The latest compliance news for you!

Weekly Rewind...News from Your Regulators

FDIC Cracks Down on Logo Misuse

FDIC Insurance Advertising - The FDIC approved a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo.

News From the FDIC

MDI Policy Statement - The FDIC approved an updated Statement of Policy Regarding Minority Depository Institutions. The Policy Statement describes the FDIC’s framework and initiatives to fulfill its statutory goals with respect to MDIs. This issuance establishes a process for an insured institution or applicant for deposit insurance to make a request that the FDIC recognize the institution as an MDI.

FDIC Insurance Coverage Guide – The FDIC issued a Small Entity Compliance Guide to assist institutions understand and prepare for the changes in insurance coverage that will be effective April 1, 2024.

Material Supervisory Determinations Appeals - The FDIC has adopted Guidelines for Appeals of Material Supervisory Determinations that restore the Supervision Appeals Review Committee as the final level of review in the agency’s supervisory appeals process. The revised Guidelines take effect May 17, 2022.

FedNow Payments

FedNow Transfers – The Federal Reserve finalized rules governing funds transfers of the FedNow Service. The FedNow settlement service will support instant payments in the U.S. and is expected to be available in 2023.

HUD Updates SCRA Notice

Updated SCRA Notice – The HUD updated the SCRA Notice to adjust the expiration date to 11/30/2024. Note that the citation included in the Notice should have a hyphen “50 USC 3901-4043,” and does not include the U.S. Space Force, which is included in the SCRA protections. As a reminder, these notices should be sent to all homeowners within 45 days of becoming delinquent unless the loan has been brought current.

U.S. Treasury Issues National Strategy for Combatting Terrorism

AML/CFT Strategy - The U.S. Department of the Treasury issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing, which identifies measures to increase transparency in the U.S. financial system and strengthen the U.S. anti-money laundering/counter the financing of terrorism framework.

Consumer Financial Protection Circulars - To promote consistency among enforcers and fair competition in the market, the CFPB launched a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. The CFPB will issue Consumer Financial Protection Circulars to the broad set of government agencies responsible for enforcing federal consumer financial law.

State Enforcement Abilities – The CFPB issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states play in protecting consumers, the Consumer Financial Protection Act grants their consumer protection enforcers the authority to protect their citizens and otherwise pursue lawbreakers.

Visit our Website!