Regulatory Brief for March 2022

Lending Compliance

Regulatory Brief for March 2022

Posted by Ncontracts on Apr 14, 2022 6:00:00 AM

Happy Spring! We recorded this episode on April Fool’s Day, but as you’ll soon read, regulators were not fooling around in the month of March.

Every month, Ncontracts brings you The Ncast Regulatory Brief podcast, where our compliance experts provide an overview and analysis of the latest regulatory updates to help you stay current with the rapidly evolving nature of the industry.

Remember: You can also log in to Ncomply for updates and implementation guides on changes to state and federal regulations.

Here are the highlights from the Ncast Regulatory Brief covering March 2022:

Issues affecting all

  • Consolidated Appropriations Act, 2022: The President approved an omnibus appropriations package that includes several banking-related provisions that discuss: legacy contracts that currently reference LIBOR, the SBA’s 504 loan program, CDFIs, and the Credit Union Governance Modernization Act
  • “PAVE” Task Force: Action Plan to Advance Property Appraisal and Valuation Equity: An interagency task force including HUD, FHFA, and all federal banking agencies released an action plan and Executive Summary to ensure appraisal and valuation equity for all Americans.
  • Fourth Circuit Clarifies Mortgage Servicing Requirements

Issues affecting depository financial institutions

  • New Mississippi Law Limits State-Chartered Bank M&A to Other FDIC-Insured Banks: Gov. Tate Reeves, only FDIC-insured banks can acquire or merge with Mississippi-chartered state banks.
  • USAA Penalty: Have to pay a $140M penalty to the Department of Treasury with the majority imposed by FinCEN and the OCC.

News for banks

  • SEC Proposes Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure: The SEC is proposing rules to enhance and standardize incident reporting by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934. They are also proposing amendments to the current reporting.
  • OCC, FRB, and FDIC Points of Contact for Banks’ Computer-Security Incident Notifications: This Bulletin, Supervisory Letter, and FIL reminds banks that starting May 1, 2022, each must report computer-security notification incidents.

News for credit unions

  • SCRA Violations: DOJ settled with BayPort Credit Union to pay nearly $110K for SCRA violations.
  • Examination Update: NCUA is proposing to amend its regulations to revise the $10B asset threshold used for assigning supervision of consumer federally insured credit unions (FICUs) to the Office of National Examinations and Supervisions (ONES).

There were so many things happening on the regulatory front in March, that we did not get to cover all of them. Check Ncomply for more info!

Tune in each month to Ncontracts’ Ncast Podcast for the latest in regulatory updates and news in our industry. Find us and subscribe wherever you stream your favorite podcasts.


Learn more about Regulatory Compliance Management systems.


Topics: Lending Compliance, Risk & Compliance,

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