There were four noteworthy regulatory and compliance updates for banks and credit unions in April of 2022. Continue reading for details on these changes and how they affect you and your institution.
FDIC Consumer Compliance Supervisory Highlights Released
The FDIC released the spring 2022 issue of Consumer Compliance Supervisory Highlights. It contains a summary of the FDIC’s overall consumer compliance performance in 2021. There is a description of the most frequently cited violations and other consumer compliance examination observations. Read up on the latest information on regulatory developments. There is also a summary of consumer compliance resources and information available to financial institutions. And finally, an overview of trends in consumer complaints that were processed by the FDIC in 2021.
Why Is This Important to Me?
Share this issue with those who are responsible for consumer compliance within your institution. There are best practices shared within this issue that may be useful for your institution in mitigating risks and understanding regulatory developments.
Notification of Engaging in Crypto-Related Activities
All FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto assets (also referred to as “digital assets”) should notify the FDIC. FDIC-supervised institutions are requested to provide information described in this letter. The FDIC will review the information and provide relevant supervisory feedback. The FDIC will request that the institution provide information that will allow the FDIC to assess the safety and soundness, consumer protection, and financial stability implications of such activities.
Why Is This Important to Me?
If your institution is looking into crypto-related activities, ensure you are notifying the FDIC prior to engaging in any activity.
Prohibition on Inclusion of Adverse Information in Consumer Reporting in Case of Human Trafficking (Regulation V)
The Consumer Financial Protection Bureau (Bureau) seeks comment on regulations implementing amendments to the Fair Credit Reporting Act (FCRA) that assist consumers who are victims of trafficking. The proposed rule, which would implement a recent amendment to the FCRA, would establish a method for a victim of trafficking to submit documentation to consumer reporting agencies, including information identifying any adverse item of information about the consumer that resulted from certain types of human trafficking, and prohibit the consumer reporting agencies from furnishing a consumer report containing the adverse item(s) of information.
Why Is This Important to Me?
Share this information with those who may want to add comments to the proposed rule. Comments must be received on or before 5/9/2022.
FedNow Service Provider Showcase Opens
The FedNow Service Provider Showcase is a one-stop resource for connecting financial institutions and businesses with service providers that can help them innovate and implement instant payment products using the FedNow Service.
Why Is This Important to Me?
Share this within your organization if you are contemplating using the FedNow Service. This showcase could help you find the provider right for your institution’s unique needs.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.