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On November 23, 2020, the Consumer Financial Protection Bureau (CFPB) published minor edits to the Filing Instructions Guide for HMDA Data Collected in 2021 (FIG). The 2021 version of the FIG was initially published in August 2020. Subsequent changes were made in: August 2020              Section 3.4, Table 2 – Updated Automated Underwriting System valid values; September 2020       Section 3.4, Table 2 – Added and updated Automated Underwriting System valid values; Section 4.2.2 – Corrected date listed

On November 18 the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) published the 2021 threshold for the consumer credit exemption in Regulations Z and M. Additionally, the CFPB, FRB, and Office of the Comptroller of the Currency (OCC) published the 2021 threshold for Higher Priced Mortgage Loan (HPML) appraisal exemption in Regulation Z. There will be no changes from the 2020 threshold amounts. The thresholds for 2021 are as follows: The protections

The Internal Revenue Service (IRS) has issued a final rule updating life expectancy and distribution tables used to calculate required minimum distributions (RMD) from qualified retirement plans, individual retirement accounts and annuities, and certain other tax-favored employer-provided retirement arrangements. The final rule was published in the Federal Register on November 12, 2020. The RMD tables were last updated in 2002 and have been updated to allow for longer life expectancies. In addition to the new

On November 6, 2020, the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a Statement on Reference Rates for Loans. The statement reiterates that the agencies are not endorsing a specific replacement rate for LIBOR for loans. A bank may use any reference rate for its loans that the bank determines to be appropriate for its funding model and customer needs. However, the bank should

On October 30, 2020. the Consumer Financial Protection Bureau (CFPB) issued a final Regulation F, which governs the activities of debt collectors. The final rule addresses, among other things, communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection. The final rule: Will be effective one year after publication in the Federal Register, which is expected soon. Together with the supplementary information, runs