On December 16, 2022, the Financial Stability Oversight Council unanimously approved its 2022 annual report. The report highlights that, amid heightened geopolitical and economic shocks and inflation, risks to the U.S. economy and financial stability have increased even as the financial system has exhibited resilience.

Dec 20
Dec 20 CFPB Updates HELOC Booklet

Adam Witmer

Regulatory Update, Regulation Z

On December 16, 2022, the CFPB announced by publishing through the Federal Register the availability of an updated consumer publication, “What You Should Know about Home Equity Lines of Credit,” also known as the HELOC booklet, required by the Truth in Lending Act (TILA), as implemented by Regulation Z. According to the CFPB’s notice, the version of the HELOC booklet is updated to align with the Bureau's educational efforts, to be more concise, and to improve readability and usability.

Dec 20
Dec 20 FFIEC Revises FDCPA Exam Procedures

Adam Witmer

Regulatory Update

On December 15, 2022, the FFIEC Task Force on Consumer Compliance adopted the revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. The revised interagency examination procedures incorporate the Consumer Financial Protection Bureau’s 2020 and 2021 Fair Debt Collection Final Rules that went into effect on November 30, 2021.

Dec 19
Dec 19 FFIEC Publishes 2021 CRA Data

Adam Witmer

Regulatory Update, CRA

On December 15, 2022, the federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), released the 2021 Small Business, Small Farm, and Community Development Lending Data. The analysis was conducted using data compiled for banks, savings and loan associations, and savings banks reporting under the CRA regulations.

Dec 19
Dec 19 FinCEN Publishes Proposed Rule on Access to Beneficial Ownership Information

Adam Witmer

Regulatory Update

On December 15, 2022, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information. The proposed rule is one of three rulemakings planned to implement the CTA, and follows the final reporting rule that FinCEN issued on September 30, 2022.

Dec 19
Dec 19 FDIC Issues Revised Guidelines for Appeals of Material Supervisory Determinations

Adam Witmer

Regulatory Update

On December 13, 2022, the FDIC issued the revised Guidelines for Appeals of Material Supervisory Determinations that took effect on the same day. The revised Guidelines include the changes that the FDIC proposed in October, as well as further changes incorporating suggestions and addressing concerns raised by the commenters.

Dec 19
Dec 19 FDIC Proposes to Amend Its Official Sign and Advertising Requirements, Along with Others

Adam Witmer

Regulatory Update

On December 13, 2022, the FDIC Board of Directors issued for public comment a proposed rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC sign and advertising statements and clarify the FDIC’s regulations regarding misrepresentations of deposit insurance coverage. According to the FDIC, the proposal is intended to enable consumers to better understand when they are doing business with an IDI and when their funds are protected by the FDIC’s deposit insurance coverage.

Dec 14
Dec 14 CFPB Amends Closed-End Mortgage Loans Threshold

Adam Witmer

Regulatory Update, HMDA

On December 9, 2022, the CFPB issued a technical amendment that formally updates the Code of Federal Regulations to reflect the closed-end mortgage loan reporting threshold of 25 mortgage loans in each of the two preceding calendar years. This change comes after the CFPB announced through a blog post that the HMDA loan volume threshold for reporting data on closed-end mortgage loans has now decreased from 100 to 25 loans in each of the two preceding calendar years in accordance with a September 2022 court decision.

Dec 12
Dec 12 FRB Requests Comments on Climate-Related Financial Risk Management for Large Banks

Adam Witmer

Regulatory Update

On December 2, 2022, the Federal Reserve Board invited public comment on proposed principles providing a high-level framework for the safe and sound management of exposures to climate-related financial risks for large banking organizations. According to the FRB, the proposed principles would apply to banking organizations with more than $100 billion in total assets and address both the physical risks and transition risks associated with climate change.

Dec 12
Dec 12 OCC Fall 2022 Semiannual Risk Perspective

Adam Witmer

Regulatory Update

On December 8, 2022, the OCC released the Fall 2022 edition of its publication Semiannual Risk Perspective. This edition reports key issues facing the banking industry and the lingering effects from the pandemic and shocks from Russia’s invasion of Ukraine on the industry. According to the report, economic growth slowed sharply in 2022, while high employment rates supported consumer spending and overall bank performance.

Dec 20
Dec 20 Treasury’s Financial Stability Oversight Council Releases 2022 Annual Report

Dec 20
Dec 20 CFPB Updates HELOC Booklet

Dec 20
Dec 20 FFIEC Revises FDCPA Exam Procedures

Dec 19
Dec 19 FFIEC Publishes 2021 CRA Data

Dec 19
Dec 19 FinCEN Publishes Proposed Rule on Access to Beneficial Ownership Information

Dec 19
Dec 19 FDIC Issues Revised Guidelines for Appeals of Material Supervisory Determinations

Dec 19
Dec 19 FDIC Proposes to Amend Its Official Sign and Advertising Requirements, Along with Others

Dec 14
Dec 14 CFPB Amends Closed-End Mortgage Loans Threshold

Dec 12
Dec 12 FRB Requests Comments on Climate-Related Financial Risk Management for Large Banks

Dec 12
Dec 12 OCC Fall 2022 Semiannual Risk Perspective

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