Weekly Rewind...News from Your Regulators!

Compliance Services Group is here for your regulatory updates.


Prohibition Orders – The NCUA issued 4 prohibition orders and two notices of prohibition in August. These individuals are prohibited from participating in the affairs of any federally insured financial institution. (Published August 31, 2021) 


Debt Collection Rule Will Take Effect November 30

No Delay on Debt Collection Rule – The Bureau withdrew its proposal to delay the effective date until January 2022. The rules will take effect November 30, 2021. (Published September 1, 2021)

Small Business Lending Data Collection – The CFPB issued a proposed rule on the collection of small business lending data which would require annual reporting by covered lenders. (Published September 1, 2021)

FinCEN Workshop Coming Soon!

Workshop on Digital Identity Services and Technology – FinCEN will host a virtual Innovation Hours program on October 14, 2021, focusing on the role of digital identity to enhance finances services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the US financial system. (Published August 31, 2021)

FBI Weighs in on Ransomware

Cybersecurity AdvisoryThe FBI and the Cybersecurity and Infrastructure Security Agency (CISA) published Ransomware Awareness for Holidays and Weekends. The Advisory identifies holiday weekends as higher cyber threats. It also provides guidance to protect and respond against cyber-attacks. (Published August 31, 2021)

OCC News

Statement on Civil Money Penalty for Violations of the FHA – Acting comptroller Hsu released a statement regarding Cadence Bank denying residents in majority Hispanic and majority minority neighborhoods in Houston equal access to mortgage loans. The disparate treatment was evidenced through the bank’s pattern of mortgage application and origination activity, branching history, mortgage loan officer structure and operations, and marketing and advertising. (Published August 31, 2021)

News from the FDIC

Tech Sprint to Measure and Test Bank Resilience –The FDIC opened the registration period to participate in a tech sprint designed to identify and develop measures, data, and other capabilities to understand how resilient banks are to major disruptions. This tech sprint is intended to be the first of several focused on how to foster stronger resiliency in banking. (Published August 30, 2021)

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