Agencies to Release CRA Proposal

Adam Witmer
Regulatory Update, CRA

On 2/14/2022, Acting Comptroller of the Currency Michael J. Hsu spoke before the National Community Reinvestment Coalition where he announced that the OCC, the Federal Reserve, the FDIC will release a joint CRA Notice of Proposed Rulemaking (NPR) in the not-too-distant future. This step, according to Hsu, is aimed at strengthening and modernizing the regulation implementing the CRA in order to expand financial access and inclusion for low- and moderate-income (LMI) communities.

FinCEN Issues RRP Fact Sheet

Adam Witmer
Regulatory Update

On 2/14/2022, the FinCEN issued a fact sheet on its Rapid Response Program (RRP). RRP is a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business e-mail compromise.

CFPB Sees Changes in Banks's Overdraft Programs

Adam Witmer
Regulatory Update

On 2/10/2022, the CFPB released a blog post discussing the changes that banks are making to their overdraft programs. The CFPB also prepared a table comparing overdraft fees and policies across banks. According to the CFPB, they will continue to monitor these developments to better understand the impact of these changes, and to work to ensure that banks continue to evolve their businesses to reduce reliance on overdraft and NSF fees.

VIDEO: Banking Compliance Changes 2022

VIDEO: Banking Compliance Changes 2022

Adam Witmer

In this Compliance Clip (video), Adam gives practical insights on why you need to predict and anticipate compliance changes this year. In doing so, he has a couple of hilarious moments while he also discusses practical things you can do to identify upcoming and possible banking regulatory compliance changes. This must watch video is a fun, valuable tool for compliance professionals who are in charge of regulatory change management.

Federal Reserve Issues Fraud Mitigation Toolkit

Adam Witmer
Regulatory Update, BSA

In early February, 2022, the Federal Reserve released a Synthetic Identity Fraud Mitigation Toolkit which offers a wide variety of informative resources for financial institutions, consumers and businesses on fraud mitigation. The issuance of the fraud mitigation toolkit is the next step in the Federal Reserve’s years-long commitment and engagement with fraud experts to support the payments industry in its battle against fraud.

FinCEN Releases Update on the BOI Reporting

Adam Witmer
Regulatory Update

On 2/8/2022, the FinCEN announced that the comment period to the notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI), tagged as Reporting NPRM, has closed. FinCEN received at least 230 comments. The next step in the CTA rulemaking series will be the publication of proposed rules on BOI access and disclosure requirements, which will be known as the “Access NPRM”, and which the FinCEN plans to publish later this year.

Enrollment for Premium Memberships Ending Next Week

Adam Witmer

The enrollment period for our premium memberships will be ending next week. Premium memberships are a great way for compliance professionals to stay up-to-date with regulatory changes while getting many of our training programs at a bundled price. Plus, we are offering a new membership plan for 2022: Premium Pro. Premium Pro is the first “access all” type of plan we have ever offered where members get access to everything in our store - and everything new we release during the year. Yep. All of our training programs we offer at one low, bundled price. And, new in 2022 is an added benefit called Premium Perks where premium members enjoy additional tools like executive summaries and special training videos. Enrollment for all three premium membership options only happens twice a year (Jan/Feb & July/Aug) and the current enrollment period will be ending next week. Take a look at everything included in our premium membership options at: www.compliancecohort.com/premium-membership.

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