Alerts Now

Our Alerts Now service can help you keep track of the most recent regulatory updates being made in the compliance world. We review major announcements from 8 regulatory agencies on a weekly basis.

Download All Alerts Since 2017

Alerts Now
suitcase image

HUD Expands Housing Counseling Agency Locator Tools

Issue Date:June 7, 2022
Agency:HUD
Highlights:

The U.S. Department of Housing and Urban Development (HUD) announced on Tuesday the implementation of new technology providing expanded information for those seeking assistance from a HUD-approved housing counseling agency. The technology includes an enhanced and easy-to-use online search capability and a new, toll-free automated telephonic information delivery system for those seeking contact information for housing counseling agencies in their local community or nationally-based housing counseling intermediary organizations. The telephonic search capability is available by calling (800) 569-4287 and includes access to information in more than 200 different languages through translators who are available to assist those with limited English proficiency.

Reference:

HUD Expands Housing Counseling Agency Locator Tools | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

Personnel Affected:Mortgage Lenders
Status:Announced
Keywords:Housing Counseling
Effective Date:
suitcase image

Federal Reserve announces it will soon release second tool to help community financial institutions implement the Current Expected Credit Losses (CECL) accounting standard

Issue Date:June 7, 2022
Agency:Federal Reserve
Highlights:

The launch of the ELE tool builds on the Federal Reserve’s previous release of the Scaled CECL Allowance for Losses Estimator, or SCALE, tool to also help community financial institutions implement the CECL accounting standard. Together, the ELE and SCALE tools provide two simplified approaches to CECL calculations for smaller community financial institutions.

Reference:

Federal Reserve Board – Federal Reserve announces it will soon release second tool to help community financial institutions implement the Current Expected Credit Losses (CECL) accounting standard

Personnel Affected:CFO
Status:Announced
Keywords:Portfolio Management
Effective Date:06/16/2022
suitcase image

FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process

Issue Date:June 3, 2022
Agency:FinCEN
Highlights:

The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on questions relating to the implementation of a no-action letter process at FinCEN.  A no-action letter is generally understood to be a form of enforcement discretion where an agency states by letter that it will not take an enforcement action against the submitting party for the specific conduct presented to the agency.

Reference:

FinCEN Issues Advance Notice of Proposed Rulemaking for No-Action Letter Process | FinCEN.gov

Personnel Affected:Compliance Officer
Status:Comments Due
Keywords:Enforcement
Effective Date:08/05/2022
suitcase image

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Issue Date:May 26, 2022
Agency:CFPB
Highlights:

Today, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models using complex algorithms. The CFPB published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors’ adverse action notice requirements under the Equal Credit Opportunity Act (ECOA).

Reference:

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms | Consumer Financial Protection Bureau (consumerfinance.gov)

Personnel Affected:Loan Officers
Status:Guidance
Keywords:Adverse Actions
Effective Date:
suitcase image

CFPB Bolsters Enforcement Efforts by States

Issue Date:May 19, 2022
Agency:CFPB
Highlights:

Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states play in protecting consumers, the Consumer Financial Protection Act grants their consumer protection enforcers the authority to protect their citizens and otherwise pursue lawbreakers.

Reference:

CFPB Bolsters Enforcement Efforts by States | Consumer Financial Protection Bureau (consumerfinance.gov)

Personnel Affected:Compliance Officers
Status:Final Rule
Keywords:Enforcement
Effective Date:05/19/2022
suitcase image

FDIC Issues Final Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo

Issue Date:May 17, 2022
Agency:FDIC
Highlights:

The Federal Deposit Insurance Corporation (FDIC) today approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo.

Reference:

FDIC: PR-41-2022 5/17/2022

Personnel Affected:Crypto Brokers
Status:Final Rule
Keywords:Cryptocurrency
Effective Date:07/01/2022
suitcase image

FDIC Issues Request for Information on Bank Mergers

Issue Date:March 25, 2022
Agency:FDIC
Highlights:

The Federal Deposit Insurance Corporation (FDIC) today sent to the Federal Register a request for information (RFI) soliciting comments regarding the application of the laws, practices, rules, regulations, guidance, and statements of policy that apply to merger transactions involving one or more insured depository institutions, including the merger between an insured depository institution and a noninsured institution. The FDIC is interested in receiving comments regarding the effectiveness of the existing framework in meeting the requirements of section 18(c) of the Federal Deposit Insurance Act (known as the Bank Merger Act).

Reference:

FDIC: PR-26-2022 3/25/2022

Personnel Affected:Branch Managers
Status:Comments Due
Keywords:Mergers and Acquisitions
Effective Date:05/28/2022
suitcase image

Federal Reserve Board announces it will extend comment period for proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board until May 5, 2022

Issue Date:March 25, 2022
Agency:Federal Reserve
Highlights:

The Federal Reserve Board announced on Friday that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board. The Board extended the comment period to allow parties additional time to prepare comments. Originally, comments were due by April 5, 2022.

Reference:

Federal Reserve Board – Federal Reserve Board announces it will extend comment period for proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board until May 5, 2022

Personnel Affected:Insurance Brokers
Status:Comments Due
Keywords:Insurance
Effective Date:05/05/2022
suitcase image

Federal Reserve Board invites comment on interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions

Issue Date:March 22, 2022
Agency:Federal Reserve
Highlights:

The Federal Reserve Board on Tuesday invited comment on an interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions. The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in administrative proceedings. The proposal was jointly developed with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration.

Reference:

Federal Reserve Board – Federal Reserve Board invites comment on interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions

Personnel Affected:Compliance Officers
Status:Comments Due
Keywords:Supervision
Effective Date:05/28/2022
suitcase image

CFPB Targets Unfair Discrimination in Consumer Finance

Issue Date:March 16, 2022
Agency:CFPB
Highlights:

Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices. The CFPB will closely examine financial institutions’ decision-making in advertising, pricing, and other areas to ensure that companies are appropriately testing for and eliminating illegal discrimination.

Reference:

CFPB Targets Unfair Discrimination in Consumer Finance | Consumer Financial Protection Bureau

Personnel Affected:Compliance Officer
Status:Announced
Keywords:Discrimination
Effective Date: