On May 20th, the Federal Deposit Insurance Corporation (FDIC) published its 2022 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021. The 2022 Risk Review: Expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by banking organizations. Provides a retrospective summary of conditions in the U.S. economy, financial markets, and banking sector, and […]
Category: FDIC
NEW INTERAGENCY QUESTIONS AND ANSWERS REGARDING FLOOD INSURANCE – FINALLY
On May 11, 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As: Replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies […]
INTERAGENCY CRA PROPOSAL PUBLISHED
On May 5, 2022, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the agencies) jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The 629-page proposal is intended to: Expand access to credit, investment, and basic banking services in low- and moderate-income communities. Under the proposal, the agencies would evaluate bank performance across the varied activities […]
FDIC ISSUES CMP FOR DECEPTIVE ADVERTISING
On March 10, the Federal Deposit Insurance Corporation (FDIC) issued a consent order to Magnolia Bank, Magnolia, KY, which included a $425,000 civil monetary penalty for violations of Section 5 of the Federal Trade Commission Act (UDAP). The FDIC found that the bank deceptively advertised “interest rates and fees for residential mortgage loans as the lowest on the market, with a promise of a ‘best rate guarantee,’ comparative shopping for such rates, and lower rates due […]
AGENCIES SCHEDULE WEBINAR ON COMPUTER INCIDENT NOTIFICATION RULE
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 […]