Links in “FFIEC”
- Cyber Attacks On The Rise
According to the FFIEC, cyber attacks involving extortion are becoming more and more frequent. The FFIEC recently released a statement outlining how financial institutions can mitigate such attacks, which can be located here. [11/4/15]
- Spanish Translation of the BSA/AML Examination Manual Now Available
The FFIECÂ has completed a translation of the Bank Secrecy Act/Anti-Money Laundering Examination Manual into Spanish. The manual is available to the public and can be accessed on the FDIC website. [10/15/15]
- More People Are Taking Out Mortgages
The FFIEC released the Home Mortgage Disclosure Act (HMDA) data for 2014, which shows that more consumers took out mortgages to purchase a home in 2014 than during the previous year. [9/23/15]
- FFIEC Releases 2014 Data on Mortgage Lending
The FFIEC has released data on 2014 mortgage lending transactions at financial institutions covered by HMDA. [9/23/15]
- HMDA Data Show CUs Gaining Mortgage Market Share
Credit unions accounted for more than 9% of all mortgage originations in 2014. [9/23/15]
- Trades Urge NCUA to Make Use of Cybersecurity Assessment Tool Voluntary
Both CUNA and NAFCU are urging NCUA to make use of the FFIECâs new cybersecurity assessment tool voluntary. While the FFIEC estimated that it should only take financial institutions about 80 hours to complete the assessment, both trades say the it will likely take credit unions hundreds of hours to complete the 55-page assessment. NCUA is expected to address the issue in a soon-to-be released Letter to Credit Unions. [9/21/15]
- Hey, FFIEC, Are You Listening?
With the Oct. 3 implementation deadline for the TILA/RESPA Integrated Disclosures rapidly approaching, nearly 20 trade groups press the FFIEC with a request for clearly articulated details about how examinations will be handled during the transition period. The trade groups are not satisfied with the CFPB's guidance that regulators will be "sensitive to the good-faith efforts" of lenders. [9/21/15]
- Industry Seeks TRID Clarification “With Great Urgency”
Trade groups request "with great urgency" that the FFIEC members articulate their precise policies for examining and supervising financial institutions during the initial months after the TILA/RESPA Integrated Disclosure rules become effective on Oct. 3, 2015. [9/10/15]
- Hold the Phone! FFIEC Taking Steps to Simplify Call Reports
The FFIEC recently announced a new initiative to streamline quarterly call reports and ease the regulatory reporting burden for community banks. The agency is seeking to identify opportunities to improve the reporting process through an open dialogue with community institutions, as well as explain upcoming reporting changes via teleconferences and webinars. [9/9/15]
- Bankers Cheer Proposal to Ease Call Report Burden
The FFIEC's proposal to create a streamlined version of the quarterly call report has a fan in the ICBA. [9/9/15]
