Compliance News

The Consumer Financial Protection Bureau issued a final rule to implement Fair Debt Collection Practices Act requirements for certain consumer disclosures. The rule requires debt collectors to provide detailed disclosures at the outset of collection communications.

Federal regulators announced the annual adjustment to Community Reinvestment Act thresholds. Effective Jan. 1, the “small bank” or “small savings association” designation applies to institutions that as of Dec. 31 of either of the prior two calendar years had assets of less than $1.322 billion.

The FDIC proposed a rule to amend the agency’s Suspicious Activity Report regulation. The proposal would permit the FDIC to issue additional, case-by-case exemptions from SAR filing requirements to FDIC-supervised institutions.

The Consumer Financial Protection Bureau finalized rules addressing the pending expiration of the "GSE Patch," which exempts Fannie Mae and Freddie Mac mortgage loans from parts of the bureau's Qualified Mortgage rule.

The OCC said it is reducing rates in all fee schedules by 3 percent for the 2021 calendar year. The reduced assessments go into effect Jan. 1.

The Consumer Financial Protection Bureau issued its final policy on advisory opinions, which are designed to provide guidance to entities on outstanding regulatory uncertainty.

Federal regulators issued a joint statement encouraging banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and no later than Dec. 31, 2021, to facilitate the transition away from LIBOR.

The OCC issued a proposed rule on Community Reinvestment Act general performance standards with a 60-day comment period.