CCPA Regs, ‘CalSavers’ Changes, ATR-QM Rule, and BSA Updates

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California Attorney General Xavier Becerra has announced approval by the Office of Administrative Law (OAL) of final regulations under the California Consumer Privacy Act (CCPA).

Proposed final regulations were submitted to the OAL by the attorney general on June 1. During OAL's review process, additional revisions were made to the proposed regulations. The approved regulations go into effect immediately. You can read the announcement here. Additionally, a copy of the approved final regulations can be found here.

The California Credit Union League and PolicyWorks will review the final regulation and additional revisions — and will provide bulletin information soon.

Proposed Changes to ‘CalSavers Retirement Program’ Regs
For California credit unions, the CalSavers Retirement Savings Board has issued a Notification of Proposed Emergency Regulation Action to amend Sections 10000-10006 of the CalSavers Retirement Savings Program regulations.

These amendments are necessary to add a new default investment fund for participants born January 1, 2003 to December 31, 2007; remove a feature in which eligible employees who previously opted out are subjected again to automatic enrollment; clarify the tax-qualified retirement plans that, if offered by an employer, would render them exempt; and make a variety of amendments that improve the clarity of the regulations.

The proposed regulations amendments will be submitted to the Office of Administrative Law.

CFPB Issues NPRM to Amend ATR/QM Rule
The Consumer Financial Protection Bureau has issued a notice of proposed rulemaking (NPRM) to amend the ATR/QM Rule.

The NPRM would create a new category of qualified mortgages for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements.

The NPRM is available here, and a summary can be accessed here.

FinCEN Issues Statement on BSA Enforcement
The Financial Crimes Enforcement Network (FinCEN) has issued a statement that sets forth its approach to enforcing the rules and regulations within the Bank Secrecy Act (BSA). FinCEN aims to provide clarity and transparency to its approach when contemplating compliance or enforcement actions against covered financial institutions that violate the BSA.

The statement outlines the administrative actions available to FinCEN and provides an overview of the information FinCEN analyzes to determine the appropriate outcome regarding violations of the BSA. It also describes enforcement authorities, dispositions, and the factors FinCEN evaluates in determining its appropriate response and enforcement.

FinCEN’s Spanish Advisory on COVID-19
Additionally, FinCEN has made available a Spanish language version of its Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19), which was published on July 7. Translated versions of other FinCEN COVID-19 advisories will follow.

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