Compliance & Legal Updates
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Agencies to Host Flood Webinar

07/01/2022
As discussed in many of our recent compliance events, flood compliance and enforcement remain a regulatory compliance priority for all of the agencies.

CFPB Moves to Reduce Debt Collector “Junk Fees”

06/29/2022
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion today prohibiting debt collectors from charging “pay-to-pay” fees.

Agencies Set Rulemaking Agendas

06/23/2022
The federal regulatory agencies have updated their spring rulemaking agendas for 2022.

FINCEN Issues Advisory on Elder Financial Exploitation

06/16/2022
Financial institutions are uniquely situated to detect possible financial exploitation through their relationships with older customers. They therefore play a critical role in helping to identify, prevent, and report EFE to law enforcement and their state-based Adult Protective Services.

Federal Reserve Announces Release of Second CECL Tool for Community Banks

06/07/2022
The Federal Reserve announced today that it will soon release a second tool to help community financial institutions implement the Current Expected Credit Losses (CECL) accounting standard.

Kentucky USDA Offering Grants for Community Development

06/01/2022
The American Rescue Plan made up to $500 million in grant funding available under a new program called the Emergency Rural Health Care Grant Program. The program provides grants for rural community infrastructure improvement including drinking water, wastewater, broadband installation, healthcare and other needs.

Federal Reserve Finalizes Rule for Fund Transfers on FedNow Service

05/19/2022
The Reserve Banks are developing a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality, called the FedNow Service, to support instant payments in the United States. The FedNow Service is designed for the end-to-end transfer to be completed in a matter of seconds, as described in the 2020 Notice

FDIC Releases Small Entity Compliance Guide for Deposits for Trusts and Mortgages

05/18/2022
On January 28, 2022, the Federal Deposit Insurance Corporation (FDIC) published a final rule to amend the deposit insurance regulations for trust accounts and mortgage servicing accounts. The changes are intended to make the deposit insurance rules easier to understand for depositors and bankers, facilitate more timely insurance determinations for trust accounts in the event of a bank failure, and enhance consistency of insurance coverage for mortgage servicing account deposits.

Agencies Release Revised Q&As Regarding Flood Insurance

05/12/2022
The Q&As cover a broad range of technical flood insurance topics, including the escrow of flood insurance premiums, the detached structure exemption to the flood insurance purchase requirement, force placement procedures, and private flood insurance.