The latest compliance news for you!

Weekly Rewind...News from Your Regulators

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CFPB Publishes No Surprises Act Bulletin

No Surprises Act Bulletin – The CFPB published Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act as a reminder to debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No Surprises Act, or who furnish information to credit bureaus about such invalid debts, may face significant legal liability under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). The bulletin advises credit bureaus that the accuracy and dispute obligations imposed by the FCRA apply with respect to debts stemming from charges that exceed the amount permitted by the No Surprises Act.

FDIC Announces Tech Sprint

Tech Sprint - The FDIC along with FinCEN announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, the agencies seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.

From the NCUA

Diversity Self-Assessment Extension – The NCUA has extended the deadline for the voluntary Credit Union Diversity Self-Assessment until January 31, 2022. The Self-Assessment is voluntary and is designed to help you evaluate and advance your credit union’s diversity policies and practices.

Revised Call Report - Following the NCUA Board’s approval of a final rule that simplifies the risk-based capital requirements for eligible, complex credit unions, and as part of its Call Report Modernization Initiative, the NCUA has modified the Call Report, Form 5300, beginning with the March 2022 reporting cycle.

Washington State Regulatory Relief - The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Washington affected by flooding and mudslides.

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