Weekly Rewind...News from Your Regulators

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CFPB Releases HMDA Reference Chart


HMDA Reporting - The CFPB published Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2022. The chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under Regulation C.

Fed Releases Fraud Mitigation Toolkit


Synthetic ID Fraud Mitigation Toolkit - The Federal Reserve released a Synthetic Identity Fraud Mitigation Toolkit to help educate the financial services industry about synthetic identity fraud and outline potential ways to detect and mitigate this fraud type. This new toolkit will be expanded throughout the year, and provides useful insights and resources for identifying and mitigating synthetic identity fraud – specifically, to: increase education and awareness about synthetic identity fraud, enable the payments industry to better identify and fight synthetic identity fraud, and foster payments industry collaboration on synthetic identity fraud mitigation.



Fed Releases Stress Test Scenarios

Bank Stress Tests – The Fed released hypothetical scenarios for its 2022 bank stress tests, which help ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 34 large banks will be tested against a severe global recession with heightened stress in commercial real estate and corporate debt markets.

NCUA Transfers Distribution of Publications


NCUA Publications – The NCUA is transferring the sale and distribution of NCUA publications to the U.S. Government Publishing Office (GPO). The NCUA will no longer accept orders, and credit unions should order hard copy publications at https://bookstore.gpo.gov/agency/national-credit-union-administration-ncua


NCUA Announces Capital Adequacy Webinar


Capital Adequacy Webinar – The NCUA announced that it will hold a webinar on February 23, that will focus on the capital adequacy framework for credit unions, particularly new rules that took effect at the beginning of the year: the risk-based capital rule (RBC) and, for complex credit unions, and the Complex Credit Union Leverage Ratio (CCULR) rule.

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FinCEN Extends BSA Comment Period


Extended Comment Period - The Financial Crimes Enforcement Network (FinCEN) is extending the comment period to an advanced notice of proposed rulemaking (ANPR) that was published in the Federal Register on December 8, 2021, regarding potential requirements under the Bank Secrecy Act for certain persons involved in real estate transactions to collect, report, and retain information. Written comments are now due on or before February 21, 2022. 

FTC Guidance for Online Reviews


Online Customer Reviews – The FTC published two guidance documents on the best practices for online reviews. Soliciting and Paying for Online Reviews: A Guide for Marketers is directed towards online retailers and marketers and Featuring Online Customer Reviews: A Guide for Platforms is for customer review websites. Both provide good information on the use of online customer reviews.

From the US Treasury


High-end Art and Money Laundering – The Treasury published Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art. The Study identifies art market participants and sectors of the high-value art market in the United States that may present ML and TF risks to the U.S. financial system. The Study also examines what efforts U.S. government agencies, regulators, and market participants should explore to further mitigate these risks.

Compliance News from your State

WA State DFI Sends Loan Assessment Reminders


Consumer Loan Assessment – The DFI sent a notice reminding consumer loan companies that all Washington State consumer loan annual assessments and payments are due by Tuesday, March 1, 2022. 

WA State DFI Issues Latest Newsletter


Winter 2022 Newsletter – The DFI issued its latest Newsletter which includes a review of 2021, common exam violations, and tips on preparing for an examination.   

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