How did compliance change in 2021?

This year has largely been a quiet time for regulatory and compliance reform. But while community banks were focused on the economic recovery of their communities, a few changes came during 2021.

Are banks taking advantage of the CECL extension?

The CARES Act extended the CECL implementation deadline for many larger community banks until the end of the COVID-19 pandemic. Community bankers tell us that while the extension is welcome, they’re already down the road to implementation.

Will D&I requirements change this year?

Some lawmakers on Capitol Hill are increasingly interested in diversity and inclusion (D&I) compliance requirements for financial institutions. Here are the key areas of D&I policies and practices that community banks may need if these requirements change or become mandatory.

What’s a special-purpose credit program?

In an effort to help financial institutions expand access to credit, the CFPB recently addressed regulatory uncertainty around special-purpose credit programs, or SPCPs. These programs are intended to help those who would not otherwise have access to credit.

Chief risk officers on how they manage today’s risks

The more community banks grow, the more risk they take on. Chief risk officers are the ones behind the scenes making growth possible. Four CROs sound off on their increasingly important role within community banks.

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Make sure you’re prepared for personnel issues

Like any business, community banks run into scenarios involving disciplining or even letting go of employees due to errors or inappropriate workplace behavior. Here’s what experts say to do in these often difficult situations, while also staying compliant.

Where does your bank get legal advice?

Community banks are complex organizations with a multitude of liabilities. That’s why having sound legal advice from a firm or general counsel is increasingly necessary. Here’s what to consider when hiring a firm or internal legal professional.

The advertising regulations you need to know

Like any business marketing its products and services, a community bank must keep its advertising truthful. There are plenty of regulations specific to financial institutions under the FDIC, CFPB and other regulators.

Fraudsters’ latest target? UI benefits

Criminals have stolen more than half a billion dollars by taking advantage of the surge in unemployment claims during the pandemic. Luckily, most of this money has been recovered. Here’s what you should know about this scheme.