Consumer Financial Protection Bureau (CFPB)
Making our housing market work better for all Americans
In 2020, the CFPB issued new rules to help ensure borrowers can afford the mortgages they take on. To ensure consumers have the options they need, the CFPB will extend the mandatory compliance deadline for the Qualified Mortgage rules until July 1, 2021.
The Office of the Comptroller of the Currency (OCC)
Role of Supervisory Guidance: Final Rule
The Office of the Comptroller of the Currency (OCC) has approved a final rule which confirms that supervisory guidance does not create binding legal obligations for the public. The final rule adopts the proposed rule, which was published on November 5, 2020, without substantive change. The final rule will become effective on March 15, 2021.
Federal Reserve Board
Federal Reserve Board announces final rule intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions
The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions.
The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities.
National Credit Union Administration
Board Approves Joint-Ownership Share Accounts Final Rule
The NCUA Board unanimously approved a final rule amending the NCUA’s regulation governing the requirements for a share account to be separately insured as a joint account. The final rule provides federally insured credit unions with an alternative method to satisfy the membership card or account signature card requirement. For example, under the final rule, the signature card requirement can be satisfied by the credit union having issued a mechanism for accessing the account, such as a debit card, to each co-owner or evidence of usage of the joint share account by each co-owner.