FDIC Encourages Voluntary Self-Assessment

Voluntary Self-Assessment – In FIL-09-2022, the FDIC encourages all FDIC-Supervised financial institutions, to submit voluntary self-assessments of their diversity policies and practices. “Submission of Financial Institution Diversity Self-Assessment (FID-SA) information is voluntary but encouraged for all FDIC-supervised financial institutions with 100 or more employees. The assessment is not an examination requirement; results have no impact on an institution’s safety and soundness, consumer compliance, or CRA examination ratings.” 

CFPB Issues Medical Debt Report

Medical Debt Report – The CFPB published Medical Debt Burden in the United States, which summarizes key areas of concern in medical debt collections and reporting. In prepared remarks, Director Chopra stated that the CFPB will be taking several steps in response to the report. The CFPB will be closely scrutinizing the Big Three credit reporting agencies to ensure that they are not being used as a tool to coerce and extort patients on medical bills they may not even owe, work with other government agencies to determine whether it is appropriate to include medical debt in their own underwriting and role in credit reporting and assessing whether it is appropriate for unpaid medical billing data to be included on credit reports altogether. 

From the CFPB

Mitigating Harm from Repossession of Automobiles – The CFPB issued Bulletin 2022-04 regarding repossession of vehicles, and the potential for violations of sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition on engaging in unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) when repossessing vehicles. The bulletin describes violations such as: illegally seizing cars, sloppy record keeping, unreliable balance inquiries, and ransoms for personal property.  

Revised Licensing Booklets - The Office of the Comptroller of the Currency (OCC) issued today the “Articles of Association, Charter, and Bylaw Amendments,” “Fiduciary Powers,” “Subordinated Debt,” and “Subsidiaries and Equity Investments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between June 2017 and January 2019. The revised booklets reflect recent changes to 12 CFR 5, make corrections when necessary, and contain updated guidance.