Regulatory Compliance Update
By: Hickman Beckner, Senior Vice President
We have reviewed the Compliance News for April 2019. Congress has been in holiday for their traditional Spring holiday. The Federal Financial Institutions Examination Council (FFIEC) proposed changes to the Bank Call Report and the Federal Deposit Insurance Corporation has proposed changes to the rules covering jointly owned accounts.
FFIEC – Proposed changes to the Bank Call Report that simplify the measurement of capital adequacy for community banks. These changes do not affect loan systems.
FDIC – Proposed changes in the rules for defining jointly-owned accounts. This rule impacts the insurance coverage for certain deposit accounts.
May 6, 2019 – Comments due on the FDIC’s proposed rule changes for coverage of jointly-owned deposit accounts.
May 7, 2019 – Comments due on the FDIC’s advanced notice of proposed rulemaking regarding all aspects of brokered deposits.
May 13, 2019 – Comments due on the FDIC’s proposed rule changes covering Record Keeping for Timely Deposit Insurance Determination.
May 15, 2019 – Comments due on CFPB’s proposed revisions to the final rules on payday loans, vehicle title loans and high cost consumer loans.
June 18, 2019 – Comments due on the FFIEC’s proposed rules for simplified capital adequacy measurement for community banks.
August 19, 2019 – Published Compliance date for CFPB’s final rule for payday loans.
Algorithmic Accountability Act – would protect consumers from data breaches that result from a company’s use of artificial intelligence systems. The Act would also require entities that use, store or share personal information to conduct automated decision systems to perform data protection impact assessments.
FinCEN Improvement Act – would amend the duties of the Financial Crimes Enforcement Network to ensure FinCEN works with tribal law enforcement, protects against terrorism and focuses on virtual (crypto) currencies.