Jan. 22, 2021 NASCUS Report

THIS WEEK: Biden takes charge, freezes regulation … and considers new review process; NCUA lists pandemic-centric 2021 priorities; New agency general counsel, board secretary named; Bureau, NCUA ink MOU over large CU consumer protection; CFPB director resigns as new director nominated; Summary looks at final rule on debt collection practices; Smaller CUs (others) exempted from HPML escrow accounts; Also from CFPB: final supervisory guidance rule, FDCPA guide; FAQs address AML requirements; BRIEFLY: Barr is likely OCC candidate; national charter for digital assets bank

Biden administration takes first steps In molding federal regulatory process

(Jan. 22, 2021) The new president’s administration was at work reworking the federal regulatory process on the same day that Joe Biden took the oath of office, issuing a “regulatory…

President outlines new regulatory review process

(Jan. 22, 2021) Producing a set of recommendations for improving and modernizing federal regulatory review was ordered by President Biden Wednesday, with an aim of ensuring “swift federal action,” according…

Agency 2021 priorities focus on impact of pandemic

(Jan. 22, 2021) Focusing on challenges to credit unions posed by the ongoing coronavirus pandemic and steps to enhance the agency’s offsite monitoring of credit unions’ condition are key priorities…

NCUA taps general counsel, board secretary

(Jan. 22, 2021) Veteran NCUA attorney Frank Kressman has had the “acting” moniker removed from his title as the agency late last week named him general counsel. He had been…

Agencies say MOU aimed at improving big CU consumer protection

(Jan. 22, 2021) Improving coordination between NCUA and the CFPB over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of…

Kraninger resigns as Biden nominates successor

(Jan. 22, 2021) There was more change this week in Washington as Consumer Financial Protection Bureau Director Kathleen (“Kathy”) Kraninger resigned Wednesday, shortly after President Joe Biden took the oath…

Summary outlines final rule on debt collection practices

(Jan. 22, 2021) The latest summary from NASCUS focuses on the new rule from CFPB on debt collection practice, which revises Regulation F (which, in turn, implements the Fair Debt…

Smaller institutions exempted from HPML escrow accounts

(Jan. 22, 2021) An exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs) for smaller banks and credit unions was issued as a final rule…

CFPB also: finalizes supervisory guidance rule, issues FDCPA guide

(Jan. 22, 2021) A new rule codifying that supervisory guidance does not have the force of law, and that enforcement actions are not based on the guidance, was finalized Tuesday…

FAQs look at proposed effectiveness of AML requirements

(Jan. 22, 2021) Suspicious activity reporting and other anti-money laundering (AML) requirements are subjects of new frequently asked questions (FAQs) issued by NCUA, federal banking regulators and the Treasury’s Financial…

BRIEFLY: Biden settles on Barr to lead bank regulator; OCC issues national charter for digital assets bank

(Jan. 22, 2021) President Biden has reportedly determined that Michael S. Barr – a former assistant Treasury secretary for financial institutions (a position that interfaces with credit unions and banks)…

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