There were two noteworthy regulatory and compliance updates for banks and credit unions in March of 2024. Below are the details on these changes and how they affect you and your institution.
FDIC Seeks Public Comment on Proposed Revisions to its Statement of Policy on Bank Merger Transactions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a Federal Register notice seeking public comment on proposed revisions to the agency’s Statement of Policy (revised SOP) on Bank Merger Transactions.
The FDIC encourages comments from all interested parties within 60 days of publication in the Federal Register.
Agencies Extend Applicability Date of Certain Provisions of Community Reinvestment Act Final Rule
Federal bank regulatory agencies today jointly issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies also requested comment on the extension.
To promote clarity and consistency, the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to their assessment areas or their public files as a result of the 2023 CRA final rule until January 1, 2026. This extension aligns these provisions with other substantive parts of the 2023 CRA final rule that are applicable on January 1, 2026. For example, all provisions about where banks are evaluated will now apply on the same date. Comments on the extended applicability date must be received 45 days after the rule is published in the Federal Register.
Institutions will not have to make changes to their assessment areas & public file provisions until January 1, 2026. Originally, institutions were required to make changes as of April 1, 2024.
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.
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.