Compliance Monthly Newsletter

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.

Mar 1, 2018

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.

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Feb 1, 2018

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.

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Jan 1, 2018

January Compliance Monthly Newsletter

SCRA Sunset Date for Mortgage Foreclosure
Protection Extended
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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