The July Regulatory Compliance Briefing includes recent alerts, advisories, and pending actions to be aware of this month.
CFPB Final Rule on Small Business Lending Data Collection
NCUA Final Rule on Cyber Incident Reporting
The selected advisories and/or announcements below provide information that may be helpful to your organization but were not included as compliance alerts because they do not contain any regulatory changes.
The CFPB published a list of 21 Small Business Lending Rule FAQs. The FAQs address questions related to institutional coverage and covered credit transactions and small businesses.
On June 16, 2023, the FDIC issued Financial Institution Letter FIL-32-2023, announcing updates to its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified. The FDIC’s current supervisory approach is to not request an institution to conduct a lookback review absent a likelihood of substantial consumer harm.
On July 13, 2023, the FDIC issued Financial Institution Letter FIL-35-2023, encouraging FDIC-supervised financial institutions to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023. The self-assessment is not an examination requirement, and the results are not shared with examiners.
On June 22, 2023, the NCUA issued proposed changes to the Interpretive Ruling and Policy Statement (IRPS) on the Minority Depository Institution Preservation Program. The proposed amendments include: recognizing the transfer of the MDI program administration to CURE; incorporating recent program initiatives; simplifying “community it services, as designated in its charter” to refer to an MDI’s field of membership; referencing guidance to examination staff; explaining how the NCUA will review an MDI’s designation status during routine evaluations; and adding new subsections on engagement, technical assistance, MDI examinations, Community Development Revolving Loan Fund grants and loans, training and education, and MDI preservation.
On July 6, 2023, the FDIC, FRB, NCUA, and OCC issued a Final Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. The final statement updates the 2009 Interagency Policy Statement, including: a) adding a new section on short-term loan accommodations, b) reflecting changes in GAAP, including those in relation to the CECL methodology, and c) providing updated information about industry loan workout practices including revised and new examples intended to illustrate the application of existing rules, regulatory reporting instructions, and supervisory guidance on credit classifications and the determination of nonaccrual status.
For access to the complete analysis, executive summaries, and actions needed to ensure compliance, contact us.