A recent OCC report identified key issues facing the federal banking system, including increasing credit risk due to higher interest rates, increasing risk in commercial real estate lending, prolonged inflation, declining...more
12/29/2023
/ Advertising ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Beneficial Owner ,
BSA/AML ,
Buy Now Pay Later (BNPL) ,
Commercial Real Estate Contracts ,
FDIC ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Information Reports ,
OCC ,
Proposed Rules ,
Real Estate Investments ,
Risk Management ,
Signs ,
Suspicious Activity Reports (SARs)
CFPB Announces Intention to Expand Enforcement Against Unfair Discrimination -
The CFPB has published an updated examination manual for evaluating unfair, deceptive, and abusive acts and practices (“UDAAPs”), which explains...more
3/31/2022
/ Bank Holding Company Act ,
Bank Merger Act ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Incident Reporting ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Priorities ,
FDIC ,
Public Comment ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
UDAAP
CFPB Amends Mortgage Rule to Protect Borrowers Affected by COVID-19 The CFPB issued a final rule to amend its Regulation X—which implements the Real Estate Settlement Procedures Act—to assist home mortgage loan borrowers...more
7/29/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
FHFA ,
FinCEN ,
Foreclosure ,
Interagency Guidance ,
Mortgage Lenders ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Refinancing ,
Regulation X ,
RESPA ,
Rulemaking Process ,
Third-Party Risk
HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners -
The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more
2/25/2021
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Call Reports ,
CARES Act ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Disparate Impact ,
Fair Housing Act (FHA) ,
FDIC ,
FFIEC ,
Financial Institutions ,
FinCEN ,
Guidance Update ,
HUD ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Public Health Emergency ,
Time Extensions ,
USDA ,
Veterans Administration
FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions -
The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements...more
12/23/2020
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
Interest Rates ,
Libor ,
Suspicious Activity Reports (SARs)
Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition -
The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more
11/24/2020
/ Appraisal ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Final Rules ,
FinCEN ,
Libor ,
National Bank Charters ,
NCUA ,
New Guidance ,
OCC ,
Regulation F ,
Regulation M ,
Regulation Z ,
Secured Overnight Funding Rate (SOFR) ,
Supervision ,
Truth in Lending Act (TILA)
SBA Adopts Streamlined Loan Forgiveness Procedures for PPP Loans of $50,000 or Less -
The U.S. Small Business Administration (“SBA”) has adopted an interim final rule to streamline the loan forgiveness application process...more
10/29/2020
/ Appraisal ,
Bank Holding Company ,
Bank Secrecy Act ,
Banking Sector ,
Community Reinvestment Act ,
Compliance ,
Coronavirus/COVID-19 ,
Cybersecurity ,
FinCEN ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
True Lender
FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks
The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more
12/23/2019
/ Agricultural Sector ,
Bank Deposits ,
Bank Secrecy Act ,
Banks ,
Broker-Dealer ,
Brokered Deposits ,
Community Reinvestment Act ,
FDIC ,
FinCEN ,
FinTech ,
Hemp ,
Hemp Related Businesses ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Nonbank Firms ,
OCC ,
Opt-Outs ,
Pending Legislation ,
Proposed Amendments ,
Regulatory Standards ,
Small Banks ,
State Securities Regulators ,
Suspicious Activity Reports (SARs) ,
Underwriting ,
USDA
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements -
The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
10/31/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Business Licenses ,
Cole Memorandum ,
Comment Period ,
Cybersecurity ,
Department of Justice (DOJ) ,
Dispensaries ,
Electronic Payment Transactions ,
Federal Reserve ,
FFIEC ,
FinCEN ,
FIRREA ,
HVCRE ,
HVCRE Loans ,
Joint Statements ,
Marijuana Related Businesses ,
NIST ,
Payment Systems ,
Property Valuation
Treasury Report Recommends Changes to Community Reinvestment Act Rules -
The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more
4/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Commercial Real Estate Contracts ,
Community Reinvestment Act ,
Customer Due Diligence (CDD) ,
Cyber Insurance ,
Cybersecurity ,
Decriminalization of Marijuana ,
EU ,
Federal Budget ,
FFIEC ,
FinCEN ,
General Data Protection Regulation (GDPR) ,
Medical Marijuana ,
Proposed Legislation ,
U.S. Treasury
Federal Banking Agencies Issue New Guidance for Banks Affected by a Major Disaster -
The federal banking agencies have jointly issued new guidance on the supervisory practices to be followed in assessing the financial...more
12/27/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDIC ,
Financial Crisis ,
FinCEN ,
HMDA ,
Natural Disasters ,
NIST ,
Regulation C ,
Regulation M
Massachusetts Voters Approve Legalization of Marijuana for Recreational Purposes -
Massachusetts voters have approved a ballot initiative legalizing the use of marijuana for recreational purposes, which will become law...more