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07/13/2020

Second quarter 2020 Call Report instructions

FDIC FIL-69-2020, distributed Friday, July 10, included links to supplemental instructions and June 2020 COVID-19- related supplemental instructions to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2020, report date.

Filers are asked to plan to complete as early as possible the preparation, editing, and review of their institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR). Starting preparation early will help identify and resolve any edit exceptions before the submission deadline. If later they find that certain information needs to be revised, they should make the appropriate changes to the Call Report data and promptly submit the revised data file to the CDR.

07/13/2020

Amendments to SEC Form 13F proposed

The Securities and Exchange Commission has announced it has proposed to amend Form 13F to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the Commission adopted Form 13F over 40 years ago.

Form 13F was adopted to comply with a 1975 statutory directive designed to provide the Commission with data from larger managers about their investment activities and holdings, so that their influence and impact could be considered in maintaining fair and orderly securities markets.

Comments on the proposal will be accepted for 60 days following its publication in the Federal Register.

07/13/2020

FATF Business Bulletin issued

The latest edition of the FATF Business Bulletin provides a summary of the decisions taken during the June 2020 Virtual Plenary and presents the objectives of the new FATF President, Marcus Pleyer, for the first two-year Plenary period.

07/13/2020

OCC launches Project REACh

The Office of the Comptroller of the Currency has announced the launch of Project REACh to promote financial inclusion through greater access to credit and capital. REACh stands for Roundtable for Economic Access and Change and brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation’s economy.

07/13/2020

CFPB report on debt settlements and credit counseling

The CFPB has released a report examining recent trends in debt settlement and credit counseling. The report documents changes over time in how consumers have used these debt relief options for unsecured debt.

The report shows that nearly one in thirteen consumers with a credit record had at least one account reported by the creditor as settled or with payments managed by a credit counseling agency from 2007 through 2019. It also shows debt settlements rose dramatically during the Great Recession to a peak of $11.4 billion. More than half of these settlements occurred within a year of the account first becoming delinquent. Debt settlement and credit counseling became less common after that recession, but recently settlements have been on the rise following changes in delinquencies and credit tightness.

07/10/2020

PA communities on FEMA suspension list

The Federal Emergency Management Agency has published [85 FR 41195] a notice identifying communities in Pennsylvania scheduled for suspension from the National Flood Insurance Program for noncompliance with the program's floodplain management requirements on Wednesday, July 8. The notice lists the communities of Bethel, Cleona, Cornwall, East Hanover, Heidelberg, Jonestown, Lebanon, Millcreek, Mount Gretna, Myserstown, North Cornwall, North Londonderry, Palmyra, South Lebanon, South Londonderry, Swatara, and West Cornwall.

If a listed community took the required floodplain management measures before the July 8 effective date, it was not suspended. Lenders should verify the status of the listed communities before proceeding with any loan to be secured by real estate in those areas.

07/10/2020

FDIC proposes changes to branch applications rules

The FDIC has published [85 FR 41442] a proposal to amend its rules at 12 CFR Parts 303 and 347 to eliminated the requirements for statements regarding the compliance of applications for establishment and relocation of offices and branches with the National Historic Preservation Act (NHPA) and the National Environmental Policy Act (NEPA). The proposal would also rescind the FDIC's statements of policy regarding the NHPA and NEPA .

Comments are due by August 10, 2020.

07/10/2020

Chinese entity and officials sanctioned

The Treasury Department has announced that OFAC has sanctioned one Chinese government entity and four current or former government officials in connection with serious rights abuses against ethnic minorities in the Xinjiang Uyghur Autonomous Region (XUAR). The entity and officials are being designated for their connection to serious human rights abuse against ethnic minorities in Xinjiang, which reportedly include mass arbitrary detention and severe physical abuse, among other serious abuses targeting Uyghurs, a Turkic Muslim population indigenous to Xinjiang, and other ethnic minorities in the region. These designations are the latest U.S. government actions in an ongoing effort to deter human rights abuses in the Xinjiang region.

For identification of the designated entity and individuals, see BankersOnline's OFAC Update.

07/10/2020

Some outstanding EIP checks cancelled by IRS

FRB Services has posted a notice that, effective July 6, 2020, the Treasury Department’s Internal Revenue Service has announced the cancellation of outstanding Economic Impact Payment (EIP) checks issued to recipients who may not be eligible for such program payments, including those that may be deceased.

The Bureau of the Fiscal Service encourages financial institutions to determine the status of EIP checks by using either the Treasury Check Verification Application (TCVA) for single queries, or the Treasury Check Verification Service (TCVS) for bulk queries using an automated programming interface (API).

If a financial institution inadvertently negotiates a cancelled EIP check, Treasury will not request or demand recovery from financial institutions, unless there is an additional reason to do so, for example the check was not properly endorsed. Similarly, Treasury will not reclaim from financial institutions ACH payments made to recipients who may not be eligible for such payments under program specifications.

07/10/2020

$1M in refunds mailed to victims of student loan scam

The Federal Trade Commission reports it is mailing checks totaling more than $1 million to individuals who lost money to a student loan debt relief scam. American Student Loan Consolidators and BBND Marketing, which did business under other names including United Processing Center, settled FTC allegations that the companies’ operators pretended to be affiliated with the U.S. Department of Education or with loan servicers to trick consumers into paying hundreds of dollars in illegal upfront fees for help with their student loans. The FTC alleged that the defendants falsely promised to forgive student loans, lower monthly payments, and reduce interest rates. The FTC is mailing 41,048 checks to victims of the scam.

07/10/2020

Not too late for 2019 IRA contributions

The IRS has issued a reminder that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by the July 15 due date of the return, not including extensions.

07/09/2020

Hood address on financial inclusion

In the keynote address at the Institute of International Bankers’ Virtual Summit on Diversity, Equality, and Inclusion: How Foreign Banks Can Support Inclusive Growth, NCUA Chairman Hood said, “It’s time to start telling a new story about the financial service industry’s contributions to society. … And, just to be clear, I’m not suggesting another shiny marketing or public relations campaign. Rather, I’m talking about taking action to realize what’s best in this industry through service to your clients and stakeholders. That story, and that action, must focus on the values of financial inclusion — bringing more people into the mainstream financial system.”

Specifically, Hood outlined three steps the financial industry should do to encourage and incentivize financial inclusion:

  • Making a real institutional commitment to the values of diversity, equity, and inclusion;
  • Continuing to explore the promise of financial technology to create the conditions that will nurture greater financial inclusion; and
  • Creating innovative financial products that promote greater inclusion.

07/09/2020

FHA home retention measures expanded

Yesterday the FHA announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at the end of their COVID-19 forbearance. Effective immediately, mortgage servicers will be able to use an expanded menu of loss mitigation tools, known as a “waterfall,” to assess homeowners’ eligibility for other options to bring their mortgages current if they do not qualify for FHA’s COVID-19 National Emergency Standalone Partial Claim. These options are available for homeowners whose mortgages were current or less than 30 days past due as of March 1, 2020.

07/09/2020

Amazon settles with OFAC

OFAC has announced a $134,523 settlement with Amazon.co​m, Inc. to settle Amazon's potential civil liability for apparent violations of multiple OFAC sanctions programs.

As a result of deficiencies related to Amazon’s sanctions screening processes, Amazon provided goods and services to persons sanctioned by OFAC; to persons located in the sanctioned region or countries of Crimea, Iran, and Syria; and to individuals located in or employed by the foreign missions of countries sanctioned by OFAC. Amazon also failed to timely report several hundred transactions conducted pursuant to a general license issued by OFAC that included a mandatory reporting requirement, thereby nullifying that authorization with respect to those transactions. The settlement amount reflects OFAC’s determination that Amazon’s apparent violations were non-egregious and voluntarily self-disclosed, and further reflects the significant remedial measures implemented by Amazon upon discovery of the apparent violations.​​

07/09/2020

Fed lists MSLP lenders

The Federal Reserve Bank of Boston has posted on its Main Street Lending Program Information for Borrowers webpage an interactive map with a listing of lenders participating in the MSLP who are currently accepting applications from new customers.

Registered lenders wishing to be added to the lender list or change their status can contact MSLP@bos.frb.org for such requests.

07/09/2020

Student-loan debt-relief business settles with CFPB

The CFPB has reported that it has settled with Timemark, Inc., a company based in Deerfield Beach, Florida, that provides debt-relief services to consumers with federal student-loan debt, and with its owners and officers, Timothy Lenihan Sr., Mark Nagler, and Casey Gassaway. The Bureau alleged that the defendants charged illegal advance fees in violation of the Telemarketing Sales Rule (TSR) to consumers who were seeking to renegotiate, settle, reduce, or alter the terms of their loans. A complaint filed by the CFPB alleged that from 2016 through October 2019, the defendants used telemarketing campaigns to convince more than 7,300 consumers to pay up to $699 in fees to file paperwork to reduce or eliminate their monthly payments for their federal student loans, through loan consolidation, forgiveness, or income-driven repayment plans.

If the proposed stipulated judgment is approved, the defendants would be permanently banned from providing debt-relief services. The order would impose a judgment on the defendants, jointly and severally, in the amount of about $3.8 million for consumer redress. Full payment of this amount will be suspended if, within 10 days after the order is entered, Timemark pays $5,000, Nagler pays $7,000, and Gassaway pays $10,000. The full amount of redress was suspended because of defendants’ purported limited ability to pay more based on sworn financial statements. The defendants would also be required to each pay a $1 civil money penalty, in light of their financial circumstances.

07/09/2020

Consumer credit down in May

The Federal Reserve Board has posted the G.19 Consumer Credit Report for May 2020, which indicates consumer credit decreased at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit decreased at an annual rate of 28-1/2 percent, while nonrevolving credit increased at an annual rate of 2-1/4 percent.

07/09/2020

HUD eviction prevention and stability toolkit

HUD Secretary Carson has announced the Eviction Prevention and Stability Toolkit, to encourage public housing authorities and housing choice voucher landlords to plan for and implement strategies to keep families stably housed and mitigate economic hardships due to the COVID-19 pandemic. The toolkit comprises a public housing authority best practices guide, a tenant brochure with tips to avoid eviction, a housing choice voucher landlord flyer to encourage engagement with tenants before the moratorium expires, and repayment agreement guidance in addition to sample documents to provide increased clarity for landlords and renters utilizing the resources. The elements of the toolkit are linked on HUD's Public and Indian Housing COVID-19 Resources webpage.

07/08/2020

Minutes of Fed Board interest rate meetings

The Federal Reserve Board has released the minutes of its interest rate meetings from May 18 through June 10, 2020.

07/08/2020

Bureau updates guide to COVID-19 relief

The CFPB has added additional information to its Guide to Covid-19 economic stimulus relief information originally posted on April 10, 2020.

07/08/2020

Deceptive acts and practices suit filed by CFPB

The CFPB has filed a lawsuit against My Loan Doctor LLC — a Delaware financial-services company operating in West Palm Beach, Florida and New York City and doing business as Loan Doctor (Loan Doctor) — and its founder, Edgar Radjabli. The Bureau's complaint alleges that Loan Doctor and Radjabli made several false, misleading, and inaccurate marketing representations in advertising Loan Doctor’s “Healthcare Finance Savings CD Account,” in violation of the Consumer Financial Protection Act’s prohibition against deceptive acts or practices. It also alleges, starting in August 2019, Loan Doctor took more than $15 million from at least 400 consumers who opened and deposited money into Loan Doctor’s deceptively advertised product.

07/08/2020

CFPB deputy director named

CFPB Director Kathleen Kraninger has announced that Thomas Pahl will serve as the Deputy Director of the Bureau.

07/08/2020

Bureau ratifies prior regulatory actions

The CFPB has reported it has issued a ratification of the large majority of its existing regulations and certain other actions, to provide the financial marketplace with certainty that the rules are valid in light of the Supreme Court decision in Seila Law. The ratification relates back to the original date of each identified action.

PUBLICATION UPDATE: Published at 85 FR 41330 and officially issued on Friday, July 10, 2020.

07/08/2020

Final rule on small dollar lending issued

The CFPB has issued a final rule amending its Payday, Vehicle Title, and Certain High-Cost Installment Loans regulations at 12 CFR part 1041. The final rule, which will be effective 90 days after its Federal Register publication, rescinds the mandatory underwriting provisions of the 2017 rule but does not rescind or alter the payments provisions of the 2017 rule.

The Bureau had received a petition to commence a rulemaking to exclude debit and prepaid cards from the payments provisions of the small dollar lending rule, and the agency has denied that petition. The Bureau has also issued guidance clarifying the payments provisions’ scope and assisting lenders in complying with those provisions. In addition, today the Bureau released a ratification of the payment provisions in light of the Supreme Court’s recent decision in Seila Law. Although the payments provisions are currently stayed by court order, the Bureau will seek to have them go into effect with a reasonable period for entities to come into compliance.

07/08/2020

FATF report on stablecoins

At the request of the G20, the FATF has issued a "Report on So-Called Stablecoins" that sets out the FATF’s views on stablecoins and addresses:

  • the characteristics of stablecoins
  • the money laundering and terrorist financing risks of stablecoins
  • how the FATF Standards apply to stablecoins and the different businesses involved in the stablecoin; and
  • how the FATF plans to enhance the global anti-money laundering and counter-terrorism financing framework for virtual assets and stablecoins.

07/08/2020

FinCEN COVID-19 scams advisory

FinCEN has issued Advisory FIN-2020-A003 to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic. The advisory contains descriptions of these scams and schemes, financial red flag indicators for both, and information on reporting suspicious activity.

07/07/2020

Consumer Financial Protection Week announced

The Bureau has announced the launch of Consumer Financial Protection Week, which will take place from July 14–17, 2020. During the week, activities will focus on how the CFPB is protecting consumers in the financial marketplace, the issues consumers are confronting, and how consumers can communicate to the Bureau any issues they may have with a financial services provider.

07/07/2020

PPP loan data released

The SBA, in consultation with Treasury, yesterday announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. The release includes loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges.

The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry. The loans have reached diverse communities proportionally, across all income levels and demographics.

07/07/2020

Credit union CLF borrowing capacity exceeds $25M

The NCUA announced yesterday that the Central Liquidity Facility (CLF) has experienced a significant increase in its membership and borrowing capacity. In total, 3,797 credit unions, or 73 percent all federally insured credit unions, have access to the CLF, either as a regular member or through their corporate credit union. Under the temporary authority granted by the CARES Act, the CLF can borrow sixteen times its total capital. As of May 31, the facility’s borrowing authority stood at $25.8 billion, an increase of $15.3 billion since April.

07/06/2020

PPP extended to August 8

The president has signed S.4116 into law, extending the deadline for applications for Paycheck Protection Program loans to August 8, 2020, and separating the program from the SBA 7(a) program to ensure that 7(a) loans will continue to be available after the PPP deadline.

07/03/2020

FDIC releases CRA evaluations

The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2020. Of the 86 institutions listed, 75 were rated satisfactory, eight received an outstanding rating, and three were rated needs to improve.

The eight institutions garnering outstanding ratings are (links are to their evaluation reports):

07/03/2020

OCC CRA evaluations released

The OCC has released CRA evaluations for 21 national banks and federal savings associations that became public in June. Of the 21 evaluations, 11 are rated satisfactory, nine are rated outstanding, and one is rated needs to improve.

The nine institutions with outstanding ratings are (with links to their evaluation reports):

07/03/2020

Don't forget to file blocked property report

OFAC has posted a reminder to file the 2020 Annual Report of Blocked Property (ARBP).

The Reporting, Procedures and Penalties Regulations (RPPR) require holders of blocked property to provide OFAC with a comprehensive list of all blocked property held as of June 30 of the current year by September 30 (no report is required if no blocked property is held on June 30).

The term "blocked property" only applies to property that is blocked under OFAC regulations. Property that was unblocked by an OFAC general or specific license or was previously blocked pursuant to a sanctions program that was terminated on or before June 30, 2020, is not considered blocked property, and should not be reported in the ARBP. Similarly, a restricted account of a person ordinarily resident in Iran is not blocked, and should not be reported to OFAC in the ARBP, unless there is an interest in the account of a person whose property and interests in property are blocked pursuant to an applicable sanctions authority.

Failure to submit a required ARBP by September 30 constitutes a violation of the RPPR. For more information see OFAC's Guidance on Filing the Annual Report of Blocked Property.

07/03/2020

West Virginia bank pays flood insurance penalty

The Federal Reserve Board has announced a civil money penalty of $24,500 has been assessed against Putnam County Bank, Hurricane, Virginia, in connection with the Bank's pattern or practice of unspecified violations of Regulation H, 12 CFR § 208.25, which implements the requirements of the National Flood Insurance Act.

07/03/2020

CFPB proposes EGRRCPA-required HPML escrow exemption

The CFPB has issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs), to implement an amendment to Regulation Z made by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The proposed amendment generally would exempt from the Regulation Z HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if

  • the institution has assets of $10 billion or less;
  • the institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year;
  • the institution meets the requirement in § 1026.35(b)(2)(iii)(A) relating to making a covered transaction secured by a first lien on a property located in a "rural" or "underserved" area; and
  • the institution and its affiliates do not maintain an escrow account other than those established for HPMLs at a time when the creditor may have been required by the regulation to do so or those established after consummation as an accommodation to distresses consumers.

Comments on the proposal will be accepted for 60 days following Federal Register publication.

07/03/2020

Tribes get $15M to address COVID-19

HUD yesterday awarded $15 million to tribes in Alaska, Arizona, California, New Mexico, Oklahoma, and Utah as part of HUD's Indian Community Development Block Grant (ICDBG) Imminent Threat program, which provides funding to help address problems that pose an imminent threat to public health or safety of tribal residents. This funding will specifically be used to help tribes prevent, prepare for, and respond to COVID-19. This initial distribution is the first $15 million of $100 million that will be going to tribes.

07/03/2020

Airlines agree to Treasury loan terms

Treasury has announced that five airlines— American, Frontier, Hawaiian, Sky West, and Spirit—have signed letters of intent under which Treasury would extend loan loans under the CARES Act, which authorizes Treasury to make loans to eligible businesses related to losses incurred as a result of the coronavirus pandemic.

07/02/2020

NCUA Board reschedules July meetings

The NCUA Board has rescheduled its July open and closed meetings, originally set for Thursday, July 16. Both meetings are now scheduled for Thursday, July 30. The open meeting will begin at 10 a.m. Eastern, and the closed meeting will follow immediately after the open meeting has concluded. The July open meeting will be available through a live audio webcast only.

07/02/2020

June 9-10 FOMC minutes posted

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on June 9–10, 2020. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting was also released.

07/02/2020

Regulators joint statement on managing LIBOR transition

The members of the Federal Financial Institutions Examination Council (FFIEC) issued a statement yesterday highlighting the risks that will result from the transition away from LIBOR, and encouraged supervised institutions to continue their efforts to transition to alternative reference rates in order to mitigate financial, legal, operational, and consumer protection risks. The financial services industry uses LIBOR as a reference rate for many financial products and instruments that include loans, investments, and deposits to a range of customers, as well as borrowings and derivatives. While some smaller and less complex institutions may have limited exposure to LIBOR- denominated instruments, the transition to alternative reference rates will affect almost every institution.

The statement also highlights:

  • the legal and consumer compliance risks associated with inadequate fallback language, when the contractual language does not contemplate LIBOR’s permanent discontinuance;
  • the need for each financial institution to have risk management processes to identify and mitigate LIBOR transition risks that reflect the size and complexity of their exposure and third-party servicer arrangements; and
  • areas where supervisory staff will focus their reviews of LIBOR transition planning and risk mitigation efforts.

07/02/2020

New NMLS Ombudsman appointed

The Conference of State Bank Supervisors announced yesterday that ​Jim Payne, director of examinations and assistant deputy commissioner for the Consumer and Mortgage Lending Division of the Kansas Office of the State Bank Commissioner, will serve as the new NMLS ombudsman starting July 1.

The NMLS ombudsman provides state regulators and industry a neutral environment for discussing NMLS issues and policies governing the system. More than 226,000 state-licensed entities across the mortgage, debt, consumer finance and money services businesses industries rely on NMLS to manage their licensing requirements. Over 424,000 federally registered institutions and mortgage loan originators also depend on the system.

07/02/2020

More from CFPB's rulemaking agenda

The CFPB's Spring 2020 Rulemaking Agenda (see yesterday's Top Story) also indicates that the Bureau is participating in an interagency rulemaking to develop regulations to implement Dodd-Frank Act amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning quality control standards for automated valuations models (AVMs).

The Bureau is also conducting an assessment of its TRID Rule (required not later than 5 years after the rule's effective date), with an assessment report due by October 2020. The CFPB also expects to conduct a review under the Regulatory Flexibility Act of Regulation Z rules implementing the Credit CARD Act of 2009 to consider the effect of the rules on small entities.

07/02/2020

Info for next large firm resolution plans released

A joint press release posted yesterday by the Fed and the FDIC released a June 29, 2020, letter to the eight largest and most complex domestic banking organizations with information that will guide their next resolution plans, which are due by July 1, 2021. The 2021 plans will be required to include core elements of a firm's resolution plan—such as capital, liquidity, and recapitalization strategies—as well as how each firm has integrated changes to and lessons learned from its response to the coronavirus into its resolution planning process.

07/01/2020

FATF 31st Plenary Meeting

The Treasury Department has reported that the Financial Action Task Force (FATF) concluded its 31st plenary meeting by calling on its members to tackle new threats and vulnerabilities posed by criminals during the COVID-19 crisis. The FATF also completed a 12-month review of progress made by jurisdictions on implementing the new FATF standards on virtual assets adopted during the U.S. presidency of the FATF. The international task force further agreed upon draft text, on which it will seek public consultation, revising its standards to incorporate measures to counter proliferation financing, and adopted a groundbreaking report on money laundering and illegal wildlife trafficking.

07/01/2020

FDIC releases list of May enforcement orders

The FDIC has released a list of enforcement decisions and orders issued in May 2020.

  • The former president, CEO and chairman of a Virginia bank was assessed a $15,000 civil money penalty for reckless unsafe and unsound practices and breaches of fiduciary duty.
  • A former teller at a Washington bank was issued an order of prohibition after a finding that she had embezzled over $49,000 and falsified bank records.
  • A former teller at a South Carolina bank received an order of prohibition after a finding that she had caused unauthorized ATM access cards to be issued on bank customer accounts without those customers' knowledge, and, alone or with others, used the cards to complete unauthorized withdrawals of more than $60,000 from those accounts.

07/01/2020

NMLS makes Temporary Authority resource available

In response to a request made of the NMLS Ombudsman at the organization's 2020 NMLS Annual Conference and Training, the NMLS has created a Temporary Authority state regulatory and implementation resource, available on the NMLS Temporary Authority to Operate webpage.

07/01/2020

Fed assesses flood penalty on Virginia bank

The Federal Reserve Board has issued an order assessing an $8,500 civil money penalty on Benchmark Community Bank, Kenbridge, Virginia, for unspecified violations of section 208.25 of Regulation H, which implements the National Flood Insurance Act.

07/01/2020

Competition to develop innovative financial reporting

The FDIC announced on Tuesday a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks.

The agency has invited 20 technology firms to participate. They will develop proposed solutions over several months for consideration by the FDIC. The agency intends that the modern tools developed in this and future competitions "will help make financial reporting seamless and less burdensome for banks, provide more timely and granular data to the FDIC on industry health, and promote more efficient supervision of individual banks."

07/01/2020

CFPB publishes Spring 2020 rulemaking agenda

The Bureau has published its Spring 2020 Rulemaking Agenda, which lists the regulatory matters that it expects to focus on between May 1, 2020 and April 30, 2021. In addition to actions already taken, the Agenda lists several other regulatory activities planned for the remainder of 2020 through the spring of 2021, including—

  • A proposed rule to implement section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA), which requires the Bureau to conduct a rulemaking to exempt certain loans from the escrow requirements applicable to higher-priced mortgage loans if they are made by certain creditors with assets of $10 billion or less and that meet other criteria.
  • In the fall of 2020, significant steps toward implementing section 1071 of the Dodd-Frank Act, requiring the collection and reporting of certain information on credit applications made by women-owned, minority-owned, and small businesses.
  • Also in the fall of 2020, two new proposed rules under HMDA relating to data points reported and public disclosure of HMDA data in light of consumer privacy considerations.
  • October 2020 final action on the May 2019 proposed rules under Regulation F to govern the activities of debt collectors under the FDCPA, followed at a later date with final action on the supplemental proposal addressing time-barred debt disclosures.
  • Consideration later in 2020 of a proposed rule with a "seasoning" definition of "qualified mortgage," to provide an alternate pathway to QM safe-harbor status for certain mortgage loans when the borrower has consistently made timely mortgage payments for a period.

07/01/2020

HUD awards $40M to fight housing discrimination

The U.S. Department of Housing and Urban Development (HUD) has awarded $40.8 million to support dozens of fair housing organizations working to help end housing discrimination. These funds are provided through the Department’s Fair Housing Initiatives Program (FHIP) both to help people who believe they have been victims of housing discrimination and to educate housing providers about fair housing laws.

HUD’s FHIP grants support a wide range of fair housing enforcement, education, and outreach activities. The grants allow organizations to provide fair housing enforcement through testing in the rental and sales markets, to file fair housing complaints with HUD, and to conduct investigations. Additionally, the education and outreach activities the organizations conduct also help to educate the public, housing providers, and local governments about their rights and responsibilities under the Fair Housing Act.

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