There were four noteworthy regulatory and compliance updates for banks and credit unions in October of 2023. Below are the details on these changes and how they affect you and your institution.
Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Authority
The Federal Reserve Board, OCC, and FDIC announced they will extend the comment period on their large bank capital proposal to January 16, 2024. This proposal will substantially revise the capital requirements applicable to large banking organizations and to banking organizations with significant trading activity. The revisions would improve the calculation of risk-based capital requirements to better reflect the risks of these banking organizations’ exposures, reduce the complexity of the framework, enhance the consistency of requirements across these banking organizations, and facilitate more effective supervisory and market assessments of capital adequacy.
Why Is This Important to Me?
Share this proposal and comment period with your applicable colleagues within your large banking institution.
FTC Proposes Ban on Junk Fees
The Federal Trade Commission announced a proposed rule that would prohibit businesses from running up their bills with hidden fees, ensure consumers know exactly how much they are paying and what they are getting, and help spur companies to compete on offering the lowest price.
Why Is This Important to Me?
While the FTC has proposed this rule, the CFPB has already changed their guidelines on what is considered unfair to the CFPB and other regulatory agencies. Share the below OnDemand webinar from 08/30/2023 with applicable colleagues:
FDIC Deposit Insurance Awareness Campaign
The Federal Deposit Insurance Corporation (FDIC) has launched a national campaign, “Know Your Risk. Protect Your Money” to increase the public’s awareness of deposit insurance and how the FDIC protects people’s money in the event of a bank failure.
Why Is This Important to Me?
We have a significant number of webinars around Section 1071. The most recent webinar will be 11/21/23.
1071 Small Business Data Collection and Submission: Where Are We Now?
FedNow Service Hits New Milestone with More Than 100 Participating Organizations
The Federal Reserve announced that the FedNow Service has experienced strong growth following its launch in July, with 108 institutions now sending and receiving on the network.
Why Is This Important to Me?
As FedNow becomes more popular, questions have likely arisen around the rules and regulations that apply to FedNow. We have two webinars on the topic:
FedNow 101: What to Know Now About FedNow (OnDemand from 9/5/23)
Navigating the FedNow Rules and Regulatory Compliance Environment (Upcoming 12/13/23)
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.