Compliance Monthly is intended to keep you informed of regulatory changes in advance of their effective date so your institution can have the necessary policies, procedures and processes in place to be compliant at the time of enactment.
June Compliance Monthly Newsletter
FinCEN Temporarily Delays Beneficial Ownership Requirements for Rollovers & Automatic Renewals and Grants Relief for Premium Finance Cash Refunds FinCEN announced a temporarily suspension of the application of the beneficial ownership requirements for certificate of deposit rollovers and loans that renew automatically. The relief is retroactive to the May 11 compliance date and will
continue until August 9, 2018. During that time, FinCEN will re-evaluate the requirement to determine if more permanent relief is needed.
May Compliance Monthly Newsletter
Agencies Finalize Rule Raising CRE Appraisal Threshold The Federal Reserve, FDIC and the OCC approved a final rule raising the required appraisal thresholds for commercial real estate transactions from $250,000 to $500,000. This represents an increase from the original proposal, which called for the appraisal threshold to be raised to $400,000. Under the final rule, the threshold for loans secured by one-to-four family residential properties will remain at $250,000; however, residential construction loans secured by multiple one-to-four residential properties would be considered CRE transactions.Download
April Compliance Monthly Newsletter
CFPB Adjusts Mortgage Servicing Rule for Borrowers Facing Bankruptcy
The CFPB issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the CFPB’s 2016 mortgage servicing rule. The rule will become effective April 19, 2018, along with other servicing rule amendments affecting consumers in bankruptcy and successors in interest that go into effect that day.
March Compliance Monthly Newsletter
FinCEN is updating the Suspicious Activity Report (SAR) filing format, which goes live in June 2018. Beginning with the new SAR filings, batch submissions will have to be made in an XML-based file, rather than in the current ASCII fixed-length delimited file format.Download
February 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.
January Compliance Monthly Newsletter
SCRA Sunset Date for Mortgage Foreclosure
The President has signed into law the National Defense Authorization Act for Fiscal Year 2018, which extends for two years, until December 31, 2019, the “sunset” on the temporary change of “90 days” in §303(b) and (c) of the Servicemembers Civil Relief Act to “one year.” For another two years, servicemembers will remain entitled to the foreclosure protections for one year beyond the end of their active duty service. The current HUD-SCRA delinquency notice for past-due mortgage payments can be used past its December 31, 2017 expiration date.
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