AGENCIES CONTINUE TO ISSUE COVID-19 RESOURCES
Category: Business Continuity Plan, Compliance Management, Coronavirus
As the status of the pandemic changes, banking agencies are continuing to release guidance and resources to help financial institutions meet the needs of consumers while operating in a safe and sound manner. We will do our best to keep you informed as information is released. In a previous post, we provided you with guidance from the OCC and FDIC encouraging banks to work with customers affected by COVID-19. Below are additional resources that were
On Friday, March 13, 2020, the OCC issued OCC Bulletin 2020-15 and the FDIC issued FIL-17-2020 encouraging banks to take steps to meet the financial services needs of customers affected by Coronavirus (COVID-19) related issues. Both agencies provide information on steps banks can take to assist customers and communities, way the Agencies will help reduce burden on banks, and note all efforts must be consistent with safe and sound banking practices and applicable laws. Notable
CFPB EXPANDS HMDA FAQS
Category: CFPB, HMDA, Regulation C
On March 6, 2020 the Consumer Financial Protection Bureau added a new question and answer to its Home Mortgage Disclosure Act FAQs. The new Question 7. appears under the heading Ethnicity, Race, and Sex and § 1003.4(a)(10)(i) Question: If a natural person applicant submits a mail, internet, or telephone application under Regulation C but does not provide race, ethnicity, or sex information, what should the financial institution report regarding whether this information was collected on
The federal bank regulatory agencies have published an Interagency Statement of Pandemic Planning. The Federal Deposit Insurance Corporation (FDIC) released the statement with FIL-14-2020. The Office of the Comptroller of the Currency(OCC) released the statement with OCC Bulletin 2020-13. For further information on the topic see the recent Compliance Resource blog article on the topic
As the government fully gears up for testing for the Coronavirus, the number of reported cases will likely explode. That is when the panic will begin and the need for your Coronavirus Business Continuity Plan will be the greatest. The Federal Bank Regulatory agencies have not provided any recent guidance related to an appropriate response to a pandemic. Previous guidance from the agencies on this topic includes: Influenza Pandemic Preparedness: Interagency Advisory, OCC Bulletin 2006-12,
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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.