Announcements

The ICBA Compliance Deskbook has been updated for October - Tuesday, October 19, 2021

The ICBA Compliance Deskbook has been updated for October.

Click here for details.

 

ICBA Compliance Deskbook Update for July 2021 - Thursday, July 29, 2021

ICBA Compliance Deskbook Update for July 2021

Reserve Requirements: Regulation D (III-5) - The Board of Governors of the Federal Reserve System adopted amendments to Regulation D to eliminate references to an "interest on required reserves" rate and to an "interest on excess reserves" rate and replace them with a reference to a single "interest on reserve balances" rate; and to simplify the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks, and to make other conforming amendments.

Reserve Requirements: Regulation D (III-5) - On July 23, 2021, the Board of Governors of the Federal Reserve System amended Regulation D, Reserve Requirements of Depository Institutions to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (‘‘IORR’’) and the rate of interest paid on excess balances (‘‘IOER’’) maintained at Federal Reserve Banks by or on behalf of eligible institutions.

 

ICBA Compliance Deskbook Update for May - Monday, May 3, 2021

The ICBA Compliance Deskbook has been updated for May.

Updates include:

Fair Debt Collection Practices: Regulation F (IV-7) - On April 22, 2021, the Bureau of Consumer Financial Protection issued an interim final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for State application for exemption from the provisions of the FDCPA. The interim final rule addresses certain debt collector conduct associated with an eviction moratorium issued by the Centers for Disease Control and Prevention (CDC) in response to the global COVID–19 pandemic.

 

New February Update - Thursday, February 25, 2021

What's New February 2021

Lending:

Insider Lending: Regulation O (IV-2) - On February 17, 2021, the Board issued an interim final rule to further extend this relief to PPP loans, including PPP second draw loans, made through March 31, 2021.

Effective date: February 17, 2021

 

Truth in Lending: Regulation Z (IV-3) – On February 17, 2021, the CFPB issued a final rule to amend Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The amendments exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

Effective date: February 17, 2021

 

What's New February 2021 - Monday, February 15, 2021

What's New February 2021

 

Deposit

Reserve Requirements: Regulation D (III-5) - On March 24, 2020, the Board amended Regulation D, Reserve Requirements of Depository Institutions, to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent.

Effective Date: March 12, 2021

Section affected:

Computation of Required Reserves: 204.4

 

Lending:

Truth in Lending: Regulation Z (IV-3) – The CFPB issued a final rule under Regulation Z for qualified mortgages. The Bureau’s primary objective with this final rule is to ensure access to responsible, affordable mortgage credit by adding a Seasoned QM definition to the existing QM definitions.

Effective date: March 1, 2021

Section affected:

Minimum Standards for Transactions Secured by a Dwelling: 1026.43

 

Truth in Lending: Regulation Z (IV-3) – The CFPB issued a final rule under Regulation Z for qualified mortgages. This final rule amends the General QM loan definition in Regulation Z. Among other things, the final rule removes the General QM loan definition’s 43 percent DTI limit and replaces it with price-based thresholds.

Effective Date: March 1, 2021

Section affected:

Minimum Standards for Transactions Secured by a Dwelling: 1026.43

 

What's New January 2021 - Thursday, January 21, 2021

What's New January 2021
 

Truth in Lending: Regulation Z (IV-3) – The Bureau of Consumer Financial Protection (Bureau) amended the official commentary that interprets the requirements of the Bureau’s Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 1.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $2.202 billion from $2.167 billion. Therefore, creditors with assets of less than $2.202 billion (including assets of certain affiliates) as of December 31, 2019, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2020. (see background and changes for details.)

Effective date: January 1, 2021

Section affected:

Official Staff Interpretation

Section 1026.35(b)(2)(iii)

 

Fair Credit Reporting Act: Regulation V (IV-4) -The Bureau of Consumer Financial Protection (Bureau) issued a final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to FCRA section 609; this final rule establishes the maximum allowable charge for the 2021 calendar year. For calendar year 2021, the maximum allowable disclosure charge is $13.00. (see background and changes for details.)

Effective date: January 1, 2021

Section affected:

Appendix O

 

Home Mortgage Disclosure Act: Regulation C (IV-8) - The Bureau of Consumer Financial Protection amended the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Based on the 1.3 percent increase in the average of the CPI–W for the 12-month period ending in November 2020, the exemption threshold is adjusted to $48 million from $47 million. Therefore, banks, savings associations, and credit unions with assets of $48 million or less as of December 31, 2020, are exempt from collecting data in 2021. (see background and changes for details.)

Effective Date: January 1, 2021

Section Affected:

Official Staff Interpretation

Section 1003.2 - Definitions

 

Community Reinvestment Act: Regulation BB (IV-12) - The Federal Reserve and the FDIC amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ‘‘small bank’’ or ‘‘small savings association’’ and ‘‘intermediate small bank’’ or ‘‘intermediate small savings association.’’ As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). (see background and changes for details.)

Effective date: January 1, 2021

Sections affected:

FED, FDIC - Definitions: .12

 

The ICBA Compliance Deskbook Has Been Updated for October - Thursday, October 22, 2020

The ICBA Compliance Deskbook has been updated for October 2020.

Updates include:

  1. Community Reinvestment Act
    1. The Office of the Comptroller of the Currency (OCC) is adopting a final rule to strengthen and modernize the Community Reinvestment Act (CRA) by clarifying and expanding the activities that qualify for CRA credit; updating where activities count for CRA credit; creating a more consistent and objective method for evaluating CRA performance; and providing for more timely and transparent CRA-related data collection, recordkeeping, and reporting.
  2. Appraisal Standards
    1. On October 16, 2020, the OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by the agencies on April 17, 2020, making temporary amendments to the agencies’ regulations requiring appraisals for certain real estate-related transactions. 
  3. Regulatory Agenda and Agency Resources updates include:

Final Rule

HUD Issues Fair Housing Act Disparate Impact Standard

Freedom of Information Rule

Real Estate Appraisal Final Issued

Proposals

CFPB Issues Request for Comments of CARD Act Rules

CFPB Issues Proposal for Qualified Mortgage Definition under Regulation Z - comment extension

Agencies Issue Flood Regulation Proposal - comment extension

Federal Reserve Issues Advance Notice of Proposed Rule Making for CRA

FinCEN

FinCEN Final Rule for CIP, ALM and Beneficial Ownership

FinCEN Advisory on Ransomware

OFAC Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments

Joint Statement BSA Due Diligence for Customers Who May be Politically Exposed

Human Trafficking and SAR Advisory

Frequently Asked Questions

Payday Lending Rule FAQ

Guidance

FDIC Issues Wildfire Guidance

 

Newly Redesigned ICBA Compliance Deskbook Roll-Out - Monday, September 7, 2020

Welcome to the newly redesigned ICBADeskbook.com Website.

Your Username and Password has not changed.

If you require a Password reset or if you have forgotten your Password, please contact Cathy VonWahlde in the ICBA Education Department at (800) 422-7285, ext. 7337

You can email Cathy at - cathy.vonwahlde@icba.org

 

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Welcome to the newly redesigned ICBA Compliance Deskbook Website.

We have made the ICBADeskbook.com Website "Responsive" so you can view it on your favorite device, computer, tablet, or smartphone.

We would also like to welcome the Hardcopy subscribers to the ICBADeskbook.com Website.

We have added a new Hardcopy section to the Deskbook that should make your transition to this online version more straightforward.

First Time Users click here for a quick tutorial on how to use the ICBADeskbook.com Website.