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CFPB Rescinds COVID Temporary Compliance Flexibility Statements
Throughout 2020, the CFPB issued several statements that provided CFPB-supervised institutions with temporary compliance flexibilities due to the pandemic. On March 31, 2021, the CFPB rescinded those statements effective April 1, 2021.
Can a Lender Charge an Extension Fee as a Condition to Extend A Residential Construction Loan
QUESTION: May we charge an extension fee as a condition of extending the term of a residential construction loan?
US Supreme Court Narrows TCPA Definition of "Autodialer"
In a recent landmark decision and near-unanimous ruling (with seven Justices joining Justice Sotomayer’s opinion and an eighth Justice separately concurring), the U.S. Supreme Court held that in order to qualify as an “automatic telephone dialing system” (autodialer) under the Telephone Consumer Protection Act (TCPA), the equipment must: “have the capacity either to store a telephone number using a random or sequential number generator, or to produce a telephone number using a random or sequential number generator.”
FDIC's Revised Brokered Deposits Regulation Is In Effect
On April 1, 2021, the FDIC’s 21st century update to its brokered deposits regulation took effect (Brokered Deposits FR or final rule). The FDIC announced the final rule in the December 2020 Financial Institution Letter FIL-113-2020, and it was published in the Federal Register on January 22, 2021 at 86 FR 6742.
Banking Agencies Implement Emergency Capital Investment Program
The OCC, FRB and the FDIC published an interim final rule (Emergency Capital IFR) that supports the Treasury Department’s implementation of the Emergency Capital Investment Program (ECIP) established by Section 522 of the 2021 Consolidated Appropriations Act, which added a new Section 104A to the Community Development Banking and Financial Institutions Act of 1994 (the Act).
NCUA Issues Interim Final Rule for Central Liquidity Facility
Last month, the NCUA issued an interim final rule in the Federal Register (March 2021 IFR) amending its regulations governing the Central Liquidity Facility (CLF) to incorporate provisions of the 2021 Consolidated Appropriations Act (CAA). 86 FR 15568.
Table of Contents
Consumer Finance
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CFPB Rescinds COVID Temporary Compliance Flexibility Statements
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Federal Residential “Eviction” News
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CFPB Rescinds its Policy Statement on Abusive Practices
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CFPB Issues Interpretive Rule on Sexual Orientation and Gender Identity Discrimination
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Agencies Propose PFI Q&As; Big Changes to CAS Acceptance
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CFPB Issues Fourth Status Report on Reform Act Section 1071
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2021 HMDA Getting It Right Issued
Consumer Finance Q&A
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Can a Lender Charge an Extension Fee as a Condition to Extend A Residential Construction Loan
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What are an Institution’s SAFE Act Obligations in Addition to NMLSR Registration?
Banking Operations & FinTech
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US Supreme Court Narrows TCPA Definition of “Autodialer”
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ABA Publishes Comment Letter Opposing OCC’s Proposed Bank Premises Rule
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OAL Finalizes AG Modifications to CCPA Regulations
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California Privacy Protection Agency Board Members Announced
Corporate Governance
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FDIC’s Revised Brokered Deposits Regulation Is In Effect
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LIBOR Transition News
Commercial Lending
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Banking Agencies Implement Emergency Capital Investment Program
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PPP Loan Program Extended to Take Advantage of American Rescue Plan Provisions
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SBA Revises PPP Platform Procedures for Addressing Hold Codes and Compliance Check Error Messages
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Fed Extends PPP Liquidity Facility Through June 30; Three Others Expired March 31
Credit Unions
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NCUA Issues Interim Final Rule for Central Liquidity Facility
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NCUA Issues Asset Thresholds Interim Final Rule to Mitigate COVID-19 Related Transition Costs
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NCUA Proposed Rule to Update CAMEL to CAMELS
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NCUA Extends Comment Period for Proposed Rule Expanding CUSO Permissible Activities and Services
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