Temporary SLR Relief Extended to Banks, With Condition

By Jeremy Newell and Randy Benjenk on May 19, 2020 Posted in Capital, Rulemakings

On May 15, 2020, the federal banking agencies issued an interim final rule to permit depository institutions to exclude from their supplementary leverage ratio (“SLR”) denominators through March 31, 2021 the balance sheet value of U.S. Treasury securities and funds on deposit at a Federal Reserve Bank, subject to restrictions on capital distributions. The interim … Continue Reading

LCR Effects of PPPLF and MMLF Participation Neutralized

By Jeremy Newell and Randy Benjenk on May 5, 2020 Posted in Regulatory Compliance, Rulemakings

Today, May 5, 2020, the federal banking agencies released an interim final rule to neutralize the effect of participating in the Paycheck Protection Program Liquidity Facility (“PPPLF”) and Money Market Liquidity Facility (“MMLF”) on a banking organization’s Liquidity Coverage Ratio (“LCR”).… Continue Reading

CFPB Releases Guidance on FCRA and Regulation V Compliance During COVID-19

By Andrew Soukup, David Stein and Lucille Bartholomew on April 2, 2020 Posted in CFPB, Consumer, Enforcement, Regulatory Agencies, Regulatory Compliance

On April 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) released a statement on “Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.” This statement provides guidance outlining the CFPB’s expectations of furnishers and consumer reporting agencies (“CRAs”) during the COVID-19 pandemic, and signals that … Continue Reading