Regulatory Compliance Updates for Banks & Credit Unions – June 2023 Recap

There were four noteworthy regulatory and compliance updates for banks and credit unions in June of 2023. Below are the details on these changes and how they affect you and your institution.

July Regulatory Compliance Updates for Banks and Credit Unions

Proposed Revisions to Call Reports 

The OCC, FDIC, and the Federal Reserve have published a notice and request for comment in the Federal Register for approval of revised Call Report forms and instructions to take effect September 30, 2023. The agencies are also proposing clarifications to reporting instructions for certain items in Schedule RC-T, Fiduciary, and Related Services. 

Why Is This Important to Me?

Share this information with colleagues in charge of Call Reporting.

2022 Annual Report to CFPB Regarding Enforcement Activities Under TILA, CLA, and EFTA

The Federal Trade Commission (FTC) has provided its annual report to the CFPB on its enforcement activities in 2022 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and the Electronic Funds Transfer Act (EFTA). The report highlights enforcement actions related to the acts and their implementing regulations.  

Why Is This Important to Me?

Ensure your colleagues are well-trained in these acts through OnCourse Learning’s trainings and webinars.

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking 

The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes have human names and use popup features to encourage engagement. Some chatbots use more complex technologies marketed as “artificial intelligence,” to generate responses to customers. 

Why Is This Important to Me?  

As more financial institutions adopt AI, particularly chatbots, the CFPB has received numerous complaints from clients trying to receive straightforward answers to queries. The CFPB has found the use of chatbots raised several risks, all of which are discussed in the article. OnCourse Learning has an upcoming webinar discussing these risks (and rewards) of using AI in banking: Risks (and Rewards) of Artificial Intelligence in Banking.

Agencies Issue Final Guidance on Third-Party Risk Management  

The Federal Reserve Board, FDIC, and OCC issued final joint guidance to help institutions manage risks associated with third-party relationships, including fintech companies.  

Why Is This Important to Me?  

OnCourse Learning has asynchronous vendor management courseware, as well as an upcoming webinar to do a deep dive on this final guidance: Vendor Management – Agencies’ Expectations.

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 |2023-06-30T07:06:03-06:00June 30th, 2023|Bank, Credit Union, Financial Services|Comments Off on Regulatory Compliance Updates for Banks & Credit Unions – June 2023 Recap