All in Regulatory Update

FinCEN Advisory on High-Risk Customers

Adam Witmer
Regulatory Update, BSA

On September 21, 2018, FinCEN released an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies.   This advisory, known as FIN-2018-A004, relays information to US financial institutions regarding countries the Financial Action Task Force (FATF) has identified as having deficiencies.  FATF is an intergovernmental body comprised of…

FDIC Seeks Comment on Retiring Financial Institution Letters

Adam Witmer
Regulatory Update

On Monday, September 10, 2018, the FDIC released a Financial Institution Letter (FIL-46-2018) seeking comment on a proposal to retire certain FILs to an inactive status.  Specifically, the proposal is targeting 374 of the 664 risk management supervision-related FILs issued over nearly two decades that are considered to either be outdated or that convey regulations or other information that is still in effect but available elsewhere on the FDIC’s website.  

CFPB Releases Sept 2018 Edition of Supervisory Highlights

Adam Witmer
Regulatory Update

On September 6, 2018, the CFPB released their 17th edition of Supervisory Highlights.  This current edition covers supervision activities from the CFPB during the time period of December 2017 through May of 2018.  This current edition shares observation in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small business lending.  The report also shares a number of public enforcement actions taken with supervised backs as well as providing a discussion on recent Bureau rules and guidance.

NCUA Guidance Regarding CDD & UBO Compliance

Adam Witmer
Regulatory Update, BSA

In August of 2018, the NCUA issued a letter to Credit Union CEOs and Boards of Directors regarding examination guidance for Bank Secrecy Act (BSA) customer due diligence(CDD) and ultimate beneficial ownership (UBO) compliance.  The letter (18-CU-02) explained to credit unions that the NCUA has issued examination procedures to field staff regarding the new CDD and UBO rules that went into effect earlier in 2018. The Credit Union Letter included an attached supervisory letter that provides all federally insured credit unions with examination expectations for NCUA examiners regarding conducting reviews of a credit union’s compliance with the new rules.  

OCC Solicits Comments on Modernizing CRA Regulations

Adam Witmer
Regulatory Update, CRA

On August 28, 2018, the Office of the Comptroller of the Currency (OCC) issued an advance notice of proposed rulemaking (ANPR) inviting public comment on ways to modernize the regulations that implement the Community Reinvestment Act (CRA).  In their notice (OCC-2018-0008), the OCC is soliciting ideas on how the CRA rules could better achieve the statute’s original purpose, encourage increased lending and investment where it is needed the most, and reduce the burden associated with reporting and evaluating CRA performance. As the OCC plans to share the results of the ANPR with other regulatory agencies, all financial institutions are encouraged to provide comments to the OCC.

2019 Regulation Z Thresholds

Adam Witmer
Regulatory Update, Regulation Z

On August 27, 2018, the CFPB published a number of annual threshold adjustments to Regulation Z in the Federal Register.  Effective January 1, 2019, the final rule implements the Truth in Lending Act and satisfies the CFPB’s requirement to calculate annually the dollar amounts for several provisions in Regulation Z.   The 2019 threshold adjustments to Regulation Z are as follows:

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