Announcements

Reg-Zone Updated for May - Tuesday, May 4, 2021

The Reg-Zone has been updated for for May.

Updates include:

Fair Debt Collection Practices: Regulation F - On April 22, 2021, the Bureau of Consumer Financial Protection issued an interim final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for State application for exemption from the provisions of the FDCPA. The interim final rule addresses certain debt collector conduct associated with an eviction moratorium issued by the Centers for Disease Control and Prevention (CDC) in response to the global COVID–19 pandemic.

Effective date:

This interim final rule is effective on May 3, 2021. Comments must be received on or before May 7, 2021.

 

Bank Compliance Checkup has been updated - Friday, April 23, 2021

 The following Checklists have been added or updated:

 

A.) Deposit Regulation Section:

1.) The following Checklist has been added:

  • 1005.19 - Internet Posting Prepaid

2.) The following Checklist has been updated:

  • Regulation CC: Subpart B - Dollar amounts have been updated.

 

B.) Lending Regulation Z Section:

1.) The following Checklists have been added:

  • 1026.7 - Periodic Statements

  • 1026.12 - Special Credit Card Provisions

  • 1026.13 - Qualified Mortgages

  • 1026.60 - Credit Card

2.) The following Checklist has been updated:

  • 1026.43 - Sections (e) and (f) have been added

Click here to download the program.

Click here to access the Checklists in PDF.

 

New February Update - Thursday, February 25, 2021

February 2021

Insider Lending: Regulation O (IV-2) - On February 17, 2021, the Board issued an interim final rule to further extend this relief to PPP loans, including PPP second draw loans, made through March 31, 2021.

Effective date: February 17, 2021

 

Truth in Lending: Regulation Z (IV-3) – On February 17, 2021, the CFPB issued a final rule to amend Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The amendments exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

Effective date: February 17, 2021

 

February 2021 - Monday, February 15, 2021

February 2021

Deposit – Reserve Requirements: Regulation D - On March 24, 2020, the Board amended Regulation D, Reserve Requirements of Depository Institutions, to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent.

Effective Date: March 12, 2021

Section affected:

Computation of Required Reserves: 204.4

 

Lending:

Truth in Lending: Regulation Z – The CFPB issued a final rule under Regulation Z for qualified mortgages. The Bureau’s primary objective with this final rule is to ensure access to responsible, affordable mortgage credit by adding a Seasoned QM definition to the existing QM definitions.

Effective date: March 1, 2021

Section affected:

Minimum Standards for Transactions Secured by a Dwelling: 1026.43

 

Truth in Lending: Regulation Z – The CFPB issued a final rule under Regulation Z for qualified mortgages. This final rule amends the General QM loan definition in Regulation Z. Among other things, the final rule removes the General QM loan definition’s 43 percent DTI limit and replaces it with price-based thresholds

Effective Date: March 1, 2021

Section affected:

Minimum Standards for Transactions Secured by a Dwelling: 1026.43

 

Reg-Zone Update - Tuesday, January 26, 2021

New January 2021


Truth in Lending: Regulation Z – The Bureau of Consumer Financial Protection (Bureau) amended the official commentary that interprets the requirements of the Bureau’s Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 1.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $2.202 billion from $2.167 billion. Therefore, creditors with assets of less than $2.202 billion (including assets of certain affiliates) as of December 31, 2019, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2020.

Effective date: January 1, 2021

Section affected:

Official Staff Interpretation

Section 1026.35(b)(2)(iii)

 

Fair Credit Reporting Act: Regulation V -The Bureau of Consumer Financial Protection (Bureau) issued a final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to FCRA section 609; this final rule establishes the maximum allowable charge for the 2021 calendar year. For calendar year 2021, the maximum allowable disclosure charge is $13.00.

Effective date: January 1, 2021

Section affected:

Appendix O

 

Home Mortgage Disclosure Act: Regulation C - The Bureau of Consumer Financial Protection amended the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Based on the 1.3 percent increase in the average of the CPI–W for the 12-month period ending in November 2020, the exemption threshold is adjusted to $48 million from $47 million. Therefore, banks, savings associations, and credit unions with assets of $48 million or less as of December 31, 2020, are exempt from collecting data in 2021.

Effective Date: January 1, 2021

Section Affected:

Official Staff Interpretation

Section 1003.2 - Definitions

 

Community Reinvestment Act: Regulation BB - The Federal Reserve and the FDIC amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ‘‘small bank’’ or ‘‘small savings association’’ and ‘‘intermediate small bank’’ or ‘‘intermediate small savings association.’’ As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W).

Effective date: January 1, 2021

Sections affected:

FED - Definitions: 228.12

FDIC - Definitions 345.12

 

Reg-Zone Has Been Updated for October - Thursday, October 22, 2020

The Reg-Zone has been updated for October 2020.

Updates include:

  1. Community Reinvestment Act (CRA)
    1. The Office of the Comptroller of the Currency (OCC) is adopting a final rule to strengthen and modernize the Community Reinvestment Act (CRA) by clarifying and expanding the activities that qualify for CRA credit; updating where activities count for CRA credit; creating a more consistent and objective method for evaluating CRA performance; and providing for more timely and transparent CRA-related data collection, recordkeeping, and reporting.
  2. Appraisal Standards
    1. On October 16, 2020, the OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by the agencies on April 17, 2020, making temporary amendments to the agencies’ regulations requiring appraisals for certain real estate-related transactions.
  3. Regulatory Agenda and Agency Resources

Final Rule

HUD Issues Fair Housing Act Disparate Impact Standard

Freedom of Information Rule

Real Estate Appraisal Final Issued

Proposals

CFPB Issues Request for Comments of CARD Act Rules

CFPB Issues Proposal for Qualified Mortgage Definition under Regulation Z - comment extension

Agencies Issue Flood Regulation Proposal - comment extension

Federal Reserve Issues Advance Notice of Proposed Rule Making for CRA

FinCEN

FinCEN Final Rule for CIP, ALM and Beneficial Ownership

FinCEN Advisory on Ransomware

OFAC Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments

Joint Statement BSA Due Diligence for Customers Who May be Politically Exposed

Human Trafficking and SAR Advisory

Frequently Asked Questions

Payday Lending Rule FAQ

Guidance

FDIC Issues Wildfire Guidance

 


Exciting News! - Monday, June 8, 2020

We are excited to inform you that the BankComplianceCheckup.com website has been redesigned.

The new website continues to provide you with the tools you need including Checklists, Monitoring, Testing, and Resources but we have set everything up to now be tablet and smartphone friendly.

  • The Checklists no longer have Macros so they can now be used on any of your smart devices.
  • The website has been setup to be “Responsive” which means that it will adjust itself to any smart device you use to access it.
  • We have also added a layer of security, Secure Sockets Layer – SSL to provide you with the security you expect.

Expect to see an email from ICBA Announcing the rollout soon.

If you need immediate resources, please email us by clicking here.

Thank you,

Chaotic Solutions

 

Reg-Zone and Calendar Update - Tuesday, May 12, 2020

The Reg-Zone has been updated for May 2020.

The Calendar has also been updated.

 

Reg-Zone Update - Thursday, April 23, 2020

The Reg-Zone has been updated for the following:

Regulation O: Insider Lending

Appraisal Standards

Regulatory Agenda and Agency Resources

Pandemic

CFPB Supervisory Statement
Statement Regarding Remittance Rule in Light of Covid-19 - NEW

Interagency Statement on Appraisals and Evaluations for RE Transactions - NEW

Statement on HMDA Reporting and Coronavirus

Final Rules
Federal Reserve Issues Interim Rule for Regulation O - NEW

Interim Rule on Real Estate Appraisals - NEW

Reserve Requirements Final Rule Issued

Federal Reserve Revises IORR and IOER

Proposal
Debt Collection Practices Proposal

Request for Information
Request for Information on FDIC Sign and Advertising Requirements

FDIC
FFIEC Federal Disclosure Computation Tools - NEW

 read more ...

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