The latest compliance news for you!

Weekly Rewind...News from Your Regulators

CSG is excited to be back to work after the Thanksgiving Holiday!

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

Mitigating HMDA Compliance Risk...Like a Champ!

When was the last time your compliance department reviewed your scrubbed LAR? Expanded HMDA Data collection requirements have made it more important than ever to make sure your LOS information is correctly uploaded to the LAR. Reviewing HMDA data can also be an effective way to do some Fair Lending testing. Reach out to your compliance department and see what their plans are for your 2021 LAR!

Federal Reserve Reports on COVID Response

Supervision and Regulation Report – The Federal Reserve issued its latest report which focuses on the agency’s response to COVID. Included in the report is an overview of current financial conditions in the banking sector, recent regulatory developments from the Fed, and recent supervisory developments.

Fed Releases info on Crypto-Asset Policy

Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps – Along with the FDIC and OCC, the Federal Reserve issued a statement stating that agencies will issue guidance related to crypto-asset safekeeping and traditional custody services; ancillary custody services; facilitation of customer purchases and sales of crypto-assets; loans collateralized by crypto-assets; the issuance and distribution of stablecoins; and activities involving the holding of crypto-assets on a bank’s balance sheet. In addition, the agencies said they will also evaluate how to apply bank capital and liquidity standards to crypto-assets.

OCC Publishes Legally Permissible Activities for Cryptocurrency

Authorized Cryptocurrency Activities – The OCC published Interpretive Letter #1179 clarifying the authority of a bank to engage in certain cryptocurrency activities, provided the bank can demonstrate, to the satisfaction of the OCC, that is has controls in place to conduct the activity in a safe and sound manner. The Letter states that among the legally permissible activities – after approval by the OCC, are the provision of cryptocurrency custody services; the holding of dollar deposits serving as reserves to back stablecoins in certain circumstances; acting as nodes on an independent node verification network to verify customer payments; and engaging in certain stablecoin activities to facilitate payment transactions on a distributed ledger.

FFIEC Releases CRA Data Entry Software

CRA Data Entry Software - Version 2021 of the calendar year 2021 Community Reinvestment Act (CRA) data entry software (DES) for data due March 1 of next year is now available. The DES is designed by the Federal Reserve to help banks automate the filing of CRA data.

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