There were three noteworthy regulatory and compliance updates for banks and credit unions in August of 2023. Below are the details on these changes and how they affect you and your institution.
Bank Accounting Advisory Series Updated
The Office of the Comptroller of the Currency (OCC) released its annual update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national banks and federal savings associations.
Why Is This Important to Me?
Share this annual update with colleagues responsible for bank accounting at your institution.
OnCourse Learning has multiple bank accounting series OnDemand to help train different expertise levels: o
FDIC Publishes 2023 Risk Review
The Federal Deposit Insurance Corporation (FDIC) published its 2023 Risk Review. The report summarizes conditions in the U.S. economy, financial markets, and banking industry. The review provides a comprehensive summary of key developments and risks in the U.S. banking system, as in prior reports, and includes a new section focused on crypto-asset risk. The report focuses on the effects of key risks on community banks in particular, as the FDIC is the primary federal regulator for the majority of community banks in the U.S. banking system.
Why Is This Important to Me?
Review this information, especially if the FIDC is your institution’s primary regulatory. It is very informative in understanding the current key risks in the banking system today.
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
The Federal Financial Institutions Examination Council (FFIEC) has updated sections of the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
Why Is This Important to Me?
As a note, these updates are not new instructions or increased focus in certain areas, but rather, they offer further transparency into the exam process and support risk-focused exam work.
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.