Over the past few months, FinCEN, the FTC and other regulatory agencies have been alerting financial institutions to various frauds, schemes and other illegal activity brought about by the COVID-19 pandemic. This article highlights some of the recent scams.
|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|