Compliance

Did You Miss the FDIC Address Change? In August, the FDIC announce some technical changes that impact signage and disclosures required under the Fair Housing Rule and the Consumer Protection in Sales of Insurance Rule.

The ATR/QM Changes are Coming. Are You Ready?? In mid 2021, it was announced that the ATR/QM changes were delayed until October 1, 2022. October 1, 2022 is right around the corner…..Are You Ready?

The FDIC is issued a statement, adding a new Question and Answer (Q&A), and updating public information on the Banker Resource Center Brokered Deposits Page, to remind FDIC-insured depository institutions (IDIs) that deposits swept from broker dealers with a primary purpose exception to unaffiliated IDIs must be reported as brokered if there are any additional third parties involved that qualify as a deposit broker.

The OCC published its Semiannual Risk Perspective in June. The publication addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations. The five main areas addressed in the report include: the operating environment, bank performance, special topic, trends in key risks, and supervisory actions.

Compliance Monthly is intended to keep you informed of regulatory changes in advance of their effective date so your institution can have the necessary policies, procedures and processes in place to be compliant at the time of enactment.

On May 5, 2022, the joint proposal from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency was released.  

consumer compliance examiners. As you prepare for your upcoming compliance examination, take some time to review these areas to ensure that you are prepared!

As I compose this article, I believe I can hear a collective sigh of relief as financial institutions throughout the land hit the ”submit” button and send their HMDA data out into the ethos! This time of year always comes with its HMDA stresses and anxieties. We hope that we can relieve that stress for the coming HMDA season by sharing some observations made during HMDA Season 2022!

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