FinCEN has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the beneficial ownership requirements for for certain accounts, effective as of May 11.
FinCEN's customer due diligence rule became effective Friday, and both CUNA and FinCEN have resources available for credit unions. The final rule clarifies and strengthens customer due diligence requirements for financial institutions..
The CFPB has finalized its July 2017 proposed amendments to the TRID rule, designed to address the “black hole,” which occurs when the lender has provided a Closing Disclosure, and then a fee increase occurs.
Thursday, April 19 marked the effective date of amendments to the CFPB's mortgage servicing rules. Confirmed successors in interest are now entitled to the same protections available to borrowers under both Reg Z and Reg X.
FinCEN issued a new set of frequently asked questions for its CDD rule, which goes into effect May 11. The agency says it may issue “additional FAQs, guidance or grant exceptive relief as appropriate."