Regulatory Compliance Updates for Banks & Credit Unions – January 2021 Recap

It’s the start to a new year. Something will remain the same, changes and updates to regulatory compliance guidelines. In this article, we’ll unpack three important updates and why it’s important to you and your financial institution.

SBA Re-Opening Paycheck Protection Program

The SBA and Treasury have reopened the Paycheck Protection Program to PPP-eligible lenders. For updated guidance and resources, visit the U.S. Small Business Administration and the U.S. Treasury.

Why Is This Important to Me?

Share these links with your employees to receive the most updated guidance and resources for the Paycheck Protection Program.

Regulation RoundUp_Jan2021_SOCIALBlog_Feature

SBA Launches Digital e-Learning Platform

The U.S. Small Business Administration has launched a free digital e-learning platform geared to help female entrepreneurs grow and expand their businesses. Ascent has content ranging from preparing and recovering from disasters, strategic marketing and business financial strategy development.

Why Is This Important to Me?

Share this exciting information about Ascent with your branches and small business departments. This platform could help elevate your relationships with your small business clients.

Computer-Security Incident Notice Rule Proposed

The OCC, Federal Reserve System, and the FDIC have proposed a rule that would require a banking organization to provide its primary federal regulator with a prompt notification of any computer-security incident that rises to a level of a notification incident. Additionally, the rule would also require a bank service provider to notify at least two individuals at the affected banking organization immediately after a computer-security incident that could disrupt services provided for four or more hours.

Why Is This Important to Me?

Comments on the proposed rule are due April 12, 2021.

Rachel Davis - Product Manager at OCL

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.

Rachel Davis - Product Manager at OCL

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.

By |2021-02-03T15:19:29-06:00January 30th, 2021|Bank, Credit Union, Financial Services|0 Comments

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