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On December 20, 2018 the Federal Deposit Insurance Corporation, Federal Reserve Board of Governors, and the Office of the Comptroller of the Currency, together referred to as the Agencies, published the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the change in the average of

All of us at Compliance Resource wish you the happiest of Happy Holiday seasons!

Just before the National Flood Insurance Program (NFIP) expired on December 21, 2018 Congress passed and the President signed a resolution continuing the NFIP until May 31, 2019. Prior articles on this topic: Flood Insurance – congress Continues to Play Games https://mycomplianceresource.com/flood-insurance-congress-continues-to-play-games/ National Flood Insurance Program Still Hanging on a Thread https://mycomplianceresource.com/flood-insurance-update/ Flood Insurance Update https://mycomplianceresource.com/flood-insurance-update/

Last week we reported that the CFPB has its first Director, not Acting Director, since Richard Cordray resigned a little over a year ago. We observed that due to lack of meaningful prior experience it is difficult to predict the direction in which Director Kathy Kraninger might steer the agency. She appears to be starting out with a few lightweight items. For example, under Director Cordray the agency was the Consumer Financial Protection Bureau. Acting

On December 3, 2018, the Federal Banking Agencies, including the Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency, issued a joint statement to encourage banks to consider, in appropriate circumstances, implementing innovation in complying with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements. The Agencies noted such innovation (e.g. new ways of using existing tools, adopting new technologies, etc.), where appropriate,