News & Analysis as of

Federal Financial Institutions Examination Council Financial Institutions

FFIEC issues new HMDA resubmission guidelines

by Ballard Spahr LLP on

As expected, the Federal Financial Institution Examination Council (FFIEC) member agencies issued new data resubmission guidelines under the Home Mortgage Disclosure Act (HMDA) effective for the 2018 data collection year. ...more

FFIEC Updates Cybersecurity Assessment Tool

by Balch & Bingham LLP on

On May 31, 2017, the Federal Financial Institutions Examination Council (FFIEC) released an update to its Cybersecurity Assessment Tool. The Cybersecurity Assessment Tool was originally released by the FFIEC in June of...more

Agencies Offer Solutions to Shortage of Residential Real Estate Appraisers

by Reed Smith on

On May 31, 2017, acting through interagency guidance, the federal bank regulatory agencies (the “Agencies”) highlighted two approaches for addressing a perceived scarcity of licensed residential real estate appraisers....more

Financial institution agencies provide guidance to help alleviate appraiser shortage

by Ballard Spahr LLP on

The federal banking agencies together with the National Credit Union Administration (the “Agencies”) issued an Interagency Advisory on the Availability of Appraisers that is intended to help address the real estate appraiser...more

The Bank Next Door: Part I – Using Social Media to “Friend” Customers

This blog is the first in a series of articles which will examine the risks, rewards, innovative uses, and changing legal landscape of social media use by financial services institutions. Future blog articles will examine...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Banking Agencies Issue Joint Report to Congress Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

On March 21, 2017, the Office of the Comptroller of the Currency (OCC) announced that the Federal Financial Institutions Examination Council (“FFIEC“) issued a “EGRPRA Joint Report to Congress,” which details a review of...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Caveat Venditor: CFPB Bulletin on Sales Practices and Incentive Compensation Suggests More Enforcement Actions may be Coming

by Davis Wright Tremaine LLP on

On November 28, 2016, the Consumer Financial Protection Bureau (the “Bureau”) issued CFPB Compliance Bulletin 2016-13, titled “Detecting and Preventing Consumer Harm from Production Incentives” (the “Bulletin”). Inviting...more

Cybersecurity Risk: Latest Guidance from Bank Examiners

by Ruder Ware on

The Office of the Comptroller of the Currency has indicated in a recent bulletin that its examiners will gradually incorporate a Cybersecurity Assessment Tool into its examinations of national banks and other institutions...more

FFIEC finalizes revised consumer compliance rating system

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).  The revisions...more

New Cybersecurity Reporting Requirements? FinCEN Advisory Identifies Cybersecurity Events for Financial Institutions to Report

by Orrick - Trust Anchor on

Last week, FinCEN (Financial Crimes Enforcement Network) issued a formal Advisory to Financial Institutions and published FAQs outlining specific cybersecurity events that should be reported through Suspicious Activity...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

by King & Spalding on

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

FFIEC Issues FAQs on the Cybersecurity Assessment Tool

by McGuireWoods LLP on

On October 18, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued answers to frequently asked questions (FAQs) to clarify points in FFEIC’s Cybersecurity Assessment Tool (Assessment). FFIEC released...more

FDIC Releases Revised MLA Exam Procedures and Sets Supervisory Expectations

by Ballard Spahr LLP on

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The revised procedures...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

by Ballard Spahr LLP on

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

New York's New Cybersecurity Rules: What Is Required?

by White & Case LLP on

The new cybersecurity rules proposed by the New York State Department of Financial Services require financial services institutions to have extensive cybersecurity protections in place; including cybersecurity programs,...more

FFIEC to Host Webinars on Mobile Financial Services and the FS-ISAC to Promote Bank Cybersecurity Preparedness

by McGuireWoods LLP on

On October 6, 2013, the Federal Financial Institutions Examination Council (FFIEC) announced that it will host two webinars with the goal of increasing cybersecurity preparedness by its member financial institutions. FFIEC’s...more

FFIEC IT Security Booklet Revised

by McGuireWoods LLP on

On September 9, 2016 the Federal Financial Institution Examination Council (FFIEC) updated its Information Security Booklet (available here). In addition to certain editorial non-substantive changes, the modifications...more

FFIEC Offers Guidance on Information Security Exams

How will examiners review the information security programs of financial institutions? Revised guidance from the Federal Financial Institutions Examination Council (FFIEC) provides help to banks by articulating the...more

FFIEC Releases Updates to Information Security Booklet

by Baker Donelson on

The Federal Financial Institutions Examination Council (FFIEC) recently revised their Information Security Booklet. This moves the financial services industry one step closer to defining clear cybersecurity and data...more

FFIEC Provides Concrete Guidance on Setting Up Information Security Programs

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principals and standards for the examination of financial institutions by federal prudential regulators,...more

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

by McGuireWoods LLP on

On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its announcement after hackers...more

FFIEC Suggests Changes to Call Report for Small Institutions

by Polsinelli on

The Federal Financial Institutions Examination Council (FFIEC) on Friday announced that it will accept public comment on proposed revisions to the existing Consolidated Reports of Condition and Income (FFIEC 041) that would...more

Member Of The Federal Reserve’s Board Of Governors Notes Benefits Of Consistent Cybersecurity Exam Approaches

by King & Spalding on

On June 24, 2016, in a response letter to Senator Dean Heller (R-NV), Daniel Tarullo, a member of the Board of Governors of the Federal Reserve System, highlighted the benefits of consistent cybersecurity supervisory...more

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Cybersecurity

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