The pandemic may have brought attention away from compliance and regulatory changes, but some of that may return this year. Regulators are weighing reforms regarding the Community Reinvestment Act, Home Mortgage Disclosure Act, Paycheck Protection Program and more.
While the Paycheck Protection Program and COVID-19 rightly dominated much of community banks’ attention this year, 2020 still brought some regulatory changes.
Because of the pandemic, experts say stress testing loan portfolios is more important than ever. But COVID-19 has changed risk management, and regulators are making accommodations amid the crisis.
Facing pressure from increasing regulation, community banks are increasingly able to use data analytics and ever-evolving regtech to make their compliance automation more effective.
Many community banks invest in low- and moderate-income neighborhoods to make lasting impacts while also getting Community Reinvestment Act, or CRA, credit. This work to aid and rebuild communities is the direct result of the close ties community banks develop with the people they serve. Here’s how three community banks are making powerful investments under the CRA.
This year, many businesses have prioritized diversity and inclusion. But what are regulatory agencies doing to track and enforce diversity and inclusion (D&I) in the financial industry? Here’s what community banks should consider from a compliance perspective.