All in Regulatory Update

FFIEC Statement on Pandemic Preparedness Guidance

Adam Witmer
Regulatory Update, Compliance Management

On March 6, 2020, the Federal Financial Institutions Examination Council updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic. The guidance provides the FFIEC’s expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.

FinCEN Encourages Communication on COVID-19 & Warns of Fraud

Adam Witmer
BSA, Regulatory Update

On March 16, 2020, FinCEN issued a request that financial institutions affected by the COVID-19 pandemic contact FinCEN and their functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports. FinCEN also states that institutions seeking to contact them should call FinCEN’s Regulatory Support Section (RSS).

CFPB Issues New HMDA FAQ

Adam Witmer
Regulatory Update, HMDA

On March 6, 2020, the CFPB issued a new HMDA FAQ to clarify how to report when a natural person applicant submits a mail, internet, or telephone application under Regulation C, but does not provide race, ethnicity, or sex information. Specifically, question 7 under the “Ethnicity, Race, and Sex” section of the FAQs has been updated to provide additional guidance.

FDIC Extends Comment Period on Signage & Advertising Requirements

Adam Witmer
Regulatory Update

On 3/11/20, the FDIC extended the public comment period for its Request for Information (RFI) on potential ways to modernize the FDIC's sign and advertising rules. The rules, which were last updated in 2006 are being re-evaluated to better reflect how banks and savings associations are transforming their business models to take deposits via physical branches, digital, and mobile banking channels. Those wishing to comment may now submit comments through April 20, 2020. 

FATF Guidance on Digital ID

Adam Witmer
BSA, Regulatory Update

On March 6, 2020, the Financial Action Task Force (FATF) released guidance relating to digital ID systems. In their release, the FATF explains that an understanding of how digital ID systems work is essential to apply the risk-based approach recommended in this Guidance. Specifically, FATF said the following

CFPB Takes Steps to Prevent Consumer Harm

Adam Witmer
Regulatory Update

On 3/6/2020, the CFPB announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. In addition to these three steps, the CFPB presented proposed legislative language to Congress in hopes to establish a whistleblower award program to assist the CFPB in advancing enforcement cases, especially as it relates to fair lending violations. .

OCC FAQs on Third Party Relationships

Adam Witmer
Regulatory Update

On 3/5/20, the OCC issued updated frequently asked questions (FAQs) to to supplement a 2013 bulletin (2013-29) titled “Third-Party Relationships: Risk Management Guidance.” The new FAQs were issued to clarify the OCC’s existing guidance and reflect evolving industry trends. The new bulletin also rescinds OCC Bulletin 2017-21, “Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29,” issued on June 7, 2017. The FAQs from OCC Bulletin 2017-21 have been…

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