This article contains four noteworthy regulatory and compliance updates for banks and credit unions in February 2022. Continue reading for details on these changes and how they affect you and your institution.
New CRA Proposal in the Works
OCC chairman Michael Hsu stated that the OCC, Federal Reserve, and the Federal Deposit Insurance Corporation will release a joint CRA Notice of Proposed Rulemaking in the near future. It will reflect the efforts of the three banking agencies in making the Community Reinvestment Act even more inclusive.
Why Is This Important to Me?
While nothing has been released yet, be aware that there will be upcoming regulatory changes, which are included in our credit union certification courses, to the Community Reinvestment Act
Federal Reserve Board Releases Hypothetical Scenarios for 2022 Stress Tests
The Federal Reserve released the hypothetical scenarios for its annual bank stress tests, which help ensure that banks can lend even in a severe recession. The stress tests evaluate large banks’ resilience under recession scenarios that extend more than two years into the future.
Why Is This Important to Me?
If your institution is eligible for the stress test, share this with colleagues who may be responsible for completing the test.
Federal Reserve Announces New Synthetic Identity Fraud Mitigation Toolkit
This toolkit provides resources for identifying and mitigating synthetic identity fraud. The goal is to educate the industry about synthetic identity fraud and outline potential ways to help detect and mitigate this fraud type. The toolkit is not intended to result in any regulatory or recordkeeping requirements.
Why Is This Important to Me?
Share this toolkit with any colleagues who are involved in the payment services.
FDIC Announces 2022 Priorities
The FDIC released the core priorities for 2022. The priorities are as follows:
- Strengthen Community Reinvestment Act (CRA)
- Address Financial Risks Posed by Climate Change
- Review Bank Merger Process
- Evaluate Crypto-Asset Risks
Why Is This Important to Me?
These priorities could cause updates to current regulations and create some new regulations. It is important to stay informed of these priorities in case of regulatory changes.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional training for credit unions, banks, 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 training for credit unions, banks, 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.