Regulatory Compliance Updates for Banks & Credit Unions – December 2020 Recap

We did it! We made it through 2020! December brought some important regulatory updates. This article will provide you a summary of each update and why it’s important for you and your bank or credit union.

FTC Issues Consumer Education Blog Post with Tips for Avoiding COVID-19 Vaccine Scams

The Federal Trade Commission (FTC) has issued a consumer education blog post with tips for avoiding COVID-19 vaccine scams. The post helps to define red flags of potential scams. Some important takeaways from the post:

  • A reminder that distribution plans for the vaccine are still being determined
  • State agencies are responsible for the vaccine distribution plans, not individuals
  • You cannot pay to receive the vaccine earlier than others

Why Is This Important to Me?

In this pandemic, there have already been several scams and fraudulent activity, ranging from fake COVID testing kits to unemployment scams. Consider sharing this post with your employees so they can educate your clients on how to properly identify these red flags.

Regulatory compliance Recap September 2020

FHA 2021 Single Family Home Limits Announced

https://www.hud.gov/sites/dfiles/OCHCO/documents/2020-41hsgml.pdf

https://www.hud.gov/sites/dfiles/OCHCO/documents/2020-42hsgml.pdf

The Federal Housing Administration has announced the new calendar year 2021 loan limits for Single Family Title II forward and HECM insurance programs. Loan limits for most of the country in 2021 due to house price appreciation. Changes include:

  • The loan limit ceiling increases to $822,375
  • FHA-insured HECM maximum claim amount for reverse mortgages increases to $822,375
  • FHA floor increases to $356,362

Why Is This Important to Me?

Ensure your employees are up to date on these new limits beginning January 1, 2021.

FHFA Announces Conforming Loan Limits for 2021

The Federal Housing Finance Agency (FHFA) has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. The loan limits have increased as follows:

  • For most of the United States, the limit has increased to $548,250 for one-unit properties
  • The loan limit for high-cost areas has increased to $822,375 for one-unit properties
  • The baseline loan limit for Alaska, Hawaii, Guam, and the U.S. Virgin Islands has increased to $822,375

Why Is This Important to Me?

Ensure that your employees are up to date on these new conforming loan limits beginning January 1, 2021.

Rachel Davis - Product Manager at OCL

About the Author

Rachel Davis

Product Manager at OnCourse Learning

Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.

Rachel Davis - Product Manager at OCL

About the Author

Rachel Davis

Product Manager at OnCourse Learning

Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.

By |2021-01-12T17:11:42-06:00January 12th, 2021|Bank, Credit Union, Financial Services|0 Comments

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