Compliance Action, Volume 26, Number 12

OCC
OCC SAR Exemption Rule (2 Action Steps)

By Nancy Castiglione, CRCM

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.

Regulators
Computer Incident Notification: Regulator Contact Information (2 Action Steps)

By Nancy Castiglione, CRCM

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.

Action Training
Regulation Z Training: Too Big to Swallow

By Nancy Castiglione, CRCM

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.

CFPB
How Not to Repossess a Vehicle According to the CFPB (2 Action Steps)

By Nancy Castiglione, CRCM

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.

Compliance Notes

• 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

Compliance Calendar

Editorial
FTC Influence Over Bank Regulation

By Nancy Castiglione, CRCM

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.

EXAMINATIONS
Exam Modernization (1 Action Step)

By Nancy Castiglione, CRCM

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.

Compliance Online
FTC Advertising Information