Lending
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FASB Decision on CECL Delay
On October 16, 2019, the FASB held a board meeting to discuss the comment letters surrounding the proposed extension to the adoption date of CECL. The board unanimously voted to adopt the language in the exposure draft, which extends the effective date of CECL to 1/1/2023 for many calendar year end entities. The exact wording […]
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FASB Proposes Delays in CECL and Lease Standards
FASB plans to propose delays in the effective dates for two major standards affecting many community bankers, CECL and Leasing. They are also proposing delays in the Derivative and Long-duration insurance contracts standards.
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FASB Hints at a CECL Delay
In a recent American Banker interview FASB Chair Russ Golden defended the new accounting standard but also hinted at a possible delay in the implementation for smaller financial institutions and community banks.
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FinCEN Guidance and Advisory on Virtual Currencies
On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) issued both guidance and an advisory on virtual currencies
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CFPB Releases Highly Anticipated Fair Debt Collection Proposal
On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (proposal) to implement the Fair Debt Collection Practices Act (FDCPA).
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Agencies Providing Webinar on Flood Insurance Rule Changes
n June 18, 2019, the federal financial regulatory agencies are providing a webinar on the recent updates to the federal flood insurance regulations regarding accepting private flood insurance policies.
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Good News – More HMDA Relief Possible
On May 2, 2019, the Consumer Financial Protection Bureau (CFPB) released a Notice of Proposed Rulemaking (NPRM) and an Advance Notice of Proposed Rulemaking (ANPR) on the Home Mortgage Disclosure Act (HMDA).
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New York State Creates New Consumer Protection and Enforcement Division
On April 29, 2019, the New York State Department of Financial Services announced a newly created Consumer Protection and Financial Enforcement Division.
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CFPB Director Presents Agency Agenda
On April 17, 2019, the Consumer Financial Protection Bureau (CFPB) Director, Kathleen L. Kraninger, spoke at the Bipartisan Policy Center on her agenda for the agency.
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Online Lender Settles Deceptive and Unfair Loan Charges for $3.85 million
On April 15, 2019, Avant LLC (Avant), an online lending company, settled Federal Trade Commission (FTC) charges that it engaged in deceptive and unfair lending practices