Compliance NewsHub
Federal Legislation

The White House, under President Biden's Administration, issued a memorandum to the Heads of Executive Departments and Agencies, to immediately cease the issuance of any proposed or final rules until such time as the rule has been reviewed and approved by the department or agency head appointed or designated by the President.

Reverse Mortgage Daily – Chris Clow

Kathleen Kraninger has resigned as Director of the Consumer Financial Protection Bureau (CFPB), reportedly at the Joe Biden administration's request.

NCUA approved a final rule on supervisory guidance, codifying a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance and reaffirms that the credit union regulator “will continue to follow and respect the limits of administrative law”.

FinCen, jointly with the Federal Reserve, FDIC, NCUA and OCC published answers to frequently asked questions (FAQs) regarding suspicious activity reports (SARs) and other anti-money laundering (AML)
considerations for financial institutions covered by SAR rules.

The Office of the Comptroller of the Currency (OCC) approved a final rule on banks' supervisory guidance.

The Small Business Administration addresses questions related to good-faith errors made either by borrowers or lenders that result in loan amounts exceeding the eligible max. Borrowers may not receive forgiveness for excess loan amounts.

The Small Business Administration released information for PPP lenders on the process for borrowers to resubmit loan forgiveness applications using the simplified Form 3508S if they had already applied using earlier forms.

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their revenue reduction and payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining their eligibility for and amount of a Second Draw PPP Loan.

The CFPB issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

The CFPB issued a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions, which codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018.

FinCEN has issued a notice of proposed rulemaking proposing requirements for banks and money services businesses related to certain transactions involving convertible virtual currency or digital assets with legal tender status; comments are due on February 1, 2021 for the proposed reporting requirements and March 1, 2021 for all other aspects of the proposed rule.

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction effective January 15, 2021.