Latest Compliance News

The Consumer Financial Protection Bureau (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

This rule amends Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Act. This rule amends the official commentary that interprets the requirements of the Bureau’s Regulation Z (Truth in Lending) to reflect changes in the asset-size thresholds for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. These changes reflect updates to, together with affiliates that regularly extended covered transactions secured by first liens, had total assets of less than $2 billion (adjusted annually for inflation) and the exemption the Bureau added, by implementing section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), for certain insured depository institutions and insured credit unions with assets of $10 billion or less (adjusted annually for inflation). These amendments are based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

BOARD MEETING | DECEMBER 17, 2024 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in open and closed sessions. Materials and information relative to the Board actions are available  here . Open Session: Proposed 2025 FDIC Operating Budget Discussion Draft relating to FDIC Policy regarding the Annunzio-Wylie Anti-Money Laundering Act Discussion Draft relating to FDIC Policy on Bank Capital Distributions in Unusual and Exigent Circumstances Closed Session: Request for Authority to Sue Six Former Officers and Eleven Former Directors Silicon Valley Bank, Santa Clara, CA A recording of the full webcast of the open meeting is available  here . Read more The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

In this final rule, the CFPB amends Regulation Z to address how the Truth in Lending Act applies to Property Assessed Clean Energy (PACE) transactions.

The CFPB is issuing this final rule to allow consumers to better comparison shop across credit products and provide substantive protections that apply to other consumer credit.

SUNSHINE ACT NOTICE The FDIC Board of Directors will meet in open session: Time and Date:  10:00 a.m. on Tuesday, December 17, 2024. Place:  This Board meeting will be open to public observation only by  webcast . FDIC Board Members and staff will participate from FDIC Headquarters, 550 17th Street, NW, Washington, DC. Read the Notice & Agenda The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

Final rule to establish CFPB authority to supervise and examine larger participants of a market for general-use digital consumer payment applications (funds transfer apps and digital payment wallets.)

This final rule amends an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA).

This final rule revises, as applicable, dollar amounts for provisions implementing TILA and amendments to TILA.

BOARD MEETING | NOVEMBER 12, 2024 FDIC Board of Directors Meeting Today the Federal Deposit Insurance Corporation’s Board of Directors met in closed session. Information relative to the meeting are available here . Read more The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

CFPB Issues Required Rulemaking on Personal Financial Data Rights (CFPA section 1033).

STATEMENT | OCTOBER 17, 2024 Statement by Vice Chairman Travis Hill on Board Merger and Deposit Insurance Application Review Process On June 20, 2024, the FDIC Board approved a resolution I proposed to require recurring briefings to the full Board on any merger or deposit insurance application (“covered application”) outstanding for more than nine months. This requirement became effective this month, with the first set of required briefings held during the closed session of our Board meeting today. Leading up to the June Board meeting, there were 11 covered applications pending that had been outstanding for more than nine months, with a dozen more poised to cross the 9-month threshold between the June and October Board meetings if not resolved sooner. Over the last 2½ years, the number of covered applications outstanding for more than nine months at any given time has consistently hovered around 10, and several of these applications have lingered significantly longer than nine months. Read Full Statement The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

BOARD MEETING | OCTOBER 17, 2024 ( Updated the link in the Read More button) FDIC BOARD OF DIRECTORS MEETING Today the Federal Deposit Insurance Corporation’s Board of Directors met. Materials and information relative to the Board actions are available here . A recording of the full webcast of the open meeting is available here . Read more The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

BOARD MEETING | OCTOBER 17, 2024 FDIC BOARD OF DIRECTORS MEETING Today the Federal Deposit Insurance Corporation’s Board of Directors met. Materials and information relative to the Board actions are available here : A recording of the full webcast of the open meeting is available here . Read more The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . STAY CONNECTED

This final rule increases the dollar threshold for exempt consumer leases under Regulation M from $61,000 to $66,400, effective January 1, 2023.

This final rule increases the dollar threshold exempting certain credit extensions from the special appraisal requirements for higher-priced mortgage loans from $28,500 to $31,000, effective January 1, 2023.

This final rule increases the dollar threshold for certain exempt consumer credit transactions under Regulation Z from $61,000 to $66,400, effective January 1, 2023.

The CFPB is issuing this advisory opinion to remind debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Regulation F’s prohibitions on false, deceptive, or misleading representations or means in connection with the collection of any medical debt and unfair or unconscionable means to collect or attempt to collect any medical debts.

The Truth in Lending Act generally applies to transactions in which a consumer purchases a home under a “contract for deed.”

The final rule implements quality control standards for the use of automated valuation models by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.

A Guide to Consumer Assistance The post A Guide to Consumer Assistance appeared first on Credit Union Department .

In response to reports of an increase in cybersecurity threats, the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) Director Christopher C. Krebs issued the following statement:“CISA is aware of a recent rise in malicious cyber activity directed at United States industries and government agencies by Iranian regime actors and proxies. We will continue to work with our intelligence community and cybersecurity partners to monitor Iranian cyber activity, share information, and take steps to keep America and our allies safe.

The Cybersecurity and Infrastructure Security Agency (CISA) and government and industry members of the Information and Communications Technology (ICT) Supply Chain Risk Management Task Force gathered in Washington, D.C. today to update members on progress towards the development of an initial recommendation to help industry and government stakeholders more effectively identify and manage risks to global ICT supply chains.

The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) today released the inaugural set of National Critical Functions.  These are functions used or supported by government and the private sector that are of such vital importance to the United States that their disruption, corruption, or dysfunction would have a debilitating effect on security, national economic security, national public health or safety, or any combination thereof.

WASHINGTON – Yesterday, the Cybersecurity and Infrastructure Security Agency (CISA) hosted a tabletop exercise in collaboration with the Secure Community Network (SCN). The exercise brought together Jewish community leaders from across the nation, along with federal and state law enforcement and interagency partners to examine how they would act in a notional event focused on threats of violence including scenarios based on current events.