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 Compliance Monthly Newsletter

By Compliance Monthly Newsletter

CFPB Finalized Changes and Postpones Prepaid Rule The CFPB finalized updates to its 2016 Prepaid Accounts Rule. The changes adjust requirements for resolving errors on unregistered accounts, provide greater flexibility for credit cards linked to digital wallets, and extend the effective date of the rule by one year to April 1, 2019. The CFPB also included other clarifications
and minor adjustments to the rule.

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