It's August
Which means that Christmas decorations are showing up in stores...

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

From the CFPB:
Mortgage Servicing Small Entity Compliance Guide - The Bureau updated the Mortgage Servicing Small Entity Compliance Guide to include guidance on the 2021 Mortgage Servicing COVID-19 Final Rule and the 2020 Mortgage Servicing COVID-19 Interim Final Rule. (Published August 4, 2021)

Juneteenth Holiday Impacts - The CFPB issued an Interpretive Rule, which provides guidance on certain Regulation Z timing requirements related to the TILA-RESPA Integrated Disclosure (TRID) Rule and to the rescission of closed-end mortgages that are based on a definition of “business day,” excluding federal holidays. The Interpretive Rule explains these timing requirements in light of the recent legislation that designated Juneteenth as a federal holiday. (Published August 5, 2021)

From the FDIC:
Security and Management of Mobile Devices - The FDIC's Office of Inspector General had an audit completed on the agency's security and management of mobile devices. The audit found that agency policies, procedures, and guidance were outdated and did not reflect current business practices pertaining to mobile devices. They did not address key elements recommended by the National Institute of Standards and Technology (NIST). “For example, FDIC policies did not address the bring your own device (BYOD) program nor the risks associated with personal use of FDIC-furnished mobile devices, such as downloading and using non-work related applications, and texting, messaging, and video,” (Published August 2021)

From the FRS:
Outlooks, Outcomes, and Prospects for U.S. Monetary Policy - In a speech at the Peterson Institute for International Economics, Vice Chair Clarida reiterated Chair Powell's statement, "...we are clearly a ways away from considering raising interest rates and this is certainly not something on the radar screen right now..." (Published August 4, 2021)

Household Debt and Credit Report - 2021's Second Quarter report shows that total household debt increased 2.1% in the second quarter of 2021, rising by $313 billion to $14.96 trillion, driven in large part by mortgage originations. (Published August 3, 2021)

Extended Comment Period - The Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service until September 9, 2021. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023. (Published August 3, 2021)

Enforcement Actions - The Fed issued two enforcement actions, one for unauthorized transactions in a customer account, and one for flood insurance violations. (Published August 3, 2021)

Consumer Compliance Outlook - The latest issue of Consumer Compliance Outlook focuses on error resolution procedures and consumer liability for unauthorized transactions for debit and credit cards, prepaid accounts, and foreign remittance transfers. (Published July 30, 2021)

Capital Requirements For All Large Banks - The Federal Reserve Board announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold roughly $1 trillion in high-quality capital—enough to survive a severe recession and still be able to lend to households and businesses. (Published August 5, 2021)

From the NCUA:
Letter to Credit Unions (21-CU-07) - The Letter reminds credit unions of the NCUA allowance for capitalization of interest in connection with loan workouts and modifications effective July 20, 2021. The Letter also contains a list of FAQs related to the capitalization. (Published August 5, 2021)

Letter to Credit Unions (21-FCU-04) - This letter communicates the NCUA Board’s decision to continue the current 18 percent interest rate ceiling for loans made by federal credit unions, based on the authorities established by the Federal Credit Union Act. Although the Federal Credit Union Act generally limits federal credit unions to a 15 percent interest rate ceiling on loans, it provides the NCUA Board flexibility to establish a higher rate for up to 18 months after considering certain statutory criteria. The June 24, 2021, NCUA Board action extends the 18 percent ceiling through March 10, 2023. The previous 18 percent rate ceiling expires on September 10, 2021. (Published August 5, 2021)

From the OCC:
OCC Bulletin 2021-33 - This bulletin provides the OCC's supplemental examination procedures on remittance transfers. The examination procedures are prepared for use by OCC examiners as a supplement to the Federal Financial Institutions Examination Council's interagency Electronic Fund Transfer Act (EFTA) procedures that the OCC adopted in 2019. In addition, this bulletin summarizes the Consumer Financial Protection Bureau's (CFPB) Regulation E amendments regarding remittance transfers that became effective in July 2020. (Published August 2, 2021)

OCC Bulletin 2021-34 - The bulletin is to inform banks and examiners about sound risk management principles associated with engaging in U.S. Small Business Administration (SBA) guaranteed lending programs. A bank’s SBA lending activities, including purchasing investments backed by SBA-guaranteed loans, should be consistent with the bank’s overall business plans, strategies, risk appetite, and sound risk management. (Published August 5, 2021)

OCC Bulletin 2021-35 - This bulletin informs national banks, federal savings associations, federal branches, and federal agencies of foreign banking organizations (collectively, banks) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters under the Fair Housing Act. Banks should make the appropriate changes to notices and posters, if necessary, within 90 days of this bulletin’s date of issuance. (Published August 5, 2021)


Ona personal note, I want to wish my son, Nick, a very happy 29th birthday this weekend. While we may not share the same blood, as he is my stepson, he has a huge place in my heart!

We joked about signing up for AARP, and when I got home I found the latest AARP magazine in my mailbox. The issue's game's page included this puzzle:

"GO x TO = GUY"
or
"__ __ x __ __ = __ 8 __"

Each letter in this equation represents a unique digit. If "U" stands for 8 and the other numbers used are 1 through 4, what is the one possible answer?
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