Compliance Briefing, May 2021: Upcoming Regulatory Changes & Deadlines

  • May 14, 2021
  • Quantivate

The relentless pace of regulatory change makes effective compliance management an ongoing challenge for financial institutions. Cut through the information overload with this roundup of upcoming compliance deadlines, recently finalized rulings, and additional advisories from financial regulators including the CFPB, OCC, and NCUA:

Upcoming Regulatory Changes and Compliance Deadlines

CFPB – Debt Collection Practices for Evictions (Regulation F)

  • Tentative Release Week: Week of 05/03/2021
  • Compliance Deadline: 05/03/2021

CFPB – Delay of Mandatory Compliance Date for General QM Loan Final Rule

  • Tentative Release Week: Week of 05/03/2021
  • Compliance Deadline: 06/30/2021

OCC – Community Reinvestment Act (CRA) Regulations

  • Tentative Release Week: Week of 05/24/2021
  • Compliance Deadline: 01/01/2023

CFPB – Fair Debt Collection Practices Act – Regulation F

  • Tentative Release Week: Week of 06/21/2021
  • Compliance Deadline: 11/30/2021

NCUA – Subordinated Debt

  • Tentative Release Week: Week of 07/26/2021
  • Compliance Deadline: 01/01/2022

Recently Finalized Regulations

CFPB Issues Interpretive Rule Clarifying Equal Credit Opportunity Act (Regulation B)

  • Rules Finalized: March 16, 2021
  • Rules Effective: March 16, 2021

OCC, Federal Reserve, and FDIC Amend Capital Rules to Address ECIP Investments

  • Rules Finalized: March 22, 2021
  • Rules Effective: March 22, 2021

NCUA Issues Interim Final Rule Temporarily Addressing Regulatory Asset Thresholds

  • Rules Finalized: March 23, 2021
  • Rules Effective: March 23, 2021

NCUA Issues Interim Final Rule Extending Access to NCUA’s Central Liquidity Facility

  • Rules Finalized: March 24, 2021
  • Rules Effective: March 24, 2021

Federal Reserve Issues Final Rule on the Role of Supervisory Guidance

  • Rules Finalized: April 8, 2021
  • Rules Effective: May 10, 2021

NCUA Interim Final Rule Readopts Temporary Amendments to Prompt Corrective Action Rules

  • Rules Finalized: April 19, 2021
  • Rules Effective: April 19, 2021

CFPB Issues Interim Final Rule on Debt Collection Practices Related to Evictions

  • Rules Finalized: April 22, 2021
  • Rules Effective: May 3, 2021

CFPB Delays Mandatory Compliance Date for General QM Loan Definition

  • Rules Finalized: April 30, 2021
  • Rules Effective: June 30, 2021

Compliance Advisories and Announcements

The following summaries provide information that may be helpful in your institution’s compliance management efforts, but do not contain any regulatory changes.

CFPB Issues Compliance Bulletin and Policy Guidance on Housing Insecurity

On April 7, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a Compliance Bulletin and Policy Guidance on Supervision and Enforcement priorities regarding housing insecurity in light of heightened risks to consumers needing loss mitigation assistance as the COVID-19 foreclosure moratoriums and forbearances end. The Compliance Bulletin (Bulletin 2021-02) urges servicers to dedicate sufficient resources and staff to ensure they can communicate clearly with borrowers, effectively manage borrower requests for assistance, promote loss mitigation, and ultimately reduce avoidable foreclosures and foreclosure-related costs.

Federal Banking Agencies Issue Interagency Statement on Model Risk Management

On April 9, 2021, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (in consultation with the National Credit Union Administration and the Financial Crimes Enforcement Network) issued a joint statement addressing how risk management principles described in the Supervisory Guidance on Model Risk Management relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act laws and regulations. The statement notes that it does not alter existing BSA/AML legal or regulatory requirements or establish new supervisory expectations, and that no specific model risk management framework is required.

CFPB Issues Fair Lending Report

On April 27, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued its ninth Fair Lending Report. The report is directed to Congress and describes the CFPB’s fair lending activities in supervision and enforcement; guidance and rule making; interagency coordination; and outreach and education for calendar year 2020.

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