Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

Updated Call Reports - On May 24, 2021, the final regulatory reporting changes related to FDIC assessments, brokered deposits, and sweep deposits applying to all three versions of the Call Report (see FIL-36-2021, dated May 25, 2021) were published in the Federal Register. These revisions were approved by the U.S. Office of Management and Budget on June 28, 2021. The changes to the Call Report allow the FDIC to implement recently proposed amendments to the deposit insurance assessment system. These changes apply to large and highly complex insured depository institutions (see FIL-107-2020, dated November 20, 2020) and are effective as of the June 30, 2021 report date. (Published July 7, 2021)

Brokered Deposits - The FDIC has updated the resources available on the Banker Resource Center Brokered Deposits. The website has been updated to include a list of entities for which a Primary Purpose Exception Notice has been submitted. The webpage also includes an updated question and answer document addressing questions received on the brokered deposits regulation. (Published July 6, 2021)

FDITECH Registration Opens - The FDIC has opened registration to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. (Published July 6, 2021)

Money Laundering from Environmental Crime - The Financial Action Task Force published a report that looks at the methods that criminals use to launder the proceeds of environmental crime. When properly implemented, the FATF Recommendations provide effective tools to stop these illicit financial flows. (Published June 28, 2021)

Reminder to file the 2021 Annual Report of Blocked Property - 31 C.F.R. § 501.603 of the Reporting, Procedures, and Penalties Regulations requires holders of blocked property to provide the Office of Foreign Assets Control with a comprehensive list of all blocked property held as of June 30, 2021 by September 30, 2021. Persons that do not hold blocked property as of June 30, 2021 do not need to file an Annual Report of Blocked Property. (Published July 6, 2021)

Colorado Privacy Act - On July 7, Governor Polis signed SB 21-190 which enacts a framework for personal data privacy rights. Exempt from the requirements are financial institutions and their affiliates; as well as personal data collected, processed, sold, or disclosed pursuant to the GLBA, if the collection, processing, sale, or disclosure is in compliance with the GLBA.

DFI Alert on Systemic Risk of Climate Change and Related Financial Risks - The alert provides background information on climate change in order to emphasize and affirm the importance of responding to climate change as a systemic risk, and also to begin discussions with stakeholders on how DFI can support regulated entities in efforts to better understand and address climate change. (Published July 7, 2021)

The State of Small Credit Unions Today - CUNA’s Small Credit Union Committee published a comprehensive white paper examining the key opportunities and challenges facing small credit unions. The State of Small Credit Unions Today outlines how cross-industry support can lead to greater collaboration at all asset levels and provides recommendations for the preservation of small credit unions nationwide. (Published July 6, 2021)

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