This article contains four noteworthy regulatory and compliance updates for banks and credit unions in November 2021. Continue reading for details on these changes and how they affect you and your institution.
OCC Discusses Climate Change
The Office of the Comptroller of the Currency (OCC) issued a statement addressing the five climate questions every bank board should ask:
- What is our overall exposure to climate change?
- Which counterparties, sectors, or locales warrant our heightened attention and focus?
- How exposed are we to a carbon tax?
- How vulnerable are our data centers and other critical services to extreme weather?
- What can we do to position ourselves to seize opportunities from climate change?
These questions are designed to promote improvements in climate risk practices at their banks.
Why Is This Important to Me?
Climate change has been a “hot topic” across multiple industries, including the financial industry. Expect for further guidance and eventual regulation around climate risk in the near future.
OSHA Suspends Vaccine Mandate After Court Order
The Occupational Safety and Health Administration (OSHA) said it “suspended activities related to the implementation and enforcement” of the requirements “pending further developments in litigation.”
Why Is This Important to Me?
The vaccine mandate may affect your institution. It is important to stay abreast of continuing developments in this area to ensure compliance.
IRS Announces 401(k) Limit Increased to $20,500
The IRS has increased the amount individuals can contribute to their 401(k) plans in 2022 to $20,500, up from $19,500.
Why Is This Important to Me?
Share this information with your employees so they can make educated decisions around their 401(k) plans.
CFPB Releases new Elder Financial Abuse Guide
The Consumer Financial Protection Bureau (CFPB) released a new guide that discusses the four steps to combating elder financial abuse:
- Prevent
- Recognize
- Record
- Report
It also includes resources that can be used to help loved ones.
Why Is This Important to Me?
Share this guide with your client-facing staff so they can provide it to clients who may be struggling with potential elder financial abuse.
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.