This week’s Compliance News Round Up features updates from the OCC, SBA, HUD, and more. Read on to catch up on the most recent news impacting our industry! OCC updates names and addresses for notices April 8, 2025 The OCC issued Bulletin 2025-6 to inform OCC-supervised institutions of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters required by the Fair Housing Act. Banks
It seems like every morning you get up, grab some coffee, and look for the latest news on so-called “final” rules. Last week, we found out that the federal bank regulatory agencies announced their intent to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023, and reinstate the previous CRA framework. This week, via a court filing, the Consumer Financial Protection Bureau (CFPB) signaled their intent to “initiate new rulemaking” for Dodd-Frank
In the wake of shifting political winds and a dramatic change in regulatory tone from the Trump Administration, compliance officers across the country are rightfully asking: What now? The agencies have indicated that they plan to rescind proposed changes to the Community Reinvestment Act (CRA). Section 1071’s future is uncertain. And many long-anticipated regulations are stalled or suddenly up for reconsideration. The message from Washington seems to be: “We’re rethinking things.” And that leaves many
The Latest on CRA Modernization & the Compliance News Round Up: March 28, 2025
Category: Compliance News
This week’s headlining news item is the latest on CRA Modernization. A joint press release from the FDIC, OCC, and FRB issued today announced that due to pending litigation, they intend to rescind the Community Reinvestment Act final rule issued October 2023 and reinstate the framework that existed prior to its release. We’ll be closely watching how the agencies approach CRA implementation and will be sure to share insights and updates with you here.
On Friday March 21st, FinCEN issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In the interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or
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