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Compliance Final Rules
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.
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.
June 3, 2020 - The Bureau issued a statement on temporary and targeted supervisory and enforcement flexibility during the COVID-19 pandemic for credit card issuers regarding electronic provision of certain Regulation Z disclosures required to be in writing; 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.
April 13, 2020 - The Agencies issued an interim final rule (IFR) that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing of certain residential and commercial real estate loans; learn more here.
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 Release, Guidance, Advisory
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.