Alerts Now
Stay informed of all regulatory changes regardless of stage! Receive the latest Financial Services industry compliance news every week, including summaries of relevant announcements from more than 20 different regulatory bodies and overviews of personnel and products affected. Focusing on the changes that may impact your training and policy management programs our service covers the following agencies and more:


CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR
Issue Date: | April 28, 2023 |
Agency: | CFPB | Highlights: | The Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the Federal Reserve Board System. This interim final rule will further facilitate the orderly transition of those consumer loans that currently use the LIBOR index to other indices in anticipation of the planned cessation U.S. Dollar (USD) LIBOR after June 30, 2023. This interim final rule is effective May 15, 2023. Comments must be received on or before 30 days after publication in the Federal Register. |
Reference: | https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-rule-to-facilitate-orderly-wind-down-of-libor/ |
Personnel Affected: | Commercial and Mortgage Lending Personnel, Board and Senior Management |
Status: | Final Rule |
Keywords: | LIBOR |
Effective Date: | 06/15/2023 |
Institution Types Affected: | all financial institutions |
Institution Action Items: | Submit comments based on the final rule changes by June 15, 2023 |
Institutional Products Affected: | Commercial and Residential Lending Products |

SEC Reopens Comment Period for Proposed Rule Amendments to Modernize Beneficial Ownership Reporting
Issue Date: | April 28, 2023 |
Agency: | SEC | Highlights: | The Securities and Exchange Commission today reopened the comment period for its proposed amendments to modernize the rules governing beneficial ownership reporting, and the staff of the Commission’s Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis related to the proposed amendments’ economic effects. The public comment period will remain open until June 27, 2023, or until 30 days after the date of publication of the reopening release in the Federal Register, whichever is later. |
Reference: | |
Personnel Affected: | BSA officer |
Status: | Comments Due |
Keywords: | beneficial ownership |
Effective Date: | 06/27/2023 |
Institution Types Affected: | all financial institutions |
Institution Action Items: | Provide comments based on the proposed rules. |

OCC Issues Guidance on Overdraft Protection Programs
Issue Date: | April 26, 2023 | |
Agency: | OCC | Highlights: | The guidance provides background information on overdraft protection programs and identifies certain practices that may result in heightened risk exposure. These practices include assessing overdraft fees on “authorize positive, settle negative” transactions and assessing a fee each time an item is presented for payment after it was returned for non-sufficient funds (representment fees). The guidance also describes several practices that may help banks control risks associated with overdraft protection programs, as well as compliance with section 5 of the Federal Trade Commission Act, which prohibits unfair or deceptive acts or practices. |
Reference: |
| |
Personnel Affected: | Compliance officer | |
Status: | Guidance | |
Keywords: | overdraft | |
Effective Date: | ||
Institution Types Affected: | Depository institutions | |
Institution Action Items: | Review guidance and compare it to institution policies for overdraft protection programs. | |
Institutional Products Affected: | Deposit transaction accounts |

CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
Issue Date: | April 26, 2023 | |
Agency: | CFPB | Highlights: | Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The advisory opinion clarifies that a covered debt collector who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act and its implementing regulation. A time-barred debt is one whose statute of limitations has expired. The CFPB is issuing today’s advisory opinion in light of a series of actions by debt collectors attempting to foreclose on silent second mortgages, also known as zombie mortgages, that consumers thought were satisfied long ago and that may be unenforceable in court. |
Reference: |
| |
Personnel Affected: | debt collectors | |
Status: | Guidance | |
Keywords: | mortgages, collections | |
Effective Date: | ||
Institution Types Affected: | debt collectors | |
Institution Action Items: | Review debt collection policies for time-barred debts | |
Institutional Products Affected: | mortgages |

U.S. House Financial Services Committee releases draft stablecoin bill for Wednesday hearing
Issue Date: | April 15, 2023 | |
Agency: | US House of Representatives | Highlights: | The U.S. House Financial Services Committee is set to hold a hearing on April 19 to discuss a draft bill released over the weekend on regulating stablecoins, a class of digital currency designed to offer price stability by being pegged to another asset’s value. |
Reference: |
| |
Personnel Affected: | Compliance officer | |
Status: | Announced | |
Keywords: | cryptocurrency, cryptocoin, crypto, stablecoin | |
Effective Date: | 04/19/2023 | |
Institution Types Affected: | all financial institutions | |
Institution Action Items: | Attend hearing if interested in the key issued the US will need to address to offer | |
Institutional Products Affected: | stablecoins |

CFPB Announces Revised Methodology for Determining Average Prime Offer Rates
Issue Date: | April 14, 2023 | |
Agency: | CFPB | Highlights: | Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics. |
Reference: |
| |
Personnel Affected: | Mortgage lending officers | |
Status: | Effective | |
Keywords: | HPML, APOR | |
Effective Date: | 04/21/2023 | |
Institution Types Affected: | Mortgage lenders | |
Institution Action Items: | Review HPML policies and procedures to determine what effect the new APOR methodology will have on underwriting | |
Institutional Products Affected: | HPMLs |

SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information
Issue Date: | April 13, 2023 |
Agency: | SEC | Highlights: | The reopening release reiterated the applicability of existing rules to platforms that trade crypto asset securities, including so-called “DeFi” systems, and provides supplemental information and economic analysis for systems that would be included in the new, proposed exchange definition. The reopening release also requested information and public comment on crypto asset securities trading on such systems and certain aspects of the proposed amendments applicable to all securities. |
Reference: | https://www.sec.gov/news/press-release/2023-77 |
Personnel Affected: | Crypto-Exchangers executives and personnel, and BSA Officers |
Status: | Comments Due |
Keywords: | cryptocurrency, cryptocoin, crypto, stablecoin |
Effective Date: | 06/14/2023 |
Institution Types Affected: | all financial institutions |
Institutional Products Affected: | Account relationships for crypto-exchangers |

FinCEN Analysis of Business Email Compromise in the Real Estate Sector Reveals Threat Patterns and Trends
Issue Date: | March 30, 2023 | |
Agency: | FinCEN | Highlights: | Today’s report emphasizes the critical role of timely reporting of cyber-enabled crime to enable FinCEN and law enforcement to interdict, freeze, and recover funds stolen through cyber-enabled fraud, such as BEC, through FinCEN’s Rapid Response Program (RRP). FinCEN urges victims of cyber-enabled crimes, or victims’ financial institutions, to file a complaint with law enforcement to initiate the RRP process. Since the inception of the RRP in 2014, the program has aided in the identification and freezing of more than $1.3 billion for U.S. victims of fraud. FinCEN administers the RRP in close partnership with the Federal Bureau of Investigation, the U.S. Secret Service, Homeland Security Investigations, and the U.S. Postal Inspection Service and counterpart foreign Financial Intelligence Units. |
Reference: |
| |
Personnel Affected: | mortgage lenders | |
Status: | Report | |
Keywords: | fraud | |
Effective Date: | ||
Institution Types Affected: | mortgage lenders | |
Institution Action Items: | Review cybersecurity and social engineering training | |
Institutional Products Affected: | Mortgage loans |

CFPB Finalizes Rule to Create a New Data Set on Small Business Lending in America
Issue Date: | March 30, 2023 | |
Agency: | CFPB | Highlights: | The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. The rule will work in concert with the Community Reinvestment Act, which requires certain financial institutions to meet the needs of the communities they serve. The increased transparency will benefit small businesses, family farms, financial institutions, and the broader economy. |
Reference: |
| |
Personnel Affected: | small business lenders | |
Status: | Final Rule | |
Keywords: | CRA, PPP, SBA | |
Effective Date: | 10/01/2024 | |
Institution Types Affected: | Commercial Lenders | |
Institution Action Items: | Develop policies and procedures to comply with the new rule, train relevant employees | |
Institutional Products Affected: | Small business loans |

CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act
Issue Date: | March 28, 2023 | |
Agency: | CFPB | Highlights: | Today, the Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act. The CFPB examined the state disclosure laws to determine if they were inconsistent with and preempted by the Truth in Lending Act. After analyzing public comments on its preliminary determination, the CFPB affirms there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing. |
Reference: |
| |
Personnel Affected: | consumer lenders | |
Status: | Announced | |
Keywords: | state law, CA, NY, UT, VA | |
Effective Date: | ||
Institution Types Affected: | Consumer lenders | |
Institutional Products Affected: | consumer loans |