CFPB Adds Escrow to Mortgage Servicing FAQs

August 27, 2021 - 2 min read

On June 2, 2021, the Consumer Financial Protection Bureau (CFPB) updated its Mortgage Servicing FAQs to include several questions and answers regarding the escrow account rules under the Real Estate Settlement Procedures Act, as implemented by Regulation X (12 CFR 1024). The escrow account Q&As include the following categories. General includes Q&As regarding: Definitions of…

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FinCEN Issues AML Act “Priorities”

August 25, 2021 - 1 min read

On June 30, 2021, FinCEN issued its list of priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) (the Priorities) as required by the Anti-Money Laundering Act. The Priorities are intended to identify and describe the most significant AML/CFT threats facing the United States. The Priorities – listed, according to FinCEN, “[i]n no…

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Juneteenth Independence Day Act

August 23, 2021 - 2 min read

On August 5, 2021, the CFPB issued an Interpretive Rule to provide guidance to only address certain Regulation Z timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures (TRID) in light of recent legislation that designated Juneteenth as a Federal legal public holiday. In particular, the Interpretative Rule clarifies whether Saturday,…

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Final Rule: Fair Debt Collection Practices Act (FDCPA)

February 9, 2021 - 1 min read

On November 30, 2020, the CFPB issued a final rule amending Regulation F (12 CFR 1006), which implements the Fair Debt Collection Practices Act (FDCPA) and prescribes Federal rules governing certain activities of debt collectors, as that term is defined in the FDCPA. The final rule, among other things, clarifies the information that a debt…

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Proposed Rule on Supervisory Guidance

February 4, 2021 - 2 min read

On November 5, 2020, the joint agencies (FRB, OCC, FDIC, NCUA and CFPB) (collectively, the Agencies) issued a Notice of Proposed Rulemaking (NPRM) to confirm the Agencies’ use of supervisory guidance for regulated institutions. The proposal codifies the statement, as amended, the Agencies issued in September 2018, the Interagency Statement Clarifying the Role of Supervisory Guidance (2018…

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Federal Reserve Adjusts and Clarifies Main Street Lending Program

February 2, 2021 - 2 min read

The Federal Reserve’s Main Street Lending Program supports lending to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the COVID-19 pandemic, but lack access to credit on reasonable terms. To allow borrowers time to recover from the pandemic, the program offers several five-year loan options, with deferred principal…

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Federal Reserve Publishes Latest Version of Supervision and Regulation Report

February 1, 2021 - 2 min read

To enhance public transparency and heighten accountability, the Federal Reserve Board (Board) publishes periodic information about banking conditions and the Federal Reserve’s supervisory and regulatory activities. This report focuses on the Federal Reserve’s supervisory and regulatory response to the economic and financial stresses resulting from containment measures adopted in response to current public health concerns,…

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Banking Agencies Issue Rules to Finalize Interim Rules

January 29, 2021 - 2 min read

In September 2020, the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (federal bank regulatory agencies) finalized two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year. They include: • A final rule that temporarily defers appraisal and…

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IRS Offers Guidance on IRAs and the Secure Act

June 10, 2020 - 3 min read

The IRS published Notice 2020-6 in January, regarding relief for reporting required minimum distributions (RMD) for IRAs for 2020. Background: The SECURE Act changed the required beginning date applicable to certain retirement plans, including IRAs and annuities. The new required beginning date for an IRA owner is April 1 of the calendar year following the…

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Agencies Issue Clarifying Statement on Banking Hemp-Related Businesses

February 28, 2020 - 2 min read

On December 3, 2019, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency (OCC) in consultation with the Conference of State Bank Supervisors (CSBS), issued a statement, “Providing Financial Services to Customers Engaged in…

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