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SEC Charges RIAs + Broker-Dealer Firms for Failure to File + Deliver Form CRS | Foreside

FDIC Announces New Resources For Brokered Deposits Regulation | Ballard Spahr LLP


On April 1, 2021,
the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective.  The full compliance date for the final rule is January 1, 2022.  The rule established a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amended the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions.
The FDIC issued a new Financial Institution Letter (
FIL-23-2021) last week in which it announced that, to facilitate implementation of the final rule, it has added
a Brokered Deposits webpage to the Banker Resource Center on its website.  The information on the webpage about the final rule includes filing instructions for the notice requirement and application process established by the final rule. ....

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CFPB Issues Small Entity Compliance Guide on Debt Collection Rule | Troutman Pepper


On January 21, the CFPB issued a
Small Entity Compliance Guide summarizing the October 2020 Debt Collection Rule. The Debt Collection Rule amends Regulation F, 12 CFR Part 1006 and becomes effective on November 30, 2021. The Debt Collection Rule governs the activities of debt collectors under the Fair Debt Collection Practices Act (FDCPA).
The guide does not address the December 2020 final rule addressing and clarifying the consumer disclosure requirement, required actions prior to furnishing, and prohibition regarding the collection of time-barred debt. Eventually the CFPB will update the guide to include the December final rule, but there is no expected release date at this time. ....

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CFPB amends HPML escrow rule


CFPB amends HPML escrow rule
On January 19, the Consumer Financial Protection Bureau (CFPB) issued their final rule amending the higher-priced mortgage loan (HPML) escrow rule. The final rule expands the exemption for establishing escrow accounts for HPMLs as required by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
Currently, section 1026.35(b)(2)(iii) provides for a small creditor exemption to the HPML escrow requirement. As explained in the HPML Escrow Small Entity Compliance Guide, a credit union qualifies for the small creditor exemption if:
The credit union originated at least one covered transaction secured by a first lien on a property located in a rural or underserved area in the preceding calendar year (or in the year preceding that calendar year for applications received prior to April 1 of the current calendar year). ....

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