Compliance Watch

The Federal Reserve Board announced recently it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard.

The Servicemembers Civil Relief Act is a federal law designed to ease financial burdens on military members and their dependents during periods of military service. It covers such issues as rental agreements, security deposits, prepaid rent, eviction, installment contracts, credit card interest rates, automobile leases, mortgage interest rates, mortgage foreclosure, civil judicial proceedings, and income tax payments.

The Bureau released a Spanish-language translation of certain model clauses available for use in early intervention written notices issued under the Mortgage Servicing Rules.

As many of you are aware, Kaseya, an IT management service provider, was hit with a ransomware attack which has impacted about 1,500 organizations.

Question: Can a POA be used to close a safe deposit box? Answer: Yes. Depending on the kind of powers granted in a power of attorney, just about any aspect of a person’s financial powers can be delegated to another person.

A lack of clarity can devalue, diminish, or even disrupt your virtual meetings.

Question: Does the creation of a new power of attorney automatically revoke all previous powers of attorney? Answer: No. For a new power of attorney to revoke a previous POA, the new POA must include language revoking previous POAs.

There will be NO NEWSLETTER NEXT WEEK (July 8, 2021).

The Consumer Financial Protection Bureau issued the 2021 Mortgage Servicing COVID-19 Final Rule earlier this week.

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law enforcement, and national security agencies.