This article contains three noteworthy regulatory and compliance updates for banks and credit unions in August 2021. Continue reading for details on these changes and how they affect you and your institution.
OCC Publishes New Model Risk Management Booklet
The Office of the Comptroller of the Currency issued a new Model Risk Management booklet. This booklet:
- Is designed to guide examiners in performing consistent, high-quality model risk management examinations,
- Presents the concepts and general principles of model risk management,
- Informs and educates examiners about sound model risk management practices that should be assessed during an examination and,
- Provides information needed to plan and coordinate examinations on model risk management, identify deficient practices, and conduct appropriate follow-up.
FDIC announces new Tech Sprint
The FDIC’s tech lab, FDITech, announced a new tech sprint designed to explore new measures, data, tools, or capabilities to determine who well community banks, and the banking sector as a whole, can withstand a major disruption of any type.
CFPB Issues Interpretative Rule on Certain Mortgage & Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday
The CFPB released an interpretative rule to help answer some of the questions posed by the mortgage industry regarding compliance with Regulation Z and the Juneteenth federal holiday.
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.