Upcoming Events
Comment Period: USDA Establishment of a Domestic Hemp Production Program
December 30, 2019
SUMMARY: This rule establishes a new part specifying the rules and regulations to produce hemp. This action is mandated by the Agriculture Improvement Act of 2018, which amended the Agricultural Marketing Act of 1946. This rule outlines provisions for the Department of Agriculture (USDA) to approve plans submitted by States and Indian Tribes for the…
Effective Date: USDA Establishment of a Domestic Hemp Production Program
October 31, 2019
This rule establishes a new part specifying the rules and regulations to produce hemp. This action is mandated by the Agriculture Improvement Act of 2018, which amended the Agricultural Marketing Act of 1946. This rule outlines provisions for the Department of Agriculture (USDA) to approve plans submitted by States and Indian Tribes for the domestic…
Effective Date: Screening and Training Requirements for Mortgage Loan Originators with Temporary Authority
November 24, 2019
This interpretive rule construes the Bureau’s Regulation Z, which implements the Truth in Lending Act (TILA). Generally, if a mortgage loan originator organization employs an individual loan originator who is not licensed and is not required to be licensed, Regulation Z requires the loan originator organization to perform specific screening of that individual before permitting…
Live Membership Demo 01-02-19
January 02, 2020
Join us for a live demonstration of the benefits of membership with Compliance Alliance. This virtual, interactive tour will provide an in-depth look at each of our tool types and resource categories. You will also learn more about the additional services that Compliance Alliance offers member banks. Register here *We have been experiencing some technical…
Effective Date: Increased Threshold for Residential Appraisal Exemptions
October 09, 2019
The OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for residential real estate transactions from $250,000 to $400,000. The final rule defines a…
Comment Period: Interagency Guidance on Credit Risk Review Systems
December 16, 2019
The OCC, the Board, the FDIC, and the NCUA (collectively, the agencies) are inviting comment on proposed guidance for credit risk review systems. This proposed guidance is relevant to all institutions supervised by the agencies. The proposed guidance discusses sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding…
Comment Period: Interagency Policy Statement on Allowances for Credit Losses
December 16, 2019
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (collectively, the banking agencies), and the National Credit Union Administration (collectively, the agencies) are inviting public comment on a proposed interagency policy statement on allowances for credit losses (ACLs). Read more here.
Effective Date: Department of Labor Final Rule to Update Overtime Compensation Regulations
January 01, 2020
The Department of Labor is updating and revising the regulations issued under the Fair Labor Standards Act implementing the exemptions from minimum wage and overtime pay requirements for executive, administrative, professional, outside sales, and computer employees. Read more here.
Effective Date: Amendments to the Stress Testing Rule for National Banks and Federal Savings Associations
November 24, 2019
The OCC is adopting a final rule to amend the OCC’s company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Specifically, the final rule revises the minimum threshold for national banks and Federal savings associations to conduct stress tests…
Comment Period: Interest Rate Restrictions on Institutions That Are Less Than Well Capitalized
November 04, 2019
The FDIC is seeking comment on proposed revisions to its regulations relating to interest rate restrictions that apply to less than well capitalized insured depository institutions. Under the proposed rule, the FDIC would amend the methodology for calculating the national rate and national rate cap for specific deposit products. The national rate would be the…
Comment Period: FDIC Issues Notice of Proposed Rulemaking to Amend Deposit Insurance Assessments
September 30, 2019
FDIC Issues Notice of Proposed Rulemaking to Amend Deposit Insurance Assessments: The rule proposes to include small bank credits as long as the Deposit Insurance Fraud (DIF) ratio is above 1.35. Read more here.
Effective Date: FHFA Issues Final Rule Regarding Credit Score Models
October 15, 2019
FHFA Issues Final Rule Regarding Credit Score Models: The FHFA issued a final rule regarding the validation and approval of credit score models by Fannie Mae and Freddie Mac. Read more here.
Comment Period: HUD Issues Proposed Rule to Amend Disparate Impact Rule
September 04, 2020
HUD Issues Proposed Rule to Amend Disparate Impact Rule: The rule proposes to amend the rule to conform with a 2015 Supreme Court ruling regarding Disparate Impact. Read more here. Final rule approved here. Effective date 30 days after publication in the Federal Register.
Comment Period: CFPB Issues Advanced Notice of Proposed Rulemaking Regarding Qualified Mortgages
September 16, 2019
With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any residential mortgage loan, and loans that meet Regulation Z's requirements for “qualified mortgages” obtain certain protections from liability. One category of qualified mortgages (QMs) is loans that are eligible for purchase or guarantee by…
Effective Date: CFPB Issues Final Rule Adjusting the Annual Thresholds under Reg Z for 2020
January 01, 2020
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts…
Comment Period: FRB Issues Notice and Request for Comment for Faster Payments Solution
November 07, 2019
The Board of Governors of the Federal Reserve System (Board) has determined that the Federal Reserve Banks (Reserve Banks) should develop a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments in the United States. The new service would support depository institutions' provision of end-to-end faster payment services and…
Effective Date: Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity Funds
July 22, 2019
The OCC, Board, FDIC, SEC, and CFTC are adopting final rules to amend the regulations implementing the Bank Holding Company Act's prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds (commonly known as the Volcker Rule) in a manner consistent with the statutory amendments made…
Effective Date: Joint Ownership Deposit Accounts
August 21, 2019
The FDIC is amending its deposit insurance regulations to update one of the requirements that must be satisfied for an account to be separately insured as a joint account. Specifically, the final rule provides an alternative method to satisfy the “signature card” requirement. Under the final rule, the signature card requirement may be satisfied by…
Comment Period: Treatment of Land Development Loans for the Definition of HVCRE
August 22, 2019
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are issuing a notice of proposed rulemaking (proposal) to seek comment on the treatment of loans that finance the development of land for purposes of the one- to four-family…
Comment Period: Temporary GSE QM Loans Expiration
September 16, 2019
With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any residential mortgage loan, and loans that meet Regulation Z's requirements for “qualified mortgages” obtain certain protections from liability. One category of qualified mortgages (QMs) is loans that are eligible for purchase or guarantee by…
Effective Date: Availability of Funds and Collection of Checks (Regulation CC) (July 1)
July 01, 2020
SUMMARY: The Board and the Bureau (Agencies) are amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. The Agencies are also amending Regulation CC to incorporate the Economic Growth, Regulatory Relief, and…
Effective Date: Availability of Funds and Collection of Checks (Regulation CC)
September 03, 2019
SUMMARY: The Board and the Bureau (Agencies) are amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. The Agencies are also amending Regulation CC to incorporate the Economic Growth, Regulatory Relief, and…
Effective Date: Regulatory Capital Simplification Final Rule (April 1, 2020)
April 01, 2020
The portions of the final rule related to simpler requirements for mortgage servicing assets, certain deferred tax assets, investments in the capital of unconsolidated financial institutions, and minority interest (incorporated in the amendatory instructions 7, 8, 24, 30, 31, 47.b, 53, 54, and 70) are effective on April 1, 2020. The portions of the final…
Effective Date: Regulatory Capital Simplification Final Rule
October 01, 2019
The portions of the final rule related to simpler requirements for mortgage servicing assets, certain deferred tax assets, investments in the capital of unconsolidated financial institutions, and minority interest (incorporated in the amendatory instructions 7, 8, 24, 30, 31, 47.b, 53, 54, and 70) are effective on April 1, 2020. The portions of the final…
Comment Period: OFAC Amendment of the Reporting, Procedures and Penalties Regulations
July 22, 2019
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Reporting, Procedures and Penalties Regulations, 31 CFR part 501 (RPPR). The RPPR sets forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC. Read more here.