2021 Compliance Priorities, Updated
A quarter into the year, a quick check on how key areas are changing, with some important suggestions.
Browsing: Compliance
CFPB Proposes Delay to Effective Date of Debt Collection Rules
The Consumer Financial Protection Bureau will propose to extend the effective date of its two recent debt collection rules from Nov. 30 to Jan. 29, 2022.
Supreme Court Ruling Protects Banks’ Ability to Contact Customers
In a significant win for bank customers, the Supreme Court today confirmed that customers can receive important communications from their banks and other companies with whom they do business.
Fed Issues Final Rules Clarifying Role of Supervisory Guidance
The Federal Reserve today issued its final rule codifying that regulatory guidance does not have the force and effect of law, granting much of a joint petition filed by ABA and the Bank Policy Institute that sought a formal rulemaking to ensure that banking organizations would not need to rely on a 2018 interagency statement to clarify the role of guidance.
99% of FDIC Supervised Banks Rated Satisfactory or Better for Consumer Compliance
The FDIC said today that 99% of the banks it supervises were rated satisfactory or better for consumer compliance and Community Reinvestment Act compliance, as of the end of 2020.
CFPB, FTC Issue Annual FDCPA Report
The Consumer Financial Protection Bureau and Federal Trade Commission released their annual debt collection report summarizing efforts by both agencies to enforce the Fair Debt Collection Practice Act and educate consumers about debt collection.
CFPB Rescinds 2020 Policy Statement on ‘Abusive’ Practices Under UDAAP
The Consumer Financial Protection Bureau today rescinded a January 2020 policy statement that clarified the bureau’s approach to citing and challenging “abusive” conduct in supervision or enforcement actions.
CFPB Extends Mandatory Compliance Date for QM Rule; GSE Patch Remains in Effect
As expected, the Consumer Financial Protection Bureau today proposed to delay the mandatory compliance date of the General Qualified Mortgage final rule from July 1, 2021, to Oct. 1, 2022.
CFPB Nominee Has ‘Open Mind’ About Potential QM Rule Changes
At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules.
Social Media Compliance Lessons From COVID-19
Fast-paced digital transformation has meant increased compliance concerns.