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In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
Regulations and GuidanceA federal court this week granted the Bureau of Consumer Financial Protection’s request to delay the effective date of its rule on small-dollar loans. The decision delays the August 2019 compliance date as the bureau plans to issue proposed rules in January that will reconsider the rule. The bureau plans to propose revisiting only the ability-to-repay provisions, which it said have greater consequences for consumers and the industry than the payment provisions.
The FDIC is hosting an upcoming teleconference on consumer compliance topics related to the S. 2155 regulatory relief law. Scheduled for 2 p.m. (Eastern time) Thursday, Oct. 25, the teleconference will feature a formal presentation on provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act as well as a question-and-answer segment.
The Financial Crimes Enforcement Network issued an advisory to help financial institutions better detect and report potentially illicit transactions related to Iran. The advisory provides information on the threats the Iranian regime poses to the U.S. financial system, describes deceptive financial strategies that the Iranian regime uses to evade sanctions, and provides red flag indicators related to specific malign activities and typologies.
Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.
The Bureau raised the HMDA Regulation C asset-size threshold from $44 million to $45 million as of Dec. 31, 2017.
CFPB launches HMDA Check Digit Tool & Rate Spread Calculator
Military personnel will receive certain protections under the Servicemembers Civil Relief Act through Dec. 31, 2019, due to legislation signed into law on Tuesday.
The Consumer Financial Protection Bureau published its "Payday, Vehicle Title, and Certain High-Cost Installment Loans," rule in today's Federal Register.
Note: ICBA members can access an additional 2,500 compliance Q&As in ICBA's Compliance Vault