FFIEC POSTS SOCIAL MEDIA GUIDANCE
updated 12/27/13 10:53 AM
Also: Mortgage Supervision, Readiness
Compliance staff and credit union executives are encouraged to take not of the following important announcements:
FFIEC Issues Final Guidance on Social Media
The Federal Financial Institutions Examination Council (FFIEC) released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media.
The guidance is intended to help financial institutions understand and successfully manage the potential risks regarding social media; clarifies that existing consumer protection and compliance laws and regulations apply to social media activities; reminds institutions they must properly address risks; and does not impose any new requirements on financial institutions.
Additionally, FFIEC agencies are presenting an interagency financial institution teleconference on Dec. 19 (from 10-11:30 Pacific) to discuss interagency social media guidance. Click here to register. Registrations must take place by Dec. 17. E-mail BankerTeleconference@FDIC.gov to submit questions in advance.
QM and Non-QM Supervisory Approach
Four federal financial institution regulatory agencies have issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.
Click here to view their Statement on Qualified and Non-Qualified Mortgage Loan Supervisory Approach.
Mortgage Rule Readiness Guide Updates
The CFPB released updates to Mortgage Rules Readiness Guide in connection with the new mortgage regulations issued in January 2013 and amended through Oct. 15, 2013. This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the 2013 mortgage rule changes.
The updated guide incorporates changes made to Regulation Z, the implementing regulation for the Truth in Lending Act (TILA), and to Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act (RESPA).
See the 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide to learn more. (The Readiness Guide now contains changes to final rules issued by CFPB through Oct. 15, 2013, covering both RESPA and TILA.)
New TIPs Bulletins Posted
New TIPs Bulletins (Technical Information and Procedures) have been posted recently.
TIPs Bulletin 13-53 looks at the details behind the IRS issuing changes to its 2014 Mileage Rates.
TIPs Bulletin 13-54 examines the Financial Crime Enforcement Network’s (FinCEN) Federal Reserve finalized rule amending definitions to the Bank Secrecy Act.