FDIC to Modernize Use of Advertising Statement

Official Advertising Statement – The FDIC Issued a Proposed Rule to modernize the use of the FDIC Official Sign and Advertising Statement and to clarify its regulations regarding false advertising, misrepresentations about insured status, and misuse of the FDIC’s name or logo. The purpose of the proposal is to differentiate federally insured bank deposits from non-insured savings, for example, from financial products offered by non-federally insured financial firms, such as fintechs. 

FinCEN Beneficial Ownership

Beneficial Ownership Reporting – FinCEN issued a Notice of Proposed Rulemaking that would implement provisions of the Corporate Transparency Act that govern the access to and protection of beneficial ownership information. This NPRM proposes regulations that would govern the circumstances under which such information may be disclosed to Federal agencies; state, local, tribal, and foreign governments; and financial institutions, and how it must be protected. Under this rule, financial institutions would be able to request beneficial ownership reporting as part of their Customer Due Diligence process. FinCEN would then allow the information to be released if the reporting entity has granted consent to that credit union or financial institution. (Fact Sheet)

From the OCC

Semiannual Risk Perspective – The OCC published its Fall 2022 report addressing key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations. This edition presents data in five main areas: the operating environment, bank performance, special topics in emerging risks, trends in key risks, and supervisory actions. 

HELOC Brochure Gets Update

HELOC Brochure – The CFPB issued an update to the “What you should know about home equity lines of credit” brochure (HELOC Brochure). The CFPB states that the new edition of the HELOC Brochure is updated to align with the Bureau’s educational efforts, to be more concise, and to improve readability and usability. The updated brochure is available in both English (print-ready & web-enabled) and Spanish (print-ready & web-enabled).

From the CFPB

Repeat Offenders - The CFPB proposed a rule requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders. The CFPB has further proposed to publish the orders and company information via an online registry. Larger companies subject to the CFPB’s supervisory authority would be required to designate an individual to attest whether the firm is adhering to registered law enforcement orders. The CFPB’s proposed rule would help the agency identify and mitigate risks to American households and ensure that supervised companies perform their obligations to consumers.