Perficient

DECEMBER 21, 2023

Earlier this year, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) unveiled a proposed rule that would reshape the landscape for certain financial institutions. Email: Send your comments to regulationshelpdesk@gsa.gov.

DC 221

DC FDIC Washington Compliance 221

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

FDIC 78

FDIC Compliance Lending Regulation 78

CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The full compliance date for the final rule is January 1, 2022. The FDIC indicated in its announcement that it plans to make available a listing of entities that have submitted notices.

FDIC 78

FDIC Resources Regulation Compliance 78

Independent Banker

DECEMBER 31, 2022

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points until the Deposit Insurance Fund (DIF) achieves the FDIC’s long-term goal of a reserve ratio of 2% of insured deposits. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

CFPB Monitor

MAY 23, 2019

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies. In July 2017, the D.C.

FDIC 112

FDIC Operations Policies Regional 112

CFPB Monitor

JUNE 13, 2022

The request for information (RFI) included questions related to the agency’s current bank merger review process, and how the process could be improved. One issue raised in the RFI is “to what extent should the CFPB be consulted by the FDIC when considering the convenience and needs factor and should that consultation be formalized?”.

FDIC 78

FDIC Groups Community Meeting 78

PYMNTS

FEBRUARY 1, 2021

Apple Bank for Savings was accused of failing to comply with the Bank Secrecy Act, according to the Federal Deposit Insurance Corporation (FDIC) per WSJ. The bank was recently fined in a separate charge that it failed to comply with a 2015 request by the FDIC to improve its AML compliance.

Apple 150

Apple FDIC New York Compliance 150

CFPB Monitor

DECEMBER 9, 2019

The Federal Deposit Insurance Corporation (the “FDIC”) has published a request for information in the Federal Register (the “RFI”) seeking comment on approaches it uses, or is considering using, to analyze the effects of its regulatory actions and rulemaking.

FDIC 78

FDIC Analysis Regulation Maine 78

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

Compliance 152

Compliance Fraud Security FDIC 152

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs. Real Estate Settlement Procedures Act (“RESPA”) Section 8 Violations.

FDIC 60

FDIC Compliance Regulation Training 60

Perficient

AUGUST 16, 2023

A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Mr. Shan Hanes, who served as the bank’s President and CEO until its closure, joined the firm in 1993 as an agricultural loan officer and Informational Technology Officer.

United States 221

United States Kansas FDIC Risk Management 221

Perficient

NOVEMBER 17, 2023

Retail Deposits Defined The FDIC classifies retail deposits as demand or term deposits placed within an FDIC-supervised institution by a retail customer or counterparty, excluding brokered deposits. Make Perficient your go-to partner for informed decision-making in the face of changing interest rates.

Retail 221

Retail FDIC Risk Management Management 221

CFPB Monitor

JANUARY 24, 2019

A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. They recommend that “the FDIC discourage banks from entering into these relationships in any guidance it issues on small-dollar lending.”.

FDIC 74

FDIC Lending District of Columbia Compliance 74

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. In effect, Cross River is in time out.

Compliance 109

Compliance FDIC Strategy Fintech 109

Abrigo

MAY 19, 2023

WATCH Takeaway 1 Loan review officers must figure out how to adhere to the FDIC’s guidance on loan review and credit risk review systems. Takeaway 2 Examining the following objectives and evaluating your loan review system based on them can ensure regulatory compliance.

System 195

System Regulation How To Lending 195

CFPB Monitor

MAY 22, 2020

Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The final rule is effective October 1, 2020 but sets mandatory compliance dates based on the applicable performance standards. The final rule applies to national banks and federal savings associations.

FDIC 78

FDIC Lending Retail Compliance 78

Perficient

NOVEMBER 10, 2023

See Also: FDIC’s New Banker Engagement Site (BES): Improving CRA & Compliance Exam Communication Future Blogs Perficient’s Financial Services Risk Management and Regulatory Capabilities CoE will analyze balance trends for other deposit types using similar data from the same source and time period.

Risk Management 221

Risk Management United States FDIC Compliance 221

CFPB Monitor

MARCH 25, 2020

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions. The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.

FDIC 60

FDIC Policies Regulation Training 60

CFPB Monitor

MARCH 24, 2020

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 60

FDIC Taxes Industry Policies 60

CFPB Monitor

NOVEMBER 11, 2021

This suggests that the agencies might provide some leniency in the event of non-compliance. However, it is clear from the overall message delivered by the agencies that servicers who rely on this suggestion with the expectation that they will receive leniency for non-compliance do so at their peril. CFPB mortgage servicing report.

Compliance 78

Compliance Regulation FDIC Meeting 78

CFPB Monitor

NOVEMBER 10, 2016

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions reflect changes in consumer compliance supervision since the current rating system was adopted in 1980.

Compliance 120

Compliance System FDIC Regulation 120

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. This involves the use of AI to inform credit decisions to enhance or supplement existing techniques.

Regulation 309

Regulation Industry Risk Management Analysis 309

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

Risk Management 195

Risk Management Management FDIC Meeting 195

BankInovation

APRIL 2, 2021

The Federal Reserve and OCC together with the Federal Deposit Insurance Corporation (FDIC), […].

FDIC 64

FDIC Technology Compliance Regulation 64

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Although the Federal Reserve, OCC and FDIC, are the primary CRA regulators, the Fed did not join the proposal and presumably will issue a separate proposal. ” Click here to register. Our thoughts.

FDIC 78

FDIC Regulation Community Retail 78

Abrigo

JUNE 2, 2021

Does it address a “culture of compliance”? One central contact for all examination questions keeps the stress level down and prevents unprepared information from being given to your examiners. Frequent communication is helpful in knowing ahead of time how the exam is going and if any clarifying information is needed.

How To 195

How To Training Compliance Policies 195

Perficient

SEPTEMBER 6, 2023

RELATED CONTENT : Regulatory Risk and Compliance in Financial Services Share Your Thoughts With OCC Regulators by November 30, 2023 You may submit comments to the OCC by any of the methods set forth below. These requirements, with a balance sheet depletion allowance of 0.5 Comments must be received on or before November 30, 2023.

Regulation 221

Regulation DC Capital Washington 221

Abrigo

APRIL 12, 2016

The FDIC is offering a fresh take on how a bank’s board of directors should understand and manage risk. The regulator’s April edition of Supervisory Insights provides what the FDIC called a “refresher” on its Pocket Guide for Directors, the 1988 booklet outlining the basic duties and responsibilities of a bank’s board of directors.

Management 150

Management FDIC Risk Management Community Bank 150

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

Compliance 148

Compliance Innovation FDIC Examples 148

Abrigo

JULY 10, 2023

Takeaway 3 Inform your customers of the latest AI fraud trends and give them best practices to avoid it. Public social media sources have made it easier for fraudsters to obtain information by looking at what people post online. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes.

Fraud 150

Fraud How To social media Security 150

CFPB Monitor

SEPTEMBER 2, 2016

The request was made in a letter to the CFPB, the Fed, the FDIC, the OCC, and the NCUA (Agencies). ” The trade groups note that it was not until last week, on August 26, 2016, that the DoD published in the Federal Register an interpretive rule to provide guidance regarding compliance with the July 2015 final rule.

Compliance 79

Compliance Groups Lending FDIC 79

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Information security program and information systems.

Community Bank 78

Community Bank Community Fintech Company 78

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

CFPB Monitor

SEPTEMBER 2, 2016

The request was made in a letter to the CFPB, the Fed, the FDIC, the OCC, and the NCUA (Agencies). ” The trade groups note that it was not until last week, on August 26, 2016, that the DoD published in the Federal Register an interpretive rule to provide guidance regarding compliance with the July 2015 final rule.

Compliance 60

Compliance Groups Lending FDIC 60

Perficient

AUGUST 9, 2022

Institutions must also prioritize regulatory compliance and be vigilant about carrying out consequences when their employees breach these expectations. Building trust is not limited to overarching company leadership.

Community 275

Community Customer Experience ATM Examples 275

CFPB Monitor

APRIL 15, 2019

A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” creates a new “speed bump” for final rules issued by the CFPB as well as other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.

Compliance 68

Compliance Analysis FDIC Report 68

CFPB Monitor

SEPTEMBER 14, 2021

It follows the publication at the end of last month of a guide by the Fed, OCC, and FDIC that is intended to assist community banks in conducting due diligence when considering relationships with fintechs.

Fintech 78

Fintech Community Bank Community FDIC 78