PROPOSED INTERAGENCY GUIDANCE ON THIRD-PARTY RELATIONSHIPS
Category: FDIC, Federal Reserve Board, OCC
On July 15, 2021, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued an interagency proposed rule on managing risks associated with third-party relationships. The proposed guidance would: Offer a framework based on sound risk management principles for banking organizations to consider in developing risk management practices for all stages in the life cycle of third-party relationships
On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants
FINAL RESPA PROTECTIONS FOR BORROWERS AFFECTED BY COVID PUBLISHED
Category: CFPB, Coronavirus, Regulation X, RESPA
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a 208-page final rule that completes the rule making on amendments to the federal mortgage servicing regulations (Regulation X) that: Establish temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. Temporarily permit mortgage servicers to offer certain loan modifications made
On June 25, 2021, the Federal Financial Institutions Examinations Council (FFIEC) announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. As with past releases, the agencies apply a one-year lag period for geographies that were listed in 2020 but are no longer designated as distressed or underserved
In 2021, the American Bankers Association’s Regulatory Compliance Conference (RCC) is being delivered virtually. The conference was kicked off by a general session delivered by ABA president and CEO, Rob Nichols. The theme of the session was one of reflection for the impact that COVID-19 has had on not only the banking industry, but the country as a whole. Nichols provided a pat on the back to bankers for their excellent performance in the midst
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