Compliance Monthly Newsletter

Compliance Monthly is intended to keep you informed of regulatory changes in advance of their effective date. With current information, your institution can prepare the necessary policies, procedures, and processes and be compliant at the time of enactment.


Date Implementing Regulation Effective Date Rule Type* Description/Hyperlink
April 27, 2021 Regulation Z – QM DELAYED until October 1, 2022 Final Rule QM Definitions Final Rule
April 16, 2021 NCUA PCA Regulations Temporary measures  in place until March 31, 2022 Interim Final Rule (Modification of May 28, 2020 Interim Rule) Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action
April 9, 2021 Supervisory Guidance on Model Risk Management NA Guidance Interagency Statement on Model Risk Management for Bank Systems Supporting Bank
March 16,2021 Equal Credit Opportunity Act (Regulation B) March 16,2021 Interpretive Rule Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual
March 17, 2021 OFAC – 86 FR 14534 March 17, 2021 Final OFAC Inflation Adjustment of Civil Monetary Penalties
February 25, 2021 Telephone Consumer Protection Act of 1991 Effective March 29, 2021 except for the amendments to Sec. 64.1200(a)(3)(ii) through (v), (b)(2) and (b)(3), and (d), which are delayed indefinitely. Final Limits on Exempted Calls Under the Telephone Consumer Protection Act of 1991


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February 2021 Compliance Monthly Newsletter

By Compliance, Compliance Monthly Newsletter

AML Act of 2020
On December 20, 2020, the National Defense Authorization Act (“NDAA”), was signed by the President and officially became law on January 1, 2020. The Act contains 1,500 pages known as the Anti-Money Laundering Act of 2020 (“AML Act”), significantly reforming the Bank Secrecy Act (“BSA”) and other anti-money laundering laws.
The 1,500 pages contain the most sweeping changes to the BSA since its enactment in 1970. No doubt that this Anti-Money Laundering Act of 2020 will have major impacts on your BSA AML program for
2021 and beyond.

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