Final Rules

Compliance Final Rules

Lending

  • March 9, 2021 - The Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule to clarify that, with respect to any aspect of a credit transaction, the prohibition against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements ECOA, encompasses sexual orientation discrimination and gender identity discrimination, including discrimination based on actual or perceived nonconformity with sex-based or gender-based stereotypes and discrimination based on an applicant’s associations; learn more here.
  • January 19, 2021 - The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to amend Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The amendments exempt certain insured depository institutions from the requirement to establish escrow accounts for certain higher-priced mortgage loans; learn more here.
  • January 15, 2021 - The Consumer Financial Protection Bureau is adopting a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance; learn more here.
  • December 18, 2021 - The Bureau amended Regulation F, 12 CFR part 1006, which implements the Fair Debt Collection Practices Act (FDCPA), to prescribe Federal rules governing certain activities of debt collectors, as that term is defined in the FDCPA. The final rule, among other things, clarifies the information that a debt collector must provide to a consumer at the outset of debt collection communications and provides a model notice containing such information, prohibits debt collectors from bringing or threatening to bring a legal action against a consumer to collect a time-barred debt, and requires debt collectors to take certain actions before furnishing information about a consumer’s debt to a consumer reporting agency; learn more here.
  • October 30, 2020 - The CFPB issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. The rule also clarifies how the protections of the Fair Debt Collection Practices Act apply to newer communication technologies, such as email and text messages; learn more here.
  • December 10, 2020 - The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule to amend Regulation Z which will create a new category of QM loans (Seasoned QM loans) for first-lien, fixed-rate covered transactions that have met certain performance requirements, are held in portfolio by the originating creditor or first purchaser for a 36-month period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements; learn more here.
  • December 10, 2020 - The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule to amend Regulation Z which equires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for “qualified mortgages” (QMs) obtain certain protections from liability. One category of QMs is the General QM category. For General QMs, the ratio of the consumer’s total monthly debt to total monthly income (DTI or DTI ratio) must not exceed 43 percent. This final rule amends the General QM loan definition in Regulation Z. Among other things, the final rule removes the General QM loan definition’s 43 percent DTI limit and replaces it with price-based thresholds. Another category of QMs consists of loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs), while operating under the conservatorship or receivership of the Federal Housing Finance Agency (FHFA). The GSEs are currently under Federal conservatorship. In 2013, the Bureau established this category of QMs (Temporary GSE QMs) as a temporary measure that would expire no later than January 10, 2021 or when the GSEs cease to operate under conservatorship. In a final rule released on October 20, 2020, the Bureau extended the Temporary GSE QM loan definition to expire on the mandatory compliance date of final amendments to the General QM loan definition in Regulation Z (or when the GSEs cease to operate under the conservatorship of the FHFA, if that happens earlier). In this final rule, the Bureau adopts the amendments to the General QM loan definition that are referenced in that separate final rule; learn more here.
  • October 30, 2021 - The CFPB amended Regulation . The final rule addresses, among other things, communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; learn more here.
  • June 23, 2020 - The CFPB issued an interim final rule regarding loss mitigation options for homeowners recovering from pandemic related financial hardships. The new rule will make it easier for consumer to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage services to assist those consumers; learn more here. 
  • July 7, 2020 - The CFPB issued a final rule to amend its regulations governing payday, vehicle title, and certain high-cost installment loans (Small Dollar Lending); learn more here.
  • May 20, 2020 - The Office of the Comptroller of the Currency (OCC) released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA); learn more here.
  •  April 16, 2020 - The Bureau issued a final rule amending Regulation C to adjust the thresholds for closed-end mortgage loans and open-end lines of credit; learn more here.

BSA/AML

  • New FinCEN Guidance Affirms Its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse. Learn more here:  News ReleaseGuidanceAdvisory

Deposit / Operations

  • May 11, 2020 - The Bureau has issued a final rule amending the Remittance Transfer Rule; learn more here
  • April 24, 2020 - The Board of Governors of the Federal Reserve System amended Regulation D to delete the numeric limits on certain kinds of transfers and withdrawals that may be made each month from “savings deposits.” The amendments are intended to allow depository institution customers more convenient access to their funds and to simplify account administration for depository institutions. There are no mandatory changes to deposit reporting associated with the amendments; learn more here.