DEED Meeting Updating Paid Family Leave Law Program: The Minnesota Department of Employment and Economic Development has announced its next Small Business Monthly Call meeting on September 10 at 2:00 P.M. Staff from the Paid Leave program, managed by DEED, will present updates on the program, rulemaking procedures, and implementation. 

​Comment Sought on Joint Data Standards Under the Financial Data Transparency Act (FDTA):On August 2, the Board of Governors of the Federal Reserve System, Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued a proposed joint rule to establish standards to promote interoperability of financial regulatory data across the agencies by establishing common identifiers for entities, geographic locations, dates and certain products and currencies. 

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards: On August 27, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. 

​CFPB Open Banking Update: In June, the Consumer Financial Protection Bureau (CFPB) issued a new rule to establish data sharing standards related to its Open Banking proposed rule from October 19, 2023. 

CFPB Issues Small Business Lending Guide: The Consumer Financial Protection Bureau (CFPB) released its Small Business Lending Collection and Reporting Requirements guide following its issuance on June 25 of an interim final rule to extend the compliance dates of the small business lending rule from 2024 to 2025.

On July 30, the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation(FDIC), Federal Housing Finance Agency (FHFA), Commodity Futures Trading Commission, Securities and Exchange Commission (SEC), and Department of the Treasury invite public comment on a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. 

​Interagency Effort to Reduce Regulatory Burden: On July 25, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System announced their second notice in the Federal Register requesting comment to reduce regulatory burden. 

Joint Statement on Bank Arrangements with Third Parties for Deposit Products and Services: On July 25, the OCC, FDIC, and Board of Governors of the Federal Reserve System also announced a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services.

​The Economic Growth and Regulatory Paperwork Reduction Act: The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council (FFIEC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (the agencies) be reviewed by the agencies at least once every 10 years.

NCUA Board Keeps Interest Rate Ceiling: On July 18, the National Credit Union Administration (NCUA) Board met and decided to keep the interest rate ceiling at 18% effective for the next 18 months from September 11, 2024 to March 10, 2026 (same interest rate ceiling since 1987) and rejected proposals for a floating interest rate ceiling. 

Proposed Rule Changing Anti-Money Laundering and Financing of Terrorism Requirements: On July 19, the National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Department of Treasury, and Board of Governors of the Federal Reserve published a proposed rule seeking comment on amending the requirements that each agency issued for Bank Secrecy Act (BSA) to establish, implement, and maintain effective, risk-based and reasonably designed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Programs. 

CFPB Announces Interpretive Rule for Cash Advances on Earned Wages: On July 18, The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. 

Labor Law Amendments for Minnesota: On July 19, the Department of Labor and Industry (DLI) provided an update on what employers and workers should know about updates to labor laws that might affect your workplace, including law changes that go into effect Aug. 1. 

Final Rule to Ensure Credibility and Integrity of Automated Valuation Models: Today, the National Credit Union Administration (NCUA), Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and Office of the Comptroller of Currency (OCC) issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer's principal dwelling

CFPB Proposes Rule for Mortgage Servicers: On July 10, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend 2013 regulations regarding the responsibilities of mortgage servicers. 

​CFPB Publishes Open Banking Standard Setter Process: On July 10, the CFPB also published its Personal Financial Data Rights (Open Banking) process for applying to become a standard setter as a part of Section 1033 of the Dodd-Frank Act in Appendix A. 

FFIEC Publishes 2023 Data on Mortgage Lending: On July 11, the Federal Financial Institutions Examination Council (FFIEC) released its Snapshot National Loan-Level Data which contains the national HMDA datasets as of May 1, 2024. 

Federal Reserve Releases Distressed and Underserve Communities List: The Federal Reserve recently released their list of distressed and underserved non-metropolitan counties in its oversight of performance by banks under to the requirements of the Community Reinvestment Act.

Federal Regulators Unified Agenda Spring 2024: The National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and other federal agencies released their unified agenda for Spring 2024 highlighting potential timelines for upcoming agency actions. 

​Free Senior Fraud Prevention Education: Marty Fleischhacker, with the Minnesota Department of Commerce, supervises the Senior Safe Program and serves as senior financial fraud ombudsperson for holds on transactions and delayed distributions under Minnesota Statute Section 45A.06. 

Supreme Court Strikes Down Significant Federal Agency Powers: On June 27, the Supreme Court of the United States (SCOTUS) issued its ruling in Securities and Exchange Commission (SEC) v. Jarkesy holding that the FEC did not have the authority to enforce its fines through internal procedures. 

FinCEN Proposes Rule to Modernize Financial Institutions: On June 28, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule to strengthen and modernize financial services institutions’ anti-money laundering and countering the finance of terrorism (AML/CFT) programs. 

FHFA and CFPB Release Update on Survey of Mortgage Originations: On July 1, the Consumer Financial Protection Bureau (CFPB) and Fair Housing Financing Agency (FHFA) published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). 

​CFPB Issues Supervisory Highlights and Extends Small Business Lending Rule Deadline: On July 2, the Consumer Financial Protection Bureau (CFPB) issued Supervisory Highlights sharing exam findings on auto and student loan servicing companies, debt collectors, and other financial services providers. 

NCUA Releases Update to Simplified CECL Tool: The National Credit Union Administration has released its June 2024 version of the simplified CECL tool along with updated FAQ. The Simplified CECL Tool provides a methodology for credit unions to determine the Allowance for Credit Losses (ACL) on loans and leases for their loan portfolio.