Consumer Financial Protection Bureau (CFPB)
CFPB Announces Remittance Transfer Guidance During Pandemic
The Consumer Financial Protection Bureau announced that it was taking action to ensure that customers can use remittance transfers without disruption during the COVID-19 Pandemic. Many people use these transfers to send money to family and friends overseas and the CFPB issued a policy statement that would make the Bureau’s supervision of remittance transfers more flexible, enabling insured institutions to better serve their customers.
CFPB and FHFA Begin New Borrower Protection Program
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency announced a joint effort that allows these agencies to easily share service information, protecting borrowers during the COVID-19 pandemic. Through the new program, called the Borrower Protection Program, the CFPB will share complaint information and analytical tools with the FHFA and the FFHA will share information about forbearance, modifications and other loss mitigation initiatives by Fannie Mae and Freddie Mac.
The Office of the Comptroller of the Currency (OCC)
Comptroller Releases FFIEC BSA/AML Manual Statement
The Comptroller of the Currency issued a statement that announced changes to the BSA/AML Examination Manual. The changes improve and clarify the examinations’ risk-focus by giving examiners more focused directions.
Securities and Exchange Commission
SEC Announces Formation of COVID-19 Market Monitoring Group
The Securities and Exchange Commission announced that they were creating a temporary cross-divisional COVID-19 Market Monitoring Group internally. This senior-level group will focus on assisting with actions and analysis of the effects of COVID-19 markets, issuers, etc. and responding to requests from other agencies for information, analysis and help.
Federal Deposit Insurance Corporation
FDIC and Other Regulators to Defer Appraisals and Evaluation for Real Estate Transactions
The Federal Deposit Insurance Corporation and other federal agencies announced an interim final rule that would temporarily defer real estate appraisals and evaluations as a temporary relief, allowing regulated institutions to finance creditworthy households and businesses as quickly as possible during the COVID-19 Pandemic.
National Credit Union Administration
NCUA Approves Regulatory Relief During COVID-19 Pandemic
The board of the National Credit Union Administration approved three items during their third open meeting of 2020 which included a temporary final rule allowing regulatory relief that helps federally insured credit unions stay operational during the COVID-19 emergency, a final rule increasing the appraisal requirement threshold for resident real estate-related transactions and the deferral of real estate evaluations and appraisals to help with social distancing measures.