On 3/31/2021, the FDIC issued a release (FIL-22-2021) to explain that the latest edition of their Consumer Compliance Supervisory Highlights had been published. The purpose of this publication is to provide insight regarding the FDIC’s consumer compliance supervisory activities and provide a high-level overview of consumer compliance issues identified in 2020 through the FDIC’s supervision of state non-member banks and thrifts. Topics include a summary of the FDIC’s supervisory approach in response to COVID-19, supervisory observations related to consumer protection laws, examples of practices that may be useful to institutions in mitigating risks, regulatory developments, and consumer compliance resources.
According to the FDIC’s release, highlights of this edition include:
A summary of the FDIC’s supervisory approach in response to COVID-19;
A description of the most frequently cited violations and other consumer compliance examination observations;
Information on regulatory developments; and
A summary of consumer compliance resources and information available to financial institutions.
The full publication of the FDIC’s Consumer Compliance Supervisory Highlights can be found here.