Regulatory Brief for March 2022

Hey there, listen up! You won't believe the goldmine of regulatory insights I've got from the latest episode of our Monthly Regulatory Brief podcast. I chatted with the regulatory gurus, Robert Brosh and Cheryl Grizzard, and they spilled the beans on all things finance and compliance.

First off, buckle up for a wild ride as we delve into the Federal Reserve's game plan for a replacement rate – yeah, you heard me right – the super intriguing secured overnight financing rate. But wait, there's more! The Credit Union Governance Modernization Act is in town, simplifying the whole expulsion process. These changes are like a sneak peek into the future of finance.

Hold onto your hat, 'cause the Consumer Financial Protection Bureau is turning up the heat. They've updated their examination manual, and get this, now they're treating discrimination like an unfair practice in all things finance. Plus, there's this compliance bulletin that's all about consumers voicing their opinions on financial products – talk about a game-changer!

Oh, but we're not stopping there. Brace yourself for the Pave Task Force, a squad made up of federal agencies and government-sponsored enterprises. They're sniffing out appraisal bias across the industry – it's like the financial version of a detective thriller. And don't worry, I've got the inside scoop on how you can safeguard your institution against these biased appraisals. Think seven rock-solid recommendations and even fair housing act education for appraisers!

Hold tight, we're diving into a legal showdown. The Fourth Circuit Court has weighed in on Qualified Written Requests – you won't believe the twists in this tale. And hey, ever wondered about the nitty-gritty of making websites accessible? The Department of Justice spills the beans on that too – accessibility is the name of the game.

Mississippi's got a surprise too – they're shaking things up in the acquisition game for financial institutions. And speaking of shaking things up, Mr. Chopra's resignation is making waves. Institutions have until May-end to join the conversation. Oh, and remember, snoozing on compliance could cost you – USAA learned this the hard way.

But wait, there's more! The SEC's got some cybersecurity tricks up its sleeve, and they're spilling the beans on enhancing disclosures. Banks are in for a reality check too, with climate risks and geopolitical conflicts in the spotlight.

Now, here's the kicker – a Virginia credit union's compliance slip-up teaches us a big lesson. And the cherry on top? The return on investment for compliance is shining through these massive civil monetary penalties.

Hang on tight, 'cause this podcast is your one-stop-shop for all things financial regulations, straight from the experts' mouths. Trust me, you don't wanna miss this rollercoaster of insights!