Archive

FINCEN ISSUES ANPRM ON BENEFICIAL OWNERSHIP REPORTING

On April 1, 2021, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) requesting comments on new beneficial ownership reporting provisions included in the Corporate Transparency Act/Anti-Money Laundering Act of 2020, which was passed into law as part of the National Defense Authorization Act of 2021 on January 1, 2021. The ANPRM, published in the Federal Register on April 5, 2021, is requesting input on procedures and standards for reporting companies to submit information to […]

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AGENCIES PROPOSE NEW PRIVATE FLOOD INSURANCE Q&AS

On March 11, 2021, the OCC, Board, FDIC, FCA, and NCUA proposed to supplement the Interagency Flood Insurance Questions and Answers with new interagency questions and answers related to the private flood insurance rules. These newly proposed Questions and Answers Regarding Private Flood Insurance are in addition to the  Proposed Interagency Questions and Answers Regarding Flood Insurance that the Agencies released in 2020. In 2020 the Agencies stated in their proposed revisions that since the […]

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CFPB RESCINDS ABUSIVE POLICY STATEMENT

On January 24, 2020 the Consumer Financial Protection Bureau (CFPB) approved a Policy Statement that was intended to clarify the meaning of “abusive” in Unfair, Deceptive, or Abusive Acts or Practices. Compliance Resource informed you of this in our blog early last year. The statement provided a framework for the CFPB’s exercise of its supervisory and enforcement authority to address abusive acts or practices in an effort to provide a common-sense framework on how the […]

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ACTING CFPB DIRECTOR SETS PRIORITIES AND EXPLORES PRESERVING QM STATUS QUO

As expected, and as we discussed in our recent “Compliance Expectations for the New Administration” webinar, the Biden administration is effecting changes in financial oversight that will impact financial institutions. One of those changes included, at the request of President Biden, was the resignation of CFPB Director Kathy Kraninger and the appointment of Dave Uejio as Acting Director of the CFPB; Acting Director Uejio will serve until President Biden’s nominee for CFPB Director, Rohit Chopra, […]

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AGENCIES ADJUST CMPs FOR INFLATION

The FDIC, FRB, NCUA, CFPB and FinCEN have each announced adjustments to the maximum amount of civil money penalties (CMP), for which they have assessment authority, to account for inflation. The adjustments serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. Compliance Resource previously reported of the OCC’s final rule announcing changes to the maximum amount of each civil money penalty for national banks and Federal savings associations […]

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