Compliance & Regulatory Updates: July 3, 2024

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.

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