FDIC 2022 RISK REVIEW
Category: FDIC
On May 20th, the Federal Deposit Insurance Corporation (FDIC) published its 2022 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021. The 2022 Risk Review: Expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by banking organizations. Provides a retrospective summary of conditions in the U.S. economy, financial markets, and banking sector, and
On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second Mortgage Servicing COVID-19 Pandemic Response Metrics. The report provides the CFPB’s observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report: Addresses key metrics for call center data, forbearance enrollments and exits, delinquency, and borrower profiles. Informs servicers’ own data reviews as they determine whether they are doing enough for
NEW INTERAGENCY QUESTIONS AND ANSWERS REGARDING FLOOD INSURANCE – FINALLY
Category: FDIC, Federal Reserve Board, Flood Insurance, NCUA, OCC
On May 11, 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As: Replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies
CFPB ISSUES ECOA ADVISORY OPINION
Category: CFPB, ECOA, Regulation B
On May 9, 2022, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to affirm that the Equal Credit Opportunity Act and Regulation B protect not only those actively seeking credit but also those who sought and have received credit. This is not a new position, it is a reaffirmation of long standing law and regulation. The advisory opinion is effective upon publication in the Federal Register, which is expected soon.
INTERAGENCY CRA PROPOSAL PUBLISHED
Category: CRA, FDIC, Federal Reserve Board, OCC
On May 5, 2022, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the agencies) jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The 629-page proposal is intended to: Expand access to credit, investment, and basic banking services in low- and moderate-income communities. Under the proposal, the agencies would evaluate bank performance across the varied activities
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.