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As expected, and as we discussed in our recent “Compliance Expectations for the New Administration” webinar, the Biden administration is effecting changes in financial oversight that will impact financial institutions. One of those changes included, at the request of President Biden, was the resignation of CFPB Director Kathy Kraninger and the appointment of Dave Uejio as Acting Director of the CFPB; Acting Director Uejio will serve until President Biden’s nominee for CFPB Director, Rohit Chopra,

The FDIC, FRB, NCUA, CFPB and FinCEN have each announced adjustments to the maximum amount of civil money penalties (CMP), for which they have assessment authority, to account for inflation. The adjustments serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.Compliance Resource previously reported of the OCC’s final rule announcing changes to the maximum amount of each civil money penalty for national banks and Federal savings associations to

On January 13, 2021, the Consumer Financial Protection Bureau (CFPB) published a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.”  The Statement provides principles and guidelines to assist financial institutions in decision making concerning how best to serve Limited English Proficiency (LEP) consumers and to facilitate compliance with ECOA and UDAAP laws. This is the latest in a series of regulatory releases that provide “hints” at appropriate action.On

On June 5, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule revising its Community Reinvestment Act (CRA) regulation. The revised rule, which applies to national banks, federal savings associations, and federal branches of foreign banking organizations that are subject to the OCC’s regulations under CRA, was effective on October 1, 2020. Since June, the industry has been waiting for additional information essential for implementing the final rule.On January 29,

On January 20, President Biden’s Chief of Staff Ronald Klain issued memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze.SummaryThe memorandum requires the following subject to limited exceptions:No rules can be issued or proposed until a department or agency head appointed by President Biden has reviewed and approved the rule.A rule that has been sent to the Federal Register but not yet published must be immediately withdrawn from the Office