Consumer Financial Protection Bureau (CFPB)

CFPB and Other Regulatory Agencies Announce Current Threshold for Smaller Loan Exemption Will Remain the Same   

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the current threshold for loan exemptions from special appraisal requirements for higher-priced mortgage loans will remain the same in 2021 as they were in 2020: $27,000. This threshold amount will go into effect on January 1, 2021. The amount is based on the annual percentage increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2020.      

The Office of the Comptroller of the Currency (OCC) 

OCC and Other Regulatory Agencies Announce Interim Final Rule Providing Relief for Community Banking Organizations    

The Office of the Comptroller of the Currency and other regulatory agencies approved an interim final rule that provides reporting and regulatory relief for some community banking organizations on a temporary basis because of their growth from the COVID-19 response. This temporary increase in size due to COVID response programs like PPP could subject these community banking organizations to new reporting and regulatory requirements.  


Securities and Exchange Commission

SEC Announced Amendments to Enhance Certain Financial Disclosure Requirements in Regulation S-K   

The Securities and Exchange Commission adopted amendments that would enhance, modernize and simplify some financial disclosure requirements in Regulation S-K. The changes made are intended to focus the financial disclosures on material information, simplify compliance efforts for registrants and improve disclosure by making it more readable and eliminating repetition and non-material information.         


Federal Reserve Board

FRB Issues Final Rule Changing Annual Assessment Fees For Large Financial Company Regulation   

The Federal Reserve Board issued a final rule that modified the annual assessment fees required by the EGRRCPA for supervision and regulation of large financial companies. This rule is almost identical to the proposal issued in November of 2019, raising the threshold at which fees are assessed from $50 billion to $100 billion in total consolidated assets. This rule will be effective thirty days after publication in the Federal Register.    


National Credit Union Administration

NCUA and Other Agencies Release Fact Sheet Clarifying BSA Due Diligence for Banks Offering Services to Non-Profits and Charities     

The National Credit Union Administration and other banking regulatory agencies announced the release of a fact sheet that clarifies the need for credit unions and banks that work with non-profits and charities to base their due-diligence efforts to meet BSA requirements regarding these clients on the money laundering risks posed by the customer relationship. It highlights the importance of legitimate charities and non-profits using legitimate channels to transmit funds and have access to financial services, especially when responding to the COVID-19 pandemic. It also clarifies that these types of customers as a whole do not represent a uniform or unacceptably high risk for exploitation.