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 […]
Tag: FDIC
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 […]
FDIC COMPLIANCE GUIDANCE
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 […]
FDIC PROPOSED POLICY STATEMENT FOR CLIMATE-RELATED FINANCIAL RISK MANAGEMENT
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 […]
COMPUTER SECURITY INCIDENTS – WHO TO CONTACT?
On November 17, 2021, the Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) released a final rule that 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 […]