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 should make the appropriate changes to their notices and posters, if necessary, within 90 days of this bulletin’s date of issuance [by July 7, 2025]. Yesterday’s Bulletin rescinds Bulletin 2021-35.
Community Reinvestment Act – Public Notice by Banks: The CRA public notices must include the physical address of the appropriate Office of the Comptroller of the Currency (OCC) supervisory office and an email address for purposes of informing the public how to (1) obtain a list of banks that are scheduled for CRA examination each quarter, (2) obtain an announcement of bank applications covered by the CRA filed with the OCC, or (3) send written comments about the needs and opportunities in any of the bank’s assessment areas.
The email address for all banks is CRAComments@occ.treas.gov.
Fair Housing Act – Posters: Banks must post and maintain fair housing posters at all of their places of business that participate in the activities subject to the Fair Housing Act. Federal savings associations are required to include in their posters a statement directing persons who believe that they have been discriminated against to send a complaint to the Assistant Secretary for Fair Housing and Equal Opportunity, U.S. Department of Housing and Urban Development, Washington, DC 20410, and to the appropriate federal regulator.
Banks should use the following address in their Fair Housing Act posters:
Office of the Comptroller of the Currency
Customer Assistance Group
P.O. Box 53570
Houston, TX 77052
Regulation B – Equal Credit Opportunity Act Notice: Banks with $10 billion or less in assets must provide a notice that is substantially similar to the following statement:
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Protection Act. The federal agency that administers compliance with this law concerning this creditor is:
Office of the Comptroller of the Currency
Customer Assistance Group
P.O. Box 53570
Houston, TX 77052
Banks with more than $10 billion in assets must provide a notice that is substantially similar to the following statement:
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Protection Act. The federal agency that administers compliance with this law concerning this creditor is:
Consumer Financial Protection Bureau
1700 G St. NW
Washington, DC 20006
HUD/FHA Extends Foreclosure Relief Moratoriums
April 9, 2025
The Department of Housing and Urban Development has announced the Federal Housing Administration (FHA) is extending by an additional 90 days its existing foreclosure moratoriums on FHA-insured single family mortgages in the Presidentially-Declared Major Disaster Areas (PDMDAs) resulting from Hurricanes Helene and Milton. The extensions provide more time for impacted American families in devastated areas in Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia to seek Federal, state, or local assistance and underscore HUD’s commitment to supporting Americans impacted by the hurricanes.
The FHA insures over one million single family mortgages in the Helene and Milton PDMDAs. The moratoriums prohibit mortgage servicers from initiating or completing foreclosure actions on FHA-insured single family forward or Home Equity Conversion mortgages in the Hurricane Helene and Milton PDMDAs through July 10, 2025. This is the second extension of the moratoriums, which were most recently set to expire on April 11, 2025 (today).
Treasury Announces Sanctions Actions
April 9, 2025
The Treasury Department has announced that OFAC has sanctioned Mexican national Jesus Alfredo Beltran Guzman, a key leader of the Beltran Leyva Organization (BLO), for playing a significant role in the trafficking of illicit drugs, including fentanyl, cocaine, heroin, and methamphetamine, into the United States. Treasury also reported that OFAC has designated five entities and one individual based in Iran for their support to key entities that manage and oversee Iran’s nuclear program, including the Atomic Energy Organization of Iran and its subordinate Iran Centrifuge Technology Company.
House Passes Resolution to Overturn CFPB Overdraft Rules
April 9, 2025
The House of Representatives passed a joint resolution to overturn the Consumer Financial Protection Bureau’s “Overdraft Lending: Very Large Financial Institutions” rule. The CFPB overdraft limit requires banks with at least $10 billion in assets to cap overdraft fees at $5 unless they voluntarily set a cap that covers their actual costs and losses or treat overdraft protection as a loan covered by the Truth in Lending Act.
The House also passed a joint resolution disapproving the rule submitted by the CFPB relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” The two joint resolutions now go to the president, who can approve or veto them. If he approves the resolutions, the CFPB rules will be nullified, and no substantially similar rules can be issued.
SBA Releases Measures to Stop Fraud
April 10, 2025
The Small Business Administration has announced several new verification measures within its loan application process to strengthen protections against fraud and ensure its programs only benefit eligible American small business owners. Key changes include:
-
- Citizenship Verification: All SBA loan applications now include a citizenship verification provision to ensure only legal, eligible applicants can access SBA programs. Lenders are required to confirm that applicant businesses are not owned in whole or in part by an illegal alien.
- Date of Birth Verification: All SBA loan applications now include a process to verify applicant age and date of birth. This provision will mitigate fraud stemming from applicants using an identity other than their own, including those of children or the deceased.
- Automatic Fraud Alerts: SBA’s date of birth verification process will automatically flag any applicant claiming to be younger than 18 or older than 115 years of age.
The aim of our compliance news round ups are to help you stay informed and prepared for the evolving regulatory landscape. If you have any questions about an item in this week’s round-up, consider submitting it to our forum. You can also reach out to the Compliance Resource team at support@mycomplianceresource.com.