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CFPB Issues Two Final Rules Amending ATR/QM Rules
On December 29, 2020, the CFPB issued final amendments to the ability-to-repay rule (ATR Rule) under Regulation Z. 85 FR 86308. The ATR Rule applies to Reg Z-covered, closed-end loans secured by a one- to four-unit dwelling.
Are Weblinks for Customers Facing Financial Difficulties Required?
QUESTION: Are financial institutions required to provide a weblink on their websites’ home pages which would provide borrowers facing financial difficulties with information on who to contact at the institution if they are having trouble, or anticipate it, in repaying their loan?
AG Proposes Another Round of 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 the California Consumer Privacy Act (CCPA) regulations promulgated by the California Attorney General.
California Consumer Privacy Act (CCPA) Q&As
Question: Is job applicant information exempt from the CCPA?
Agencies Issue Temporary Relief to Community Banks Who Exceed Asset Thresholds
The FRB, FDIC and OCC issued an interim final rule (IFR) effective December 2, 2020 giving community banks more time to reduce their balance sheets if they have exceeded certain asset thresholds due to COVID-19. 85 FR 77345.
New COVID-19 Relief Package Signed Into Law
On December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021 (HR 133) (CAA) with significant bipartisan support in Congress. The president signed the CAA into law on December 27, 2020.
NCUA Proposed Rule Would Lift Ban on Capitalization of Interest
Recently, the NCUA issued a proposed rule which if finalized would remove the agency’s prohibition on the capitalization of interest in connection with loan workouts and modifications. 85 FR 78269.
Bureau Increases HMDA Exemption Asset-size Threshold
Each year the CFPB adjusts the asset-size threshold for exempting depository institutions from HMDA’s data collection and reporting requirements. The CFPB makes adjustments based on changes in the CPI-W average from year to year.
Table of Contents
Consumer Finance
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CFPB Issues Two Final Rules Amending ATR/QM Rules
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CFPB Issues Final Rule to Amend Regulation F
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Residential Foreclosure and Eviction Moratoria, FHA Forbearance Extended
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CFPB Unveils Fall 2020 Rulemaking Agenda
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Bureau Increases HPML Escrow Account Small Creditor Asset-size Threshold
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CFPB Issues Final Advisory Opinions Policy, Two New Advisory Opinions
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CFPB Issues Advisory Opinion on Special Purpose Credit Programs
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CFPB Publishes Section 1071 Small Business Review Panel Report
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CFPB Issues Consent Order to Auto Lender Stemming from FCRA Violations
Consumer Finance Q&A
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Are Weblinks for Customers Facing Financial Difficulties Required?
Banking Operations & FinTech
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AG Proposes Another Round of Modifications to CCPA Regulations
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Congress Passes Veto-Proof AML Reforms; Eases Beneficial Ownership CDD Requirements
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FinCEN Publishes Guidance on Information Sharing Practices
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SBA Notice Highlights IRS Reporting Resulting From CARES Act Subsidies
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FinCEN Issues Proposed Rule on Reporting Convertible Virtual Currency and Digital Assets
Banking Operations & FinTech Q&A
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California Consumer Privacy Act (CCPA) Q&As
Corporate Governance
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Agencies Issue Temporary Relief to Community Banks Who Exceed Asset Thresholds
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OCC Proposes Rule to Offer and Provide Fair Access to Financial Services
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FDIC Issues Final Brokered Deposit Rule
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OCC Issues Interpretative Letter on Preemption
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Failure to Prepare for USD Libor Disruptions Could Undermine Financial Stability, Safety and Soundness
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ARRC Publishes a Guide to US Dollar LIBOR’s Endgame
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FDIC Proposes Amendments to Insurance Assessments for Large and Complex IDIs Implementing CECL
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DFPI Issues Proposed Regulations for Public Banks
Commercial Lending
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New COVID-19 Relief Package Signed Into Law
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SBA Updates FAQs To Address PPP Questionnaire For Loans Over $2 Million
Credit Unions
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NCUA Proposed Rule Would Lift Ban on Capitalization of Interest
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NCUA Announces Changes to its Fraud Hotline
CRA/HMDA Corner
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Bureau Increases HMDA Exemption Asset-size Threshold
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FRB and FDIC Publish CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
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FFIEC Announces Availability of 2019 CRA Data
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FFIEC Announces 2020 CRA File Specifications and Edits
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