Page 11 - Compliance Monthly 10-7-2019

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Compliance News

House Passes H.R. 1595 “SAFE Banking Act” bill

On September 25, 2019, the House of Representatives approved H.R. 1595, the “SAFE Banking Act” bill. As passed by the House, the bill would allow

banks to serve cannabis-related businesses in states where marijuana is legal at some level, and prohibit federal regulators from acting against a bank
solely because marijuana is involved. The bill now goes to the Senate. To follow progress of this legislation please visit:

https://www.govtrack.us/congress/bills/116/hr1595

Source: https://www.govtrack.us/congress/bills/116/hr1595

FEMA has Identified Suspended Communities

FEMA has identified communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are

scheduled for suspension on the effective dates listed within this rule because of noncompliance with the floodplain management requirements of

the program. If the Federal Emergency Management Agency (FEMA) receives documentation that the community has adopted the required floodplain
management measures prior to the effective suspension date given in this rule, the suspension will not occur and a notice of this will be provided by

publication in the Federal Register on a subsequent date. Also, information identifying the current participation status of a community can be obtained
from FEMA's Community Status Book (CSB). The suspended communities are:

• Arkansas: Matanuska-Susitna Borough

• Mississippi: Picayune, Poplarville, and unincorporated areas of Hancock and Pearl River Counties
• Oklahoma: Communities of Afton, Bernice, Bluejacket, Disney, Jay, Miami, Vinita, and unincorporated areas of Craig and Mayes Counties.

Source: FEMA Publication https://www.fema.gov/national-flood-insurance-program-community-status-book.

Consumer Financial Protection Bureau to Enhance Consumer Complaint D atabase

On September 18, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it will continue the publication of consumer complaints,
data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the information

available to users of the database. The enhancements include: modified disclaimers to provide better context to the published data; integrating
financial information and resources into the complaint process to help address questions and better inform consumers before they submit a
complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions. Additionally,

the Bureau will work to provide enhanced features for the database that include dynamic visualization tools on recent complaint data.

Source: CFPB, Publication Date: September 18, 2019. https://www.consumerfinance.gov/about-us/newsroom/bureau-enhance-consumer-
complaint-database/

OCC Issues Reminder on AMC Registration Requirements

On September 16,2019 the Office of the Comptroller of the Currency (OCC) issued bulletin 2019-43 to remind banks of the new registration
requirement for appraisal management companies (AMC) that became effective on August 10, 2019. Under this requirement, AMCs must register

with the state or states in which they do business and must be subject to state supervision. Federal law bars AMCs from providing appraisal
management services to financial institutions for consumer credit transacti ons secured by a consumer’s principal dwelling that are federally related
transactions (covered FRT) if the AMCs are not registered as required. This bulletin discusses considerations for banks with regard to confirming AMC

registration as part of sound third-party risk management and suggests alternatives that banks can use when no registered AMCs are available.

Source: OCC: Publication date September 16, 2019 https://www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-43.html

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