Happy Buttermilk Biscuit Day
(yes, apparently it is a thing)

Here are highlights of the past week's activities.

From the CFPB:
The CFPB issued additional TRID Rule Frequently Asked Questions addressing housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements. (Published May 14, 2021)

From the FDIC:
2021 Risk Review - The report summarizes conditions in the U.S. economy, financial markets, and banking sector, and presents key credit and market risks to banks. It focuses on the effects of these risks for community banks in particular, as the FDIC is the primary federal regulator for the majority of community banks in the U.S. banking system. (Published May 11, 2021)

Settlement for Deceptive Practices - The FDIC announced a settlement with an Oregon bank for engaging in unfair and deceptive practices in collecting commercial debt, in violation of Section 5 of the Federal Trade Commission Act. The violations related to collection practices involving commercial equipment financing through its wholly owned subsidiary. (Published May 10, 2021)

From the FRB:
Notice of Proposed Rulemaking - The FRB is seeking comments on a proposal to amend Regulation II to clarify the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks. This applies to card-not-present transactions, and clarifies the requirements that Regulation II imposes on debit card issuers to ensure that at least two unaffiliated payment card networks have been enabled for debit card transactions. It also standardizes and clarifies the use of certain terminology. (Published May 7, 2021)

Quarterly Report on Household Debt and Credit - Total household debt rose by $85 billion (0.6 percent) to reach $14.64 trillion in the first quarter of 2021. Mortgage balances—the largest component of household debt—rose by $117 billion, while auto and student loan balances increased by $8 billion and $29 billion, respectively. Credit card balances declined by $49 billion—the second largest quarterly decline in the history of the series (which dates back to 1999). (Published May 12, 2021)

From the NCUA:
Prohibition Notice - The NCUA issued a prohibition notice for falsifying business records and larceny/embezzlement in connection with employment at Alaska Air Group Federal Credit Union. (Published May 10, 2021)

Cybersecurity Webinar - On Wednesday, May 26, the NCUA and CISA are cohosting a Critical Security Controls and Cyber Hygiene webinar that will discuss identifying risks to products, services, and assets; monitoring the security of networks; managing third-party cyber risks; implementing controls to protect and, if necessary, recover data; and
monitoring and protecting against malware attacks.

Small-Dollar Loan Program Webinar - On Thursday, May 27, the NCUA and CDFI Fund will describe the program and discuss eligibility and permissible uses of these funds. A question-and-answer session will follow the presentation. Credit unions should review the CDFI Fund’s Small-Dollar Loan Program webpage, including information about the application process and timeline.

From the Treasury:
Emergency Capital Investment Program Webinar - On Monday, May 24, an "Ask the Regulators" webinar will be held regarding the Treasury's Emergency Capital Investment Program. This program has up to $9 billion in capital available to CDFI or MDI depository institutions - with $2 billion set aside for CDFI or MDI depository institutions with less than $2 billion in assets – and an additional $2 billion for CDFI or MDI depository institutions with less than $500 million in assets.

From the DFI (WA):
Center for FinTech Information - The Washington State Department of Financial Institutions (DFI) announces the creation of the Center for FinTech Information (CFI) within the agency to facilitate communication between DFI and entrepreneurs, start-ups, and fintech companies. (Published May 13, 2021)

Miscellaneous:
Verizon published its 2021 Data Breach Investigations Report. The Report shows that 44% of data breaches in the financial services industry were from mostly accidental actions taken by employees, such as sending emails to the wrong people.


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.