The latest compliance news for you!

Weekly Rewind...News from Your Regulators

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Updated BSA/AML Exam Manual!

Updated BSA/AML Exam Manual - The updates affect the Introduction - Customers (new), Charities and Nonprofit Organizations, Independent Automated Teller Machine Owners or Operators, and Politically Exposed Persons, sections of the manual. The FFIEC states that “The updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide information and considerations related to certain customers that may indicate the need for bank policies, procedures, and processes to address potential money laundering, terrorist financing, and other illicit financial activity risks. These sections provide further transparency into the BSA/AML examination process.”

CFPB Releases Two Reports on Overdraft Fees

Overdraft Fees - The CFPB released two reports, Data Point: Overdraft/NSF Fee Reliance Since 2015 – Evidence from Bank Call Reports, and Data Point: Checking Account Overdraft at Financial Institutions Served by Core Processors, showing that banks continue to rely heavily on overdraft and NSF revenue. The CFPB states that it will be enhancing its supervisory and enforcement scrutiny of banks that are heavily dependent on overdraft fees.

2022 Conforming Loan Limits – The FHFA announced that the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac generally increase to $647,200 for 2022. The increase over 2021 limit of $548,250 is $98,950.00.

Regulation Z Threshold Adjustments

Annual Threshold Adjustments – The CFPB released the annual inflation adjustments for Regulation Z (Credit Cards, Leases, HOEPA, and QMs.) We have broken the amounts down on our Monthly Recap. The NCUA published Regulatory Alert 21RA-10 notifying credit unions of the adjustments, and the FDIC issued FIL-76-2021 for their member banks.

Final Ruling on Regulator Notification Requirements for Cyber Incidents

Computer Security Incidents Notifications – The FDIC, Federal Reserve, and OCC, issued a final rule requiring banks to notify their federal regulators of certain cyber incidents with potentially systemic impacts. The rule is set to take effect April 1, 2022, with compliance required by May 1.

CFPB Releases Recommendations on Elder Financial Exploitation

Elder Financial Exploitation Advisory – The CFPB released a new advisory for financial institutions that includes several voluntary recommendations about alerts to trusted contacts. These recommendations may be helpful for banks and credit unions if they decide to implement this practice. The advisory provides information about developing relevant policies and procedures, educating account holders, and training and supporting staff.

Regulatory News From Your State

From the Washington DFI

Center for FinTech Information – The DFI launched an updated website for its Center for FinTech Information to foster improved communication between the DFI and FinTech companies, start-ups, and entrepreneurs.

From the Idaho Department of Finance

Fraudulent Mail – The DoF released an alert to consumers warning them to “look closely at incoming mail that may appear to be correspondence from their financial institution but are really third-part advertisements or even scams.”

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