Regulatory Updates

SBA: Small Business Size Standard Revisions in Five Industrial Sectors Proposed

Change Aimed at Increasing Eligibility for Contracting and Loan Programs. Public Comments Due by Jan. 26, 2021 The U.S. Small Business Administration is seeking public comments on a proposed rule that would revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors to increase small business eligibility for SBA’s loan and contracting…

OCC: Proposed Rule Issued Regarding the CRA General Performance Standards

The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to serve the…

OCC: Proposed Rule Would Ensure Fair Access to Bank Services, Capital and Credit

The Office of the Comptroller of the Currency (OCC) today proposed a rule to ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The proposal would codify more than a decade of OCC guidance stating that banks should provide access to services,…

Interim Final Rule Provides Temporary Relief to Community Banking Organizations Due to Coronavirus Response

The federal bank regulatory agencies on Friday announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in large part, of their growth in size from the coronavirus response.  Community banking organizations are subject to different rules and requirements based on…

FHFA: Final Capital Rule Announced for Fannie Mae and Freddie Mac

Today, the Federal Housing Finance Agency (FHFA) sent to the Federal Register for publication a final rule that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The final rule makes certain changes to the proposed rule published in the Federal Register on June 30, 2020 (proposed rule).[1] ​That proposed rule…

SBA: Small Business Size Standard Revisions Proposed in Three Industrial Sectors

Public Comments Due January 12; Change Targeted at Increasing Eligiblity for Contracting and Loan Programs The U.S. Small Business Administration is seeking public comments on a proposed rule that would revise the small business size standards for businesses in three North American Industrial Classification System (NAICS) sectors to increase small business eligibility for SBA’s loan and contracting…

OCC: Key Provisions of the June 2020 CRA Rule and Frequently Asked Questions

Summary The Office of the Comptroller of the Currency (OCC) published in the Federal Register on June 5, 2020, a final rule1 (June 2020 rule) that strengthens and modernizes the agency’s regulations under the Community Reinvestment Act (CRA). This bulletin summarizes key provisions of the June 2020 rule, which became effective October 1, 2020. This bulletin provides responses…

CFPB: Final Rule Issued to Implement the Fair Debt Collection Practices Act

The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors…

CFPB: Agencies Propose Regulation on the Role of Supervisory Guidance

Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance. Unlike a law or regulation, supervisory guidance…

OCC: Final True Lender Rule Issued

The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…