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New on the Compliance Blog: Banks sued by DOJ, federal regulators for alleged redlining practices, changes to Call Report, more
As credit unions work to meet the needs of more than 127 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
Here's a roundup of what's new this week:
DOJ and Federal Regulators Sue Banks for Alleged Redlining Practices: NAFCU Regulatory Compliance Counsel Justin White details two complaints issued by the Department of Justice (DOJ), the CFPB, and the Office of the Comptroller of the Currency (OCC) against two banks for allegedly violating fair lending policies. The two banks, Trustmark National Bank (Trustmark) and Cadence Bank (Cadence) were alleged to have engaged in redlining practices, which discouraged prospective applicants in majority Black and Hispanic areas from seeking and obtaining mortgage loans.
Changes Coming to the Call Report: NAFCU Vice President of Regulatory Compliance Counsel and Senior Counsel Brandy Bruyere shares a quick snapshot of a notice published by the NCUA in the Federal Register regarding changes to the Call Report. The notice calls for comments on changes that include:
- restructuring to streamline the report;
- retire obsolete account codes; and
- accommodate the Risk-Based Capital (RBC) ratio calculation schedule, including adding schedules for off-balance sheet exposures and the RBC calculation.
Bruyere notes that the NCUA is seeking comments on several things including whether these changes are necessary and if the information “will have practical utility” as well as “ways to minimize the burden” of the collection.
NCUA FAQs on End of Forbearance and Foreclosure/Eviction Moratorium: In today’s blog, NAFCU Regulatory Compliance Counsel Rebecca Tetreau breaks down the NCUA’s FAQs regarding the end of COVID-19 forbearance programs and foreclosure and eviction moratoriums. There are three questions targeted towards credit union members, but can also be beneficial information for credit unions.
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