NCUA Approves COVID Relief Extension

COVID-19 Relief Extension – The NCUA approved the extension of a temporary rule which raised the maximum aggregate amount of loan participations that a federally insured credit union may purchase from a single originating lender to the greater of $5,000,000 or 200 percent of the credit union’s net worth. The rule also temporarily suspended certain limitations on the eligible obligations that a federal credit union may purchase and hold. These modifications will remain effective until December 31, 2022.

CFPB and DOJ issue Joint Statement on SCRA

SCRA Joint Letter – The CFPB and DOJ issued letters to landlords and mortgage servicers reminding them of the SCRA protections provided to servicemembers. “The letter to mortgage servicers comes in response to complaints from military families and veterans on a range of potential mortgage servicing violations, including inaccurate credit reporting, misleading communications to borrowers, and required lump sum payments for reinstating their mortgage loans. These complaints are being reviewed for compliance by the CFPB with the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other applicable requirements.”

FinCEN Releases Financial Threat Analysis

Wildlife Trafficking – FinCEN released a Financial Threat Analysis calling attention to wildlife trafficking due to its strong association with corruption and transnational criminal organizations, a need to enhance the reporting and analysis of related illicit financial transactions, and wildlife trafficking’s contribution to biodiversity loss, damage to fragile ecosystems and the increased likelihood of spreading zoonotic diseases.