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The Bureau of Consumer Financial Protection has issued an Advisory Opinion to clarify rules under Regulation B of the Equal Credit Opportunity Act regarding special purpose credit programs. This opinion provides guidance to for-profit organizations on how to develop credit programs that serve specific social needs and explains what information must be included in programs' written plans. It aims to address regulatory uncertainties and encourage financial institutions to create programs that improve credit access for disadvantaged groups. The Advisory Opinion became effective on January 15, 2021.

The Board of Governors of the Federal Reserve System has provided final guidance clarifying that its existing Guidelines for accessing accounts and services at the Federal Reserve Banks now include Excess Balance Accounts (EBAs). This means that EBAs, which allow eligible institutions to earn interest on surplus funds without affecting correspondent-respondent bank relationships, must adhere to the same risk-based principles and review standards as other accounts and services. The change prevents entities that don't qualify for standard Federal Reserve accounts from accessing the Reserve Bank's balance sheet indirectly through EBAs. Implementation of this guidance begins on December 12, 2024.

The Federal Deposit Insurance Corporation (FDIC) has announced that it is granting temporary relief to certain financial institutions. These institutions, which manage mortgage servicing accounts, are being given until March 31, 2022, to meet specific technology and recordkeeping requirements necessary for calculating deposit insurance. This relief period is intended to allow these institutions more time to improve their systems and processing capabilities. The FDIC will continue to monitor the situation and may change or withdraw the relief if needed.

FinCEN, part of the U.S. Treasury, is seeking nominations for new members to join the Bank Secrecy Act Advisory Group (BSAAG) for three-year terms. They are inviting financial institutions, trade groups, and non-federal regulators or law enforcement agencies located in the U.S. These members will provide insights on compliance with laws like the Corporate Transparency Act and other regulations. Interested organizations can submit their nominations by January 6, 2025, and must include specific information about their eligibility and the value they bring to the group.

The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.

The Bureau of Consumer Financial Protection issued a statement to encourage financial institutions to better serve consumers who have limited English proficiency. This statement offers guidelines to help these institutions comply with existing laws like the Dodd-Frank Act and the Equal Credit Opportunity Act while expanding their services to non-English speakers. The Bureau emphasizes the importance of providing access to financial products and ensuring fairness and compliance without engaging in deception or discrimination. Approximately 67.8 million people in the U.S. speak a language other than English at home, highlighting the need for financial services that are accessible in multiple languages.

The Consumer Financial Protection Bureau (CFPB) has published its 37th edition of Supervisory Highlights, which outlines recent findings from examinations of financial institutions completed in 2024. The report highlights unfair practices in the areas of deposits, such as unauthorized overdraft and non-sufficient funds fees, and issues with credit reporting related to identity theft and dispute investigations. It also discusses problems with short-term lending, including misleading loan terms and denial of credit under unfair conditions. The document emphasizes the importance of accurate information and consumer protection in financial services, noting efforts to correct violations and implement safeguards.

The Community Development Financial Institutions (CDFI) Fund under the Treasury Department has announced the availability of grants for the Native American CDFI Assistance (NACA) Program for the fiscal year 2025. These grants, which include Financial Assistance (FA) and Technical Assistance (TA), are aimed at aiding financial institutions that serve Native American, Alaska Native, and Native Hawaiian populations to enhance their lending capacity. The program aims to strengthen both for-profit and non-profit community-based organizations to support various markets, and the awards are contingent on funding availability. Applicants must meet specific eligibility criteria and complete their submissions through designated platforms by the stated deadlines.

The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.

The Federal Reserve Board is seeking public input on a new proposal related to the reporting of transactions involving U.S. Treasury securities and mortgage-backed securities by certain financial institutions. This proposed rule, known as FR 2956, aims to collect detailed daily transaction data from depository institutions that meet specific trading volume criteria. Comments from the public on this proposal are invited by March 22, 2021, and can be submitted through various methods including email and the Federal Reserve’s website. The Board plans to implement this new reporting requirement in 2021, under legal authority provided by the Federal Reserve Act.