ICBA Newsroom

A federal court this week granted the Bureau of Consumer Financial Protection’s request to delay the effective date of its rule on small-dollar loans. The decision delays the August 2019 compliance date as the bureau plans to issue proposed rules in January that will reconsider the rule. The bureau plans to propose revisiting only the ability-to-repay provisions, which it said have greater consequences for consumers and the industry than the payment provisions.

The FDIC is hosting an upcoming teleconference on consumer compliance topics related to the S. 2155 regulatory relief law. Scheduled for 2 p.m. (Eastern time) Thursday, Oct. 25, the teleconference will feature a formal presentation on provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act as well as a question-and-answer segment.

The Financial Crimes Enforcement Network issued an advisory to help financial institutions better detect and report potentially illicit transactions related to Iran. The advisory provides information on the threats the Iranian regime poses to the U.S. financial system, describes deceptive financial strategies that the Iranian regime uses to evade sanctions, and provides red flag indicators related to specific malign activities and typologies.

The Federal Housing Finance Agency is seeking input on proposed modifications to the Underserved Markets Plans for Fannie Mae and Freddie Mac. The “duty to serve” plans require the enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural housing.