Revised HMDA Getting It Right Guide for 2022

Adam Witmer
Regulatory Update, HMDA

On 3/29/2022, the FDIC announced that the Federal Financial Institutions Examination Council (FFIEC) had issued the 2022 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act (HMDA)-related data collected in 2022 and reported in 2023. This longstanding compliance resource has regularly been used by financial institutions as a “go-to” HMDA resource as it can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions.

FDIC Consumer Compliance Supervisory Highlights March 2022 Edition

Adam Witmer
Regulatory Update

On March 31, 2022, the FDIC issued the March 2022 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2021 through the FDIC’s supervision of state non-member banks and thrifts.

REQUIRED ON MAY 1: Cyber Incident Notification Rule

Adam Witmer

On May 1, 2022, banks must comply with a new rule to notify their regulators of certain cyber incidents. If your institution isn’t yet ready for this rule, our training program - Cyber Incident Notification Rule 2022 - is designed to help your bank quickly and easily understand the new interagency cyber-incident notification final rule. Our team has spent hours sifting through the new rule to determine what bankers need to know. While our accompanying manual is 38 pages in length - due to us including beneficial background information on the rule - our video presentation breaks down the new rule in an easy to understand format, using layman’s terms. You can learn more about our training program at: www.compliancecohort.com/cyber-incident-notification-rule-2022.

VIDEO: Provisions of RESPA Section 8

VIDEO: Provisions of RESPA Section 8

Adam Witmer
RESPA

In this Compliance Clip, Adam gives a quick overview of the four provisions of Section 8 of the Real Estate Settlement Procedures Act (RESPA). To better explain how the provisions are incorporated in the regulations, Adam gives a quick visual of the actual law and Regulation X, where the RESPA Section 8 provisions are embedded.

FDIC updates Consumer Compliance Exam Manual

Adam Witmer
Regulatory Update

On March 29, 2022, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

Agencies Remind of Cyber Notification Requirements

Adam Witmer
Regulatory Update

On March 29, 2022, the FDIC, the Federal Reserve and the OCC issued reminders of their upcoming interagency final rule and provided clarification on the contact information banks must use to them when they experience a cyber notification incident. Starting May 1, 2022, banks regulated by the FDIC, Federal Reserve, or OCC (and their bank service providers) must comply with a new file rule that requires notification to regulators of certain computer-security incidents.

FinCEN SAR Filings

Adam Witmer
Regulatory Update, BSA

FinCEN has updated its “SAR Filings by Industry” webpage to include data from 2021. In addition to this webpage, FinCEN has an interactive map and and Interactive SAR Stats which allow BSA professionals to analyze what types of suspicious activity are being reported in their areas. As this data allows specific sorting of the data, BSA professionals are able to sort by many different fields including primary regulator, county, etc.

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