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Banking Agencies Adopt Temporary Interim Final Rule for Appraisals Evaluations
On October 16, 2020, the FDIC, FRB and OCC adopted the interim final rule as final (Agencies’ Final Rule; 85 FR 65666) concerning appraisals and evaluations which they issued on April 14, 2020 (IFR; 85 FR 21312). Usually, an appraisal or evaluation must be obtained prior to a real estate loan closing.
DFPI & California Fair Lending Notice
QUESTION: Should state-chartered banks and credit unions list the newly created DFPI and its new address in their California Holden Act/Fair Lending Notice and lobby poster?
AG Proposes Further Modifications to CCPA Regulations
As reported in the September 2020 BCG Newsletter, in August 2020, the California Office of Administrative Law (OAL) approved in final form California Consumer Privacy Act (CCPA) regulations. 10 CCR Section 999.300 et seq.
Community Bank Leverage Ratio Finalized
Last month, the FRB, FDIC and OCC issued a final rule CARES Act Section 4012 required. Section 4012 required the banking agencies to lower the Community Bank Leverage Ratio (CBLR) for qualifying community banks from nine percent to eight percent, and provide the banks with a compliance grace period.
Loan Forgiveness Applications for Loans of $50K and Less are Simplified
Form 3508S. On October 8, 2020, the SBA, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less, “Form 3508S.”
Recent NCUA Board Actions Affecting Credit Union Corporate Governance
On October 15, 2020, the NCUA board: (i) approved a proposed rule to modernize the NCUA’s derivatives rule to make it more principles based; (ii) adopted a final rule to update and clarify several corporate credit union provisions in the NCUA regulations; and (iii) was briefed on cybersecurity risks.
Federal Reserve Begins the CRA Reform Process
The Board of Governors of the Federal Reserve System issued an Advanced Notice of Proposed Rulemaking (ANPR) September 21, 2020 to modernize its CRA regulation, Regulation BB. The ANPR, which consists of 54 pages, including 99 questions about which the Fed is seeking feedback, was published in the Federal Register on October 19, 2020. 85 FR 66410.
Table of Contents
Consumer Finance
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Banking Agencies Adopt Temporary Interim Final Rule for Appraisals/Evaluations
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CFPB Extends Temporary GSE QM
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CFPB Issues New-ish FAQs on RESPA Section 8 and MSAs
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Agencies Update TILA Exam Procedures
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CFPB Releases Early Termination Process for Consent Orders
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CFPB Issues TRID Assessment; “Finance Charge” Unchanged
Consumer Finance Q&A
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DFPI & California Fair Lending Notice
Banking Operations & FinTech
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AG Proposes Further Modifications to CCPA Regulations
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Federal Reserve Amends Implementation Date for Changes to Facilitate Same-Day ACH Service
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USAA Sues PNC Bank Over Mobile Deposit Capture Technology
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FDIC Urges Banks to Work with Borrowers Affected by the California Wildfires
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FinCEN and OFAC Issue Ransomware Advisories
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Ransomware Risk Mitigation Tool Jointly Released by Federal, State Authorities and BECTF
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CIP Exemption for Property and Casualty Insurance Premiums Loans Expanded
Corporate Governance
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Community Bank Leverage Ratio Finalized
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ISDA Updated Fallback Provisions for 2006 Swap Definitions
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SEC Modernizes Auditor Independence Rules
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FDIC Approves Temporary Relief from Part 363’s Audit and Reporting Requirements
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Agencies Adopt Final Rule for Institutions Implementing CECL in 2020
Commercial Lending
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Loan Forgiveness Applications for Loans of $50K and Less are Simplified
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SBA Outlines Procedures for PPP Borrowers with Ownership Changes
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SBA Updates PPP FAQs
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OCC Finalizes “True Lender” Rule
Credit Unions
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Recent NCUA Board Actions Affecting Credit Union Corporate Governance
CRA/HMDA Corner
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Federal Reserve Begins the CRA Reform Process
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Bureau Updates HMDA Data Collection Chart for 2021
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