FDIC's 2023 Risk Review

Adam Witmer
Regulatory Update

On August 14, 2023,  the FDIC  published its 2023 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, this year’s expanded report incorporates data and insights related to the recent stress to the banking sector through first quarter 2023.

FinCEN Officials Meets with Mexican Counterparts to Discuss Illicit Finance Trends Associated with Fentanyl

Adam Witmer
Regulatory Update, BSA

On August 4, 2023, FinCEN announced that officials from FinCEN traveled to Mexico City to reinforce its continuing commitment to close collaboration with the Mexican government to combat illicit finance. On August 2, FinCEN hosted a cross-border roundtable on the shared priorities of combating fentanyl and other drug trafficking, human smuggling and trafficking, and other predicate crimes. The dialogue was participated by U.S. and Mexican financial institutions, U.S. and Mexican regulators and financial intelligence units, and U.S. law enforcement.

Stay on 1071 Rule for Some Banks

Adam Witmer
Regulatory Update

On July 31 2023, the ABA Banking Journal published an article announcing a Federal judge’s decision to block the enforcement of the Consumer Financial Protection Bureau’s Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB’s funding structure. This delay, however, does not apply to all financial institutions, so those needing more information regarding this delay should seek legal counsel.

FinCEN SAR Filings

Adam Witmer
BSA, Regulatory Update

FinCEN has updated its “SAR Filings by Industry” webpage to include data from 2022. In addition to this webpage, FinCEN has an interactive map and and Interactive SAR Stats which allow BSA professionals to analyze what types of suspicious activity are being reported in their areas. As this data allows specific sorting of the data, BSA professionals are able to sort by many different fields including primary regulator, county, industry, etc.

VIDEO: Are Construction Loans Covered by TRID?

VIDEO: Are Construction Loans Covered by TRID?

Adam Witmer
TRID, Regulation Z

In this Compliance Clip (video), Adam answers the question of whether construction-only and construction-permanent loans are covered by TRID and Regulation Z. And although the answer is obvious, Adam discusses the specific citations from the regulations and from the CFPB’s Frequently Asked Questions to further explain the answer. A transcript of this video is now available.

NOW AVAILABLE: Summer 2023 Quarterly Compliance Update

Adam Witmer

Our Summer 2023 Quarterly Compliance Update is now available in our store and is automatically available to Premium Members. (PREMIUM MEMBERS: To access the program, click the “class login” link on our site and choose the quarterly update from the list.) Our Summer 2023 Quarterly Compliance Update covers all of the regulatory activity that took place during the second quarter of 2023 and is a great way for financial institutions to say up-to-date on the activity that took place in the regulatory compliance world. Plus, part II of the program discusses 2 topics: 1) the CFPB’s FAQs on 1071 Final Rule and 2) Updates on NSF Fees. This program is a great way for financial institutions to say up-to-date on the activity that took place in the regulatory compliance world. You can learn more about this program at www.compliancecohort.com/summer-2023-quarterly-compliance-update.

Load More