Regulatory & Compliance Updates: Jan. 17, 2024

NCUA Updates Uniform Rules in Part 747: On December 28, 2023, the NCUA issued a final rule codifying the Uniform Rules in 12 CFR Part 747 applicable to adjudicatory proceedings including the assessment of civil money penalties, cease and desist proceedings, and other activities described in the Federal Credit Union Act. 

CFPB Maximum Civil Penalty Increase: Effective January 15, the Bureau will be adjusting its civil penalties under the Federal Civil Penalties Inflation Adjustment Act of 2015. 

Update on Marijuana Reclassification: In October 2023, the Department of Health and Human Services (DHHS) released a heavily redacted copy of its recommendation to reclassify marijuana to a Class III scheduled drug under the Controlled Substances Act to the Drug Enforcement Agency (DEA) of the Department of Justice. 

Comment on Federal Reserve Proposed Rule on Interchange Fee Cap: This rule proposes to adjust the 3 components to calculate interchange fee cap for debit cards. 

​FDIC Amends Digital Banking Signage, Services and Fintech Agreements: In December 2023, the FDIC finalized amendments to a multitude of rules on false advertising, misrepresentation and digital banking services for banks, fintechs, and nonbanks effective April 1, 2024, and require compliance by January 1, 2025.

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