By: Edward R. Milhorn, Compliance Consulting Director
Earlier this month, federal agencies announced updates to their rulemaking agendas. Of note, the Consumer Financial Protection Bureau’s (“CFPB”) agenda stated that the agency will prioritize the issuance of a final rule to amend mortgage servicing early intervention and loss mitigation-related provisions in Regulation X “to provide relief for consumers facing hardship due to COVID-19 and the related economic crisis.” Issuance of this final rule is projected for July 2021. Additionally, the CFPB indicated that they intend to issue a proposed rule in September to implement Section 1071 of the Dodd-Frank Act, which pertains to small business lending data collection, and to finalize a rule in January 2022 to facilitate compliance by creditors with Regulation Z as they transition away from Libor.
The Financial Crimes Enforcement Network (“FinCEN”) and the Federal Reserve indicated that they expect to issue a final rule in September, which would apply information collection requirements to domestic and cross-border transactions involving cryptocurrencies. FinCEN is also anticipating that they will issue a final rule in November to impose Bank Secrecy Act recordkeeping and identity verification requirements to transactions involving convertible virtual currency or digital assets with legal tender status. Among the Federal Reserve’s list of long-term actions, they included the Community Reinvestment Act modernization efforts.
For those interested in learning more about the agendas mentioned above, as well as agendas for other federal agencies, you may view the spring 2021 agendas here.
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