Compliance News

The Alternative Reference Rates Committee last week published market indicators it will consider in recommending a forward-looking Secured Overnight Financing Rate term rate to support the transition away from LIBOR.

The Consumer Financial Protection Bureau said more needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.

ICBA’s Paul Merski told Bloomberg that additional IRS reporting being floated this week by the Biden administration would increase compliance burdens for community banks.

The Consumer Financial Protection Bureau issued its fair lending annual report to Congress describing its fair lending enforcement priorities and statistics.

The Consumer Financial Protection Bureau released a county-by-county analysis of consumer complaints. The bureau said it received more complaints per capita from consumers living in predominantly minority counties in 2019 and 2020

The Consumer Financial Protection Bureau issued a final rule formally delaying the mandatory compliance date of its recently modified general Qualified Mortgage final rule from July 1, 2021, to Oct. 1, 2022.

The Consumer Financial Protection Bureau announced a settlement with Settlelt over allegations that it engaged in unfair acts and practices. The complaint alleges that the company failed to disclose its relationship to certain creditors.

Federal regulators issued a joint statement addressing how risk management principles in “Supervisory Guidance on Model Risk Management” relate to banking systems or models designed for Bank Secrecy Act compliance.