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FDIC Extends Timeline to Comply with New Digital Signage Requirements

Perficient

The Federal Deposit Insurance Corporation (“FDIC”) recently announced that it is providing financial institutions additional time to get new process and systems in place by extending the compliance date for the new FDIC signage and advertising rule (Part 328, subpart A) from January 1, 2025, to May 1, 2025.

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Model Risk Management: Regulatory Priorities and Best Practices

Abrigo

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

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FDIC Chair’s recent interview gives insight into FDIC’s agenda

CFPB Monitor

McWilliams stated that the FDIC’s top priorities included: (1) reducing regulatory burden on community banks; (2) increasing the speed with which the FDIC reviews charter and deposit insurance applications; and (3) assisting banks to introduce new financial products that serve underserved communities.

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FDIC issues “Madden fix” rule addressing state bank loan interest rates after assignment

CFPB Monitor

The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. Midland Funding decision. to 1:00 p.m.

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Finance Policy Predictions 2020: AML, Authentication, Collections & CRA

FICO

It is safe to say that Las Vegas casinos will not soon be taking bets on the occurrence of future finance policy developments. While current FCC leadership has tried to address some of the other issues implicated in the 2018 decision (e.g., In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.

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Hot Topics: How to Prepare for Your Next BSA Exam

Abrigo

The following six areas are critical when developing your exam planning: BSA/OFAC Policy integration. Are procedures in line with BSA Policy requirements? Does it include or have a separate OFAC Policy? This includes compliance from top, to middle, to frontline leadership. Clearly defined procedures.

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Biden Administration regulatory freeze will impact CFPB final rules

CFPB Monitor

For a rule that has been issued or published in the Federal Register but has not yet become effective, a department or agency head should consider postponing the rule’s effective date for 60 days from January 20 for the purpose of reviewing any questions of fact, law, and policy raised by the rule.