The latest compliance news for you!

Weekly Rewind...News from Your Regulators!

Compliance Services Group is here for your regulatory updates.

Call or Email CSG today to schedule compliance reviews for your Financial Institution. We are scheduling now for 2022! Get more information today!

FDIC Issues Joint Statement on Systemic Computer Security Incidents

Computer Security Incidents Notification – Along with the OCC, and Federal Reserve, the FDIC 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.

Federal Reserve Hosting Interagency Webinar

Fair Lending Webinar – On December 2, the Federal Reserve will host an interagency webinar on fair lending, as part of its series on consumer compliance. The webinar will feature representatives from eight federal agencies who will discuss a variety of fair lending topics, including recent fair lending guidance documents, fintech risk management and redlining self-assessments.

CFPB Requests Comment on Effectiveness of HMDA Reporting

Mortgage Lending Discrimination – The CFPB issued a Request for Information seeking input on Regulation C and HMDA reporting as part of a review to evaluate their effectiveness. Specifically, the CFPB is focusing on Institutional coverage and transactional coverage, data points, benefits of the new data and disclosure requirements, and operational and compliance costs.

FinCEN Provides SAR instruction on Environmental Crimes Reporting

Environmental Crimes and Related Financial Activity – The Financial Crimes Enforcement Network issued notice FIN-2021-NTC4 calling attention to an upward trend in environmental crimes and associated illicit financial activity. The Notice provides financial institutions with specific suspicious activity report (SAR) filing instructions and highlights the likelihood of illicit financial activity related to several types of environmental crimes.

NCUA Approves Virtual Meetings for 2022

2022 Meeting Flexibility – The NCUA published Letter to Federal Credit Unions, 21-FCU-06, extending the flexibility for federal credit unions to conduct meetings virtually in 2022. The Letter states that if federal credit unions have adopted the provided proposed amendment, it is appropriate to invoke its provisions at any point in 2022 for meetings occurring during the year.

Washington State DFI Issues Registration Requirements on Refund Anticipation Loans

Refund Anticipation Loan Registration – All Washington businesses that offer tax refund anticipation loans must register with the DFI no later than December 31, 2021. (Not applicable to financial institutions.)

Visit our Website!