News Topic: FFIEC
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Put bank exam council in charge of data privacy
The Federal Financial Institutions Examination Council is best suited to craft uniform policies to protect consumer data. A patchwork of state rules is cumbersome. ... Read full article
FDIC proposes removing PPP loans from premium formula
The agency said without further action banks' participation in coronavirus relief programs could inflate their deposit insurance assessments. ... Read full article
Timely reminder about who bears responsibility for cloud security
Recent breaches and a pandemic-driven strain on cloud computing seemed to prompt a regulatory warning that banks, tech vendors and cloud hosts share an obligation to safeguard customer data — no matter where it resides. ... Read full article
Regulators urge banks to monitor security of cloud service providers
The joint statement on the risks of cloud computing summarizes years of guidance and rules as industry reliance on third-party platforms has become more ubiquitous. ... Read full article
Banks walk fine line in preparing for a coronavirus outbreak in U.S.
As the COVID-19 virus spreads globally, many U.S. financial institutions are said to be taking steps to protect employees and minimize disruption. But only a handful are sharing specifics, to avoid contributing to any public panic. ... Read full article
NCUA's Harper: Large credit unions need more oversight
The National Credit Union Administration board member is requesting comment on a proposal to create new consumer compliance measures for "large, complex credit unions." ... Read full article
Is multiple choice the right way to go on cybersecurity standards?
Regulators are letting banks choose from among four security frameworks, but some observers are urging a more prescriptive approach. ... Read full article
CFPB turns its reg relief focus to HMDA
The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data. ... Read full article
North Dakota seeks waiver from appraisal requirements
The state became the first in the country to ask federal regulators for a temporary waiver, citing a shortage of available appraisers. ... Read full article
Why one small bank wants to bring real estate appraisals in-house
TriStar Bank in Tennessee says a shortage of appraisers is slowing down its commercial real estate lending and raising the cost of appraisals. The claim has outraged appraisers, who argue that the bank is simply trying to avoid paying their fees. ... Read full article
Ex-comptroller Thomas Curry joins Boston law firm Nutter
The former OCC head and Massachusetts banking commissioner will co-lead Nutter's financial services practice. ... Read full article
Nonbanks reclaim dominance in home lending, HMDA stats show
The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data. ... Read full article
Regulators call for simpler capital rules, easier reporting standards
Banking regulators on Tuesday called for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden. ... Read full article