Events

  • Effective Date: New Accounting Standard on Financial Instruments - Credit Losses

    December 15, 2019

    Effective date for public business entities (PBE) that are U.S. Securities and Exchange Commission (SEC) filers5 (SEC filers): Fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Read more here

  • Comment Period: Interagency Policy Statement on Allowances for Credit Losses

    December 16, 2019

    The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (collectively, the banking agencies), and the National Credit Union Administration (collectively, the agencies) are inviting public comment on a proposed interagency policy statement on allowances for credit losses (ACLs). Read more here

  • Comment Period: Interagency Guidance on Credit Risk Review Systems

    December 16, 2019

    The OCC, the Board, the FDIC, and the NCUA (collectively, the agencies) are inviting comment on proposed guidance for credit risk review systems. This proposed guidance is relevant to all institutions supervised by the agencies. The proposed guidance discusses sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding the performance of the institution's loan portfolio to its management and board of directors. Read more here

  • Live Membership Demo 12-17-19

    December 17, 2019

    Join us for a live demonstration of the benefits of membership with Compliance Alliance. This virtual, interactive tour will provide an in-depth look at each of our tool types and resource categories. You will also learn more about the additional services that Compliance Alliance offers member banks.

    Register here

    *We have been experiencing some technical difficulties with WebEx. If you have difficulty registering for a demo, please contact us at (888) 353-3933 and we are happy to register you. Thank you.

  • Live Membership Demo 12-19-19

    December 19, 2019

    Join us for a live demonstration of the benefits of membership with Compliance Alliance. This virtual, interactive tour will provide an in-depth look at each of our tool types and resource categories. You will also learn more about the additional services that Compliance Alliance offers member banks.

    Register here

    *We have been experiencing some technical difficulties with WebEx. If you have difficulty registering for a demo, please contact us at (888) 353-3933 and we are happy to register you. Thank you.

  • Comment Period: USDA Establishment of a Domestic Hemp Production Program

    December 30, 2019

    SUMMARY:

    This rule establishes a new part specifying the rules and regulations to produce hemp. This action is mandated by the Agriculture Improvement Act of 2018, which amended the Agricultural Marketing Act of 1946. This rule outlines provisions for the Department of Agriculture (USDA) to approve plans submitted by States and Indian Tribes for the domestic production of hemp. It also establishes a Federal plan for producers in States or territories of Indian Tribes that do not have their own USDA-approved plan. The program includes provisions for maintaining information on the land where hemp is produced, testing the levels of delta-9 tetrahydrocannabinol, disposing of plants not meeting necessary requirements, licensing requirements, and ensuring compliance with the requirements of the new part.

    DATES:

    Effective date: This rule is effective October 31, 2019 through November 1, 2021.

    Comment due dates: Comments received by December 30, 2019 will be considered prior to issuance of a final rule. Pursuant to the Paperwork Reduction Act (PRA), comments on the information collection burden must be received by December 30, 2019.

     

    Read more here

  • Effective Date: CFPB Issues Final Rule Adjusting the Annual Thresholds under Reg Z for 2020

    January 1, 2020

    The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2019. Read more here

  • Effective Date: Department of Labor Final Rule to Update Overtime Compensation Regulations

    January 1, 2020

    The Department of Labor is updating and revising the regulations issued under the Fair Labor Standards Act implementing the exemptions from minimum wage and overtime pay requirements for executive, administrative, professional, outside sales, and computer employees. Read more here

  • Effective Date: HMDA Final Rule (fourth)

    January 1, 2020

    This rule was generally effective on January 1, 2018, except that the amendment to Sec. 1003.2 in amendatory instruction 3 is effective on January 1, 2017; the amendments to Sec. 1003.5 in amendatory instruction 8, the amendments to Sec. 1003.6 in amendatory instruction 10, the amendments to appendix A to part 1003 in amendatory instruction 12, and the amendments to supplement I to part 1003 in amendatory instruction 16 are effective on January 1, 2019; and the amendments to Sec. 1003.5 in amendatory instruction 9 are effective on January 1, 2020. See part VI for more information here. Also see here for the CFPB's Key Dates Timeline. 

  • Live Membership Demo 01-02-19

    January 2, 2020

    Join us for a live demonstration of the benefits of membership with Compliance Alliance. This virtual, interactive tour will provide an in-depth look at each of our tool types and resource categories. You will also learn more about the additional services that Compliance Alliance offers member banks.

    Register here

    *We have been experiencing some technical difficulties with WebEx. If you have difficulty registering for a demo, please contact us at (888) 353-3933 and we are happy to register you. Thank you.

  • Effective Date: NACHA Increase in the Per-Transaction Dollar Limit

    March 20, 2020

    Sept. 17, 2018 – NACHA’s voting membership has approved three new rules to expand the capabilities of Same Day ACH for all financial institutions and their customers. The first expands access to Same Day ACH by allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day. The second increases the Same Day ACH per-transaction dollar limit to $100,000. The third increases the speed of funds availability for certain Same Day ACH and next-day ACH credits. Read more here

  • Effective Date: Regulatory Capital Simplification Final Rule (April 1, 2020)

    April 1, 2020

    The portions of the final rule related to simpler requirements for mortgage servicing assets, certain deferred tax assets, investments in the capital of unconsolidated financial institutions, and minority interest (incorporated in the amendatory instructions 7, 8, 24, 30, 31, 47.b, 53, 54, and 70) are effective on April 1, 2020. The portions of the final rule related to the technical amendments (incorporated in the amendatory instructions 1-6, 9-23, 25-29, 32-46, 47.a, 48-52, and 55-69) are effective October 1, 2019. Any banking organization subject to the capital rule may elect to adopt the technical amendments that are effective October 1, 2019, prior to that date. Read more here

  • Effective Date: Availability of Funds and Collection of Checks (Regulation CC) (July 1)

    July 1, 2020

    SUMMARY:

    The Board and the Bureau (Agencies) are amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. The Agencies are also amending Regulation CC to incorporate the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam, and making certain other technical amendments.

    DATES:

    This rule is effective September 3, 2019, except for the amendments to 12 CFR 229.1, 229.10, 229.11, 229.12(d), 229.21, and appendix E to part 229, which are effective July 1, 2020.

     

    Read more here

  • Compliance Date: Payday Mandatory Underwriting Provisions

    November 19, 2020

    The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Final Rule or Rule). Compliance with these provisions of the Rule is delayed by 15 months, to November 19, 2020. The Bureau is also making certain conforming changes and corrections to address several clerical and nonsubstantive errors it has identified in the Rule. Read more here

  • Effective Date: New Accounting Standard on Financial Instruments - Credit Losses

    December 15, 2020

    • Other PBEs (non-SEC filers6 ): Fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.

    • Non-PBEs (private companies): Fiscal years beginning after December 15, 2020, including interim periods beginning after December 15, 2021.

    Read more here

  • Effective Date: NACHA New Same Day ACH Processing Window with Expanded Hours

    March 19, 2021

    Sept. 17, 2018 – NACHA’s voting membership has approved three new rules to expand the capabilities of Same Day ACH for all financial institutions and their customers. The first expands access to Same Day ACH by allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day. The second increases the Same Day ACH per-transaction dollar limit to $100,000. The third increases the speed of funds availability for certain Same Day ACH and next-day ACH credits. Read more here

    *The effective date for Phase 3 was recently deferred for 6 months from September 18, 2020, to March 19, 2021: https://www.nacha.org/news/ach-operations-bulletin-2-2019-effective-date-new-same-day-ach-window-deferred-six-months?utm_content=87540411&utm_medium=social&utm_source=twitter&hss_channel=tw-2581787594 

  • Effective Date: Amendments to ECOA/Regulation B Ethnicity and Race Information

    January 1, 2022

    The rule was generally effective on January 1, 2018, except that the amendment to Appendix B removing the existing “Uniform Residential Loan Application” form in amendatory instruction 6 is effective January 1, 2022. Read more here