Monthly Archives: September 2020

FinCEN Finalizes AML Rule for Institutions Lacking Federal Oversight

On September 14, 2020,  the Financial Crimes Enforcement network (FinCEN) closed the regulatory gap and issued a final rule which removed the anti-money laundering (AML) program exemption for financial institutions that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. These institutions will now [...]

September 23rd, 2020|

Federal Reserve releases proposals on CRA modernization

The Federal Reserve Board (FRB) released a draft advance notice of proposed rulemaking (ANPR) on September 21, 2020 related to its effort to modernize its approach to supervising institutions under the Community Reinvestment Act (CRA). This effort seeks to make changes by “strengthening, clarifying, and tailoring” the FRB’s CRA framework. The FRB has several objectives [...]

September 22nd, 2020|

CFPB Releases Outline of Small Business Data Collection Rulemaking

On September 15th, the Consumer Financial Protection Bureau (CFPB) released an Outline of Proposals Under Consideration for a small business lending data collection and reporting rulemaking pursuant to Section 1071 of the Dodd-Frank Act.  Section 1071 amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect certain data regarding applications for credit for women-owned, [...]

September 21st, 2020|