This article contains four noteworthy regulatory and compliance updates for banks and credit unions in October 2021. Continue reading for details on these changes and how they affect you and your institution.
FedNow Explorer Website Launched
The Federal Reserve has launched the FedNow Explorer website for those who want to learn more about the FedNow payments service before it becomes available in 2023. The website has tools and content from the basics of the service to information around features and functionality.
Why Is This Important to Me?
Share this information with colleagues in charge of payments. FedNow payments service will be the future of payments and it’s important you are prepared.
OCC Releases FY22 Bank Supervision Plan
The OCC released its supervisory operating plan for fiscal year 2022. Some of the strategies being focused on:
- Credit risk management
- Cybersecurity and operational resilience
- Oversight of third parties
- BSA compliance management
For a full list of supervisory strategies, please review the OCC’s press release.
Why Is This Important to Me?
Share this information with your compliance colleagues to ensure your institution has adequate training in supervisory strategies.
FDIC Releases “How Money Smart Are You?”
The FDIC released an educational resource tool to provide practical knowledge to help consumers manage their finances. These resources can be used in addition to other financial literacy activities to ensure consumers are confident in their financial choices.
Why Is This Important to Me?
Financial literacy has become more of a hot topic in the past year, and it’s important your clients know of all the resources available to educate them on financial matters.
US Treasury Launches Effort to Study Impact of Client Change on Households and Communities
The US Treasury is launching a new initiative to study the impact climate change has on households and communities. The hope is to gain an understanding how households and communities experience financial resilience in the face of climate change, how to map climate-related financial risks, and what resources could be effective at mitigating these risks.
Why Is This Important to Me?
Climate change affects all industries, including financial services. There will be more information to come as the studies are started and results come in.
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.