Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

From the ARRC:
to Accelerate the Transition Away from LIBOR - The Alternative Reference Rate Committee, the group sponsored by the Fed which developed the Secured Overnight Financing Rate as an alternative to U.S. dollars LIBOR, said the recommendation was made to accelerate the transition away from LIBOR. The rate will no longer be used for new contracts beginning January 1, 2022. LIBOR will be discontinued for existing contracts after June 30, 2023. (Published July 21, 2021)

From the FDIC:
Risk Management Manual Update - Updates to Section 4.1 include enhancements to discussions on dominant official, key person dependency risk, strategic planning, and selecting and retaining competent management. (Published July 21, 2021)

Simplification of Deposit Insurance Rules - The FDIC is issuing a proposed rule which would merge the revocable and irrevocable trusts categories into a new “trust accounts” category. A depositor’s trust accounts would be insured in an amount up to $250,000 multiplied by the number of trust beneficiaries, not to exceed five—effectively limiting FDIC coverage for each grantor’s trust deposits to a total of $1,250,000. (Published July 20, 2021)

From the NCUA:
Board Actions - During the July Board Meeting, the NCUA approved two items: a proposed rule that would create a simplified measure of capital adequacy for complex credit unions, and a request for information on the use of digital assets and related technologies by federally insured credit unions. (Published July 22, 2021)

From the OCC:
Community Reinvestment Act Rule - The Office of the Comptroller of the Currency announced a proposal rescinding the Community Reinvestment Act rule issued in May 2020 and the commitment to working with the Federal Reserve and the Federal Deposit Insurance Corporation to put forward a joint rulemaking that strengthens and modernizes the CRA. (Published July 20, 2021)

From the SBA:
SBA Guaranty Purchases and Lender Servicing Responsibilities for PPP Loans - The Small Business Administration has issued a procedural notice on how lenders can apply for SBA to purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan. (Published July 15, 2021)

FYI Financial News - The DFI published the Summer 2021 Issue with topics including: A Message from Cindy Fazio, Who Needs to be Licensed as a Manager, Cybersecurity and Ransomware Threats to Non-depository Financial Institutions, Common Exam Findings, and NMLS System Closure. (Published July 20, 2021)

Was this forwarded to you?
Sign up here to receive our Weekly Rewinds and Regulatory Recaps in your mailbox.
Compliance Services Group, LLC is focused on meeting your financial services compliance needs at a value proposition. We can help you implement and maintain a high-quality compliance management program for less than it costs to maintain internal expertise. We also offer compliance audit services on an independent basis for board audit and supervisory committees or on behalf of the management team. We invite you to explore our service options by visiting our website to examine what we can do for the benefit of your institution.

Our team of auditing and consulting professionals, with decades of auditing, consulting, and financial institution experience, serves over 175 financial institutions throughout the nation.
Law-Related Services Disclosure. Please be advised that CSG provides financial services compliance audit and consulting services to our clients. The services that we provide include certain tasks that may be characterized as “law-related services” under Rule 5.7 of the Rules of Professional Conduct governing lawyers. Since some of our employees are lawyers with an active bar license but are NOT engaged in the private practice of law, that Rule requires us to make disclosures clarifying that the services we perform may be law-related services, but they are not legal services. Because they are not legal services, those services and our relationship will not be governed by the Rules of Professional Conduct that guide the client-lawyer relationship, such as rules applicable to privileged communications and prohibitions of conflicts of interest. Notwithstanding this disclaimer, we will continue to govern our relationship with you using reasonable ethical and professional standards that are expected to meet your expectations.
Advertising Disclosure. This is an advertisement for Compliance Services Group, LLC. You can opt out at any time from receiving updates by clicking "Unsubscribe" below.