Transmittal Archive

The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), in consultation with the Conference of State Bank Supervisors, jointly issued on June 23, 2020, Interagency Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on Institutions. More... The interagency guidance instructs examiners to consider the unique, evolving, and potential long-term nature of the issues confronting financial institutions affected by the COVID-19 pandemic and to exercise appropriate flexibility in their supervisory response (Guidance, Safety and Soundness at 3-1579.292).

The Consumer Financial Protection Bureau (CFPB) issued this interim final rule to amend Regulation X (Real Estate Settlement Procedures). The amendments temporarily permit mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation application. More... Eligible loss mitigation options, among other things, must permit borrowers to delay paying certain amounts until the mortgage loan is refinanced, the mortgaged property is sold, the term of the mortgage loan ends, or, for a mortgage insured by the Federal Housing Administration, the mortgage insurance terminates. These amounts include, without limitation, all principal and interest payments forborne through payment forbearance programs made available to borrowers experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency, including a payment forbearance program offered pursuant to section 4022 of the Coronavirus Aid, Relief, and Economic Security Act. These amounts also include principal and interest payments that are due and unpaid by borrowers experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency. The interim final rule is effective July 1, 2020 (Consumer Financial Protection Bureau, Regulation X, Docket CFPB-2020-0022) and was published in the Federal Register on June 30, 2020.

The Electronic Fund Transfer Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes certain protections for consumers sending international money transfers, or remittance transfers. More... The CFPB’s remittance rule in Regulation E implements these protections. The CFPB is amending Regulation E and the official interpretations of Regulation E to provide tailored exceptions to address compliance challenges that insured institutions may face in certain circumstances upon the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020. In addition, the CFPB is increasing a safe harbor threshold in the rule related to whether a person makes remittance transfers in the normal course of its business. The final rule is effective July 21, 2020 (Consumer Financial Protection Bureau, Regulation E, Docket CFPB-2019-0058) and was published in the Federal Register on June 5, 2020.

The Board, the Farm Credit Administration, the FDIC, the NCUA, and the OCC propose to reorganize, revise, and expand the Interagency Questions and Answers Regarding Flood Insurance and solicit comment on all aspects of the amendments. More... To help lenders meet their responsibilities under federal flood insurance law and to increase public understanding of their flood insurance regulations, the agencies have prepared proposed new and revised guidance addressing the most frequently asked questions and answers about flood insurance. Significant topics addressed by the proposed revisions include the effect of major amendments to flood insurance laws with regard to the escrow of flood insurance premiums, the detached structure exemption, and force-placement procedures. Comments on the proposed questions and answers must be received by September 4, 2020 (Docket OP-1720).