Stop by Daily for What's Hot Right Now in Compliance & Risk for Credit Unions & Banks

NAFCU's compliance blog discusses flipped houses and second appraisals, as well as the 1071 final rule. [5/25/23]

NAFCU has reiterated its support for the Secure and Fair Enforcement Banking Act, which would provide clarity and legal certainty at a federal level for financial institutions who provide products and services to marijuana-related businesses in states with legalized marijuana. [5/11/23]

NAFCU's compliance blog discusses HMDA address errors, eligibility to run for Board of Directors, and more. [5/4/23]

The NCUA, along with four other federal agencies, have released a joint statement regarding Completing the LIBOR Transition. All institutions must transfer away from LIBOR by June 30, 2023. [5/4/23]

The NCUA released its Office of Minority and Women Inclusion annual report to Congress. This report looks at what the NCUA has done throughout the year to ensure diversity and inclusion. [4/20/23]

The NCUA has released a Research Note detailing the climate-related risks associated with credit unions, including research that 25 percent of credit unions are at a high risk of experiencing negative outcomes from natural hazards. [4/20/23]

NAFCU's compliance blog for the week focuses on best practices should law enforcement show up at a credit union for items related to a SAR filing with no warrant or subpoena, as well as updates in commercial lending. [4/13/23]

The NCUA has released a letter to credit unions detailing the four criteria that, if met, mean you must comply with HMDA for 2023. [4/6/23]

The NCUA has approved to continue the temporary 18-percent interest rate (normally 15-percent) through September 10, 2024. [3/2/23]

The NCUA Board has approved the final rule on cyber incident reporting requirements, requiring that credit unions notify the NCUA as soon as possible, within 72 hours, after a reportable cyber incident has occurred. [2/23/23]

The NCUA Board is meeting today to discuss the proposed rule which would require credit unions to notify the NCUA within 72 hours of a reportable cyber incident. NAFCU has provided nine recommendations which they believe would help with the burden of the 72-hour time requirement. [2/16/23]

NAFCU's compliance blog tackles record retention in mergers and FinCEN's new power concerning Bitzlato. [2/2/23]

Federal bank regulatory agencies have issued the host state loan-to-deposit ratios here. [5/25/23]

The CFPB has issued a new circular stating banks who reopen a closed account may be violating federal laws. This circular was issued due to complaints of banks reopening closed accounts and charging overdraft and NSF fees as well as maintenance fees. [5/11/23]

The FDIC approved a notice of proposed rulemaking which would implement a special assessment to recover costs associated with protecting uninsured depositors. This proposal comes on the heels of the Silicon Valley Bank and Signature Bank closures. [5/11/23]

JPMorgan Chase Bank has acquired the First Republic Bank of California. [5/4/23]

The FDIC released a report titled Options for Deposit Insurance Reform, which takes a look at three options for deposit insurance reform: limited coverage, unlimited coverage, and targeted coverage. [5/4/23]

The OCC discuss open banking and its impact on liquidity, operational, third-party, and compliance risks. [4/20/23]

The FDIC released its semi-annual update on the Restoration Plan for the agency's Deposit Insurance Plan. The plan discusses the two recent bank failures, which cost the FDIC approximately $22.5 billion. [4/20/23]

The OCC has released its spring 2023 Interest Rate Risk Statistics Report, which provides statistics on interest rate risk exposures and risk limits for midsize banks. [4/13/23]

March 2023 edition of Consumer Compliance Supervisory Highlights has been released, highlighting observations, consumer complaint trends, and more. [4/6/23]

The FFIEC has updated the UBPR's income statement page as of April 1, 2023. [4/6/23]

The OCC has released a list of CRA evaluations for 22 institutions; with 17 satisfactory and five outstanding. [3/2/23]

The Federal Reserve, FDIC, and OCC have released a joint statement regarding liquidity risks associated with funding from crypto-asset-related entities and practices to manage those risks. [2/23/23]

The CFPB has ordered Citizens Bank to pay a $9 million civil money penalty for failing to properly respond and manage customers' credit card disputes and fraud claims. [5/25/23]

FinCEN and the U.S. Department of Commerce's Bureau of Industry and Security have issued a supplemental joint alert urging institutions to continue being vigilant in regards to attempts by Russia to evade U.S. export controls. [5/25/23]

The FHFA has requested input regarding Fannie Mae and Freddie Mac's single-family pricing framework, including input on the process for upfront guarantee fees. [5/18/23]

The OCC released its enforcement actions for April, with one cease-and-desist, one civil money penalty, and one formal agreement. [5/18/23]

The CFPB published a report on its findings regarding costly loan products which are then targeted towards patients struggling with medical debt. [5/4/23]

FinCEN has assessed a $1.5 million civil money penalty against Kingdom Trust Company for lack process to identify  and report suspicious transactions, leading to over $4 billion in international wires with no controls. [5/4/23]

The FHFA is seeking comment on a proposed rule which would formulize many of the existing practices and programs regarding fair housing and fair lending oversight. [4/20/23]

The CFPB has revised its methodology for determining prime rate offers to address the upcoming unavailability of certain data which was used to calculate rates previously. [4/20/23]

An updated 2023 issuance of the "A Guide to HMDA Reporting: Getting It Right!" has been announced. This 2023 guide includes a technical amendment to the 2020 HMDA rule, adjusting the loan volume thresholds to those set forth in January of 2023. [4/13/23]

The OCC released the mortgage performance for fourth quarter of 2022, reporting a slight decline in first-lien mortgages. [4/6/23]

FinCEN has released a Financial Trend Analysis on patterns and trends relating to business email compromise in the real estate sector in 2020 and 2021. [4/6/23]

FinCEN issued an alert regarding a surge in check fraud schemes, the largest source of illicit proceeds in the U.S., and has provided red flags to assist institutions in identifying these schemes. [3/2/23]