This article contains four noteworthy regulatory and compliance updates for banks and credit unions in July 2021. Continue reading for details on these changes and how they affect you and your institution.
Federal Reserve Publishes Remote Authentication Landscape and Authentication Methods
The Federal Reserve published the first of three briefs on the remote authentication landscapes. It describes the types of authentication fraud and authentication methods to prevent fraud.
Why Is This Important to Me?
Remote authentication fraud is on the rise as more and more financial institutions allow consumers to conduct digital activity. Remote authentication fraud is when someone either creates a new account or takes over a legitimate account to commit illegal activity. This brief contains best practices on how to prevent this type of fraud. Share it with your colleagues in the fraud, AML and retail sectors.
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
The regulatory agencies have requested public comment on proposed guidance designed to help institutions manage risks associated with third-party relationships. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party and responds to industry feedback requesting alignment among the agencies.
Why Is This Important to Me?
If you would like your feedback considered, comments are due by 9/17/2021.
CFPB Launches Digital Housing Insecurity Media Toolkit
The Consumer Financial Protection Bureau (CFPB) released a media toolkit for stakeholders interested in providing information and resources to mortgage borrowers and renters who continue to struggle financially from the pandemic. The toolkit is designed to provide consumers with resources to protect and manage their finances during the pandemic and changing economy.
Why Is This Important to Me?
Share this resource with your client-facing colleagues. The CFPB toolkit is a great way to provide the most up-to-date information on resources for your clients who are still feeling the effects of the pandemic.
FDITECH Opens Sprint Registration
As announced last month, the FDIC announced a tech sprint for participants to identify better resources and tools to not only help institutions get the unbanked into the banking system, but to sustain those relationships over time. The FDIC has opened the registration period for those who wish to participate.
Why Is This Important to Me?
Share with your colleagues who may be interested in participating in this sprint. If they miss registration, there will be more sprints in the coming weeks.
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.
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