WASHINGTON UPDATES FOR 2020

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Annie Coldstream


#2020-20, July 3, 2020

Congress Extends PPP until August 8, 2020
House Passes Credit Score Bill
Supreme Court Rules CFPB Director Structure Unconstitutional
SCOTUS Declines to Hear NCUA Field of Membership Case
Labor Department Proposes Revised Fiduciary Rule that Includes Class Exemption
FinCEN Issues BSA Hemp Guidance
Fed Creates Coin Supply Task Force

#2020-19, June 26, 2020

FDIC and OCC Issue Rules to Mitigate COVID-Related Loan Growth on Deposit Insurance, Examination Assessments
FFIEC Releases 2019 HMDA Data
Financial Regulators Issue Examiner Guidance for Assessing COVID-19 Effects
Regulators Propose Changes to Interagency Q&As Regarding Flood Insurance
SBA Releases Guidance on Refinancing EIDLs Using PPP Loans
CFPB Proposes Changes to QM Rule, Extension for Temporary ‘GSE Patch’

#2020-18, June 19 2020

Senators Urge Streamlined PPP Forgiveness Process
Brokered Deposit Modernization Bill Introduced in Senate
Lender Registration Opens for Main Street Lending Program
Fed Says Pandemic Affecting Coin Availability
EEOC Clarifies that Employers Cannot Require Employee Antibody Testing

#2020-17, June 12, 2020

MBA Files Comments on FDIC Brokered Deposit Proposal
New PPP Flexibility Guidance, Application Form for Borrowers Released
SBA Provides Information on Lender Processing Fees
Fed Announces Changes to Main Street Lending Program

#2020-16, June 5, 2020

President Trump to Sign PPP Flexibility Bill
OCC Issues Proposals on Bank Activities and Innovation
OCC Issues Final Rule Clarifying ‘Valid When Made’ Principle
CFPB and CSBS Release Guidance on CARES Act Mortgage Relief Provisions
CFPB Issues Proposal to Facilitate LIBOR Transition

#2020-15, May 29, 2020

House Approves Bill Giving Flexibility to PPP Borrowers
MBA and State Banking Associations Call for a Streamlined Forgiveness Process
Boston Fed Releases Main Street Lending Program Documents; Updates FAQs
OCC Issues FAQs on CRA and COVID-19 Pandemic
CFPB Issues No-Action Letter Templates to Encourage Innovative Offerings

#2020-14, May 22, 2020

Key Senators Introduce Paycheck Protection Program Extension Act
Paycheck Protection Flexibility Act Introduced in Senate and House
OCC Releases Final CRA Rule without FDIC
Comptroller Otting Stepping Down from OCC
Regulators Release Guidance for Small-Dollar Loan Programs
FinCEN Issues Warning on COVID-19 Scams

#2020-13, May 15, 2020

House to Vote on $3 Trillion Bill to Provide More COVID-19 Relief
House Financial Services Subcommittee Hosts Roundtable Discussion with Prudential Regulators
Fed Releases FAQs on Reg D Changes
CFPB Provides Relief for Resolving Billing Errors during Pandemic‌
CFPB Finalizes Changes to Remittance Rule
MBA Partner Compliance Alliance Hosting Reopening Webinar for All Banks

#2020-12, May 8, 2020

SBA Offers Clarity for PPP Borrowers Attempting to Rehire Employees
Fed Issues Flood Insurance FAQs for Pandemic
CFPB Compliance Aid Clarifies ECOA Notification Obligations for PPP Loans
Regulators Issue Interim Final Rule Providing Relief for Institutions Participating in PPPLF
IRS FAQs Address Payments to Deceased, Other Non-Eligible Recipients of Stimulus Checks
Vacation Survey

#2020-11, May 1, 2020

Fed Issues Changes to Main Street Lending Program
MBA Encouraging Banks to Access Return to Work Resources; Respond to ABA Survey
CFPB Announces Temporary Relief from TRID and Regulation Z Waiting Periods‌
Fed Expands PPP Liquidity Facility’s Eligible Participants, Collateral

#2020-10, April 24, 2020

MBA, State Banking Associations Oppose Effort to Increase CU Business Lending Cap
Fed Issues Interim Final Rule Removing Reg. D Six-Transfer Limit
National Groups Seek Clarity on Garnishment of Stimulus Payments
EEOC Issues New Q&As on Employees Returning to Work
Fannie, Freddie Issue Optional Lender Scripts to Guide Borrowers through Forbearance Options
**Reminder: Association COVID-19 Resource Center**

#2020-09, April 17, 2020

ACTION NEEDED: Bankers Urged to Contact Congress in Support of Additional PPP Funding
MBA Joins State Bankers Associations on Amicus Brief Opposing CU Membership Rule
Agencies Issue Rule Deferring Appraisals for Real Estate Transactions
FFIEC Releases Computational Tools for APRs, APYs
Regulators Hosting April 24 Webinar on Coronavirus Loan Modifications and Reporting

#2020-08, April 10, 2020

Update on Federal Reserve PPPLF
MBA Comments on OCC/FDIC CRA Modernization Proposal
Association Joins State Banking Trade Groups in Calling for Changes to PPP
Agencies Update Guidance on COVID-19 Loan Modifications‌
Fannie, Freddie Revise COVID-19 Servicing Guidance to Reflect CARES Act Changes

#2020-07, April 3, 2020

SBA, Treasury Release Guidance, Loan Application for Paycheck Protection Program
CFPB Issues Statement on Reporting of Consumer Credit Data during Pandemic
Regulators Adjust Calculation for Credit Concentration Ratios
DOL Issues ‘Temporary Rule’ on Paid Leave Law

#2020-06, March 27, 2020

Congress Passes Coronavirus Relief Bill
SBA to Launch Paycheck Protection Program; Members Encouraged to Apply to Become SBA Qualified Lenders
Agencies Clarify that Loans Modified Due to COVID-19 Generally Not Treated as TDRs
Fannie, Freddie Announce Payment Deferral Option for Borrowers Exiting Forbearance
Fed Reducing Exam Activities
Regulators Encourage Banks to Engage in Responsible Small-Dollar Lending
March 31 Call Report Deadline Extended 30 Days

#2020-05, March 20, 2020

President Trump Signed Families First Pandemic Relief Bill
Republican Senators Introduce Bill to Lower the CBLR and Delay CECL
Senate Small Business Committee to Consider SBA Loan Bill
Sen. McConnell Introduces Emergency Stimulus Package
Fed Drops Rates to Zero; Initiates Actions to Support Economy during Coronavirus Pandemic
FDIC Issues FAQs for Banks, Consumers
Fannie, Freddie and HUD Suspend Foreclosures during Pandemic
FDIC Chair Calls on FASB to Delay CECL Implementation
Association Launches COVID-19 Resource Center

#2020-04, March 13, 2020

Financial Regulators Release Updated Pandemic Guidance
ABA Cancels 2020 Washington Summit and Forums
MBA Joins State Associations in Supporting SAFE Banking Act in Senate
FDIC Extends Comment Deadline on Signage Modernization Proposal

#2020-03, February 28, 2020

FDIC Requests Feedback on Signage and Advertising Requirements
FHFA Asks for Input on FHLB Membership Requirements
FDIC Issues Guide for Fintech Firms Hoping to Partner with Banks
CRA Proposal Comment Period Extended

#2020-02, January 24, 2020

SAFE Banking Act Sponsors Raise Concerns with Potential Senate Changes to Bill
NCUA Issues Supplemental Capital, Bank Purchase Proposals
FDIC, OCC Issue Statement on Heightened Cybersecurity Risk

#2020-01, January 17, 2020

Association Letter Urges Congressional Oversight Hearings Citing WSJ Article
House Committee Held FASB Oversight Hearing
Bill to Support Minority Banks Passes the House