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.

FHFA Announces Multifamily Tenant Protections

Adam Witmer
Regulatory Update

On 7/28/2021, the Federal Housing Finance Agency (FHFA) announced that tenants of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac who are subject to eviction for nonpayment of rent must be given 30 days’ notice to vacate before the tenant can be required to leave the unit. This requirement applies to all Fannie/Freddie-backed multifamily properties, regardless of whether the loan is in forbearance.

And the winner is...

Adam Witmer

Congratulations to Kristen H., who won our recent contest and received free enrollment to our Premium Gold Membership. As a Premium Gold member, Kristen will receive 7 compliance training programs over the next year. For those who are interested in our premium memberships but did not win, be sure to check out our premium membership options in our store at www.compliancecohort.com/premium-membership.

10 Years of Consumer Protection

Adam Witmer
Regulatory Update

On 7/21/21, the CFPB announced that they were celebrating the 10th anniversary of the Consumer Financial Protection Bureau. In their release, the CFPB explained that they were proud to celebrate 10 years of protecting consumers, and that they look forward to the next decade of consumer protection.

Interagency Statement on Joint CRA Rule

Adam Witmer
CRA, Regulatory Update

On 7/20/2021, the FDIC, OCC, and Federal Reserve jointly issued a statement to explain that all three agencies “are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low– and moderate-income neighborhoods.”

OCC to Rescind New CRA Rule

Adam Witmer
CRA, Regulatory Update

On 7/20/2021, the OCC announced it plans to propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This rule, which applied only to OCC-regulated institutions, was not released in coordination with the other Federal Regulators and, essentially, would have created different CRA rules for financial institutions, based on each bank’s primary regulator.

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