Did you bring Rover to work?

Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

From the CFPB:
Impact of Juneteenth on Residential Mortgage Closings - The CFPB recognizes that some lenders did not have sufficient time after the federal holiday declaration to consider whether and how to adjust closing timelines. Any guidance ultimately issued by the CFPB would take into account the limited implementation period before the holiday and would be issued after consultation with the other FIRREA regulators and the Conference of State Bank Supervisors (CSBS) to ensure consistency of interpretation for all regulated entities.(Published June 18, 2021)

From the DOJ:
Reporting Frozen Unemployment Insurance Fraud Funds - At the request of the ABA and other stakeholders, the Department of Justice Unemployment Insurance Fraud Task Force has announced a new contact method for financial institutions to use if they suspect that frozen funds are proceeds from unemployment insurance fraud—a type of fraud that has been on the rise throughout the COVID-19 pandemic.

The federal task force urged financial institutions to email uifraud@oig.dol.gov if they have frozen funds thought to be from unemployment fraud that cannot be returned to the defrauded state workforce agencies through ACH reversal or other return processes. In the email, financial institutions should include the name, phone number, and email address of the employee that law enforcement can contact for more information. (Published June 21, 2021 - ABA Newsbytes)

From the FDIC:
Fintech: A Bridge to Economic Inclusion - The FDIC will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable, and inclusive banking system. (Published June 24, 2021)

Enforcement Actions - May's administrative enforcement actions consist of two Orders to Pay Civil Money Penalties; four Section 19 Applications; three Orders Terminating Consent Orders; an Order of Prohibition from Further Participation, and Notice of Intention to Prohibit from Further Participation;, a Notice of Assessment of Civil Money Penalties, Findings of Fact, Conclusions of Law, Order to Pay, and Notice of Hearing. (Published June 25, 2021)

From the FFIEC:
Updated BSA/AML Examination Manual - The FFIEC updated four sections of the BSA/AML Examination Manual. The updates include international transportation of currency or monetary instruments, purchase and sale of monetary instruments recordkeeping, reports of foreign financial accounts, and special measures. (Published June 21, 2021)

From the FRS:
Fed Listens - The Federal Reserve announced that it would continue the Fed Listens initiative in 2021 to learn from a broad range of individuals, households, and communities about the economic recovery from the COVID-19 pandemic. (Published June 23, 2021)

Extended Comment Period on Proposed Changes to Regulation II - The Federal Reserve Board announced that it will extend the comment period for proposed changes to Regulation II (Debit Card Interchange Fees and Routing) until August 11, 2021. The changes would clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. (Published June 22, 2021)

Stress Test Results - The Federal Reserve Board released the results of its annual bank stress tests, which showed that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession. (Published June 24, 2021)

From the NCUA:
2021 Diversity, Equity, and Inclusion Summit - The NCUA will host credit union leaders, credit union trade and support organizations, and diversity and inclusion professionals during the NCUA’s second Diversity, Equity, and Inclusion (DEI) Summit. This three-day event will take place virtually Nov. 2–4, 2021. (Published June 21, 2021)

Minority Deposit Institution Annual Report - The NCUA presented to Congress the eighth annual report on Minority Deposit Institutions. Among the report’s highlights, the number of MDI credit unions grew in 2020, and these credit unions expanded membership and increased lending. Shares and deposits were up, as were total assets. (Published June 23, 2021)

NCUA Board Meeting - During an open meeting, the Board approved a final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications, a final rule that would phase-in the day-on adverse effects on regulatory capital that may result from the adoption of the current expected credit losses account methodology over a three-year period, and an extension of the federal credit union loan interest rate ceiling until March 10, 2023. (Published June 24, 2021)

State-Level Credit Union Data Report - Nationally, median asset growth for federally insured credit unions over the year ending in the first quarter of 2021 was 17.1 percent, compared with growth of 3.0 percent during the same period a year earlier. Median growth in shares and deposits over the year ending in the first quarter of 2021 was 19.5 percent, compared with 2.9 percent during the first quarter of 2020.

Loans outstanding declined 0.4 percent at the median over the year ending in the first quarter of 2021. This stands in contrast to the previous year when loans grew by 2.0 percent at the median. The median total delinquency rate among federally insured credit unions was 34 basis points at the end of the first quarter of 2021, compared with 59 basis points in the first quarter of 2020. (Published June 25, 2021)

From the Washington Department of Financial Institutions:
Money Transmitters and Currency Exchangers Annual Assessments - All Money Transmitters and Currency Exchangers Annual Assessments are due by 5:00 pm on July 1, 2021.

And, speaking of dogs, did you know the dog days of summer starts on July 3 and goes through August 11? The term refers to the fact that during this time the Sun occupies the same region of the sky as Sirius, the brightest star visible from any part of Earth and part of the constellation Canis Major, the Greater Dog.

As most of us are sweltering in the heat, remember that Christmas is six months from today.
Was this forwarded to you?
Sign up here to receive our Weekly Rewinds and Regulatory Recaps in your mailbox.
Compliance Services Group, LLC is focused on meeting your financial services compliance needs at a value proposition. We can help you implement and maintain a high-quality compliance management program for less than it costs to maintain internal expertise. We also offer compliance audit services on an independent basis for board audit and supervisory committees or on behalf of the management team. We invite you to explore our service options by visiting our website to examine what we can do for the benefit of your institution.

Our team of auditing and consulting professionals, with decades of auditing, consulting, and financial institution experience, serves over 175 financial institutions throughout the nation.
Law-Related Services Disclosure. Please be advised that CSG provides financial services compliance audit and consulting services to our clients. The services that we provide include certain tasks that may be characterized as “law-related services” under Rule 5.7 of the Rules of Professional Conduct governing lawyers. Since some of our employees are lawyers with an active bar license but are NOT engaged in the private practice of law, that Rule requires us to make disclosures clarifying that the services we perform may be law-related services, but they are not legal services. Because they are not legal services, those services and our relationship will not be governed by the Rules of Professional Conduct that guide the client-lawyer relationship, such as rules applicable to privileged communications and prohibitions of conflicts of interest. Notwithstanding this disclaimer, we will continue to govern our relationship with you using reasonable ethical and professional standards that are expected to meet your expectations.
Advertising Disclosure. This is an advertisement for Compliance Services Group, LLC. You can opt out at any time from receiving updates by clicking "Unsubscribe" below.