The latest compliance news for you!

Weekly Rewind...News from Your Regulators

CSG is scheduling now for 2022!

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FDIC Simplifies Deposit Insurance Coverage

Deposit Insurance Simplification - The FDIC’s final rule simplifies deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by merging these two deposit insurance categories and applying a simpler, common calculation to determine coverage. The final rule will take effect on April 1, 2024.

NCUA Releases 2022 Exam Priorities

Letter to Credit Unions 22-CU-02 – The NCUA issued the Letter outlining its supervisory and examination priorities for 2022.

Primary focus areas include:

Credit risk management
Cybersecurity
Consumer protections
LIBOR transitioning
Interest rate risk.

CFPB to Examine College In-house Lending Practices

College In-House Lending – The CFPB announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As the CFPB begins its supervision, the exam procedures inform industry about practices that CFPB examiners will review, including placing enrollment restrictions, withholding transcripts, improperly accelerating payments, failing to issue refunds, and maintaining improper lending relationships.

FFIEC Completes Exam Modernization Project

Statement of Principles on Examination Information Requests - The FFIEC has completed the final phase of the Examination Modernization Project. This statement presents the results of this final phase, in which the FFIEC members (1) developed and committed to implementing principles for examination information requests, and (2) developed a common authentication mechanism for external access to the FFIEC members’ respective supervision systems.

From the Federal Reserve

Central Bank Digital Currency - The Federal Reserve Board released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome.

News From Washington State DFI

The DFI announced that it and agencies from 41 other states reached settlements with 441 mortgage loan originators who deceptively claimed to have completed annual continuing education requirements. Through the settlements, the mortgage loan originators agreed to surrender their licenses for a period of three months, pay a fine of $1,000 for each state in which they were issued a license and take continuing education beyond Secure and Fair Enforcement for Mortgage Licensing Act requirements.

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