Regulatory Compliance Updates for Banks & Credit Unions – March 2022 Recap

There were five noteworthy regulatory and compliance updates for banks and credit unions in March of 2022. Continue reading for details on these changes and how they affect you and your institution.

July Regulatory Compliance Updates for Banks and Credit Unions

CFPB Targets Unfair Discrimination in Consumer Finance

The CFPB announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. The CFPB will closely examine financial institution’s decision-making in advertising, pricing, and other areas to ensure that companies are appropriately testing for and eliminating illegal discrimination.

Why Is This Important to Me?

Share this information with your colleagues who are involved in fair lending and UDAAP practices.

Treasury Sanctions Kremlin Elites, Leaders, Oligarchs, and Family for Enabling Putin’s War Against Ukraine

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new round of sanctions targeting Russian and Kremlin elites, oligarchs, and Russia’s political and national security leaders who have supported Russian President Vladimir Putin’s brutal and illegal invasion of Ukraine.

Why Is This Important to Me?

The goal of these sanctions is to impede Russia’s ability to raise capital, which is key to these acts of aggression. They are designed to impose immediate costs and degrade future economic activity, isolate Russia from internal finance and commerce, and degrade the Kremlin’s future ability to project power. A webinar highlighting the Russia-related sanctions is set on 4/13/2022. Share this with your colleagues who are involved with OFAC-related activities.

SEC Proposes Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies

The Securities and Exchange Commission today proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies.

Why Is This Important to Me?

The proposed changes are intended to inform investors about a financial institution’s risk management, strategy, and governance. The changes will also provide a more timely notification to investors of cybersecurity incidents. Share this with your cybersecurity team so they are aware of any potential changes on the horizon.

Acting Comptroller of the OCC Discusses Climate Risk Management, Diversity, and Inclusion

Acting Comptroller of the Currency Michael J. Hsu discussed climate-related financial risk and the importance of promoting diversity and inclusion in the banking industry.

Why Is This Important to Me?

Climate-related financial risk and diversity, equity, and inclusion are becoming more prominent topics around the financial industry. OnCourse Learning is working on creating both environmental, social and governance (ESG) webinars, as well as more diversity, equity, and inclusion webinars.

Federal Reserve Approves First Interest Rate Hike in More than Three Years, Sees Six More Ahead

The Federal Reserve approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic growth. After keeping its benchmark interest rate anchored near zero since the beginning of the COVID-19 pandemic, the policymaking Federal Open Market Committee said it will raise rates by a quarter percentage point, or 25 basis points.

Why Is This Important to Me?

The new range will be 0.25% – 0.5%. The move corresponds with a hike in the prime rate, which will immediately send financing costs higher for many forms of consumer borrowing and credit.

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 |2022-04-01T14:17:42-06:00April 1st, 2022|Bank, Credit Union, Financial Services|Comments Off on Regulatory Compliance Updates for Banks & Credit Unions – March 2022 Recap