Consumer Financial Protection Bureau (CFPB)
CFPB Releases Report on Administration of Fair Debt Collection Practices Act and Extends Comment Period
The Consumer Financial Protection Bureau issued their yearly report on the administration of the Fair Debt Collection Practices Act (FDCPA). The report focuses on laws enforcement, consumer education, public outreach, policy proposals and other joint efforts of the CFPB and FTC to end illegal debt collection practices. The CFPB also announced an extension of the public comment period on its proposed rule that implements the FDCPA, which will now go to June 5, 2020.
The Office of the Comptroller of the Currency (OCC)
OCC Makes Changes to Short-Term Investment Fund Rule
The Office of the Comptroller of the Currency announced an interim final rule to change a short-term investment fund (STIF) rule that allows the OCC to grant banks the ability to extend maturity limits of these funds for a limited time. The hope is to alleviate stress on banks trying to operate in compliance with maturity limits in our current unprecedented situation.
Securities and Exchange Commission
SEC Extends Filing Periods Included Under Conditional Reporting Relief in Federal Securities Laws
The Securities and Exchange Commission announced an extension of filing periods previously outlined by the conditional reporting relief obligation of certain public companies under federal security laws. It will also extend relief on regulations formerly provided to funds and investment advisers affected by COVID-19.
Federal Deposit Insurance Corporation
The FDIC and Other Regulatory Agencies Issue Statement Encouraging Institutions to Work with Borrowers Affected by COVID-19
The Federal Deposit Insurance Corporation and other federal regulatory authorities and state banking regulators issued a joint statement urging financial institutions to work with borrowers during the current situation with the new coronavirus. The agencies are asking institutions to provide prudent and proactive loan modifications for costumers affected by COVID-19.
National Credit Union Administration
NCUA Makes Urgent Needs Grants Available to Financial Institutions Affected by COVID-19
The National Credit Union Association has made urgent needs grants of up to $7,500 available to low-income credit unions for hardware, software and equipment used to service customers, consulting services to assist businesses affected, marketing materials to reassure members that their insured deposits are safe.