Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.
From the FDIC:
Third Party Risk Management - The Federal Reserve, FDIC, and OCC are seeking comments on a joint proposal designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance. (Published July 13, 2021)
Money Smart for Older Adults - The FDIC and the CFPB announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide. (Published July 14, 2021)
From the FFIEC:
2021 Census Flat File, 2021 FFIEC Median Family Income Report - The Federal Financial Institutions Examination Council announced that 2021 census flat files, and the 2021 FFIEC median family income report, are now available. The FFIEC census data are used to create the Home Mortgage Disclosure Act (HMDA) and the anti-redlining Community Reinvestment Act (CRA) aggregate and disclosure reports. (Published July 14, 2021)
From the FRB:
Semiannual Monetary Policy Report to the Congress - Chair Powell reported that "we continue to expect that it will be appropriate to maintain the current target range for the federal funds rate until labor market conditions have reached levels consistent with the Committee's assessment of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time." (Published July 14, 2021)
Beige Book - Contacts in the 12th District report that "lending activity grew slightly over the reporting period. Loan demand remained relatively strong and stable across the district, with new loan originations focusing on residential mortgage and refinancing, auto financing, and credit card activity. Reports from across the District noted increased deposits, high liquidity levels, and healthy consumer balance sheets. Contacts mentioned offering lower lending rates due to increased competition for loans but observed small credit quality deterioration." (Published July 14, 2021)
From the FSB:
From the NCUA:
21-CU-06 - The NCUA announced that it is moving into Phase 1 of its plan to resume onsite operations. NCUA staff and contractors will be permitted to volunteer to work onsite at credit unions beginning July 19, 2021. During Phase 1, staff may only volunteer to work onsite in locations where public health data indicates pandemic conditions have sufficiently moderated. (Published July 14, 2021)
Montana:
Update to Office Closures - Montana Commissioner of Banking, Melanie Hall, has rescinded the Proclamation which allowed any state-chartered bank or credit union located in Montana to close any office in order to protect the health and safety of its employees and customers. Banks in Montana that need to close any office will need to follow the regular statutory procedure to do so, either on an emergency or non-emergency basis. (Published July 12, 2021)
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