Weekly Rewind...News from Your Regulators

The 2023 CSG Audit calendar is now open!!!

Contact us to schedule your 2023 Regulatory Compliance Reviews. Visit our website at complianceservicesgroup.com or email our Lead Auditor directly at tricia.briggs@complianceservicesgroup.com.

CFPB Opens HMDA Filing Period

HMDA Filing Open – The CFPB announced that the filing period for HMDA data collected in 2022 opened on January 1, 2023. Submissions will be considered timely if received on or before Wednesday, March 1, 2023. The HMDA Platform provides financial institutions an opportunity to determine whether their loan/application register (LAR) data comply with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2022. The Beta Platform found at https://ffiec.beta.cfpb.gov/filing/ will remain available on an ongoing basis for filers wishing to test their submissions. (No data submitted on the Beta Platform will be considered for compliance with HMDA data reporting requirements.)

WA State DFI

The 2022 Consumer Loan Annual Assessment Online Filing System is now available on the Department’s website at https://dfi.wa.gov/consumer-loan-companies/annual-assessments. All Washington State Consumer Loan Annual Assessments and payments are due by Wednesday, March 1, 2023. In order to avoid late fees and penalties, all assessment reports and payments must be submitted by March 1, 2023 

The Division of Credit Unions published Bulletin B-23-01 Revised Uniform Unclaimed Property Act - What Credit Unions Need to Know. The Bulletin addresses changes to the Revised Uniform Unclaimed Property Act which became effective January 1, 2023. 


Federal Reserve Issues Enforcement Action

Enforcement Action – The Federal Reserve issued a Notice of Prohibition against an ex-employee of a Michigan bank for misappropriation of over $145,000 used for her personal use and for false entries and modifications to conceal the misappropriation. 

Federal Reserve Issues Joint Statement on Crypto Risks

Crypto-Asset Risks – Along with the FDIC, the Federal Reserve issued a Joint Statement on crypto-asset risks to banking organizations. The Statement identifies key risks for banking organizations associated with crypto-assets and the crypto-asset sector and outlines approaches to supervision. The Statement  said the agencies “believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.”

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