On March 10, 2022, the CFPB released announced that the Bureau has launched a new initiative to focus on financial issues facing rural America. According to the post, there is a need to pay attention to the particular challenges rural communities face as they work to build and maintain their financial resiliency.

Mar 14
Mar 14 CFPB Spotlights Workers’ Financial Experiences

Adam Witmer

Regulatory Update

On March 9, 2022, the CFPB released an article highlighting workers’ financial experiences. In response to concerns from workers about financial risk or harm at the hands of the very employers from which they seek to earn a living, the CFPB is looking into the consumer financial products or services that workers face in the workplace.

Mar 14
Mar 14 FATF Updates List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On March 10, 2022, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

Mar 11

Mar 11 VIDEO: Correcting a SAR without the Prior BSA ID

Adam Witmer

BSA

In this Compliance Clip (video), Adam discusses how to correct or amend a prior SAR filing through the BSA E-Filing system without a prior BSA ID. This short but sweet Compliance Clip is especially useful to those in-charge of filing FinCEN SARs. A transcript of this video is now available.

Mar 10
Mar 10 President Biden Signs EO on Responsible Development of Digital Assets

Adam Witmer

Regulatory Update

On March 9, 2022, President Joseph Biden, Jr. signed an Executive Order outlining the first ever, whole-of-government approach to protect consumers, financial stability, national security, and address climate risks. The EO aims to address the risks and harness the potential benefits of digital assets and their underlying technology.

Mar 10
Mar 10 CFPB Director’s Statement on the Digital Assets Executive Order

Adam Witmer

Regulatory Update

On March 9, 2022, CFPB Director Rohit Chopra released a statement on President Biden’s Executive Order, Ensuring Responsible Development of Digital Assets. The EO outlines the whole-of-government strategy to protect consumers, financial stability, national security, and address climate risks.

Mar 9
Mar 9 OCC Issues Updated “Large Bank Supervision” Booklet

Adam Witmer

Regulatory Update

On March 8, 2022, the OCC issued an updated “Large Bank Supervision” booklet of the Comptroller’s Handbook. The “Large Bank Supervision” booklet is prepared for use by OCC examiners in connection with their examination and supervision of midsize and large national banks and federal savings associations as well as foreign-owned U.S. branches and agencies.

Mar 8
Mar 8 OCC Acting Comptroller Discusses Climate Risk, Diversity and Inclusion

Adam Witmer

Regulatory Update

On March 7, 2022, Acting Comptroller of the Currency Michael J. Hsu spoke at the at the Institute of International Bankers Annual Washington Conference where he discussed climate-related financial risk and the importance of promoting diversity and inclusion in the banking industry. The IIB, according to Hsu, has a long history of bringing together senior government officials and industry leaders to address policy and business issues of importance to the international banking community in the United States.

Mar 7
Mar 7 Treasury Convenes to Discuss Efforts to Address Climate Change

Adam Witmer

Regulatory Update

On March 3, 2022, the U.S. Department of the Treasury convened a virtual discussion, “The Climate Transition: Federal Policy and State and Local Government Best Practices.” The participants discussed the steps that state and local governments are taking to include climate data into municipal capital planning processes, develop innovative tools and policies to finance climate mitigation and transition projects, and disclose climate-related financial risks to municipal market participants.

Mar 4

Mar 4 VIDEO: HMDA Temporary Construction Loan Modification

Adam Witmer

HMDA

In this Compliance Clip (video), Adam answers a question that he recently received about reporting a temporary construction loan that has been modified on the HMDA LAR. Specifically, the initial loan was temporary financing and was designed to be replaced by a permanent loan, but was not sold on the Secondary Market as intended. Watch as Adam tries to simplify a somewhat confusing topic. A transcript of this video is now available.

Mar 15
Mar 15 CFPB to Focus on Rural Communities Financial Issues

Mar 14
Mar 14 CFPB Spotlights Workers’ Financial Experiences

Mar 14
Mar 14 FATF Updates List of Deficient Countries

Mar 11 VIDEO: Correcting a SAR without the Prior BSA ID

Mar 10
Mar 10 President Biden Signs EO on Responsible Development of Digital Assets

Mar 10
Mar 10 CFPB Director’s Statement on the Digital Assets Executive Order

Mar 9
Mar 9 OCC Issues Updated “Large Bank Supervision” Booklet

Mar 8
Mar 8 OCC Acting Comptroller Discusses Climate Risk, Diversity and Inclusion

Mar 7
Mar 7 Treasury Convenes to Discuss Efforts to Address Climate Change

Mar 4 VIDEO: HMDA Temporary Construction Loan Modification

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