This article contains three noteworthy regulatory and compliance updates for banks and credit unions in January 2022. Continue reading for details on these changes and how they affect you and your institution.
CFPB’s Office of Minority Women & Inclusion Releases CFPB Report on Diversity and Inclusion with Financial Services
The CFPB’s financial industry analysis was designed to support the diversity and inclusion self-assessment process established by the FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) agencies to comply with Section 342 of the Dodd Frank Act. The analysis examines data to determine how financial institutions are demonstrating a commitment to diversity and inclusion through public channels. OMWI analyzed the financial services’ industry commitment to diversity and inclusion by assessing publicly available information of entities regulated by the CFPB.
Given the diversity of the industry, this data will also allow the CFPB to set reasonable standards for the kinds of diversity and inclusion programming that can be expected of large, mid-size, and small institutions. The CFPB will use the data collected to provide examples of diversity and inclusion best practices, resources, and peer success stories to financial institutions and work with trade groups to encourage their members to adopt diversity and inclusion best practices. This report is the first step in the process.
Why Is This Important to Me?
Read through this report to get a head start on ensuring your DEI program will meet the standards of the CFPB.
HMDA Filing Period Has Started
The CFPB has notified subscribers that the filing period for HMDA data collected in 2021 opened on January 1, 2022.
Why Is This Important to Me?
Ensure your colleagues are filing the 2021 HMDA data.
Looking for training? Check out this webinar: State of HMDA 2022
FDIC & FinCEN Launch Digital Identity Tech Sprint
The FDIC & FinCEN have announced a tech sprint to develop solutions for financial institutions and regulators to measure the effectiveness of digital identity proofing.
Why Is This Important to Me?
Share this information with colleagues who may be interested in participating.
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.