Financial Institutions

Wednesday, 16 November 2022

Court Ruling on HMDA Public Reporting Requirement

Written by Beth Behrend, CCBCO, CBAP

By Beth Behrend, CCBCO, CBAP    A coalition of community housing groups, including the National Community Reinvestment Coalition (NCRC), Montana Fair Housing (MFH), Texas Low Income Housing Information Service (TxLIHIS), Empire Justice Center (EJC), and the Association for Neighborhood & Housing Development (ANHD) sued the Consumer Financial Protection Bureau (CFPB) over its 2020 Home Mortgage Disclosure Act (HMDA), arguing it unlawfully issued an anti-transparency rule for mortgage lenders. They asked the court to vacate that rule and restore previously required mortgage transparency reporting obligations. In September, Chief U.S...

Wednesday, 16 November 2022

Cybersecurity and the Financial Services Sector

Written by Jessica Dore, CISA

By Jessica Dore, CISA   Addressing cybersecurity risks and remedies is a collaborative undertaking involving the federal government, regulatory agencies, and public and private companies. The Cybersecurity and Infrastructure Security Agency (CISA) in the Department of Homeland Security (DHS) conducts risk assessments, modeling, and data management at a national level to understand critical infrastructure risks and support policy making, process enhancements, and risk-management decisions. The Department of Treasury is responsible for developing a Financial Services Sector-Specific Plan (SSP) to identify cybersecurity and physical risks facing the sector and establish a strategic framework to help prioritize ongoing activities to help secure financial firms and data. The FDIC’s 2022 “Report on Cybersecurity and Resilience” notes the agency protects systems and sensitive information related to its own operations and the operations of FDIC-supervised banks and service providers through enforcement and initiatives that comply with the Federal Information Security Modernization Act of 2014 (FISMA)...

Wednesday, 16 November 2022

Raising Rates Impact on Loans, Deposits

Written by Liz Ziesmer, CPA, CBA

By Liz Zeismer, CPA, CBA   The U.S. experienced it’s last recession following the 2008 financial crisis. The Great Recession was largely caused by over-exposure to sub-prime and non-traditional mortgages and mortgage-backed securities...

Tuesday, 13 September 2022

The Great Recession: lessons learned

Written by Liz Ziesmer, CPA, CBA

By Liz Ziesmer, CPA, CBA    It’s been more than a decade since the 2008 financial crisis known as the Great Recession, driven largely by over-exposure to sub-prime and non-traditional mortgages and mortgage-backed securities extended to borrowers in the preceding years.Coupled with a dramatic rise in interest rates, it resulted in eight million home foreclosures, 30 percent of ARMs became delinquent and home prices declined an average of 40 percent. To prevent a recurrence, the government quickly enacted financial regulations and reforms including the Dodd-Frank Act, bailing out banks that were “too big to fail” and creating the CFPB and other oversight agencies that financial institutions said unduly increased compliance burdensand made it difficult to serve customers. However, today capital ratios are strong, the global financial system is stable and lending to borrowers who can’t afford their loans is less common...

Tuesday, 13 September 2022

Building the right board

Written by Elizabeth Williams, SPHR, SHRM-SCP

By Elizabeth Williams, SPHR, SHRM-SCP   Establishing an effective board of directors entails identifying qualified candidates who have substantial experience that strengthens the board’s critical thinking processes, have established strong ties to the community, understand the commitment and support Environmental, Social and Governance (ESG) initiatives including diversity and inclusion (D&I). Board diversity matters ESG considerations are a hot topic with stakeholders and regulators who note that organizations with diverse boards report stronger earnings, experience more effective corporate governance and benefit from better reputations and less litigation risk.In October 2021, acting Comptroller of the Currency Michael J. Hsu said the agency is exploring ways to improve board diversity, including “encouraging organizations to make it a practice to nominate or consider a diverse range of candidates or requiring institutions to either diversify their boards or explain why they have not...

Tuesday, 13 September 2022

Preparing for FDICIA

Written by Heidi Cieslik, CPA, MBA

By Heidi Cieslik, CPA, MBA   Congress passed the FDIC Improvement Act (“FDICIA”) in 1991 in response to the savings and loan crisis of the 80’s. The passage of this Act changed many banking laws, establishing rules which are still in effect today which gave federal banking agencies new supervisory responsibilities. FDICIA applies only to banks and savings institutions and certain of its provisions apply only to institutions of specified sizes. The goal of the rule is to facilitate the early identification of problems in financial management of covered institutions...

Tuesday, 13 September 2022

Crypto may have cooled for now, but the future could be red hot

Written by Kevin Frank, CPA

By Kevin Frank, CPA    Cryptocurrency continues its march into the mainstream as 46.5 million Americans plan to purchase some form of it within the next year and 17 percent of U.S households already own it, according to recent industry surveys. Despite a $2 trillion decline in valuation since the all-time highs set in late 2021, demand for leading cryptocurrencies Bitcoin, Ethereum, Dogecoin and USD Coin remains strong; consumer intent to purchase crypto fell just three percentage points from January to June 2022...

Monday, 12 September 2022

Financial Services Board Insights | Fall 2022

Written by The Rehmann Team

From what's next in cryptocurrency, to preparing for the FDICIA, and lessons learned from The Great Recession, Rehmann’s Board Insights newsletter shares helpful news and information your financial services organization can use to thrive in today’s marketplace. Download your copy today...

Thursday, 19 May 2022

Overdraft service rules and required disclosures may be updated soon

Written by Elizabeth Ziesmer, CPA, CBA

The proposed Overdraft Protection Act of 2021 (H.R.4277) could introduce changes that impact how your financial institution discloses and charges overdraft fees on consumer accounts. Congress determined financial institutions often collect a high flat fee (typically around $35) each time they cover an overdraft, potentially several times a day due to increased usage of debit cards for electronic transactions, as well as charge additional fees for each day the account remained overdrawn...

Thursday, 19 May 2022

New computer-security incident reporting requirements

Written by Jessica Dore, CISA

On Nov. 23, 2021, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of the Comptroller of the Currency (OCC) issued computer-security incident notification requirements for banking organizations and bank service providers, starting May 1, 2022. Who - The final rule applies to banking organizations as defined by the regulatory agencies. It defines ‘‘bank service provider’’ as a bank service company or other person who performs services subject to the Bank Service Company Act...

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