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Consumer Financial Protection Bureau (CFPB)

CFPB Finalizes Rule on Bureau’s Supervisory Guidance Use  

The Consumer Financial Protection Bureau (CFPB) released a final rule that codifies and amends the clarifications of differences between a regulation and supervisory guidance that were issued by the CFPB and other federal financial regulatory agencies in 2018. Supervisory guidance does not have the force and effect of law as regulations do but are more of an overview of supervisor expectations and best practices.    

  

The Office of the Comptroller of the Currency (OCC) 

OCC Releases Final Rule Ensuring Large Banks Provide Fair Access to Their Services     

The Office of the Comptroller of the Currency (OCC) issued a final rule to ensure that services, capital and credit from large national banks, federal savings associations and federal branches of foreign banks are accessible and codifies years of guidance stating that banks should assess individual customers for risk, rather than making broad decisions about categories of customers.    

 

 

Securities and Exchange Commission

SEC Updates List of Solicitors Using Misleading Information     

The Securities and Exchange Commission (SEC) updated its list of unregistered soliciting entities that use inaccurate information to solicit mostly foreign investors by impersonating genuine firms among other false pretenses. They added 28 entities to the list, which is meant to make sure investors can better inform themselves and avoid scams.         

 

Federal Reserve Board

FRB Releases Final Rule Updating Capital Planning Requirements      

The Federal Reserve Board (FRB) issued a final rule that updates capital planning requirements to fit with other recently modified rules. These requirements are meant to ensure large banks plan for their capital needs for different circumstances.  

 

National Credit Union Administration

NCUA and Other Agencies Issue SAR and AML Requirement FAQs  

The Nationals Credit Union Administration and other Federal Agencies recently released responses they compiled to frequently asked questions (FAQs) regarding suspicious activity reporting (SAR) and other anti-money laundering (AML) rules. The goal of these FAQs is to provide a central resource of information that can clarify regulatory requirements for financial institutions and assist them with compliance efforts.  

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