FDIC: Rule Finalized to Modernize Official Signs and Advertising Statement Requirements for Insured Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today adopted a final rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC signs and advertising statements, and to clarify the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name…
HUD: Public Comment Period Extended by Nine Days for Proposed Rule to Remove Criminal Conviction Restrictions for Fair Housing Testers
The U.S. Department of Housing and Urban Development (HUD) announces that it will extend the public comment date for its Notice of Proposed Rulemaking that would remove criminal conviction restrictions for fair housing testers by 9 days, to January 11, 2024. To do this, HUD has submitted a notice to the Federal Register, which can…
OCC: Guidance Issued on “Buy Now, Pay Later” Lending
The Office of the Comptroller of the Currency (OCC) today issued guidance to national banks and federal savings associations to address the risks associated with “buy now, pay later” lending. The guidance focuses on the risk management of buy now, pay later (BNPL) loans, which are payable in four or fewer installments and carry no…
HUD: Proposed “30-Day Notice” Rule for Nonpayment of Rent Announced
Proposed rule would provide residents of public housing or in properties receiving project-based rental assistance 30 days notice to cure lease violations for nonpayment of rent The U.S. Department of Housing and Urban Development (HUD) will publish a Notice of Proposed Rulemaking in the Federal Register on Friday, December 1. If finalized, the rule would…
Agencies Finalize Rule Updating and Modernizing the Community Reinvestment Act
On October 24, 2023, the FDIC Board voted to approve a final rule, to be issued jointly with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC), that makes comprehensive regulatory amendments to the FDIC’s regulation implementing the Community Reinvestment Act of 1977…
Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long-Term Debt
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. Comments on the…
FHFA: Final Rule Announced Modifying Certain Provisions of the Enterprise Regulatory Capital Framework
Today, the Federal Housing Finance Agency (FHFA) published a final rule that amends several provisions of the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). “The Enterprise Regulatory Capital Framework is a critical tool to ensure the Enterprises responsibly manage their risks,” said FHFA Director Sandra L. Thompson. “Finalizing these…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based on the…
CFPB: New Proposed Rule Outlines Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
Proposed rule would subject large players to the same supervisory exam process as banks The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in…