On January 19. 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The rule will take effect on publication in the Federal Register. It exempts from the HPML escrow


Posted by jholzknecht on  January 18, 2021
Category: Fair Lending, OCC
On January 14, 2021, Brian Brooks, Comptroller of the Currency, issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  The final rule is effective on April 1, 2021. The final rule applies to banks with $100 billion or more in total assets. The OCC interprets “fair access to financial services” to recognize its broad responsibility to ensure that banks make decisions about
On January 2, 2021, the United States Congress enacted the National Defense Authorization Act for 2021 (H.R. 6395) (NDAA of 2021 or the Act), which passed both the House of Representatives and Senate in early December but was vetoed by the President in late December, by voting to override the President’s veto on the legislation. The NDAA of 2021 includes banking industry backed provisions to modernize, enhance, and reform anti-money laundering processes as outlined in

Happy New Year!

Posted by jholzknecht on  January 1, 2021
Category: Uncategorized
Rest up and get ready to enjoy what will be a very busy compliance new year.
The Office of the Comptroller of the Currency (OCC) has published a final rule announcing changes to the maximum amount of each civil money penalty (CMP), for national banks and Federal savings associations, to account for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments serve to maintain the deterrent effect of civil penalties and to

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The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.

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