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Agencies Issue Additional COVID Loan Accommodation Guidance: The Party's Ending?
Shortly after the President declared the pandemic a national emergency, the banking agencies issued the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus,” (Initial Statement).
CCPA Regulations Finalized
On August 14, 2020, the California Office of Administrative Law (OAL) approved in final form the regulations implementing the California Consumer Privacy Act (CCPA) (10 CCR Section 999.300 et seq.).
California Will Require Certain California Corporations to have Board Members from Underrepresented Communities in Addition to Women
Just days after the bill was passed by the California legislature, Governor Newsom signed AB 979 which will require publicly held domestic or foreign corporations, whose principal executive offices are located in California, to have a minimum of one director from an underrepresented community no later than the close of the 2021 calendar year.
SBA Clarifies PPP Loan Forgiveness Limits of C- and S- Corp. Owner-Employee Compensation and Certain Nonpayroll Costs
The Small Business Administration (SBA) issued an interim final rule on August 24, 2020 which provides additional guidance under the Paycheck Protection Program (PPP). 85 FR 52881. The August interim final rule (“August 2020 IFR” or simply “IFR”) provides information on the ownership percentages which would trigger compensation rules applicable to owner-employees of C- and S-corporations, and limitations on forgiveness of certain nonpayroll costs.
NCUA Approves Changes to Field of Membership Rule
Recently, the NCUA issued a final rule that will reinstate a 2016 NCUA rule defining a “field of membership” for applicants and existing federal credit unions (FCUs) seeking community-based charter approval, expansion or conversion.
CFPB Issues FAQs for "Relied on" HMDA Data Points
HMDA and Regulation C require covered institutions to collect and report a laundry list of data points. One criterion for five data points is that an institution relied on that information in making a credit decision.
Table of Contents
Consumer Finance
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Agencies Issue Additional COVID Loan Accommodation Guidance: The Party’s Ending?
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CFPB Proposes New “Seasoned” QM
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Federal Foreclosure Moratorium Extended Through December 31, 2020
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CFPB’s RFI on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
Banking Operations & FinTech
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CCPA Regulations Finalized
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FinCEN Publishes Customer Due Diligence FAQs, Issues Statement on BSA Due Diligence for Politically Exposed Persons
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FinCEN Issues BSA Enforcement Statement on its Enforcement of the BSA
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Dealing with Face Mask Guidance, Orders and Policies
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Fed Could Launch 24x7x365 FedNowSM Service as Early as 2023
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OCC Proclaims Banks Affected by the California and Colorado Wildfires May Close
Corporate Governance
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California Will Require Certain California Corporations to have Board Members from Underrepresented Communities in Addition to Women
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Community Bank Leverage Ratio Temporarily Becomes Eight Percent on October 1
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New Final Rule Amends “Eligible Retained Income” Under Regulatory Capital Rule
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Final Rule Mitigates CECL’s Effect for Institutions Adopting the New Accounting Standard in 2020
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FDIC Codifies Changes to Provide More Employment Opportunities for Individuals with Certain Minor Criminal Convictions
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FRB Releases Annual Large Bank Stress Test Results; Halts Stock Buybacks and Limits Dividends for Large Banks
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ARRC Releases SOFR Starter Kit; Summer Series Webcasts Available Online
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ARRC Updates its Recommended Best Practices for Completing LIBOR Transition
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ARRC Issues ARM and Student Loan Resource Guides
Commercial Lending
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SBA Clarifies PPP Loan Forgiveness Limits of C- and S-Corp. Owner-Employee Compensation and Certain Nonpayroll Costs
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Banks Win First PPP Suit Regarding Payment of Agents’ Fees
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Several Attorneys General Sue FDIC and OCC Over Interest Rate Rules
Credit Unions
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NCUA Approves Changes to Field of Membership Rule
CRA/HMDA Corner
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CFPB Issues FAQs for “Relied on” HMDA Data Points
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CFPB Releases 2021 HMDA FIG and Supplemental Guide for Quarterly Filers
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