Financial Institutions

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...

Thursday, 19 May 2022

FASB guidance on CECL: TDRs and vintage disclosures

Written by Elizabeth Ziesmer, CPA, CBA

Current Expected Credit Losses (CECL) accounting reporting requirements continue to evolve. The Financial Accounting Standards Board (FASB) recently released more CECL updates as part of its Post-Implementation Review (PIR), including treatment of Troubled Debt Restructurings (TDRs) and vintage disclosures. It’s important to note that for entities that adopted the amendments in Update 2016-13, the amendments described below are effective for fiscal years beginning after Dec. 15, 2022, including interim periods within those fiscal years...

Thursday, 19 May 2022

Does your bank automate BSA? Make sure you maintain adequate staffing, too.

Written by Beth Behrend, CCBCO, CBAP

Technology has revolutionized compliance reporting processes by eliminating paper, saving time and expense, and facilitating quick action when issues related to non-compliant activity are identified. However, these automated processes are only as effective as the professionals who monitor them – when trained staff isn’t in place, even the best systems may not ensure your institution remains compliant. In March 2022, a major national federal savings bank was fined $200 million in civil money penalties by the Office of the Comptroller of the Currency (OCC) and FinCEN, a bureau of the U.S...

Monday, 07 February 2022

Financial services board insights | Winter 2022

Written by Rehmann Team

From what's evolving with the Build Back Better Act, the great resignation, and evaluating ESG initiatives, 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...

Friday, 05 November 2021

Financial services board insights | Fall 2021

Written by Rehmann Team

From what's new with CECL, to money laundering compliance, to possible corporate tax increases and what that means for financial reporting, as well as managing remote employees in a shifting workplace, Rehmann’s Board Insights newsletter shares helpful news and information your financial services organization can use to thrive in today’s marketplace...

Thursday, 30 September 2021

EMPOWER | Financial Institutions 2021 Q3

Written by Rehmann Team
Tuesday, 14 September 2021

Fair lending continues to be a regulatory hot button

Written by Beth Behrend

The Biden Administration has committed to increased oversight and enforcement of several fair lending regulations, and the Consumer Financial Protection Bureau (CFPB) has recently recruited attorneys to assist with the aggressive stance. All financial institutions should expect additional scrutiny as the CFPB focuses on artificial intelligence (AI), machine learning (ML), and other new technologies used for underwriting, pricing, collections, and other purposes. Here’s an overview of what’s happening: Equal Credit Opportunity Act (ECOA) - Following an executive order signed by President Biden, expect increased enforcement of ECOA and Reg B, which disallows creditors from making any statement that would discourage applicants on a prohibited basis from making or pursuing a credit application. The CFPB recently expanded ECOA protections to prohibit discrimination based on sexual orientation or gender (LGBTQ+ Americans)...

Tuesday, 14 September 2021

FedNow℠ real-time payments to launch in 2023

Written by Jessica Dore

The FedNow Service will bring safe and efficient real-time payments (RTPs) to financial institutions of every size and in every community across the U.S., 24/7/365. When a financial institution opts to fully participate in FedNow Service, customers will be able to send RTPs online and recipients will have immediate access to funds...

Tuesday, 14 September 2021

Cybersecurity strengthens operational resilience

Written by Jessica Dore

The Biden administration issued an unusually broad executive order in May addressing cyberattacks against federal government agencies (including the Federal Reserve, FDIC, and OCC) and companies that contract with them, noting these “incidents share commonalities, including insufficient cybersecurity defenses that leave public and private sector entities more vulnerable.” As a result, examiners may look more deeply into financial institutions and their third-party relationships (TPRs) that provide, for example, debit cards for government benefits in an effort to ensure processes, procedures, and technologies are firmly in place to avert an attack. Economic growth is forecast to reach 6.3% in 2021 assuming people continue to get vaccinated, COVID-related restrictions ease, and more confident consumers increase spending...

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