FDIC FIL-17-2019 announced the federal financial institution regulatory agencies will host an interagency webinar focusing on the application of the Weighted-Average Remaining Maturity (WARM) method for estimating allowances for current expected credit losses (CECL). The event will be held in conjunction with the Financial Accounting Standards Board, the U.S. Securities and Exchange Commission, and the Conference of State Bank Supervisors. The webinar is scheduled for April 11, 2019, at 2:00 p.m. ET. A copy of FIL-17-2019 is […]
Month: April 2019
FDIC TECH SERVICE PROVIDER CONTRACT CONCERN
On April 2, 12019 the FDIC published FIL-19-2019, which shares observations about gaps in financial institutions’ contracts with technology service providers that may require financial institutions to take additional steps to manage their own business continuity and incident response. The FIL reminded agency-supervised financial institutions that: Their boards of directors and senior management are responsible for managing risks related to relationships with technology service providers. Effective contracts are an important risk management tool for overseeing technology […]
CFPB RELEASES MODIFIED LARS
On March 29, the CFPB announced that the HMDA Modified Loan Application Register (LAR) data have been published for approximately 5,400 financial institutions. This is the first year in which additional data reported by certain institutions under the 2015 HMDA rule are available. The Modified LARs contain loan level information for 2018 on individual HMDA filers, modified to protect privacy. A copy of the CFPB’s press release is available here. The 2018 HMDA Modified LARs are […]
AGENCIES DELAY CECL EFFECTIVE DATE
The OCC, Federal Reserve and FDIC have published a final rule delaying the effective date of their rule to address changes in credit loss accounting under U.S. generally accepted accounting principles, including banking organizations’ implementation of the current expected credit losses methodology (CECL). The final rule had an effective date of April 1, 2019, and provides that banking organizations may early adopt the final rule prior to that date. The agencies have determined that a delay […]
HUD CHARGES FACEBOOK WITH UNLAWFUL DISCRIMINATION
On March 29, 2019 the Department of Housing and Urban Development announced that it is charging Facebook with violating the Fair Housing Act by encouraging, enabling, and causing housing discrimination through the company’s advertising platform. HUD alleges that Facebook unlawfully discriminates based on race, color, national origin, religion, familial status, sex, and disability by restricting who can view housing-related ads on Facebook’s platforms and across the internet. Further, HUD claims Facebook mines extensive data about […]