Regulatory Compliance Updates for Banks & Credit Unions – June 2024 Recap

There were four noteworthy regulatory and compliance updates for banks and credit unions in June of 2024. Below are the details on these changes and how they affect you and your institution.

June Regulatory Compliance Updates for Banks and Credit Unions

OCC Reports on Key Federal Banking System Risks

The OCC highlighted credit, market, operational, and compliance risks as key themes within the report.

Why Is This Important to Me?

  • Share this information with your colleagues to ensure you have training to adequately address these risk areas.

Fed Releases the Federal Open Market Committee Statement

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective.

Why Is This Important to Me?

  • Use this information to make training determinations in the near future.

OCC Revises Retail NDIP Handbook

This booklet discusses risks and risk management practices associated with the recommendation or sale of nondeposit investment products to retail customers. This booklet also provides examiners with a framework for evaluating a bank’s retail nondeposit investment product program.

Why Is This Important to Me?

  • The revised booklet provides clarity around risk management practices and guidance for examiners.

FinCEN Updates Beneficial Ownership FAQs

FinCEN has updated the Beneficial Ownership Information FAQs to include more information around exemptions, beneficial owners, and reporting requirements.

Why Is this Important to Me?

OnCourse Learning has multiple beneficial ownership trainings, from our online self-paced Beneficial Ownership course to our multiple Beneficial Ownership webinars.

Rachel Davis - Product Manager at OCL

About the Author

Jeff Kelly

General Manager at OnCourse Learning

As General Manager at OnCourse Learning, Jeff leads the product management and learning development teams, along with solutions architecture and compliance functions. Jeff has worked in the financial services industry for 20 years and keeps up to date on financial industry changes and updates. Jeff obtained his Bachelor’s Degree in Marketing from the University of Wisconsin – Whitewater and his MBA from the University of Wisconsin – Milwaukee. He also served in the U.S. Marine Corps as a non-commissioned officer. His focus is building strong collaborative teams with passion for delivering excellence in outcomes for customers and employees.

Rachel Davis - Product Manager at OCL

About the Author

Jeff Kelly

General Manager at OnCourse Learning

As General Manager at OnCourse Learning, Jeff leads the product management and learning development teams, along with solutions architecture and compliance functions. Jeff has worked in the financial services industry for 20 years and keeps up to date on financial industry changes and updates. Jeff obtained his Bachelor’s Degree in Marketing from the University of Wisconsin – Whitewater and his MBA from the University of Wisconsin – Milwaukee. He also served in the U.S. Marine Corps as a non-commissioned officer. His focus is building strong collaborative teams with passion for delivering excellence in outcomes for customers and employees.

By |2024-07-01T14:36:51-06:00July 1st, 2024|Bank, Credit Union, Financial Services|Comments Off on Regulatory Compliance Updates for Banks & Credit Unions – June 2024 Recap