Compliance Action, Volume 26, Number 12
The OCC has issued a final amendment to its Bank Secrecy Act: Suspicious Activity Reporting regulations that allows the regulator to exempt some banks from SAR reporting.
The federal banking regulators have issued notification protocols for their respective supervised institutions with regard to the Computer-Security Incident Notification Rule that went into effect April 1, with a mandatory compliance date of May 1.
Regulation Z Training: Too Big to Swallow
In the FDIC’s March 2022 Consumer Compliance Supervisory Highlights, the FDIC reported that Regulation Z violations remain the most commonly cited regulation in consumer compliance exams of state nonmember banks.
A recent CFPB bulletin highlights the number of UDAPs associated with vehicle repossessions in the debt collection process. There are some practices that may be considered unfair or deceptive and that should be avoided when repossessing a vehicle.
- CFPB Proposes FCRA Amendments for Credit Reporting Agencies
- FDIC Issues FIL-16-2022
- SEC Proposals to Require Additional Reporting for Public Companies
- Medical Debt Collection Reporting
- FRB 3 Year Information Collection for BSA Compliance Procedures
- HUD Announces New CMP for Fair Housing Act Violations for 2022
- CFPB Issues 2022 Fair Debt Collection Practices Act Annual Report
FTC Influence Over Bank Regulation
While financial institutions aren't directly subject to the regulations and enforcement authority of the FTC, the agencies policies do have a strong influence on the banking industry.
Exam Modernization (1 Action Step)
Through the FFIEC, the federal financial regulators have completed their most recent examination modernization project and published a final set enhancements to the examination process.
FTC Advertising Information
- Nancy Castiglione, CRCM
- Editor Emeritus:
- Lucy H. Griffin, Esq.
- Board of Advisors:
- John S. Byrne, Esq.
Cliff E. Cook
Julie A. Gliha, MBA
Carl G. Pry
Robert G. Rowe, III, Esq.