more about the program at www.compliancecohort.com/fair-lending-for-lenders.

Jun 3
Jun 3 FTC Warns of American Rescue Plan Act Scams

Adam Witmer

Regulatory Update

On June 2, 2021, the Federal Trade Commission (FTC) issued a blog article titled “More money is coming to families…and scammers are ready” to alert consumer of potential scams as they start to receive monthly payments as part of the American Rescue Plan Act.

May 31
May 31 OCC Spring 2021 Semiannual Risk Perspective

Adam Witmer

Regulatory Update

On 5/28/21, the OCC released the Spring 2021 edition of its publication Semiannual Risk Perspective. This edition reports key issues facing the banking industry and the effects of the COVID-19 pandemic on the industry. The report highlights credit, strategic, operational, and compliance risks.

May 19
May 19 OCC Steps Back from CRA Rule

Adam Witmer

CRA, Regulatory Update

In somewhat of a surprise turn of events, the OCC announced on 5/18/2021 that it plans to reconsider its June 2020 CRA rule. This backstep comes for a rule that was released only by the OCC as the FDIC and Federal Reserve did not participate in this final rule and had not come to a consensus on CRA reform - meaning the OCC was planning to implement a new CRA rule on their own, rather than jointly with the other agencies. Interestingly enough, the 5/18/21 announcement comes almost one year after prior OCC Comptroller Joseph Otting - who was the primary person pushing for CRA reform - issued the final rule, and then just hours later announced that he would be stepping down from the OCC.

May 18
May 18 FDIC Requests Information on Digital Assets

Adam Witmer

Regulatory Update

On 5/17/2021, the FDIC announced that it is gathering information about insured depository institutions’ current and potential digital asset activities. In their release, the FDIC explains that banks are increasingly exploring the emerging digital asset ecosystem, so the FDIC has issued its request for information (RFI) to help inform its understanding of the industry’s and consumers’ interests in this area.

May 18
May 18 Agencies Extend Comment Period for AI Information

Adam Witmer

Regulatory Update

On 5/17/21, the Federal Reserve, CFPB, FDIC, NCUA, and OCC jointly announced that they extended the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. Comments were originally due by June 1, 2021, but this extension was made to allow stakeholders more time to coordinate and prepare their comments.

May 17
May 17 New TRID FAQs

Adam Witmer

Regulation Z, TRID, Regulatory Update

On 5/14/2021, the CFPB published a set of 5 new TRID FAQs on their website. These FAQs relate to housing assistance loans and are the first TRID FAQs to be released in nearly a year. The new TRID FAQs answer the following questions:

May 17
May 17 Reg O Provisions Extended Again for PPP Loans

Adam Witmer

Regulatory Update

On 5/14/21, the Federal Reserve Board announced the third extension of a rule related to the SBA’s Paycheck Protection Program (PPP). Like the prior extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.

May 12
May 12 FDIC's 2021 Risk Review

Adam Witmer

Regulatory Update

On 5/11/21, the Federal Deposit Insurance Corporation (FDIC) published its 2021 Risk Review, which outlines a list of emerging risks in the U.S. banking system. According to the FDIC’s release, they began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of key risks during a time of heightened uncertainty.

May 10
May 10 CFPB Issues Servicemember Affairs Annual Report

Adam Witmer

Regulatory Update

On 5/6/21, the CFPB announced the release of the annual report from the Bureau’s Office of Severvicemember Affairs. This publication outlines the CFPB’s continued steps to help servicemembers and their families. Among other things, the publication outlines complaints received by servicemembers.