On June 13, 2019, the FDIC released a new publication called Consumer Compliance Supervisory Highlights. This publication includes a high-level overview of consumer compliance issues identified during 2018 by the FDIC during their supervision of state non-member banks and thrifts. As stated in their release (FIL-31-2019), the purpose of this publication is to increase transparency with the FDIC’s supervision activities.
Among other things, this publication:
Provides an overview and summary of the overall consumer compliance performance of supervised institutions in 2018;
Includes supervisory observations regarding factual findings identified at examinations resulting in violations of applicable consumer protection laws;
Identifies examples of practices that may be useful in mitigating risks;2 and
Summarizes resources and information the FDIC makes available for supervised financial institutions that help institutions stay abreast of issues identified during examinations and may assist them in mitigating risks.
This publication includes three main sections including a summary of overall consumer compliance performance in 2018, a description of issues identified in examinations, and resources & information for financial institutions.
As you would expect, we will be reviewing the FDIC’s new Consumer Compliance Supervisory Highlights in detail during our next Quarterly Compliance Update, which will be available in our store sometime in July.
The FDIC FIL-31-2019 can be found here. https://www.fdic.gov/news/news/financial/2019/fil19031.html