LIBOR Discontinuation Risks
Last week an interagency statement was released addressing the risks posed to banks from the discontinuation of LIBOR. The statement advises banks to continue to transition to other reference rates [...]
2021 Distressed or Underserved Nonmetropolitan Middle-income Geographies List
The FFIEC has released their Distressed and Underserved Tracts list for 2021. You can access the list here. CCI suggests forwarding this information to your Bank’s CRA Officer. We are happy to help with any questions regarding [...]
Debt Collection Interim Final Rule-Effective May 3rd
Monday, the CFPB used an interim final rule (IFR) to address certain debt collector conduct associated with the COVID-19 pandemic temporary eviction moratorium issued by the CDC. Effective May 3rd, the IFR requires debt collectors, as defined in the FDCPA, [...]
Updated Debt Collection Small Entity Compliance Guide
This morning the CFPB released an updated version of the Debt Collection Small Entity Compliance Guide to include a section on the December 2020 Final Rule. You can find the updated Compliance [...]
Federal Reserve Adopts New Rule Outlining Supervisory Guidance
The Federal Reserve recently issued a statement announcing the adoption of a new final rule that outlines and confirms the use of supervisory guidance for regulated institutions. The final rule was based [...]
IRS Extends Additional Tax Deadlines for Individuals to May 17th
Earlier this week, following the previous announcement from the IRS extending the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to [...]
COVID-19 Economic Relief Bill Extends Time Period to Claim Payroll Tax Credit
Families First Coronavirus Response Act requires employers with fewer than 500 employees to provide paid sick leave and paid FMLA leave for employees with qualifying reasons. The FFCRA also permits employers [...]
Special Purpose Credit Programs Advisory Opinion
Last week, the Bureau issued an advisory opinion on special purpose credit programs. The advisory opinion clarifies the content that a for-profit organization must include in a written plan that establishes and administers [...]
ACH Enforcement Rule Effective January 1st
Effective January 1, 2021, the Enforcement Rule is intended to deter and prevent activity that can cause significant harm to banks and the ACH Network. The Enforcement Rule: Defines an egregious violation as a willful or [...]
Ransomware Self-Assessment Tool
Developed to help banks assess their efforts to mitigate risks associated with ransomware and identify gaps for increasing security, the Ransomware Self-Assessment Tool (R-SAT) has now been updated to better [...]