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

Not only did March bring the first day of spring, but it also brought several regulatory and compliance updates for banks and credit unions. This article highlights three “must-know” updates you and your institution should be aware of.

Regulation RoundUp_Jan2021_SOCIALBlog_Feature

FDIC Encourages Voluntary Self-Assessment

The FDIC’s Office of Minority and Women Inclusion has encouraged all FDIC-supervised financial institutions with 100 or more employees to submit voluntary self-assessments of their diversity policies. The deadline for submissions for the 2020 reporting period is June 30, 2021.

Why Is This Important to Me?

If you are an FDIC-supervised financial institution with 100 or more employees, the following links will assist you in completing the self-assessment:

FTC Issues Warning Against Scams Related to the American Rescue Plan Act of 2021

The current round of stimulus payments carries with it a risk of scammers taking advantage of vulnerable populations. The FTC wants to remind the American public that:

  • The government will not ask you to pay anything upfront to get your stimulus.
  • The government will not call, text, email, or message you on social media to ask for your Social Security, bank account, or credit card number.
  • Anyone who tells you to pay by wire transfer gift card or cryptocurrency is a scammer.

Why Is This Important to Me?

COVID-19 scams have been around since the pandemic started, and they will continue getting more complex until the pandemic is over. Share this advisory with client-facing colleagues within your institution who may be looking for ways to help educate their clients on ways to protect their money from scammers.

>> Read more on how financial institutions can help fight COVID-19 Scams

CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal

The CFPB has clarified that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination.

Why Is This Important to Me?

Ensure all of your fair lending content is updated with these new clarifications.

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 |2021-04-08T15:19:16-06:00April 8th, 2021|Bank, Credit Union, Financial Services|0 Comments

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