Consumer Financial Protection Bureau (CFPB)
CFPB Issues Rule Explaining Authority to Continue Examining Institutions Regarding MLA
After discontinuing the Military Lending Act examinations in 2018, the Consumer Financial Protection Bureau announced an interpretive rule that established an explanation regarding their authority to resume examining certain institutions for conduct that violates the MLA and puts active military members and their dependents at risk.
The Office of the Comptroller of the Currency (OCC)
OCC Reports Decline in Mortgage Performance
According to the Mortgage Metrics Report from the Office of the Comptroller of the Currency, first-lien mortgages performance declined in the first quarter of this year. The report showed that 94.2 percent of the mortgages included were current and performing. Last year, that number was up to 96.5 percent due to the pandemic.
National Credit Union Administration
Regulators Update BSA/AML Examination Manual
The Nation Credit Union Administration reported that federal and state regulators released updates to several areas of the Bank Secrecy/Anti-Money Laundering (BSA/AML) Examination Manual regarding the International Transportation of Currency or Monetary Instruments Reporting, Purchase and Saleof Monetary Instruments Recordkeeping, Reports of Foreign Financial Accounts, and Special Measures sections of the Manual. The updates are meant to increase transparency regarding the examination process and improve risk-focused examination work.
The Securities and Exchange Commission
SEC and Other Regulators Announce New Resource to Prevent Abuse of Seniors
The Securities and Exchange Commission (SEC) along with the NASAA and FINRA announced a new free training program that would assist security firms in training certain personnel in how to detect, prevent and report senior financial exploitation and financial exploitation of other vulnerable adult investors. This training program will serve as a resource for institutions as they implement the Senior Safe Act, which addresses problems in reporting the suspected financial exploitation of seniors.
FDIC Issues New Policy Statement Regarding Minority Depository Institutions
The Federal Deposit Insurance Corporation board approved a final policy enhancing efforts to preserve and promote Minority Depository Institutions (MDIs). The new policy statement clarifies the agency’s policies regarding the existing MDI actions in response to public comment for a proposal form August of 2020.