On October 5, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles spoke at The Structured Finance Association Conference in Las Vegas on “Goodbye to All That: The End of LIBOR.” Quarles reminded his audience that while LIBOR will no longer be a functional index after June 30, 2023, it will not be available for use in any new contracts after the end of 2021 — just 85 days from today. The Federal Reserve and
CFPB GUIDANCE ON FDCPA AND REGULATION F
Category: CFPB, Fair Debt Collection Practices Act, Regulation F
On October 1, 2021, the Consumer Financial Protection Bureau (CFPB) published a series of 27 Frequently Asked Questions covering the Fair Debt Collection Practices Act and Regulation F. Regulation F is effective on November 30, 2021.
FLOOD INSURANCE FUNDING CONTINUED
Category: FEMA, Flood Insurance
On September 30, 2021, Congress passed a last-minute, short-term funding measure, averting a government shutdown that would have curtained most Federal operations, including the National Flood Insurance Program. The house approved the measure that continues funding until December 3, 2021 in the morning, the senate took action in the afternoon, and President Biden signed the bill that evening.
SENATE CONFIRMS CHOPRA AS CFPB DIRECTOR
Category: CFPB
On September 30, nine months into the Biden administration, the U.S. Senate confirmed Rohit Chopra as the Director of the Consumer Financial Protection Bureau by a 50 – 48 vote.
HMDA FIG UPDATED
Category: CFPB, HMDA, Regulation C
On September 10, 2021. The Consumer Financial Protection Bureau (CFPB) published its 2022 Filing Instructions Guide (FIG). The FIG is a compendium of resources to help HMDA covered financial institutions file annual HMDA data collected in 2022 with the CFPB in 2023.
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.