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Last month the Consumer Financial Protection Bureau (CFPB) reported a new initiative to focus on financial issues facing rural America. On April 19, 2022, the CFPB issued a report on the challenges faced by Americans in rural communities. The report highlights that many of these communities lack access to physical bank branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills. The CFPB will be expanding its efforts to

The FDIC, OCC and Federal Reserve scheduled a webinar entitled Ask the Regulators: Computer-Security Incident Notification Rule for Thursday, April 28, 2022, at 2:00 p.m. EDT. The rule requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification incident has occurred. The regulators will respond

On March 30, 2022, the Federal Financial Institution Examination Council (FFIEC) made available the 2022 A Guide to HMDA Reporting: Getting It Right! The Guide is a valuable resource for assisting institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data.

The Federal Deposit Insurance Corporation (FDIC) has recently published several pieces of compliance guidance. Effective March 31, 2022, the FDIC has updated seven sections of its Consumer Compliance Examination Manual. The updated sections include: II-14.1 — SOURCE Violation Codes V-1.1 — Truth in Lending Act V-7.1 — Equal Credit Opportunity Act (ECOA) Regulation V-10.1 — Consumer Leasing VI-1.1 — Expedited Funds Availability Act XI-1.1 — Community Reinvestment Act XI-5.1 — Wholesale/Limited Purpose Institution Editor’s Note: On

The Federal Deposit Insurance Corporation has published a Proposed Policy Statement for Climate-Related Financial Risk Management. The seventeen-page proposal would provide a high-level framework for the safe and sound management of exposures to climate-related financial risks. Although all financial institutions, regardless of size, may have material exposures to climate-related financial risks, these draft principles are targeted at the largest financial institutions, those with over $100 billion in total consolidated assets. The draft principles are intended