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Exception Tracking Spreadsheet (TicklerTrax™)
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03/15/2021

OFAC FAQs concerning E.O. 13959

OFAC has posted new Frequently Asked Questions 880 relating to Xiaomi Corporation and 881 relating to Luokong Technology Corporation and applicability of Executive Order 13959, "Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies," dated November 12, 2020.

03/12/2021

Agencies propose new private flood insurance Q&As

The Fed, Farm Credit Administration, FDIC, NCUA, and OCC are requesting public comment on 24 proposed Interagency questions and answers regarding private flood insurance. The proposal is intended to help lenders comply with the agencies' 2019 joint rule to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The proposal incorporates new questions and answers in a number of areas including mandatory acceptance, discretionary acceptance and private flood insurance general compliance.

The proposed Q&As would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020. Comments will be accepted for 60 days following publication in the Federal Register.

Publication and comment period update: Published at 86 FR 14696 on 3/18/2021. The comment period will end on 5/17/2021.

03/11/2021

Webinar on credit risks from pandemic

The National Credit Union Administration will host a webinar on March 24 about potential areas of credit risk resulting from the COVID-19 pandemic. The webinar is scheduled to begin at 2 p.m. EDT and run about an hour. Topics that will be covered during the webinar include:

  • Credit markets’ status;
  • Current federal regulations;
  • What NCUA examiners look for;
  • Suggestions on reporting risk to a credit union’s management and board; and
  • Advice for proactively managing credit risks.

Online registration for the webinar is required.

03/11/2021

New HUD Secretary sworn in

Marcia L. Fudge was yesterday officially sworn in as the eighteenth Secretary of Housing and Urban Development. She leads a federal department with wide reach throughout the United States, including the Offices of Housing, Community Planning and Development, Federal Housing Administration, Public and Indian Housing, Fair Housing and Equal Opportunity, Policy Development and Research, Field Policy and Management, Government National Mortgage Association (Ginnie Mae), Lead Hazard Control and Healthy Homes, and Faith-Based and Neighborhood Partnerships.

03/11/2021

Federal Reserve CRA evaluations

In our review of the Federal Reserve Board's archive of Community Reinvestment Act evaluations, we found that the Fed issued 25 evaluations in the months of January and February 2021. Eighteen of those evaluations were rated Satisfactory.. One was rated Needs to Improve. We congratulate the six banks whose evaluations were rated Outstanding:

03/10/2021

FTC guidance on bogus EIDL loans

The Federal Trade Commission has posted an article, "What to do if you're billed for an SBA EIDL Loan you don't owe." Like many other COVID-19 response programs, the EIDL program has been abused by identity thieves who have applied for loans using stolen personal or business information. The FTC's blog article touts the SBA's new guidance on reporting these frauds, and offers tips to help victims clear up any credit problems the frauds may cause.

03/10/2021

Regulators to treat ECIP investments as capital

The federal bank regulatory agencies yesterday announced an interim final rule that supports the Treasury Department's implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. Treasury’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance to small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, which may be disproportionately affected by COVID-19. To facilitate implementation of ECIP, the agencies are revising their capital rules to provide that Treasury's investments under the program qualify as regulatory capital of insured depository institutions and holding companies.

The rule will become effective upon publication in the Federal Register. Comments will be accepted for 60 days following publication.

Publication, effective date and comment period update: Published at 86 FR 15076 and effective on 3/22/2021. Comments accepted through 5/21/2021.

03/10/2021

CFPB interpretive rule on prohibition against sex discrimination

The CFPB has announced it has issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

Publication and effective date update: Scheduled for publication on 3/16/2021, when it will also become effective.

BankersOnline has added a note about the interpretive rule to the Commentary on the definition of "prohibited basis" in section 1002.2 of Regulation B in BOL's Regulations pages.

03/09/2021

Regulators’ CRA COVID-19 FAQs updated

The OCC has issued Bulletin 2021-12 announcing that the OCC, Federal Reserve Board, and the FDIC have published a newly updated version of frequently asked questions to assist financial institutions and examiners with determining Community Reinvestment Act (CRA) consideration for activities undertaken in response to the COVID-19 pandemic. The update adds five new FAQs to the 13 interagency FAQs dated May 27, 2020.

03/09/2021

JPMorgan Chase resolves HUD discrimination claim

HUD has announced it has approved a Conciliation Agreement between JPMorgan Chase Bank and an African-American woman, resolving the woman’s claim that the mortgage lender, relying on an appraisal that she believed was inaccurate, valued her home at an amount lower than its actual worth because of her race. Under the Conciliation Agreement, JPMorgan Chase Bank will pay $50,000 to the woman and provide home lending advisors and client care specialists with mandatory training on the Reconsideration of Value process and fair lending issues related to appraisals, including specifics regarding how to handle complaints of discrimination in the appraisal process.

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