On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) issued a 153-page final rule increasing the threshold for determining institutions subject to the remittance rule to 500. The remittance rule implements provisions in Regulation E relat...

On May 6th, 2020, the Federal Reserve (Fed) issued Consumer Affairs Letter CA 20-7 concerning frequently asked questions about flood compliance requirements and the COVID-19 pandemic. The letter answered the question of whether a bank, that works wit...

On May 6, 2020, the Consumer Financial Protection Bureau (CFPB) issued an FAQs document on providing Regulation B adverse action notices in light of the COVID-19 emergency. The document addresses Paycheck Protection Program (PPP) loans and how to han...

The Consumer Financial Protection Bureau (CFPB) released a statement on April 29, 2020 providing guidance and additional clarification to certain disclosure requirements for consumers who have a financial emergency due to the Coronavirus pandemic and...

On April 27, 2020, the Consumer Financial Protection Bureau (CFPB) released a blog about fair lending to minority and women-owned businesses. The blog explains the purpose of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Small Bu...

On April 24, 2020, the Federal Reserve (Fed) issued an interim final rule dropping the six-per-month transaction limitation for savings deposits (accounts) in Regulation D. Prior to the rule change, Regulation D limited the number of certain convenie...

On April 20, 2020, the Office of Foreign Assets Control (OFAC) announced it is encouraging financial institutions affected by the COVID-19 pandemic to contact OFAC if they are going to experience delays in meeting OFAC compliance deadlines. These dea...

On April 17, 2020, the Federal Reserve (Fed) issued an interim final rule permitting Paycheck Protection Program (PPP) loans to be made to bank insiders and not be in violation of Regulation O. Regulation O imposes certain restrictions on the loans b...