Weekly Rewind...News from Your Regulators!

Compliance Services Group is here for your regulatory updates.

Welcome to CSG's first revised Weekly Rewind! The updated Rewind includes the same crucial information from regulators, summarized by Senior Consultant James McKinney. If there is a regulatory compliance topic you would like summarized, let us know!

Data Point Mortgage Activity and Trends

The CFPB published an overview of residential mortgage lending in 2020 based on the data collected under the HMDA. The report shows that closed-end mortgage originations increased 65.2% in 2020, primarily driven by refinances. (Published August 19, 2021)

Data Spotlight – The CFPB released a fact sheet describing the characteristics and circumstances of older adults who are struggling to make their mortgage payments. The snapshot highlights that many older homeowners are still behind on their mortgage payments even as the economy improves. (Published August 17, 2021)


HMDA Data Point Activity and Trends

Action Against Debt Collector – The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failing to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information furnished to credit reporting agencies. The CFPB also alleges that FCO failed to conduct reasonable investigations of indirect consumer disputes, resulting in inaccurate information remaining on consumer credit reports. Additionally, the CFPB alleges that FCO and owner Michael Sobota violated federal law when FCO represented that consumers owed certain debts when, in fact, FCO did not have a reasonable basis to assert that the consumers owed those debts. If entered by the court, the settlement would require FCO and Sobota to put in place reasonable policies and procedures to prevent future violations and pay a $850,000 civil money penalty. (Published August 17, 2021)


The Financial Crimes Enforcement Network updated the interactive SAR stats webpage, which enables users to see aggregated SARs filed by industries in the U.S. The site now includes filing trends through the 2020 calendar year.(Published August 19, 2021)

SAR Trend Data


2021 Regulatory Review

As part of the annual review of one-third of regulations, the NCUA will review Part 748: Security Program, Report of Suspected Crimes, Suspicious Transactions, Catastrophic Acts and Bank Secrecy Act Compliance; Part 749: Records Preservation Program and Appendices – Record Retention Guidelines, Catastrophic Act Preparedness Guidelines; and Part 760: Loans in Areas Having Special Flood Hazards. (Published August 13, 2021)

2021 Regulatory Review

The NCUA is hosting a webinar on September 8 regarding the agency’s modernized examination tools. The webinar will include information on MERIT, DEXA, NCUA Connect, and the Admin Portal. (Published August 19, 2021)

Modernized Examination Tools Webinar

Comptroller’s Handbook - The OCC released an updated version of the “Liquidity” booklet of the Comptroller’s Handbook. The updated version includes information and examination procedures about the liquidity coverage ratio and net stable funding ratio requirements. (Published August 16, 2021)

Comptroller’s Handbook – The OCC also added a new Model Risk Management booklet to the Comptroller’s Handbook for use by OCC examiners during examinations. (Published August 18, 2021)

News from the OCC

The OCC has issued an annual update of the Bank Accounting Advisory Series, which is intended to promote a consistent application of accounting standards among OCC-supervised banks. This update incorporates new accounting standards issued by the FASB on topics including the amortization of premiums on callable debt securities and evaluating goodwill impairment triggering events for private companies. (Published August 16, 2021)

Bank Accounting Advisory Series

Enforcement Actions – The OCC announced an enforcement action against a bank employee for overdrawing a line of credit by approximately $445,000.  (Published August 19, 2021)

SIM Swap Scam – The DFI reports that they have received complaints from residents that they have been victims of SIM swap scams. “SIM swap scams occur when a scammer pretends to be a legitimate customer of the cell phone service carrier in order to obtain a new SIM card. The new SIM card is connected to the real customer’s phone number without the real customer’s knowledge. Once the new SIM card is activated, the scammer uses the new SIM card on a phone under the scammer’s control. As the scammer now has control of the real customer’s phone number, all of the real customer’s phone calls, text messages, and data are directed to the phone under the scammer’s control.”  (Published August 16, 2021)

Washington DFI

Rulemaking Withdrawn - The DFI has withdrawn the CR-101 to postpone the rulemaking under the Mortgage Broker Practices Act rules (WAC 208-660) pending further consideration. The interim guidance for mortgage loan originators working from home is in effect until the end of 2021 and will be extended as necessary. (Published August 19, 2021)

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